MIRA
INFORM REPORT
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Report Date : |
25.07.2008 |
IDENTIFICATION
DETAILS
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Name : |
GREEN BIRD DEVELOPERS PRIVATE LIMITED |
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Registered Office : |
Smag House, 1st Floor,
Opposite Darshana Apartment, Sarojini Road Extention, Vile Parle (West),
Mumbai – 400056, Maharashtra |
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Country : |
India |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
05.03.1998 |
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Com. Reg. No.: |
11-113833 |
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CIN No.: [Company
Identification No.] |
U45200MH1998PTC113833 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
DELG06067F |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
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 72000 |
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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 engaged in Real Estate Development. Its financial position can be regarded as moderate. Trade relations and payments regards are not available. The company is expected to face some problem in near future due to depressed market conditions. It would be advisable to deal win the company with some caution at present. |
INFORMATION PARTED
BY
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Name : |
Mr. Pal |
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Designation : |
Account Manager |
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Date : |
11.07.2008 |
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Name : |
Mr. Naynesh |
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Designation : |
Sales and
Purchase Manager |
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Contact No.: |
91-9821999968 |
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Date : |
11.07.2008 |
LOCATIONS
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Registered Office : |
Smag House, 1st
Floor, Opposite Darshana Apartment, Sarojini Road Extention, Vile Parle (West),
Mumbai – 400056, Maharashtra, India |
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Tel. No.: |
91-22-26102930/
31 |
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Mobile No.: |
91-9821999968/
9870709562 |
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Fax No.: |
91-22-26104072 |
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E-Mail : |
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Website : |
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Area : |
1000 sq. ft. |
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Location : |
Owned |
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Corporate
Office: |
Deepak 401, S. V.
Road, Vileparle (West), Mumbai – 400056, Maharashtra, India |
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Tel No.: |
91-22-26129937 |
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Factory 1: |
Vile Palre (West)
Mumbai, Maharashtra, India |
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Factory 2: |
Plot No.A-22, Road
No.9, Near Passport Office, Wagle Industrial Estate, Thane (West), Mumbai –
4000604, Maharashtra, India |
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Tel No.: |
91-22-25838200 (5
Lines) |
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Fax No.: |
91-22-25838207 |
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Email : |
DIRECTORS
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Name : |
Mr. Vipul Dilip
Shah |
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Designation : |
Director |
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Address : |
3rd Floor, 401 Deepak Building, S. V. Road, Vileparle (West), Mumbai – 400056,
Maharashtra, India |
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Date of Birth/Age : |
13.02.1970 |
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Date of Appointment : |
15.03.1998 |
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Name : |
Mr. Dhaval Shah |
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Designation : |
Director |
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Address : |
3rd Floor, 401 Deepak Building, S. V. Road, Vileparle (West), Mumbai – 400056,
Maharashtra, India |
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Date of Birth/Age : |
07.11.1976 |
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Date of Appointment : |
15.12.2005 |
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Name : |
Mr. Dilip Vadilal
Shah |
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Designation : |
Director |
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Address : |
Deepak 401, S. V.
Road, Vileparle (West), Mumbai – 400056, Maharashtra, India |
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Date of Birth/Age : |
28.04.1938 |
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Date of Appointment : |
05.03.1998 |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
AS ON 01.12.2007
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Names of
Allottee |
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No. of Shares Allotted |
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Mr. Dilip Vadilal
Shah |
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500000 |
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Mr. Vipul Dilip
Shah |
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500000 |
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Total |
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1000000 |
AS ON 30.09.2007
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Equity Share Breakup |
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Percentage of Holding |
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Category |
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Directors
or relatives of directors |
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99.99 |
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Other
top fifty shareholders (Other than Listed above) |
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0.01 |
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Total |
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100.00 |
BUSINESS DETAILS
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Line of Business : |
Real Estate Developers |
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Terms : |
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Selling : |
Cash |
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Purchasing : |
Cash and Credit
(30-60 days) |
GENERAL
INFORMATION
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No. of Employees : |
40 |
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Bankers : |
Ville Parle (West) Branch, Plot No.5, TPS-III, Land Mark,
Besant Road, Opposite Railway Station, Mumbai – 400056, Maharashtra, India |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
R. K. Desai and Company Chartered Accountant 4/ Bhimrao House, 1st Floor, Above Bank of India, Mumbai -
400004, Maharashtra, India R. Ruwala and Company Chartered Accountant M 204 RNA Regency Park, M. G. Road, Dhanukar Wadi, Kandivali (West),
Mumbai – 400067, Maharashtra, India |
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Associates/Subsidiaries : |
Smag House, 1st
Floor, Opposite Darshana Apartment, Sarojini Road Extention, Vile Parle (West),
Mumbai – 400056, Maharashtra, India (Builders and Developers) |
CAPITAL STRUCTURE
AS ON 30.09.2007
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
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3000000 |
Equity Shares |
Rs.10/- each |
Rs.30.000 Millions |
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7000000 |
Equity Shares |
Rs.10/- each |
Rs.70.000 Millions |
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Total |
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Rs.100.000 Millions |
Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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2000000 |
Equity Shares |
Rs.10/- each |
Rs.20.000 Millions |
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
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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 |
10.000 |
0.100 |
0.100 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
4.365 |
0.000 |
0.000 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
14.365 |
0.100 |
0.100 |
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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 |
544.261 |
117.826 |
0.000 |
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TOTAL BORROWING |
544.261 |
117.826 |
0.000 |
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DEFERRED TAX LIABILITIES |
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TOTAL |
558.626 |
117.926 |
0.100 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
0.684 |
0.000 |
0.000 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENT |
119.338 |
45.009 |
0.000 |
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DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
226.884 |
0.000 |
0.000 |
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Sundry Debtors |
0.000 |
0.000 |
0.000 |
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Cash & Bank Balances |
0.147 |
3.399 |
0.001 |
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Other Current Assets |
0.000 |
0.000 |
0.000 |
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Loans & Advances |
445.923 |
69.479 |
0.068 |
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Total
Current Assets |
672.954
|
72.878
|
0.069 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
234.385 |
0.004 |
0.000 |
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Provisions |
0.000
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0.000
|
0.006 |
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Total
Current Liabilities |
234.385 |
0.004 |
0.006 |
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Net Current Assets |
438.569 |
72.874 |
0.063 |
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MISCELLANEOUS EXPENSES |
0.035 |
0.043 |
0.037 |
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TOTAL |
558.626 |
117.926 |
0.100 |
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KEY RATIOS
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PARTICULARS |
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31.03.2007 |
31.03.2006 |
31.03.2005 |
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Debt Equity Ratio (Total Liability/Networth) |
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54.20
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1178.30
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0.006 |
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Current Ratio (Current Asset/Current Liability) |
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2.87
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18219.50
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11.50 |
LOCAL AGENCY
FURTHER INFORMATION
Note:
The Registered Office of the company has been shifted from Deepak Building
401 S V Road, Vile Parle West, Mumbai – 400056, Maharashtra, India to the
present address w.e.f. 01.11.2006
Form 8:
|
Corporate
identity number of the company |
U45200MH1998PTC113833 |
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Name of the
company |
GREEN BIRD DEVELOPERS PRIVATE LIMITED |
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Address of the
registered office or of the principal place of business in India of the company |
Smag House, 1st
Floor, Opposite Darshana Apartment, Sarojini Road Extention, Vile Parle
(West), Mumbai – 400056, Maharashtra, India |
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This form is for |
Creation of charge |
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Type of charge |
Movable Property Current Assets |
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Particular of
charge holder |
Ville Parle (West) Branch, Plot No.5, TPS-III, Land Mark, Besant Road, Opposite Railway Station, Mumbai – 400056, Maharashtra, India |
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Nature of
instrument creating charge |
Hypothecation
Agreement Articles of
Agreement Memorandum of deposit
of title deeds in favour of Vijaya Bank (All the above
agreements constitute single charge) |
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Date of
instrument Creating the charge |
26.06.2007 |
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Amount secured by
the charge |
Rs.70.000
Millions |
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Brief of the principal
terms an conditions and extent and operation of the charge |
Rate of
Interests: BPLR + 1% i.e.
14% at present as stipulated by Bank from time to time Terms of
Repayment: To be repaid in
12 after initial moratorium of 12 Months. Margin: As stipulated by
Bank from time to time. Extent and
Operation of the charge: First Charge
(Present and future) Total Limit of Rs.70.000 Millions (Secured Loan –
Rs.55.000 Millions and BG – Rs.15.000 Millions) Others: As stipulated by Bank
from time to time and as per agreement attached. |
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Particulars of
the property charged |
First Charge
(Present and future) Hypothecation of Machinery, Plants, Accessories and
tools EMDTD of Plot
No.13, Nutan Laxmi CHS Limited, CST M0259, Bearing Part of S. No.70, Plot
No.13, N. S. Road No.10, JVPD, Ville Parle (West) Mumbai – 400056 Area 438.40
sq. mtrs Hypothecation of
all the stock of construction materials kept at the site and/or whereeverelse
and/or in transit. Hypothecation of
all the current assets of the company. |
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.41.96 |
|
UK Pound |
1 |
Rs.83.78 |
|
Euro |
1 |
Rs.65.82 |
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 |
4 |
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OPERATING SCALE |
1~10 |
4 |
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FINANCIAL CONDITION |
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--BUSINESS SCALE |
1~10 |
4 |
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--PROFITABILIRY |
1~10 |
4 |
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--LIQUIDITY |
1~10 |
4 |
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--LEVERAGE |
1~10 |
4 |
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--RESERVES |
1~10 |
4 |
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--CREDIT LINES |
1~10 |
4 |
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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 |
|
37 |
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 |
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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 |
|
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 |
|
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 |
|
NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
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