MIRA
INFORM REPORT
|
Report Date : |
27.06.2008 |
IDENTIFICATION
DETAILS
|
Name : |
HARITA PROJECTS PRIVATE LIMITED |
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Registered Office : |
3rd Floor, Smit Complex,
Choice Lane, Off C. G. Road, Navrangpura, Ahmedabad – 380009, Gujarat |
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Country : |
India |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
08.03.1995 |
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Com. Reg. No.: |
04-24916 |
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CIN No.: [Company
Identification No.] |
U45201GJ1995PTC024916 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
AHMH02145D |
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PAN No.: [Permanent
Account No.] |
AAACH3888E |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Providing Consultancy Services |
RATING &
COMMENTS
|
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 33000 |
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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 an old and established company having moderate track. The
company continues to incur heavy losses and has good amount of accumulated
losses. Payments are reported as slow at times. The company can be considered for business dealings with slight
caution. |
LOCATIONS
|
Registered Office : |
3rd Floor, Smit
Complex, Choice Lane, Off C. G. Road, Navrangpura, Ahmedabad – 380009,
Gujarat, India |
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Tel. No.: |
91-79-26423080 |
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Fax No.: |
91-79-26425142 |
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E-Mail : |
DIRECTORS
|
Name : |
Dr. Gitesh K Shah |
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Designation : |
Director |
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Address : |
1 Paritosh Bunglows, Opposite Ashwamegh V, Satellite Road, Gujarat - 380015 |
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Date of Birth/Age : |
20.10.1961 |
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Date of Appointment : |
08.03.1995 |
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Name : |
Mrs. Binda G Shah |
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Designation : |
Director |
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Address : |
1 Paritosh Bunglows, Opposite Ashwamegh V, Satellite Road, Gujarat - 380015 |
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Date of Birth/Age : |
18.11.1967 |
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Date of Appointment : |
08.03.1995 |
KEY EXECUTIVES
|
Name : |
R. V. Shah and
Company |
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Designation : |
Company Secretary |
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Address : |
J – 7, Chandragupt Apartment, B/h, Sahajanand College, Ambawadi, Ahmedabad - 15 |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
(AS ON
31.03.2007)
|
Names of Shareholders |
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No. of Shares |
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Mr. Gitesh K Shah |
|
77985 |
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Mr. Binda G Shah |
|
226975 |
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Mr. Kumudben
Krishnalal Shah |
|
722800 |
|
Besto Trade Link Private
Limited |
|
1800 |
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Mr. C. G.
Jewellers |
|
5000 |
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Mr. Gitesh
Krishnalal Shah [HUF] |
|
17185 |
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Mr. Harita Gitesh
Shah [Minor] |
|
770 |
|
Nirbhay Capital
Services Private Limited |
|
23750 |
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Mr. Vandit Gitesh
Shah [Minor] |
|
895 |
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Total |
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1077160 |
(AS ON
31.03.2007)
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Category |
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Percentage |
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Directors
or relatives of directors |
|
100.00 |
BUSINESS DETAILS
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Line of Business : |
Providing Consultancy Services |
GENERAL INFORMATION
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Bankers : |
Commercial Branch Paramsiddhi Complex, Opposite V. S. Hospital, Ellisbridge, Ahmedabad – 380006, Gujarat, India
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
Asim Mehta and Associates Chartered Accountants |
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Address : |
212, Shreyas, opposite Jain Temple, Navrangpura, Ahmedabad – 380009,
Gujarat, India |
CAPITAL STRUCTURE
(As on 29.09.2007)
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
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1500000 |
Equity Shares |
Rs.10/- each
|
Rs.15.000
Millions |
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Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
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|
1077160 |
Equity Shares |
Rs.10/- each
|
Rs.10.772
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 |
9.985 |
9.985 |
9.335 |
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2] Share Application Money |
0.000 |
0.000 |
0.650 |
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3] Reserves & Surplus |
0.000 |
0.050 |
0.040 |
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4] (Accumulated Losses) |
[3.381] |
0.000 |
0.000 |
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NETWORTH |
6.604 |
10.035 |
10.025 |
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LOAN FUNDS |
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1] Secured Loans |
0.203 |
0.000 |
0.000 |
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2] Unsecured Loans |
31.949 |
7.104 |
0.725 |
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TOTAL BORROWING |
32.152 |
7.104 |
0.725 |
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DEFERRED TAX LIABILITIES |
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38.756 |
17.139 |
10.750 |
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TOTAL |
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APPLICATION OF FUNDS |
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35.602 |
0.067 |
0.000 |
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FIXED ASSETS [Net Block] |
0.000 |
0.000 |
0.000 |
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Capital work-in-progress |
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|
0.006 |
5.375 |
5.374 |
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INVESTMENT |
0.000 |
0.000 |
0.000 |
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DEFERREX TAX ASSETS |
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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 |
0.130 |
0.159 |
0.045 |
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Cash & Bank Balances |
0.144 |
0.165 |
0.467 |
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Other Current Assets |
0.000 |
0.000 |
0.000 |
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Loans & Advances |
5.085 |
15.008 |
5.223 |
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Total
Current Assets |
5.359
|
15.332 |
5.735 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
2.211 |
3.635 |
0.359 |
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Provisions |
0.000
|
0.000 |
0.000 |
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Total
Current Liabilities |
2.211
|
3.635 |
0.359 |
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Net Current Assets |
3.148 |
11.697 |
5.376 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
38.756 |
17.139 |
10.750 |
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PROFIT & LOSS
ACCOUNT
|
PARTICULARS |
31.03.2007 |
31.03.2006 |
31.03.2005 |
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Sales Turnover |
0.277 |
0.115 |
0.000 |
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Other Income |
0.039 |
0.034 |
0.011 |
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Total Income |
0.316 |
0.149 |
0.011 |
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Profit/(Loss) Before Tax |
[3.426] |
0.012 |
[0.026] |
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Provision for Taxation |
0.005 |
0.002 |
0.000 |
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Profit/(Loss) After Tax |
[3.431] |
0.010 |
[0.026] |
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Expenditures : |
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Financial Charges |
0.001 |
0.000 |
0.029 |
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Depreciation |
0.056 |
0.001 |
0.000 |
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Other Expenditure |
3.685 |
0.136 |
0.008 |
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Total Expenditure |
3.742 |
0.137 |
0.037 |
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KEY RATIOS
|
PARTICULARS |
|
31.03.2007 |
31.03.2006 |
31.03.2005 |
|
PAT / Total Income |
(%) |
[1085.76]
|
6.71
|
[236.36] |
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Net Profit Margin (PBT/Sales) |
(%) |
[1236.82]
|
10.43
|
0.00 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
[8.36]
|
0.08
|
[0.45] |
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Return on Investment (ROI) (PBT/Networth) |
|
[0.52]
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0.00
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0.00 |
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Debt Equity Ratio (Total Liability/Networth) |
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5.20
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1.07
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0.11 |
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Current Ratio (Current Asset/Current Liability) |
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2.42
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4.22
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15.97 |
LOCAL AGENCY
FURTHER INFORMATION
Form 8:
Bankers Charges
Report as per Registry
|
Name of the company |
HARITA PROJECTS
PRIVATE LIMITED |
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Presented By |
Dr. Gitesh K Shah [Director] |
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1) Date and description of instrument creating the change |
Agreement of
Hypothecation of Furniture Equipment dated the 24th day of May
2001. |
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2) Amount secured by the charge/amount owing on the securities of charge |
Rs.1.050 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 |
Hypothecation of
the Furniture and Equipments by way of first charge in favour of the
Bank. |
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4) Gist of the terms and conditions and extent and operation of the charge. |
Amount of Loan :
Rs.1.050 Millions Margin : 30 % Rate of Interest:
19 % p.a. Repayable in
equal monthly instalment of Rs. 0.027 Million commencing from 24.05.2001 and
the last being on or before 24.05.2006 |
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5) Name and Address and description of the person entitled to the charge. |
The Suvikas
People’s Co-Operative Bank Limited, Near Stadium Circle, C G Road, Ahmedabad
– 380009 |
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6) Date and brief description of instrument modifying the charge |
N. A. |
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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. |
N. A. |
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This form is for |
Creation of
charge |
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Corporate
identity number of the company |
U45201GJ1995PTC024916 |
|
Name of the
company |
HARITA PROJECTS PRIVATE LIMITED |
|
Address of the
registered office or of the principal place of business in India of the company |
3rd Floor, Smit
Complex, Choice Lane, Off C. G. Road, Navrangpura, Ahmedabad – 380009,
Gujarat, India |
|
Type of charge |
Movable Property |
|
Particular of
charge holder |
State Bank of India Commercial Branch Paramsiddhi Complex, Opposite V. S. Hospital, Ellisbridge, Ahmedabad – 380006, Gujarat, India |
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Nature of
description of the instrument creating or modifying the charge |
From C2:
Agreement for Hypothecation of Goods and Assets dated 12th July,
2007 Form C5: letter
regarding the grant of individual limits within the overall limit |
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Date of
instrument Creating the charge |
12.07.2007 |
|
Amount secured by
the charge |
Rs.130.000
Millions |
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Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest 0.75 % below SBAR
[minimum 10.75 %] p.a. payable at monthly rests interest rate will be reset
every tow years of sanction. Terms of
Repayment The loan will be
repaid in bullet payment t the end of tow years from first disbursement or on
securitization of future rents whichever is earlier. Margin 28.28 % Extent and
Operation of the charge Pari passu First
charge by way of hypothecation of the entire Fixed Assets, present and future
of the company to secure the repayment of the principal amount, all interest,
cost, charges, expenses and all other monies payable in respect of the Term
Loan of Rs. 130.000 Millions sanctioned by State Bank of India, Commercial
Branch, Ahmedabad |
|
Short particulars
of the property charged |
All the Fixed
Assets of the Company, present and future, including movables situate lying
and being at Doddathogur, Begur Hobli, Bangalore South Taluka, Bangalore
District bearing Plot Nos H and I of Survey No. 68 of Mouje Diddathogur of
Bangalore South Taluka in Registration District and Sub – District of
Bangalore [U] – Bangalore [S] and other places. |
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.42.73 |
|
UK Pound |
1 |
Rs.84.38 |
|
Euro |
1 |
Rs.66.97 |
SCORE & RATING
EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
4 |
|
OPERATING SCALE |
1~10 |
2 |
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FINANCIAL CONDITION |
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|
--BUSINESS SCALE |
1~10 |
4 |
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--PROFITABILIRY |
1~10 |
- |
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--LIQUIDITY |
1~10 |
3 |
|
--LEVERAGE |
1~10 |
3 |
|
--RESERVES |
1~10 |
3 |
|
--CREDIT LINES |
1~10 |
3 |
|
--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 |
|
--LISTED |
YES/NO |
NO |
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--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
27 |
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 |
|