MIRA
INFORM REPORT
|
Report Date : |
14.08.2008 |
IDENTIFICATION
DETAILS
|
Name : |
CITY CORPORATION LIMITED |
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Formerly Known As : |
CITY DEVELOPERS AND PROMOTERS LIMITED |
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Registered Office : |
City Chambers, 917/19A, Fergusson College Road, Pune – 411004,
Maharashtra |
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Country : |
India |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
09.10.2003 |
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Com. Reg. No.: |
25-18435 |
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CIN No.: [Company
Identification No.] |
U45202PN2003PTC018435 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
PNEC05334A |
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PAN No.: [Permanent
Account No.] |
AACCC2820K |
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Legal Form : |
A Closely Held Public Limited Liability Company |
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Line of Business : |
Real Estate
Developer and Builder. |
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. |
Small |
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Maximum Credit Limit : |
USD 1500000 |
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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 established company having moderate track records. The
company has taken substantial loans from its bankers. Trade relations are
fair. Payments are reported as slow but correct. The company can be considered for small to mediocre business dealings. |
LOCATIONS
|
Registered Office : |
City Chambers, 917/19A, Fergusson College Road, Pune – 411004,
Maharashtra, India |
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Tel. No.: |
91-20-30410000/ 25654555 |
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Fax No.: |
91-20-25657555 |
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E-Mail : |
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Website : |
DIRECTORS
|
Name : |
Mr. Aniruddha Pradyumna Deshpande |
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Designation : |
Managing Director |
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Address : |
66/2 Apeksha, Opposite Law Collage Road, Pune – 411004, Maharashtra,
India |
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Date of Birth/Age : |
29.03.1960 |
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Date of Appointment : |
09.10.2003 |
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Name : |
Mr. Vitthal Badrinarayan Maniyar |
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Designation : |
Director |
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Address : |
1053, Mansi Krupa, Gokhale Road, Pune – 411016, Maharashtra, India |
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Name : |
Mr. Sadanand Bhalchandra Sule |
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Designation : |
Director |
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Address : |
Bunglow No.2, Silver Oak Estate, Bhulabhai Desai Road, Mumbai –
400026, Maharashtra India |
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Name : |
Mr. Bimal Jayant Parekh |
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Designation : |
Director |
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Address : |
110, Arun Chambers, Tradeo, Mumbai – 400034, Maharashtra, India |
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Date of Appointment : |
01.03.2004 |
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Name : |
Mr. Arun Kumar Ramniklal Mehta |
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Designation : |
Director |
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Address : |
25-B, Cliff, Ridge Road, B G Kher Marg, Malabar Hill, Mumbai – 400006,
Maharashtra, India |
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Date of Birth/Age : |
09.01.1940 |
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Date of Appointment : |
02.11.2004 |
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Name : |
Mr. Lalit Chunilal Adani |
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Designation : |
Director |
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Address : |
419, Parekh Market, Opera House, Mumbai – 400004, Maharashtra, India |
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Date of Appointment : |
02.06.2005 |
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Name : |
Mr. Jayant Hiralal Shah |
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Designation : |
Additional Director |
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Address : |
Plot No.11, Sujay Garden, 12 Mukundnagar, Pune – 411037, Maharashtra,
India |
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Date of Birth/Age : |
09.11.1960 |
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Date of Appointment : |
22.06.2007 |
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Name : |
Mr. Ketan Kamlakar Gokhale |
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Designation : |
Additional Director |
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Address : |
3, Pancheel, Sector 23, Belapur, Navi Mumbai – 400614, Maharashtra,
India |
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Date of Birth/Age : |
21.06.1947 |
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Date of Appointment : |
15.03.2008 |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
(As on 28.09.2005)
|
Names of Shareholders |
|
No. of Shares |
|
|
|
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Aniruddha Pradyumna Deshpande |
|
960000 |
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Sona Aniruddha Deshpande |
|
90000 |
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Supriya Sule |
|
10000 |
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Sadanand Bhalchandra Sule |
|
950000 |
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Mr. Vitthal Badrinarayan Maniyar |
|
240000 |
|
City Motors (Pune) Private Limited |
|
30000 |
|
Leela Vitthal; Maniyar |
|
240000 |
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Shree Gaurishankar Investments Private Limited |
|
1500000 |
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Belindia Finance and Investments Private Limited |
|
1500000 |
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|
|
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Total |
|
5520000 |
(As on 30.03.2007)
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Names of Allottees |
|
No. of Shares |
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Aniruddha Pradyumna Deshpande |
|
1080000 |
|
City Holding Private Limited |
|
960000 |
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Lab Finance and Consultancy Private Limited |
|
960000 |
|
Belindia Finance and Investments Private Limited |
|
1500000 |
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Shree Gaurishankar Investments Private Limited |
|
16000 |
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Vishal Chandresh Gandhi |
|
530000 |
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Manish Mahendra Shah |
|
154000 |
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Shaileshkumar S. Mehta |
|
800000 |
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Jayant Shah (As on 25.02.2008) |
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1250000 |
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Total |
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7250000 |
(As on 31.03.2007)
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Category |
|
Percentage |
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|
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Bodies Corporate (not mentioned above) |
|
65.00 |
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Directors or relatives of director |
|
35.00 |
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Total |
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Real Estate
Developer and Builder. |
GENERAL INFORMATION
|
Bankers : |
Land Mark Race Cource Circle, Alkapuri Baroda – 390015, Gujarat, India
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
P. M. Katariya Chartered Accountant |
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Address : |
207, Nav Maharashtra House, 43, Shaniwar Peth, Pune – 411030,
Maharashtra, India |
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Name : |
SPCM and Associates Chartered Accountant |
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Address : |
207, Navmaharashtra House, 43 Shaniwar Peth, Pune – 411030,
Maharashtra, India |
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Holding Company
: |
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Associates/Subsidiaries : |
City Realty and Development Private Limited CIN No.: U45209PN2005PTC021147 Skyscapes hotels Private Limited CIN No.: U34102PN2004PTC019806 |
CAPITAL STRUCTURE
(As on 30.09.2007)
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
22000000 |
Equity Shares |
Rs.10/- each |
Rs.220.000 Millions |
|
27750000 |
Preference Shares |
Rs.10/- each |
Rs.277.500 Millions |
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Total |
|
Rs.497.500
Millions |
Issued, Subscribed & Paid-up Capital:
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
18820000 |
Equity Shares |
Rs.10/- each |
Rs.188.200
Millions |
|
14250000 |
Preference Shares |
Rs.10/- each |
Rs.142.500
Millions |
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|
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Total |
|
Rs.330.700 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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|
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1] Share Capital |
302.500 |
202.500 |
50.000 |
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|
2] Share Application Money |
0.000 |
33.600 |
0.000 |
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|
3] Reserves & Surplus |
0.000 |
0.000 |
0.000 |
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4] (Accumulated Losses) |
(3.559) |
(2.396) |
(0.478) |
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NETWORTH |
298.941 |
233.704 |
49.522 |
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|
LOAN FUNDS |
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1] Secured Loans |
0.000 |
0.000 |
0.000 |
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2] Unsecured Loans |
885.020 |
452.830 |
324.152 |
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TOTAL BORROWING |
885.020 |
452.830 |
324.152 |
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DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
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TOTAL |
1183.961 |
686.534 |
373.674 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
29.046 |
7.430 |
8.117 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENT |
0.760 |
20.000 |
0.000 |
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DEFERREX TAX ASSETS |
1.705 |
0.819 |
0.246 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
1771.639
|
918.322 |
601.443 |
|
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Sundry Debtors |
0.000
|
0.000 |
0.000 |
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Cash & Bank Balances |
1.316
|
15.188 |
36.086 |
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Other Current Assets |
0.493
|
1.114 |
0.146 |
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Loans & Advances |
104.035
|
48.394 |
20.685 |
|
Total
Current Assets |
1877.483
|
983.018 |
658.360 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
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|
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Current Liabilities |
678.109
|
289.810 |
293.821 |
|
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Provisions |
48.882
|
36.634 |
0.000 |
|
Total
Current Liabilities |
726.991
|
326.444 |
293.821 |
|
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Net Current Assets |
1150.492
|
656.574 |
364.539 |
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MISCELLANEOUS EXPENSES |
1.958 |
1.711 |
0.773 |
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TOTAL |
1183.961 |
686.534 |
373.674 |
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PROFIT & LOSS
ACCOUNT
|
PARTICULARS |
|
31.03.2007 |
31.03.2006 |
|
Total Income |
|
-- |
0.161 |
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Profit/(Loss) Before Tax |
|
(2.968) |
(2.471) |
|
Provision for Taxation |
|
0.000 |
0.000 |
|
Profit/(Loss) After Tax |
|
(2.968) |
(2.471) |
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Total Expenditure |
|
2.968 |
2.632 |
KEY RATIOS
|
PARTICULARS |
|
31.03.2007 |
31.03.2006 |
31.03.2005 |
|
PAT / Total Income |
(%) |
--
|
(15.34) |
-- |
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Net Profit Margin (PBT/Sales) |
(%) |
--
|
(15.34) |
-- |
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Return on Total Assets (PBT/Total Assets} |
(%) |
(00.15)
|
(00.24) |
-- |
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Return on Investment (ROI) (PBT/Networth) |
|
(00.99)
|
(01.05) |
-- |
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Debt Equity Ratio (Total Liability/Networth) |
|
5.39
|
3.33 |
12.48 |
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Current Ratio (Current Asset/Current Liability) |
|
2.58
|
3.01 |
2.24 |
LOCAL AGENCY
FURTHER INFORMATION
Form 8:
|
Corporate
identity number of the company |
U45202PN2003PTC018435 |
|
Name of the
company |
CITY CORPORATION LIMITED |
|
Address of the
registered office or of the principal place of business in India of the company |
City Chambers, 917/19A, F C Road, Pune – 411004, Maharashtra, India |
|
This form is for |
Creation of Charge |
|
Type of charge |
Immovable
Property Movable Property |
|
Particular of
charge holder |
Bank of
Maharashtra Industrial
Finance Branch, Pune 1183 A, Yashomangal, F. C. Road, Pune – 411005,
Maharashtra, India |
|
Nature of
instrument creating charge |
Term Loan
Facility Deed of Confirmation
of Security of the mortgage |
|
Date of
instrument Creating the charge |
05.03.2008 |
|
Amount secured by
the charge |
Rs.460.000
Millions |
|
Brief of the
principal terms an conditions and extent and operation of the charge |
Rate of Interests: Rate of Interests
@BPLR 13.25% Terms of
repayment: Loan will be
repaid in three years after moratorium period of one year in structure
quarterly installment of Rs.38.400 Millions as per cash flow statement
commencing from disbursement of 1st installment. Margin: 255 Extent and
Operation of the charge: Pari passu charge
on property situated at sadesatarnali, Hadapsar within the grampanchyat limit
and limits of panchyat samiti haveri and zilla parishad and district pune
total areas is 110.05 acres. |
|
Particulars of
the property charged |
Pari passu charge
on property situated at sadesatarnali, Hadapsar within the grampanchyat limit
and limits of panchyat samiti haveri and zilla parishad and district pune
total areas is 110.05 acres. |
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.42.67 |
|
UK Pound |
1 |
Rs.80.92 |
|
Euro |
1 |
Rs.63.71 |
SCORE & RATING
EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
4 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
OPERATING SCALE |
1~10 |
- |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
- |
|
--PROFITABILIRY |
1~10 |
- |
|
--LIQUIDITY |
1~10 |
6 |
|
--LEVERAGE |
1~10 |
6 |
|
--RESERVES |
1~10 |
5 |
|
--CREDIT LINES |
1~10 |
5 |
|
--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 |
|
32 |
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 |
|