MIRA
INFORM REPORT
|
Report Date : |
25.06.2008 |
IDENTIFICATION
DETAILS
|
Name : |
BENGAL SHELTER HOUSING DEVELOPMENT LIMITED |
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Registered Office : |
B A- 2, Sector – 1, Salt lake City,
Kolkata – 700064, 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 : |
28.01.2004 |
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Com. Reg. No.: |
21-097716 |
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CIN No.: [Company
Identification No.] |
U70101WB2004PLC097716 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
CALB05517B |
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PAN No.: [Permanent
Account No.] |
AACCB4289R |
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Legal Form : |
A Closely Held Public Limited Liability Company |
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Line of Business : |
Developer of Housing Projects in
Rural Areas and Urban Areas. |
RATING &
COMMENTS
|
MIRA’s Rating : |
Ba |
|
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 290000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Slow |
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Litigation : |
Clear |
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Comments : |
Subject is an established company meetings its normal commitments slowly; as reported. Trade relations are fair. The company has been successful in wiping – off all its previous losses during 2006-07. The company can be considered good for normal business dealings. |
INFORMATION PARTED
BY
|
Name : |
Mr. Pransajit
Gunguli |
|
Designation : |
Marketing manager
|
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Contact No.: |
91-983155560 |
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Date : |
02.06.2008 |
LOCATIONS
|
Registered Office : |
B A- 2, Sector – 1, Salt lake
City, Kolkata – 700 064, West Bengal, India |
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Tel. No.: |
91-33-2337 7302 /2358 6428 |
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Fax No.: |
91-33-2337 9918 |
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Email: |
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Websites: |
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Area: |
5500 Sq. ft |
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Location |
Rented |
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Corporate
Office: |
Kanak Building 3rd
Floor, 41, J L Nehru Road, Kolkata – 700071, West Bengal, India |
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Tel No.: |
91-33-30954527 |
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Fax No.: |
91-33-23379918 |
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Email: |
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Location: |
Rented |
DIRECTORS
|
Name : |
Mr. Asoke Das
Gupta |
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Designation : |
Director |
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Address : |
58/1, Ballygunge Circular Road, Floor 13, Flat 136-, Kolkata - 700019, West Bengal, India |
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Date of Birth/Age : |
30.01.1947 |
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Date of Appointment : |
28.01.2004 |
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Name : |
Mr. Shib Ram Nag |
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Designation : |
Director |
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Address : |
B / A -2, Flat – 1, Salt Lake City. Kolkata – 700064, West Bengal, India |
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Date of Birth/Age : |
07.01.1964 |
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Qualification : |
Graduate |
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Date of Appointment : |
28.01.2004 |
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Name : |
Mr. Samar Nag |
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Designation : |
Director |
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Address : |
228 Salt Lake Block Aj Bidhan, 24 Pgs North, Kolkata – 700 091, West Bengal, India |
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Date of Birth/Age : |
01.08.1949 |
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Date of Appointment : |
28.01.2004 |
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|
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Name : |
Mr. Prabhat Das |
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Designation : |
Director |
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Address : |
B -43, Aloka Apartment, 59/2b, Pratap Aditya Road, Kolkata – 700 026, West Bengal, India |
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Date of Birth/Age : |
15.12.1942 |
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Date of Appointment : |
28.01.2004 |
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Name : |
Mr. Somes
Choudhary |
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Designation : |
Director |
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Address : |
Flat No. 7, Gd – 371, Sector – 111, Salt Lake City, West Bengal, India |
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Date of Birth/Age : |
20.10.1947 |
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Date of Appointment : |
28.01.2004 |
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Name : |
Mr. Tuhin Chaudhari |
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Designation : |
Director |
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Address : |
43, Priya Nath, Gosh, Street, P O Belbhoria, Kolkata – 700056, West Bengal, India |
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Date of Birth/Age : |
17.08.1946 |
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Date of Appointment : |
28.01.2004 |
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Name : |
Mr. Mukul Sarkar |
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Designation : |
Director |
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Address : |
B /16, R H E, 3no. St. Georges Gate Road, Kolkata – 700022, West Bengal, India |
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Date of Birth/Age : |
12.01.1962 |
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Date of Appointment : |
23.02.2004 |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
(As on 27.07.2005)
|
Names of Shareholders |
|
No. of Shares |
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Shelter Projects
Limited |
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99993 |
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West Bengal
Housing Board |
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100000 |
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Others |
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7 |
(As on 31.03.2007)
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Category |
|
Percentage |
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Government (Central and States) |
|
50.00 |
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Bodies corporate |
|
50.00 |
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Total |
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Developer of Housing Projects in
Rural Areas and Urban Areas. |
GENERAL
INFORMATION
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Bankers : |
Commercial Branch, J L Nehru, 1 Middleton Row, Kolkata - 700064,
West Bengal, India
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
Chaturvedi and
Company Chartered
Accountants |
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Address : |
60, Bantick
Street, Kolkata – 700 069, West Bengal, India |
CAPITAL STRUCTURE
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
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|
5000000 |
Equity Shares |
Rs.10/- each |
Rs.50.000 millions |
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Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
600000 |
Equity Shares |
Rs.10/- each |
Rs.6.000 millions |
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|
|
|
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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 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
6.000 |
2.000 |
2.000 |
|
|
2] Share Application Money |
0.000 |
0.000 |
6.300 |
|
|
3] Reserves & Surplus |
52.126 |
(6.235) |
[1.470] |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
|
|
|
NETWORTH |
58.126 |
[4.235] |
6.830 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
50.631 |
53.312 |
0.000 |
|
|
2] Unsecured Loans |
100.007 |
105.211 |
13.517 |
|
|
TOTAL BORROWING |
150.638 |
158.523 |
13.517 |
|
|
DEFERRED TAX LIABILITIES |
0.000 |
0.114 |
0.075 |
|
|
|
|
|
|
|
|
TOTAL |
208.764 |
154.402 |
20.422 |
|
|
|
|
|
|
|
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APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
4.549 |
4.637 |
1.828 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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|
|
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|
|
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INVESTMENT |
0.000 |
0.000 |
0.000 |
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DEFERREX TAX ASSETS |
0.048 |
0.000 |
0.000 |
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|
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|
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CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
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Inventories |
342.132 |
292.074 |
23.623 |
|
|
Sundry Debtors |
18.037 |
0.000 |
0.000 |
|
|
Cash & Bank Balances |
74.438 |
23.968 |
13.085 |
|
|
Other Current Assets |
6.775 |
0.800 |
0.000 |
|
|
Loans & Advances |
134.161 |
81.881 |
8.285 |
|
Total
Current Assets |
575.543
|
398.723 |
44.993 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Current Liabilities |
363.678 |
261.470 |
30.988 |
|
|
Provisions |
7.698 |
0.000 |
0.000 |
|
Total
Current Liabilities |
371.376
|
261.470
|
30.988 |
|
|
Net Current Assets |
204.167 |
137.253 |
14.005 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
12.512 |
4.589 |
|
|
|
|
|
|
|
|
TOTAL |
208.764 |
154.402 |
20.422 |
|
PROFIT & LOSS
ACCOUNT
|
PARTICULARS |
31.03.2007 |
31.03.2006 |
31.03.2005 |
|
|
Sales Turnover |
334.018 |
0.000 |
0.000 |
|
|
Other Income |
19.148 |
0.383 |
0.238 |
|
|
Total Income |
353.166 |
0.383 |
0.238 |
|
|
|
|
|
|
|
|
Profit/(Loss) Before Tax |
65.755 |
[4.563] |
[1.395] |
|
|
Provision for Taxation |
7.053 |
0.000 |
0.000 |
|
|
Profit/(Loss) After Tax |
58.702 |
[4.563] |
[1.395] |
|
|
|
|
|
|
|
|
Expenditures : |
|
|
|
|
|
|
Raw Material Consumed |
88.912 |
30.475 |
0.396 |
|
|
Increase/(Decrease) in Finished Goods |
[45.830] |
[267.980] |
[23.255] |
|
|
Salaries, Wages, Bonus, etc. |
5.118 |
2.352 |
0.405 |
|
|
Managerial Remuneration |
0.306 |
NA |
NA |
|
|
Payment to Auditors |
0.056 |
NA |
0.022 |
|
|
Interest |
8.215 |
1.506 |
0.010 |
|
|
Insurance Expenses |
0.095 |
NA |
NA |
|
|
Power & Fuel |
0.902 |
0.580 |
NA |
|
|
Depreciation & Amortization |
1.234 |
0.948 |
0.152 |
|
|
Other Expenditure |
228.403 |
237.065 |
23.903 |
|
Total Expenditure |
287.411 |
4.946 |
1.633 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2007 |
31.03.2006 |
31.03.2005 |
|
PAT / Total Income |
(%) |
16.62
|
[1191.38] |
[586.13] |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
19.68
|
0.00 |
0.00 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
11.33
|
[1.13] |
[2.98] |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
1.13
|
1.08 |
[0.20] |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
8.98
|
[99.17] |
6.52 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.55
|
1.52 |
1.45 |
LOCAL AGENCY
FURTHER INFORMATION
FORM 8:-
|
Corporation identity number or foreign company registrations number of
the company |
U70101WB2004PLC097716 |
|
Name of the company |
BENGAL SHELTER
HOUSING DEVELOPMENT LIMITED |
|
Address |
B A- 2, Sector – 1, Salt lake City,
Kolkata – 700064, West Bengal, India |
|
This Form is for |
Modification of charge |
|
Type of Charges |
·
Book
Debts ·
Movable
property ·
Floating
Charge |
|
Particular of the charge holder
|
State Bank of India Commercial Branch, J l Nehru, 1 Middleton Row, Kolkata – 700 071, West
Bengal, India E-Mail: sbi.04288@sbi.coi.n |
|
Nature or description of the instrument creating charge |
Letter regarding the grant of individuals limits within overall limit |
|
Date of the instrument creating charge |
26.06.2007 |
|
Amount Secure by the charge |
Rs.90.000 millions |
|
Brief of the principal terms and conditions and extent and operation of
the charge |
Rate of Interest : For cash credit (For project Alankha) @ 1.50% above SBAR presently
being 14.25% p. a with monthly rests as per RBI directives. Terms of repayment: As may be stipulated by the bank from time to time. Margin: 50% of Deficit Extent and Operation of the
charge: First charge on the whole of the hypothecated assets. |
|
Short Particulars of the Property charged |
All present and future book debts and all other movable assets of the
borrower including documents title to the goods , outstanding moneys ,
receivables , claims , bills, invoices contracts, investment, plant and
machinery both present ands future pertaining to project Alankha by way of
first charge. |
|
Particulars of the present modification |
By this modification the overall limit remains the same at Rs.90.000
millions, but credit facilities dated 26.06.2007. All other terms and
conditions continue to remain as before in full force and effect. |
|
Name of the
company |
BENGAL SHELTER
HOUSING DEVELOPMENT LIMITED |
|
Presented By |
S D Basu , Company Secretary |
|
1) Date and
description of instrument creating the change |
No instrument was
executed, but mortgage was created by deposit of title deeds on 30.11.2004. (In the office of
state Bank of India , commercial Branch, J L Nehru Road, 1 Middleton Street, Kolkata – 700071, West
Bengal, India) (Copy of recital
dated 30.11.2004 is enclosed) |
|
2) Amount secured
by the charge/amount owing on the securities of charge |
Overall limit :
Rs.90.000 millions |
|
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 |
The scope and benefit
of creating mortgage by deposit of title deeds of the properties of the
company as specified in the schedule below is to create mortgage by deposit
of title deeds under section 79 of the Transfer of property Act, 1882 and
within the meaning of section 58 (f) of the said Act to secure repayment of
the bank to the company under
different credit facilities together with Interest, commission, discount,
cost and charge thereon. Schedule of
properties All piece or
parcel of land measuring 4.803 acres out of 15.43 acres situated at mouza
Reckjuani, J L No. 13, P S Rajahat, district North 24 Parganas Acquired by
the Notification No. 382/HI/HG/NTP-2L, dated 13.07.2004 under Section 29(1)
of West Bengal Housing Board act 1972 has been issued by the housing board
Act 1972 has been issued by the housing Department Government of west Bengal
by which the said 15.43 acres of land Has been transferred to west Bengal. And butted as
under: ·
On the north land of Bengal Park Chamber H D
Limited ·
On
the South by Land of Bengal United Credit Beelani Housing Limited ·
On
the East by land of West Bengal Housing Board ·
On
the west by : Land area of 4 acres
that has been handed over to BSBL letter vide developer Agreement dated
05.08.2004 Together with
building structures immovable properties plant and machinery which might
thereafter to erected or affixed to or situated on the said immovable
properties in favour of the said bank as continuing security. |
|
4) Gist of the
terms and conditions and extent and operation of the charge. |
The borrower shall not do or allow anything which may prejudice the security and shall comply with the
terms and conditions of the Agreement Interest, commission, discount, costs and charges as may be current from
time to time for the credit facilities according to banking norms and RBI
guidelines. |
|
5) Name and
Address and description of the person entitled to the charge. |
State Bank of India Commercial branch, J L Nehru Road, 1 Middleton Street, Kolkata – 700
071, West Bengal, India |
|
6) Date and brief description of instrument
modifying the charge |
NA |
|
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. |
NA |
WEBSITE DETAILS
History
Shelter Group is a renowned name in the arena of Real Estate in West Bengal. Having its Head Office at Kolkata, the Group had successfully planned, developed and constructed numerous large and small projects of housing, commercial complexes and urban infrastructure in Kolkata and also in other district towns of West Bengal under the name and style of Shelter Projects Limited since its incorporation in 1986. The Group has completed numerous Housing Projects mainly for H.I.G. and M.I.G. people.
Subject has been formed as a Joint Sector Company by joining hands between Shelter Projects Limited and West Bengal Housing Board in 2003.
The Group is professionally managed by highly qualified technical and financial personalities, who are working as pilots to their respective zones. The Group is also having interest in the fields of Horticulture and Floriculture, Food Products, Education and I.T Sector, Brick Production and Rubber and Tea Plantation in West Bengal and Tripura.
The Group has nearly for two decades since its inception in 1986 successfully planned developed and constructed numerous multi-storied core residential and commercial complexes.
The Group is professionally managed by highly qualified
technical and financial personalities who are working as pilots to their
respective zones and it has also diversified its activities vastly in Rubber
and Tea Plantation in TRIPURA. For the development of floricultural activities
with modern technology in a vast way, the Group has again formed a Joint Sector
Company under the name and style of Bengal Shelter Horti-Flora Limited with the
Department of Horticulture and Floriculture, Government of West Bengal.
MANAGEMENT TEAM
Mr.
Prabhat Ranjan Das
The Chairman, (Govt. Nominee)
He is an
M. Arch., PG Dip. HPB (Rotterdam) having Post Graduate Degree from foreign and
Calcutta University and also Professional Members of various Institute of India.
His administrative experience over 21 years in HUDCO and CPWD, Government of
India, assists the company for furtherance its colourful success all over West
Bengal.
Mr.
Samar Nag
Managing Director
He, who
began his career in Law, shifted to Journalism and then opted to initiate
formation of number of Companies under Shelter Group with specific orientation.
Mr. Nag is having interest in Real Estate, Tea and Rubber Plantation, Publication of Books and Newspaper and is the Director of Bengal Shelter Horti-Flora Limited - a Joint Sector Company with Department of Food Processing and Horticulture, Government of West Bengal. He is also founder Member of Governing Body of DE-ROZIO College and Director of Aajkaal Publication Limited - one of the leading Bengali newspapers of West Bengal.
Mr.Tuhin
Kr. Chaudhuri
Director (Govt. Nominee)
A B.E. (Civil) having experience of more than 32 years and presently designated as Director (Engineering), West Bengal Housing Board assists significantly to widespread the success of the company.
Mr.
Somes Chaudhuri
Director (Govt. Nominee)
A B.E. (Civil) and presently designated as a Chief Engineer in Housing Board, Government of West Bengal. His more than 32 years technical experience helps this company to achieve success further.
Mr.
Mukul Ranjan Sarkar
Director (Govt. Nominee)
An Arts Graduate and also a W.B.C.S. and having wide experience in Housing Department, Government of West Bengal as a Deputy Secretary and O.S.D.
Mr.
Asoke Dasgupta
Director
An Arts Graduate and Ex. W.B.C.S. Presently he is the Editor of Aajkaal - a leading daily Newspaper in Bengali.
Mr.
Shibram Nag
Director
A Law and Commerce Graduate is actively looking after the captive Brickfield and Sites Management of the Group with his full devotion.
PRINCIPAL ARCHITECT
Hafeez Contractor
Hafeez Contractor is one of the renowned architects of the world with close to 30 years of proven experience in the field, spanning large residential complexes, hospitals, hotels, town and city planning schemes. He is providing one-window facility for Akankha along with eminent consultants for structural, mechanical, engineering landscaping and allied services that should out as talk of the town.
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 |
5 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILIRY |
1~10 |
4 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--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 |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
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
|
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 |
|