MIRA
INFORM REPORT
|
Report Date : |
08.08.2008 |
IDENTIFICATION
DETAILS
|
Name : |
ROHAN DEVELOPERS PRIVATE LIMITED |
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Formerly Known As : |
ANGARIKA INVESTMENTS AND FINANCE PRIVATE LIMITED |
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Registered Office : |
Gordhan Building, II 12/14 Floor, Parekh Street, Prarthana Samaj,
Mumbai – 400 002, Maharashtra |
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Country : |
India |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
30.12.1992 |
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Com. Reg. No.: |
11-70212 |
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CIN No.: [Company
Identification No.] |
U65990MH1992PTC070212 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
MUMA10934A |
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PAN No.: [Permanent
Account No.] |
AACCA7661A |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Investment and Consultants and also Real Estate Developers. |
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. |
Small |
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Maximum Credit Limit : |
USD 1400000 |
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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 is an established company having moderate track. The company
have substantial accumulated losses. The company may face difficult time in forthcoming depression
Although, directors are reported as experienced, respectable and resourceful
businessman, the company should be considered for normal business dealings
with some caution. |
LOCATIONS
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Registered Office : |
Gordhan Building, II 12/14 Floor, Parekh Street, Prarthana Samaj,
Mumbai – 400 002, Maharashtra, India |
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Tel. No.: |
91-22-56579999 |
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E-Mail : |
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Website : |
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Corporate Office : |
112-122, Hira Bhavan, Rajaram Mohan Roy Road, Prarthna Samaj, Mumbai –
400 004, Maharashtra, India |
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Tel. No.: |
91-22-66579999, 23810741, 23810745, 23889332 |
DIRECTORS
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Name : |
Mr. Harresh Navnitrai Mehta |
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Designation : |
Director |
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Address : |
601/602, New Shree Sagar, 29-C, Dongershi Road, Walkeshwar, Mumbai –
400 006, Maharashtra, India |
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Date of Birth/Age : |
03.02.1958 |
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Date of Appointment : |
16.12.1995 |
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Name : |
Mrs. Mayuri Harresh Mehta |
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Designation : |
Director |
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Address : |
601/602, New Shree Sagar, 29-C, Dongershi Road, Walkeshwar, Mumbai –
400 006, Maharashtra, India |
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Date of Birth/Age : |
24.11.1959 |
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Date of Appointment : |
30.12.1992 |
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Name : |
Mr. Anuj Jitendra Mehta |
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Designation : |
Director |
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Address : |
601/602, New Shree Sagar, 29-C, Dongershi Road, Walkeshwar, Mumbai –
400 006, Maharashtra, India |
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Date of Birth/Age : |
30.03.1973 |
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Date of Appointment : |
15.04.2004 |
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Name : |
Mr. Rohan J Mehta |
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Designation : |
Director |
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Address : |
601/602, New Shree Sagar, 29-C, Dongershi Road, Walkeshwar, Mumbai –
400 006, Maharashtra, India |
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Date of Birth/Age : |
13.05.1982 |
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Date of Appointment : |
15.04.2004 |
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Name : |
Mr. Haresh Mohanlal Mehta |
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Designation : |
Additional Director |
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Address : |
82/84, Ramlal Building, 3rd Floor, P G Road, Kalbadevi,
Mumbai – 400 002, Maharashtra, India |
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Date of Birth/Age : |
02.04.1955 |
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Date of Appointment : |
02.04.2007 |
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Name : |
Mr. Jitendra Navnitrai Mehta |
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Designation : |
Additional Director |
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Address : |
601/602, New Shree Sagar, 29-C, Dongershi Road, Walkeshwar, Mumbai –
400 006, Maharashtra, India |
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Date of Birth/Age : |
03.05.1956 |
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Date of Appointment : |
02.04.2007 |
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Name : |
Mr. Piyush Vora |
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Designation : |
Director |
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Address : |
16, Girnar Chs, Dongarshi Road, Walkeshwar Road, Mumbai – 400 006,
Maharashtra, India |
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Date of Birth/Age : |
30.12.1961 |
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Date of Appointment : |
08.01.2007 |
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Other Directorship : |
·
Ashapura Minechem Limited CIN No.: L14108MH1982PLC026396 ·
Ashapura International Limited CIN No.: U14108MH1989PLC054664 ·
Ashapura Claytech Limited CIN No.: U26939MH1995PLC090484 ·
Mansik Traders Private Limited CIN No.: U51900MH1992PTC065215 ·
Satco Finance Private Limited CIN No.: U65993MH1988PTC048869 ·
Bombay Minerals Limited CIN No.: U14100GJ1953PLC000699 ·
Prashansha Ceramics Limited CIN No.: U51909GJ1995PLC028159 ·
Anvesh Real Estate Private Limited CIN No.: U70101MH2006PTC166142 |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
(As on 31.03.2005)
|
Names of Shareholders |
No. of Shares |
|
Haresh Navnitrai Mehta |
893889 |
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Mayuri Haresh Mehta |
2965 |
|
Kintect Energy Limited |
2400 |
|
Niyati Industries Limited |
15600 |
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Pan India Drugs and Chemicals Limited |
25400 |
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Rider Finance Limited |
10600 |
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Washington Softwares Limited |
44000 |
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Rishabh Technotubes Limited |
2000 |
|
Jitendra Mehta |
244 |
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Rohan Mehta |
84 |
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Anuj Mehta |
84 |
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Haresh Navnitrai Mehta (HUF) |
104 |
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Manjula Mehta |
82 |
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Ila Mehta |
83 |
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Navnitrai Mehta |
2277 |
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Jitendra Mehta (HUF) |
74 |
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Khyati Mehta |
74 |
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M/s Dhananjay International Limited |
1000000 |
Equity shares Breakup (percentage of total equity)
(As on 30.09.2007)
|
Category |
Percentage |
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Bodies corporate |
55.00 |
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Directors or relatives of Director |
45.00 |
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Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Investment and Consultants and also Real Estate Developers. |
GENERAL
INFORMATION
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Bankers : |
·
Bank of Baroda Prarthana Samaj Branch, Opp. Harkishandas Hospital,
Prarthana Samaj, Mumbai – 400 004, Maharashtra, India ·
Oriental
Bank of Commerce Dadar Branch (West), Mumbai – 400 028, Maharashtra, India |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
Mahendra Zaveri and Associates Chartered Accountants |
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Address : |
Tardeo Airconditioned Market, Office No. 8 and 27, 6th
Floor, Tardeo, Mumbai – 400 034, Maharashtra, India |
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Associates/Subsidiaries : |
·
Ashapura Minechem Limited CIN No.: L14108MH1982PLC026396 ·
Ashapura International Limited CIN No.: U14108MH1989PLC054664 ·
Ashapura Claytech Limited CIN No.: U26939MH1995PLC090484 ·
Mansik Traders Private Limited CIN No.: U51900MH1992PTC065215 ·
Satco Finance Private Limited CIN No.: U65993MH1988PTC048869 ·
Bombay Minerals Limited CIN No.: U14100GJ1953PLC000699 ·
Prashansha Ceramics Limited CIN No.: U51909GJ1995PLC028159 ·
Anvesh Real Estate Private Limited CIN No.: U70101MH2006PTC166142 |
CAPITAL STRUCTURE
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
2000000 |
Equity Shares |
Rs.10/- each |
Rs.20.000 millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
2000000 |
Equity Shares |
Rs.10/- each |
Rs.20.000 millions |
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2007 |
31.03.2006 |
31.03.2005 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
20.000 |
20.000 |
20.000 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
326.153 |
289.853 |
289.853 |
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4] (Accumulated Losses) |
(65.858) |
(62.285) |
(17.712) |
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NETWORTH |
280.295 |
247.568 |
292.141 |
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LOAN FUNDS |
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1] Secured Loans |
71.537 |
77.228 |
16.756 |
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2] Unsecured Loans |
626.425 |
297.217 |
198.035 |
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TOTAL BORROWING |
697.962 |
374.445 |
214.791 |
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DEFERRED TAX LIABILITIES |
0.000 |
0.048 |
0.212 |
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TOTAL |
978.257 |
622.061 |
507.144 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
17.409 |
12.155 |
10.069 |
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Capital work-in-progress |
0.000 |
0.000 |
152.747 |
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INVESTMENT |
0.000 |
0.000 |
0.000 |
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DEFERREX TAX ASSETS |
0.004 |
0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
484.582
|
366.037 |
0.000 |
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Sundry Debtors |
16.103
|
10.418 |
55.323 |
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Cash & Bank Balances |
1.075
|
0.974 |
0.253 |
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Other Current Assets |
58.846
|
2.195 |
191.483 |
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Loans & Advances |
869.786
|
601.808 |
419.586 |
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Total
Current Assets |
1430.392
|
981.432 |
666.645 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
424.577
|
336.493 |
322.322 |
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Provisions |
45.042
|
35.128 |
0.000 |
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Total
Current Liabilities |
469.619
|
371.621 |
322.322 |
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Net Current Assets |
960.773
|
609.811 |
344.323 |
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MISCELLANEOUS EXPENSES |
0.071 |
0.095 |
0.005 |
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TOTAL |
978.257 |
622.061 |
507.144 |
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PROFIT & LOSS
ACCOUNT
|
PARTICULARS |
|
31.03.2007 |
31.03.2006 |
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Sales Turnover |
|
190.537 |
13.054 |
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Other Income |
|
0.000 |
0.000 |
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Total Income |
|
190.537 |
13.054 |
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Profit/(Loss) Before Tax |
|
6.368 |
(9.610) |
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Provision for Taxation |
|
0.000 |
0.000 |
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Profit/(Loss) After Tax |
|
6.368 |
(9.610) |
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Expenditures : |
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Interest |
|
0.627 |
0.587 |
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Depreciation & Amortization |
|
2.588 |
2.390 |
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Other Expenditure |
|
180.954 |
19.687 |
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Total Expenditure |
|
184.169 |
22.664 |
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KEY RATIOS
|
PARTICULARS |
|
31.03.2007 |
31.03.2006 |
31.03.2005 |
|
PAT / Total Income |
(%) |
3.34
|
(73.62) |
NA |
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Net Profit Margin (PBT/Sales) |
(%) |
3.34
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(73.62) |
NA |
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Return on Total Assets (PBT/Total Assets} |
(%) |
0.44
|
(0.97) |
NA |
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Return on Investment (ROI) (PBT/Networth) |
|
0.02
|
(0.04) |
NA |
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Debt Equity Ratio (Total Liability/Networth) |
|
4.17
|
3.01 |
1.84 |
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Current Ratio (Current Asset/Current Liability) |
|
3.05
|
2.64 |
2.07 |
LOCAL AGENCY
FURTHER INFORMATION
Form No. 8
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Name of the company |
ANGARIKA INVESTMENTS AND FINANCE PRIVATE LIMITED |
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Presented By |
Oriental Bank of
Commerce |
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1) Date and description of instrument creating the change |
Agreement of
original title deed dated 09.02.1995 |
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2) Amount secured by the charge/amount owing on the securities of charge |
Rs.1.500 millions |
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3) Short particular of the property charged. If the property acquired is subject to charge, date of the acquired of the property should be given |
Leasehold land
situated at Parekh Street, Girgaun, bearing Plot No. 36 of Sandhrust Road,
(West), Scheme, admeasuring 497 Sq. yds. or there abouts and bearing,
Cadastral Survey No. 1/1289 of Girgaum division together with building known
as ‘Ekadeshi Building’ to other structure standing there on. |
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4) Gist of the terms and conditions and extent and operation of the charge. |
The cash credit limit
of Rs.1.500 millions was granted to Rohan International Private Limited by
way of hypothecation of Stock and in now colletral secured by the immovable
property mentioned in above item no. III of M/s Angarika Finance and
Investments Private Limited |
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5) Name and Address and description of the person entitled to the charge. |
Oriental Bank of
Commerce Dadar Branch
(West), Mumbai – 400 028, Maharashtra, India |
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6) Date and brief description of instrument modifying the charge |
N.A. |
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7) Particulars of modifications specifying the terms and conditions or the extent of operations of the charge in which modification is made and the details of the modification. |
N.A. |
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.41.89 |
|
UK Pound |
1 |
Rs.81.73 |
|
Euro |
1 |
Rs.64.81 |
SCORE & RATING
EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
4 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
3 |
|
--PROFITABILIRY |
1~10 |
2 |
|
--LIQUIDITY |
1~10 |
3 |
|
--LEVERAGE |
1~10 |
3 |
|
--RESERVES |
1~10 |
3 |
|
--CREDIT LINES |
1~10 |
4 |
|
--MARGINS |
-5~5 |
- |
|
DEMERIT POINTS |
|
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|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
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--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 |
|
34 |
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 |
|