MIRA
INFORM REPORT
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Report Date : |
30.12.2008 |
IDENTIFICATION DETAILS
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Name : |
SAPTASHREE BUILDERS |
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Registered Office : |
111, |
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Country : |
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Financials (as on) : |
31.03.2008 |
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Year of
Establishment : |
1993 |
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Legal Form : |
Sole Proprietory Concern |
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Line of Business : |
Builders and Developers |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Status : |
Satisfactory |
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Payment Behaviour : |
Slow and delayed |
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Litigation : |
Clear |
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Comments : |
Subject is an established builders and developers from
Thane ( It is a one man-show concern and has been successful , so far. However, the concern is expressed to face difficult time in a changed market conditions. Some caution is to be exercised while dealings with the
concern. |
INFORMATION PARTED BY
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Name : |
Mr. Rajen Thakur |
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Designation : |
Project Coordinator |
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Contact No.: |
91-9320521566 |
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Date : |
31.10.2008 |
LOCATIONS
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Registered Office : |
111, |
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Tel. No.: |
91-22-25369213 |
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Mobile No.: |
91-9320521566 |
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Fax No.: |
91-22-25414777 |
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E-Mail : |
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Website : |
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Area : |
1000 Sq. ft. |
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Location : |
Rented |
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Head Office : |
26, Beverly Park, Plot No. 20,
Sector – 6, Plam Beach Road, Navi Mumbai - 400 706, Maharashtra, India |
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Tel. No.: |
91-22-56167007 |
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Ishan Arcade
site office : |
Opp. Hanuman
Mandir, Near Gaodevi, |
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Mobile No.: |
91-9821717054 /
9320217054 |
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Green acres
III site office: |
Next to Green
Acres II, |
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Tel. No.: |
91-22-25970324 |
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Mobile No.: |
91-9869227849 |
SOLE PROPRIETOR
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Name : |
Mr. Amarsingh
Thakur |
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Designation : |
Proprietor |
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Date of Birth/Age : |
50 Years |
BUSINESS DETAILS
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Line of Business : |
Builders and Developers |
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Purchasing : |
Credit (60 days) |
GENERAL INFORMATION
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No. of Employees : |
10 |
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Bankers : |
· The Thane Janata Sahakari Bank Limited, Thane (West) ·
Thane Bharat Sahakari Bank Limited, Thane
(West) |
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Banking
Relations : |
Unknown |
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Auditors : |
Not Available |
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Associates/Subsidiaries : |
Saptashree
Developers |
CAPITAL STRUCTURE
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Capital Investment : |
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Owned : |
Not Available |
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Borrowed : |
- |
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Total : |
Not Available |
FINANCIAL DATA
[all figures are
in Rupees Millions]
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Particulars |
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31.03.2008 |
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Sales Turnover |
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70.000 |
Expected Sales (2008-09) : Rs.70.000 millions
LOCAL AGENCY FURTHER INFORMATION
Trade References
·
Ishan Arcade, Thane
·
Gereen Acres III
WEB DETAILS
Profile
The housing development
Industry has come a long way during the last few decades. Along with the
development, the risks for the customers have also seen turbulence basically
because of non-verification of the credentials of the people involved. Subject
with more than 15 years in the field have many prestigious projects under our
belt. They have top-notch designers and architects apart from a dedicated team
of specialists to glide through the serenity of the projects. They always see
to it that the customers gets full satisfaction, as far as green, safe and
quite living environment at all the projects. Looking to the demand of the
customers for pleasant and quiet localities, Subject chooses their next people
friendly project GREEN ACRES III
at Ghodbunder and ISHAN
ARCADE - 1 at Naupada (Thane). These are the most elite,
spacious and gorgeous structures. They are also looking forward for
constructing ISHAN
ARCADE - 2, a huge and spacious commercial complex at Naupada (Thane),
which will fulfill the all requirement.
The amenities
provided are highly modern and Luxurious, which is for wholesome enjoyment by
children as well as elderly people.
They have earned a
reputation amongst elite customers for innovative designs, quality of
constructions and timely completion of projects. Through these projects they
are trying to give the customers a better place to live...
Current Projects
Ishan Arcade
Subject has made its mark in Thane through its prestigious
residential and commercial projects over last 15years. They have top-notch
designers and architects apart from a dedicated team of specialists to glide
through the serenity of the projects. They always see to it that the customers
gets full satisfaction, as far as green, safe and quiet living environment at
all the project At ISHAN
ARCADE - 1, they have included all enviable facilities and amenities,
for wholesome enjoyment by children as well as elderly people. At ISHAN
Green Acres III
On the larger scale and looking to the demands of customers for
pleasant and quiet localities, Subject chooses
Completed
Projects
·
Garima-1-2
·
Girija
·
Gayatri
·
Gandharvi
·
Gaurangi
·
Green-Acres-I
·
Green-Acres-II
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 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.47.89 |
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|
1 |
Rs.70.84 |
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Euro |
1 |
Rs.67.37 |
SCORE & RATING EXPLANATIONS
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SCORE FACTORS |
RANGE |
POINTS |
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HISTORY |
1~10 |
5 |
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PAID-UP CAPITAL |
1~10 |
5 |
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OPERATING SCALE |
1~10 |
5 |
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FINANCIAL CONDITION |
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--BUSINESS SCALE |
1~10 |
5 |
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--PROFITABILIRY |
1~10 |
5 |
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--LIQUIDITY |
1~10 |
5 |
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--LEVERAGE |
1~10 |
5 |
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--RESERVES |
1~10 |
5 |
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--CREDIT LINES |
1~10 |
5 |
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--MARGINS |
-5~5 |
- |
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DEMERIT POINTS |
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--BANK CHARGES |
YES/NO |
YES |
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--LITIGATION |
YES/NO |
NO |
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--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
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MERIT POINTS |
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--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
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--EXPORT ACTIVITIES |
YES/NO |
NO |
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--AFFILIATION |
YES/NO |
YES |
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--LISTED |
YES/NO |
NO |
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--OTHER MERIT FACTORS |
YES/NO |
YES |
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TOTAL |
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45 |
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
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
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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 |
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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 |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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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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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 |
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<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
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NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
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