MIRA
INFORM REPORT
|
Report Date : |
25.06.2008 |
IDENTIFICATION
DETAILS
|
Name : |
BENGAL GREEN FIELD HOUSING DEVELOPMENT COMPANY LIMITED |
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Formerly Known As : |
BENGAL IFB HOUSING DEVELOPMENT COMPANY LIMITED |
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Registered Office : |
Hi-Tech Chambers, 7th Floor, 84/1B Topsia Road (South),
Kolkata – 700046 , West Bengal, India |
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Country : |
India |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
11.11.1998 |
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Com. Reg. No.: |
088227 |
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CIN No.: [Company
Identification No.] |
U45201WB1998PLC088227 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
CALB04364D |
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PAN No.: [Permanent
Account No.] |
AABCB9549D |
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Legal Form : |
A Closely Held Public Limited Liability Company |
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Line of Business : |
Real Estate 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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Maximum Credit Limit : |
USD 230000 |
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Status : |
Good |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject is a well – established and reputed company meetings its normal commitments timeously. Trade relations are fair. The company can be considered good for normal business dealings. |
INFORMATION PARTED
BY
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Name : |
Mr. Maitry Vivash
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Designation : |
Front Office
Manager |
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Date : |
31.05.2008 |
LOCATIONS
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Registered Office : |
Hi-Tech Chambers, 7th Floor, 84/1B Topsia Road (South),
Kolkata – 700046 , West Bengal, India |
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Tel. No.: |
91-33-30218400/ 25/ 22839063/ 64/ 65/ 22839096/ 97/ 98 |
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Fax No.: |
91-33- 22854466 |
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E-Mail : |
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Website : |
DIRECTORS
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Name : |
Mrs. Rakhi Basu |
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Designation : |
Director |
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Address : |
Fd- 452/B, Sector Iii, Sale Lake City Kolkata – 700 091, West Bengal, India |
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Date of Birth/Age : |
24.07.1974 |
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Date of Appointment : |
16.12.2005 |
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Name : |
Mrs. Subhabrata
Basu |
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Designation : |
Director |
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Address : |
Fd- 452/B, Sector Iii, Sale Lake City Kolkata – 700 091, West Bengal, India |
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Date of Birth/Age : |
12.09.1952 |
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Date of Appointment : |
19.03.2004 |
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Name : |
Mrs. Ananda
Majumdar |
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Designation : |
Director |
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Address : |
59, Baje Shibpur Road, Howrah- 711 102, West Bengal, India |
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Date of Birth/Age : |
08.10.1960 |
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Qualifications : |
Graduate |
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Date of Appointment : |
09.07.2003 |
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Name : |
Mr. Sambhu
Chatterjee |
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Designation : |
Director |
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Address : |
618 /3, Karunamoyee Housing Estate, Salt Lake, Kolkata – 700 091, India |
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Date of Birth/Age : |
02.01.1952 |
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Date of Appointment : |
26.04.1999 |
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Name : |
Mrs. Ananta
Chatterjee |
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Designation : |
Director |
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Address : |
C 1/A, Paymanti Co-Op Housing Society, Kolkata – 700 078, West Bengal, India |
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Date of Birth/Age : |
02.08.1937 |
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Date of Appointment : |
09.07.2003 |
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Name : |
Mrs. Gour Hari
Majee |
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Designation : |
Director |
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Address : |
Ramrajatala Station Road, (West), P O -61 D Colony, Howrah, West Bengal, India |
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Date of Birth/Age : |
03.06.139 |
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Date of Appointment : |
11.11.1998 |
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Name : |
Mrs. Amiya Nandy |
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Designation : |
Director |
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Address : |
179, Kaakshalay Road, Chinsura – 712 001, West Bengal, India |
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Date of Birth/Age : |
26.12.1931 |
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Date of Appointment : |
11.11.1998 |
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Name : |
Mr. Kamal Kumar Pal |
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Designation : |
Director |
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Address : |
Flat No. A 7/2, Are Bidhan Abshan, F Block, Sector – 111, Salt Lake, Kolkata - 700 091, West Bengal, India |
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Date of Birth/Age : |
17.01.1949 |
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Date of Appointment : |
14.07.1999 |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
As on
31.03.2007:-
|
Category |
Percentage |
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Bodies Corporate |
99.99 |
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Other top fifty (50) shareholders |
0.01 |
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Total |
100.00 |
BUSINESS DETAILS
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Line of Business : |
Real Estate Developers |
GENERAL
INFORMATION
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No. of Employees : |
40 |
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Bankers : |
Gariahat Branch, Kolkata – 700046, West Bengal, India
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Banking
Relations : |
Satisfactory |
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Financial
Institutions: |
Address: Ramon
House, 169 Back Bay, Reclamation, HT Parekh Marg, Mumbai – 400020,
Maharashtra, India |
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Auditors : |
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Name : |
Mr. Babu Ram
Mittal Chartered
Accountants |
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Address : |
36 A, Bentinck
Street, 2nd floor, Kolkata – 700069, West Bengal, India |
CAPITAL STRUCTURE
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
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2000000 |
Equity shares |
Rs.10/- each |
Rs.20.000
millions |
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Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
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|
600070 |
Equity Shares |
Rs.10/- each |
Rs.6.000 millions
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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 |
6.000 |
0.500 |
0.500 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
41.015 |
19.442 |
1.015 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
47.015 |
19.942 |
1.515 |
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LOAN FUNDS |
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1] Secured Loans |
132.950 |
10.403 |
10.665 |
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2] Unsecured Loans |
39.079 |
0.000 |
0.000 |
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TOTAL BORROWING |
172.029 |
10.403 |
10.665 |
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DEFERRED TAX LIABILITIES |
0.025 |
0.039 |
0.051 |
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TOTAL |
219.069 |
30.384 |
12.231 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
2.255 |
1.585 |
1.469 |
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Capital work-in-progress |
185.774 |
92.615 |
0.000 |
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INVESTMENT |
0.000 |
0.000 |
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 |
0.000 |
0.000 |
145.822 |
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Sundry Debtors |
85.228 |
0.000 |
0.000 |
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Cash & Bank Balances |
54.818 |
81.930 |
92.147 |
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Other Current Assets |
0.000 |
0.000 |
0.000 |
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Loans & Advances |
39.700 |
29.575 |
13.496 |
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Total
Current Assets |
179.746
|
111.505 |
251.465 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
143.656 |
173.232 |
240.222 |
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Provisions |
5.050
|
2.089
|
0.498 |
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Total
Current Liabilities |
148.706
|
175.321 |
240.720 |
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Net Current Assets |
31.040 |
(63.816) |
10.745 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.017 |
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TOTAL |
219.069 |
30.384 |
12.231 |
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PROFIT & LOSS
ACCOUNT
|
PARTICULARS |
31.03.2007 |
31.03.2006 |
31.03.2005 |
|
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Sales Turnover |
480.793 |
385.250 |
1.997 |
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Other Income |
3.367 |
5.425 |
0.000 |
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Total Income |
484.160 |
390.675 |
1.997 |
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Profit/(Loss) Before Tax |
25.063 |
20.532 |
0.435 |
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Provision for Taxation |
2.960 |
1.631 |
0.094 |
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Profit/(Loss) After Tax |
22.103 |
18.901 |
0.341 |
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Expenditures : |
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Managerial Remuneration |
NA |
NA |
0.863 |
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Payment to Auditors |
NA |
NA |
0.055 |
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Interest |
0.112 |
0.084 |
NA |
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Insurance Expenses |
1.946 |
NA |
0.058 |
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Depreciation & Amortization |
0.627 |
0.495 |
0.294 |
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Other Expenditure |
456.412 |
369.564 |
0.289 |
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Total Expenditure |
459.097 |
370.143 |
1.562 |
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KEY RATIOS
|
PARTICULARS |
|
31.03.2007 |
31.03.2006 |
31.03.2005 |
|
PAT / Total Income |
(%) |
4.56 |
4.84 |
17.08 |
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Net Profit Margin (PBT/Sales) |
(%) |
5.21 |
5.33 |
21.78 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
6.81 |
9.98 |
0.17 |
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Return on Investment (ROI) (PBT/Networth) |
|
0.53 |
1.03 |
0.29 |
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Debt Equity Ratio (Total Liability/Networth) |
|
6.82 |
9.31 |
165.93 |
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Current Ratio (Current Asset/Current Liability) |
|
1.21 |
0.64 |
1.04 |
LOCAL AGENCY
FURTHER INFORMATION
FORM 8:
|
Name of the
company |
BENGAL GREEN
FIELD HOUSING DEVELOPMENT COMPANY LIMITED |
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Presented By |
Housing Development Finance Corporation
Limited Ramon House, H T Parekh Marg, 169, Back Bay,
Reclamation, Mumbai – 400 020, Maharashtra, India |
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1) Date and
description of instrument creating the change |
Term loan
agreement dated 23.11.2004 Mortgage of
property, dated 23.11.2004 |
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2) Amount secured
by the charge/amount owing on the securities of charge |
Term Loan –
Rs.50.000 millions |
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3) Gist of the
terms and conditions and extent and operation of the charge. |
All that piece and parcel of land and machinery 5 Acre at premises No.
DJ Action, Kolkata Rate of Interest : 9% p.a |
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4) Name and
Address and description of the person entitled to the charge. |
Housing Developments Finance Corporation Limited Ramon House , HT Parekh Marg, 169, Backbay Reclamation , Mumbai – 400
020, Maharashtra, India |
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Corporation identity number or foreign company registrations number of
the company |
U45201WB1998PLC088227 |
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Name of the company |
BENGAL GREEN
FIELD HOUSING DEVELOPMENT COMPANY LIMITED |
|
Address |
Hi-Tech Chambers, 7th Floor, 84/1B Topsia Road (S),
Kolkata – 700046 , West Bengal, India |
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This Form is for |
Creation of Charge |
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Type of Charges |
Immovable property |
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Particular of the charge holder
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Housing Development Finance Corporation Limited Address: Ramon House , 169, Back Bay Reclamation H T Parekh, Marg,
Mumbai – 400020, Maharashtra, India E-Mail: investorcare@hdfc.com
|
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Nature or description of the instrument creating charge |
Term loan agreement dated 29.03.2007 DP Note dated 29.03.2007 |
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Date of the instrument creating charge |
29.03.2007 |
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Amount Secure by the charge |
Rs.140.000 millions |
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Brief of the principal terms and conditions and extent and operation
of the charge |
Rate of Interest : 12.50% p. a under variable rate linked to HDFC – CPLR , i. e. HDFC
CPLR +0.25% p. a on variable rate basis. The current CPLR is 12.25% p. a (Applicable rate of Interest) Terms of repayment: The loan shall be payable in four monthly installments as stated
below: Rs.40.000 millions 27.01.2010 Rs.40.000 millions 27.02.2010 Rs.40.000 millions 27.03.2010 Rs.20.000 millions 27.04.2010 St at the applicable rate of Interest is payable every month on the
outstanding principal Extent and operation of the
Charge: The charge on immovable property together with Interest and
development rights to secure the term loan of Rs.140.000 millions together
with applicable rate of Interest and other charges / dues payable by borrower
to charge holder plot of land admeasuring 45.69 acres as per annexure
enclosed herewith at Jote sibarampur, Biren Roy Road (West), Behala , under
Maheshtala , Municipality situated under J L No. 3, mouza Parui, and J L No.
256, Mouza Chak, Sibrampur , P S Maheshtala, Dist. South, 24 Pgs, Kolkata Others: The loan together with Interest and other dues payable is additionally
secured by the personal; guarantee of Mr. Subhabrata Basu. |
|
Short Particulars of the Property charged |
Plot of land admeasuring 45.69 acres as per annexure enclosed herewith
at Jote sibarampur, Biren Roy Road (West), Behala, under Maheshtala,
Municipality situated under J L No. 3, mouza Parui, and J L No. 256, Mouza Chak,
Sibrampur , P S Maheshtala, Dist. South, 24 Pgs, Kolkata, together with
construction there on both present and future together developments rights ,
as mentioned in loan agreement dated 29.03.2007. |
WEBSITE DETAILS:
Greenfield, the group
in pursuit of excellence in every field of functional activities is already the
per-eminent organization in developing real estate activities in Gurgaon, New
Town and other areas. Bengal Greenfield Housing Development Company Limited is
a joint sector company, comprised of a group of young, dynamic, dedicated and
highly skilled professionals desirous of rediscovering the art of living amidst
nature and creating Home an Oasis that reflects the dream, ventures into new
horizon with West Bengal Housing Board. This is the essence of the Greenfield
Group endowed with vast experience in real estate activities and housing
complex for EWS at New Town Kolkata.
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.42.94 |
|
UK Pound |
1 |
Rs.84.52 |
|
Euro |
1 |
Rs.66.73 |
SCORE & RATING
EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
7 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--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 |
|
53 |
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 |
|