MIRA
INFORM REPORT
|
Report Date : |
26.07.2008 |
IDENTIFICATION
DETAILS
|
Name : |
PRIDE AND EXPERT PROPERTIES PRIVATE LIMITED |
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Registered Office : |
G-2, Pride Elite, 10, Museym Road,
Bangalore – 560001, Karnataka |
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Country : |
India |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
15.02.1996 |
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Com. Reg. No.: |
08-19850 |
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CIN No.: [Company
Identification No.] |
U85110KA1996PTC019850 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
BLRE00530F |
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PAN No.: [Permanent
Account No.] |
AAACE4356J |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Construction Activities |
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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Maximum Credit Limit : |
USD 1100000 |
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Status : |
Good |
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Payment Behaviour : |
Slow but correct |
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Litigation : |
Clear |
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Comments : |
Subject is a well established real estate developer with good track. The
company may face difficult times in recent slow – down. Trade relations are
fair. Payments are reported as slow but correct. The company can be considered normal for business dealings at usual
trade terms and conditions. |
INFORMATION PARTED
BY
|
Name : |
Mr. Suryakant Dhanawade |
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Designation : |
Accounts Manager |
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Date : |
13.06.2008 |
LOCATIONS
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Registered Office : |
G-2, Pride Elite, 10, Museym
Road, Bangalore – 560001, Karnataka, India
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Tel. No.: |
91-80-25320961 /
25320962 / 25320963 |
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Fax No.: |
91-80-25320964 |
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E-Mail : |
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Website : |
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Area : |
Owned |
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Branch Office : |
F2/3- Manish AC
Market, Senapati Bapat Marg, Dadar [West], Mumbai – 400028, Maharashtra,
India |
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Tel. No.: |
91-20-24316201 /
2 |
DIRECTORS
|
Name : |
Mr. Saraogi Murari
Lal |
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Designation : |
Director |
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Address : |
701 Tejash Apartment South End Street, Kumara Park East,
Bangalore – 560001, Karnataka, India |
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Date of Birth/Age : |
12.01.1941 |
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Date of Appointment : |
15.02.1996 |
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Name : |
Mr. Arvind
Premchand Jain |
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Designation : |
Director |
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Address : |
270 Amod Apartment 530/3 F. C. Road, Shivaji Nagar, Pune –
411016, Maharashtra, India |
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Date of Birth/Age : |
05.06.1971 |
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Date of Appointment : |
10.04.1998 |
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Name : |
Mr. Sanwar Mal
Jain |
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Designation : |
Director |
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Address : |
3 B Camac Street, Kolkata – 700016, West Bengal, India |
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Date of Birth/Age : |
06.01.1948 |
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Date of Appointment : |
01.04.2001 |
KEY EXECUTIVES
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Name : |
Ms. Sara Sancheti |
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Designation : |
Company Secretary |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
AS ON 30.09.2005
|
Names of Shareholders |
|
No. of Shares |
|
Saraogi Murari Lal |
|
42100 |
|
Nidhi Jain |
|
42000 |
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Arvind Premchand
Jain [HUF] |
|
50000 |
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Sanwar Mal Jain
and Sons [HUF] |
|
30000 |
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Pramila Jain |
|
25000 |
|
Behari Lal Jain
and Sons [HUF] |
|
40000 |
|
Champion
Properties Private Limited |
|
20000 |
|
Sri Raghavendra
marketing Services Private Limited |
|
20000 |
|
Stalk Tracom
Private Limited |
|
20000 |
|
Expert and Resorts
and Layouts Private Limited |
|
20000 |
|
Dynamic Portfolio
Management and Services Limited |
|
20000 |
|
Limtex
Investments Limited |
|
20000 |
|
Alosha Vanijya
Private Limited |
|
30000 |
|
Swastika Trafin’s
Private Limited |
|
30000 |
|
Jai Technology
Private Limited |
|
30000 |
|
Bhandari
Financial Services Private Limited |
|
30000 |
AS ON 29.09.2007
|
Equity Share
Breakup |
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Percentage of
Holding |
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Category |
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Directors
or relatives of directors |
|
29.00 |
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Other
top fifty shareholders |
|
71.00 |
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Total |
|
100.00 |
BUSINESS DETAILS
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Line of Business : |
Construction Activities |
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Terms : |
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Selling : |
Cash |
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Purchasing : |
Cash |
GENERAL INFORMATION
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Customers : |
End Users |
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No. of Employees : |
35 |
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Bankers : |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
Vijay Bhatia Chartered
Accountants Apartment No. 106&203, Embassy Centre, No. 11, Crescent Road,
Bangalore – 560001, Karnataka, India Pawan Jain and
Associates Chartered
Accountants Pune |
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Associates/Subsidiaries : |
Pride Housing and Construction Private Limited Activities : Construction Activities 504, Corporate Plaza, Next to Chatushringi Temple, 106 A, Senapati Bapat Road, Pune – 411016 Tel No. ; 91-20-25639491 / 92 Fax No.: 91-20-25630487 Email : pune@pridegroup.net |
CAPITAL STRUCTURE
AS ON 29.09.2007
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 |
|
1810200 |
Equity Shares |
Rs. 10/-
each |
Rs. 18.102
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 |
18.102 |
11.102 |
11.102 |
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2] Share Application Money |
22.500 |
0.000 |
0.000 |
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3] Reserves & Surplus |
174.798 |
79.106 |
73.480 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
215.400 |
90.208 |
84.582 |
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LOAN FUNDS |
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1] Secured Loans |
2.259 |
1.587 |
21.054 |
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2] Unsecured Loans |
0.000 |
0.000 |
0.000 |
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TOTAL BORROWING |
2.259 |
1.587 |
21.054 |
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DEFERRED TAX LIABILITIES |
0.381 |
0.285 |
0.213 |
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TOTAL |
218.040 |
92.080 |
105.849 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
30.122 |
25.895 |
4.061 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENT |
82.248 |
30.692 |
85.276 |
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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 |
0.000 |
0.000 |
0.000 |
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Sundry Debtors |
8.662 |
6.415 |
14.825 |
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Cash & Bank Balances |
6.562 |
1.972 |
4.880 |
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Other Current Assets |
34.072 |
62.675 |
75.723 |
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Loans & Advances |
151.724 |
101.646 |
45.834 |
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Total
Current Assets |
201.020
|
172.708
|
141.262 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
94.961 |
135.861 |
121.717 |
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Provisions |
0.389 |
1.387 |
3.100 |
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Total
Current Liabilities |
95.350 |
137.248 |
124.817 |
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Net Current Assets |
105.670 |
35.460 |
16.445 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.033 |
0.067 |
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TOTAL |
218.040 |
92.080 |
105.849 |
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PROFIT & LOSS
ACCOUNT
|
PARTICULARS |
|
31.03.2007 |
31.03.2006 |
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Sales Turnover |
|
136.097 |
84.946 |
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Total Income |
|
136.097 |
84.946 |
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Profit/(Loss) Before Tax |
|
68.316 |
7.710 |
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Provision for Taxation |
|
0.624 |
2.085 |
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Profit/(Loss) After Tax |
|
67.692 |
5.625 |
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Expenditures : |
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Depreciation & Amortization |
|
2.124 |
1.076 |
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Other Expenditure |
|
65.657 |
76.160 |
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Total Expenditure |
|
67.781 |
77.236 |
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KEY RATIOS
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PARTICULARS |
|
31.03.2007 |
31.03.2006 |
31.03.2005 |
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PAT / Total Income |
(%) |
49.74
|
6.62
|
NA |
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Net Profit Margin (PBT/Sales) |
(%) |
50.20
|
9.08
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NA |
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Return on Total Assets (PBT/Total Assets} |
(%) |
29.56
|
3.88
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NA |
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Return on Investment (ROI) (PBT/Networth) |
|
0.32
|
0.09
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NA |
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Debt Equity Ratio (Total Liability/Networth) |
|
0.45
|
1.54
|
1.72 |
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Current Ratio (Current Asset/Current Liability) |
|
2.11
|
1.26
|
1.13 |
LOCAL AGENCY
FURTHER INFORMATION
HISTORY
The company was originally incorporated under the name and style of “EXPERT
PROPERTIES PRIVATE LIMITED” on 15th February, 1996 having Company Registration Number
08-19850
Subsequently the company changed its name to present w.e.f. 23.01.2004
Trade Reference
- Ashoka Billcan Limited, Pune
- BL Kasyap Limited, Delhi
- V. T. Palarasha and Company, Pune
Bankers Charges Report as per Registry
|
Name of the
company |
PRIDE AND EXPERT
PROPERTIES PRIVATE LIMITED |
|
Presented By |
Arvind Premchand
Jain |
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1) Date and
description of instrument creating the change |
30th
March 2005 Deed of Simple
Mortgage |
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2) Amount secured
by the charge/amount owing on the securities of charge |
Rs. 20.000
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 |
Principal
Mortgagors and Guarantors are the owners of the large property bearing S. No.
210 Hissa No. 3, S No. 210 Hissa No. 4 and Property agreed to create charges
described in Schedule II as sanctioned lay out plan dated 13.09.2004 by PCMC
are Plot No.77 admg. 361.04 sq. mtrs. Plot No. 78 admg. 361.04 sq. mtrs. Plot
No. 79 admg. 358.64 sq. mtrs. Plot No. 82 admg. 249.38, Plot No. 246 admg
1108.85 sq. mtrs. Plot No. 247 admg 1016.12 sq. mtrs. Plot Amenity Plot No. 2
admg 1014.89 sq. mrs. With construction carried and Plot amenity Plot No. 1
admg. 3787.01 Sq. mt. together construction. |
|
4) Gist of the
terms and conditions and extent and operation of the charge. |
Jashan
Co-operative Hosing Society Limited and Ankita Co-operative Housing Society
Limited are the Mortgagors and Guarantors through Authorized Signatory Mr.
Suhas Bhalchandra Gosavi for a aforesaid Property for borrower company Pride
and Expert properties Private Limited to borrower a sum of Rs. 20.000
Millions on a terms and conditions as for a period of 5 years with 1 year dry
period @ 13.50% p.a. with repayment schedule of 1.386 millions quarterly 20
installment with interest at monthly rest, compensatory penal interest and /
or additional interest will be paid as determined by mortgagee. The borrower
is liable to pay all costs towards
registration. |
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5) Name and
Address and description of the person entitled to the charge. |
Janata Sahakari Bank Limited, 14444; Shukrawar Peth, Pune
– 411002, Maharashtra, India |
|
6) Date and brief description of instrument modifying
the charge |
-- |
|
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. |
-- |
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.42.23 |
|
UK Pound |
1 |
Rs.83.88 |
|
Euro |
1 |
Rs.66.41 |
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 |
6 |
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--PROFITABILIRY |
1~10 |
6 |
|
--LIQUIDITY |
1~10 |
6 |
|
--LEVERAGE |
1~10 |
6 |
|
--RESERVES |
1~10 |
6 |
|
--CREDIT LINES |
1~10 |
6 |
|
--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 |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
54 |
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 |
|