MIRA
INFORM REPORT
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Report Date : |
28.06.2008 |
IDENTIFICATION
DETAILS
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Name : |
G CORP PROPERTIES PRIVATE LIMITED |
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Registered Office : |
Office No. O-403, 4th
Floor, Nucleus, 1 Church Road, Pune – 411001, Maharashtra |
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Country : |
India |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
16.03.2005 |
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Com. Reg. No.: |
020417 |
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CIN No.: [Company
Identification No.] |
U70102PN2005PTC020417 |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Developers of Real Estate and
Infrastructural Facilities. |
RATING &
COMMENTS
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MIRA’s Rating : |
Ca |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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11-25 |
Ca |
Adverse factors are apparent. Repayment of interest and principal sums
in default or expected to be in default upon maturity |
Limited with
full security |
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Maximum Credit Limit : |
USD 1400000 |
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Status : |
Moderate |
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Payment Behaviour : |
Slow but delayed |
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Litigation : |
Unknown |
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Comments : |
The Company has moderate track. It’s payments are slow and delayed. The company can be considered for any business dealings on safe and
secured trade terms and conditions only. |
LOCATIONS
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Registered Office : |
Office No. O-403, 4th
Floor, Nucleus, 1 Church Road, Pune – 411001, Maharashtra, India |
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Tel. No.: |
91-20-3058511 |
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Fax No.: |
91-20-26052652 |
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E-Mail : |
info@gcorpgroup.com, abhijit@gcorpgroup.com, manojm@gcorpgroup.com |
DIRECTORS
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Name : |
Mr. Arjun Raj
Sinha |
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Designation : |
Director |
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Address : |
B-38 Belvedere Court K Khadve Marg, Mahalaxmi, Mumbai –
400011, Maharashtra, India |
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Name : |
Mr. Harmohan Sahni |
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Designation : |
Managing [Director |
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Address : |
19/20/B/II, 19th 20th Floor, The Ge
Royale 333, Bellasis Road Tardeo, Mumbai – 400034, Maharashtra, India |
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Date of Birth/Age : |
23.02.1968 |
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Name : |
Mr. Shashidharan
Sethumadhavan Menon |
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Designation : |
Managing Director |
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Address : |
102, Jagannath Boat Club Road, Pune – 411001, Maharashtra,
India |
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Date of Birth/Age : |
20.06.1961 |
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Name : |
Mr. Rohit
Narshidas Chothani |
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Designation : |
Director |
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Address : |
9-A, Jeevan Asha, 60 Peddar Road, Mumbai – 400026,
Maharashtra, India |
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Date of Birth/Age : |
19.07.1953 |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
(As on 2005)
|
Names of Shareholders |
No. of Shares |
|
Bellagio Realty Private
Limited |
4000 |
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Gesco Corporation
[South] Limited |
4000 |
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Mr. Ghanshyam
Sevantilal Sheth |
2000 |
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Total |
10000 |
As On 30.09.2007
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Equity Share Breakup |
Percentage of Holding |
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Category |
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Bodies
corporate |
100.00 |
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Total |
100.00 |
BUSINESS DETAILS
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Line of Business : |
Developers of Real Estate and
Infrastructural Facilities. |
GENERAL
INFORMATION
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No. of Employees : |
About 20 |
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Bankers : |
Axis Bank Maker Towers “F”, 13th Floor, Cuffe parade,
Colaba, Mumbai – 400005, Maharashtra, India
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Banking
Relations : |
Unknown |
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Auditors : |
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Name : |
Kalyaniwalla Mistry and Associates Chartered Accountants |
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Address : |
E-8, Gera Classic, Koregaon Road, Pune – 411001, Maharashtra, India |
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Holding Companies : |
G Corp Private
Limited U70102KA2001PLC028962 |
CAPITAL STRUCTURE
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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31000000 |
Equity Shares |
Rs. 10/-
each |
Rs. 310.000
Millions |
Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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30002400 |
Equity Shares |
Rs. 10/-
each |
Rs. 300.024
Millions |
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
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SOURCES OF FUNDS |
|
31.03.2007 |
31.03.2006 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
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60.024 |
100.00 |
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2] Share Application Money |
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0.000 |
0.000 |
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3] Reserves & Surplus |
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270.000 |
0.000 |
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4] (Accumulated Losses) |
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[52.715] |
[5.273] |
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NETWORTH |
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277.309 |
94.727 |
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LOAN FUNDS |
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1] Secured Loans |
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14.980 |
15.118 |
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2] Unsecured Loans |
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10.359 |
11.238 |
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TOTAL BORROWING |
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25.339 |
26.356 |
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DEFERRED TAX LIABILITIES |
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0.000 |
0.000 |
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TOTAL |
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302.648 |
121.083 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
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110.028 |
3.152 |
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Capital work-in-progress |
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0.000 |
0.000 |
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INVESTMENT |
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3.750 |
0.000 |
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DEFERREX TAX ASSETS |
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12.607 |
2.366 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
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349.518 |
104.350 |
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Sundry Debtors |
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12.480 |
0.000 |
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Cash & Bank Balances |
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3.202 |
2.649 |
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Other Current Assets |
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0.119 |
0.000 |
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Loans & Advances |
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113.381 |
9.526 |
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Total
Current Assets |
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478.700
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116.525 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
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301.180 |
0.960 |
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Provisions |
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1.257 |
0.000 |
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Total
Current Liabilities |
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302.437
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0.960 |
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Net Current Assets |
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176.263 |
115.565 |
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MISCELLANEOUS EXPENSES |
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0.000 |
0.000 |
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TOTAL |
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302.648 |
121.083 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
|
31.03.2007 |
31.03.2006 |
Sales Turnover
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257.123 |
0.451 |
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Profit / [Loss] for the Year
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[32.109] |
[7.018] |
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Total Expenditures |
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289.232 |
7.469 |
KEY RATIOS
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PARTICULARS |
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31.03.2007 |
31.03.2006 |
PAT / Total Income
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(%) |
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[12.49]
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[1556.10] |
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Net Profit Margin
(PBT/Sales)
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(%) |
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[12.49]
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[1556.10] |
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Return on Total Assets
(PBT/Total Assets}
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(%) |
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[5.45]
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[5.86] |
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Return on Investment (ROI)
(PBT/Networth)
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[0.12]
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[0.07] |
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Debt Equity Ratio
(Total Liability/Networth)
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1.18
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0.29 |
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Current Ratio
(Current Asset/Current Liability)
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1.58
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121.38 |
LOCAL AGENCY
FURTHER INFORMATION
Form No.8
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This form is for |
Creation of
charge |
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Corporate
identity number of the company |
U70102PN2005PTC020417 |
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Name of the
company |
G CORP PROPERTIES PRIVATE LIMITED |
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Address of the
registered office or of the principal place of business in India of the company |
Office No. O-403,
4th Floor, Nucleus, 1 Church Road, Pune – 411001, Maharashtra,
India |
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Type of charge |
Immovable
Property |
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Particular of
charge holder |
Axis Bank, Maker Towers “F”, 13th Floor, Cuffe parade, Colaba, Mumbai – 400005, Maharashtra, India |
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Nature of
description of the instrument creating or modifying the charge |
Deed of Mortgage
Dated 19th September 2007. Deed of Hypothecation of current assets
dated 19th September 2007. both the agreement i.e. the mortgage
deed dated 19th September 2007 and deed of hypothecation of
current affairs dated 19th September 2007, pertains to the same
line of credit facility of Rs. 330 Millions sanctioned in Axis Bank
Limited |
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Date of
instrument Creating the charge |
19.09.2007 |
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Amount secured by
the charge |
Rs. 330.000
Millions |
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Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest PLR 2.00 % [The
Rate of Interest being presently at 13.00 %] p.a. payable at Monthly
Intervals. Terms of
Repayment 36 months
including a moratorium of 27 months Margin Minimum FACR of
1.50 shall be maintained at all times during the currency of loan Extent and
Operation of the charge Immovable
property shall be the extend of all that land 20 % of undivided share and
interest in the property being part of CTS No. 2142, 2137, 2136, 2135, 2140
and 2134 out of Old Survey Nos. 206A/1, 206B, 206C, 206D, 206E, 217 A/2 adm.
20524.59 sq. m. situated at Pune – Nagar Road, Near Aga Khan Palace,
Yerwada, Others, Taluka
Haveli, Sub Registrar Haveli 8, pune 411006 within PMC Limits, Pune,
alongwith the FSI area of 4643.67 sq. mtrs. Others As per deed of
mortgage dated 19th September 2007. Deed of hypothecation current
assets dated 19th September 2007. |
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Short particulars
of the property charged |
Immovable property
shall be the extend of all that land 20 % of undivided share and interest in
the property being part of CTS No. 2142, 2137, 2136, 2135, 2140 and 2134 out
of Old Survey Nos. 206A/1, 206B, 206C, 206D, 206E, 217 A/2 adm. 20524.59 sq.
m. situated at Pune – Nagar Road, Near Aga Khan Palace, Yerwada, Others, Taluka
Haveli, Sub Registrar Haveli 8, Pune 411006 within PMC Limits, Pune,
alongwith the FSI area of 4643.67 sq. mtrs. |
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.42.79 |
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UK Pound |
1 |
Rs.85.04 |
|
Euro |
1 |
Rs.67.34 |
SCORE & RATING
EXPLANATIONS
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SCORE FACTORS |
RANGE |
POINTS |
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HISTORY |
1~10 |
5 |
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PAID-UP CAPITAL |
1~10 |
4 |
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OPERATING SCALE |
1~10 |
2 |
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FINANCIAL CONDITION |
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--BUSINESS SCALE |
1~10 |
2 |
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--PROFITABILIRY |
1~10 |
- |
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--LIQUIDITY |
1~10 |
3 |
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--LEVERAGE |
1~10 |
3 |
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--RESERVES |
1~10 |
3 |
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--CREDIT LINES |
1~10 |
3 |
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--MARGINS |
-5~5 |
- |
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DEMERIT POINTS |
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--BANK CHARGES |
YES/NO |
YES |
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--LITIGATION |
YES/NO |
NO |
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--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
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MERIT POINTS |
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--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
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--EXPORT ACTIVITIES |
YES/NO |
NO |
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--AFFILIATION |
YES/NO |
NO |
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--LISTED |
YES/NO |
NO |
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--OTHER MERIT FACTORS |
YES/NO |
YES |
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TOTAL |
|
25 |
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 |
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|
>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
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71-85 |
Aa |
Possesses adequate working capital. No caution needed for credit
transaction. It has above average (strong) capability for payment of interest
and principal sums |
Large |
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56-70 |
A |
Financial & operational base are regarded healthy. General unfavourable
factors will not cause fatal effect. Satisfactory capability for payment of
interest and principal sums |
Fairly Large |
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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26-40 |
B |
Unfavourable & favourable factors carry similar weight in credit
consideration. Capability to overcome financial difficulties seems
comparatively below average. |
Small |
|
11-25 |
Ca |
Adverse factors are apparent. Repayment of interest and principal sums
in default or expected to be in default upon maturity |
Limited with
full security |
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<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
|
NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
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