MIRA
INFORM REPORT
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Report Date : |
11.11.2008 |
IDENTIFICATION
DETAILS
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Name : |
NIRMAL LIFESTYLE LIMITED |
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Registered Office : |
Jawahar Talkies Compound, Dr. R. P Road, Mulund (West), Mumbai – 400080,
Maharashtra |
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Country : |
India |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
04.11.1999 |
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Com. Reg. No.: |
11-122542 |
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CIN No.: [Company
Identification No.] |
U92411MH1999PLC122542 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
MUMN07100C MUMN07257F |
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Legal Form : |
A Closely Held Public Limited Liability Company |
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Line of Business : |
Property 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 3000000 |
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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 a well established company having satisfactory track. Trade
relations are fair. Subject’s current year and future performance is expected
to the seriously offered due to global meltdown and recession in the
industry. It may ultimately affect the payment behaviours of the subject
resulting in to delay. The company can be considered normal for business dealings at usual
trade terms and conditions. |
LOCATIONS
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Registered Office : |
Jawahar Talkies Compound, Dr. R. P Road, Mulund (West), Mumbai –
400080, Maharashtra, India |
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Tel. No.: |
91-22-25905121 |
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Fax No.: |
91-22-55971990 |
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E-Mail : |
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Website : |
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Corporate Office : |
L B S Marg, Opposite Nirmal Nagar, Mulund (West), Mumbai – 400080,
Maharashtra, India |
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Tel. No.: |
91-22-25937000/ 7100 |
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Fax No.: |
91-22-25937200 |
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E-Mail : |
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Sales Office : |
L B S Marg, Opposite Nirmal Nagar, Mulund (West), Mumbai – 400080,
Maharashtra, India |
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Tel. No.: |
91-22-67973180/ 81/ 25905122/ 23/ 66430383 |
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Fax No.: |
91-22-67973182 |
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E-Mail : |
DIRECTORS
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Name : |
Mr. Dharmesh S. Jain |
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Designation : |
Chairman and Managing Director |
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Address : |
B-13/14, Mayur Pankh, 5th Floor, N S Road, Mulund (West),
Mumbai – 400080, Maharashtra, India |
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Date of Birth/Age : |
09.10.1967 |
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Date of Appointment : |
04.11.1999 |
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Name : |
Mrs. Anju D. Jain |
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Designation : |
Director |
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Address : |
B-13/14, Mayur Pankh, 5th Floor, N S Road, Mulund (West),
Mumbai – 400080, Maharashtra, India |
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Date of Birth/Age : |
02.05.1968 |
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Date of Appointment : |
04.11.1999 |
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Email : |
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Name : |
Mrs. Nirmala S. Jain |
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Designation : |
Director |
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Address : |
B-13/14, Mayur Pankh, 5th Floor, N S Road, Mulund (West),
Mumbai – 400080, Maharashtra, India |
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Date of Birth/Age : |
02.05.1968 |
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Date of Appointment : |
04.11.1999 |
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Name : |
Mr. Rajeev R. Jain |
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Designation : |
Director |
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Address : |
1901, Takshashila, Nirmal Nagar, Mumbai – 400080, Maharashtra, India |
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Date of Birth/Age : |
11.03.1974 |
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Date of Appointment : |
29.09.2007 |
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Name : |
Mr. Sardarmal P. Jain |
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Designation : |
Director |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
(As on 29.09.2007)
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Names of Shareholders |
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No. of Shares |
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Dharmesh Jain |
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9949000 |
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Nirmala S. Jain |
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10000 |
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Anju D. Jain |
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40969 |
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Chandrakant Shah |
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10 |
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Umesh Solanki |
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10 |
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Rajeev R. Jain |
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10 |
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Majgenvijay Pawar |
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1 |
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Total |
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10000000 |
(As on 31.03.2007)
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Category |
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Percentage |
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Directors or relatives of directors |
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99.00 |
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Other top fifty shareholders (other than listed above) |
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1.00 |
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Total |
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100.00 |
BUSINESS DETAILS
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Line of Business : |
Property Developers |
GENERAL
INFORMATION
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Bankers : |
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Facilities : |
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Banking
Relations : |
Satisfactory |
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Financial Institutions: |
ITC Centre, 3rd Floor, 760 Anna Salai, Chennai – 600002,
Tamilnadu, India |
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Auditors : |
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Name : |
R. C. Jain and Associates Chartered Accountant |
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Address : |
624, Corporate Park, Nirmal Lifestyle, LBS Marg, Mulund (West), Mumbai
– 400080, Maharashtra, India |
CAPITAL STRUCTURE
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
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50000000 |
Equity Shares |
Rs.10/- each |
Rs.500.000 Millions |
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Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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10000000 |
Equity Shares |
Rs.10/- each |
Rs.100.000
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 |
100.000 |
100.000 |
10.000 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
447.633 |
341.789 |
230.885 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
547.633 |
441.789 |
240.885 |
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LOAN FUNDS |
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1] Secured Loans |
3925.569 |
2678.264 |
1713.789 |
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2] Unsecured Loans |
178.620 |
130.856 |
158.567 |
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TOTAL BORROWING |
4104.189 |
2809.120 |
1872.356 |
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DEFERRED TAX LIABILITIES |
33.712 |
19.969 |
6.816 |
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TOTAL |
4685.534 |
3270.878 |
2120.057 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
1060.155 |
874.184 |
353.262 |
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Capital work-in-progress |
280.189 |
0.000 |
0.000 |
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INVESTMENT |
87.549 |
118.806 |
177.388 |
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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 |
2571.577
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1967.182 |
2067.034 |
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Sundry Debtors |
364.655
|
149.545 |
119.965 |
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Cash & Bank Balances |
89.367
|
107.541 |
344.477 |
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Other Current Assets |
0.000
|
0.000 |
0.000 |
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Loans & Advances |
883.394
|
679.178 |
451.082 |
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Total
Current Assets |
3908.993
|
2903.446 |
2982.558 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
602.270
|
580.999 |
1376.434 |
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Provisions |
65.666
|
56.244 |
24.729 |
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Total
Current Liabilities |
667.936
|
637.243 |
1401.163 |
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Net Current Assets |
3241.057
|
2266.203 |
1581.395 |
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MISCELLANEOUS EXPENSES |
16.584 |
11.685 |
8.012 |
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TOTAL |
4685.534 |
3270.878 |
2120.057 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
|
|
31.03.2007 |
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Sales Turnover |
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|
1206.061 |
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Other Income |
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|
0.000 |
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Total Income |
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|
1206.061 |
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Profit/(Loss) Before Tax |
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|
169.043 |
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Provision for Taxation |
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|
51.796 |
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Profit/(Loss) After Tax |
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|
117.247 |
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Total Expenditure |
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1037.018 |
KEY RATIOS
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PARTICULARS |
|
31.03.2007 |
31.03.2006 |
31.03.2005 |
|
PAT / Total Income |
(%) |
1.43
|
NA |
NA |
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Net Profit Margin (PBT/Sales) |
(%) |
14.02
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NA |
NA |
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Return on Total Assets (PBT/Total Assets} |
(%) |
3.40
|
NA |
NA |
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Return on Investment (ROI) (PBT/Networth) |
|
0.31
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NA |
NA |
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Debt Equity Ratio (Total Liability/Networth) |
|
7.62
|
7.80 |
13.59 |
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Current Ratio (Current Asset/Current Liability) |
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1.36
|
4.56 |
2.13 |
LOCAL AGENCY
FURTHER INFORMATION
Fixed Assets:
- Building
- Furniture and
Fixture
- Computers
- Plant and Machinery
- Office
Equipment
- Electrical
Installation
- Vehicles
Website Details:
Profile:
Subject is a
property developer is identified as the front ranking property development
companies in Mumbai. Having built more than 50 lac sq. ft. residential and commercial
complexes, the group is a name to reckon with the real estate markets in
Mumbai. While building and construction has been the core activity for the
company, quality and innovation has by far been the soul for all its projects.
The group has been instrumental in promoting Mulund as a
preferred destination for both residential and commercial spaces, hence
branding Mulund as the “Prince of Suburbs”. Establishments in Mulund sparked
thirty years ago with “Jahawar Talkies”, a renowned theatre in this corner of
the city. Subject has become synonyms to Mulund with its vision and
unprecedented approach towards the city.
The company was initiated in the year 1975, by Late Mr. S. P. Jain a leading name in
the Rajasthan community giving 30 years of excellence. His impeccable
foresightedness and vision laid a strong foundation of four major projects in
Goa in the early rising of the company. Mulund and Thane were soon under the
influence of his developmental plans.
His virtues and vision was soon extended impeccably by his
son Mr. Dharmesh S. Jain. At a
very young age he took over as MD of the company and aggressively pronounced
his achievements in the industry through his dedicated approach to make
construction business a professionally managed company. Results soon followed
his achievements and at a young age still, he was appointed as Managing
Committee of Maharastra Chamber of Housing Industry. Considering his expertise
and passion for the industry the Govt. of Maharastra appointed him as a
Director on the Maharastra Police Housing & Welfare Corp.
He was also presented with the “Jain Ratna award” for his
social accomplishments. He is also committed to social work and patrons of two
charitable hospitals under the flagship of care Foundation. He is also the Managing
Trustee of Care Foundation and Rotarat Charitable trust. Social contribution of
the organization continues to tell many more committed stories.
Company
Mall
The mall has been built on most challenging concept, ever
built in the country. The open mall concept not only placed company on national
platter, but has been successful in defying all myths associated with its
popularity. It was voted as “Mumbai’s Favorite Mall” twice by a survey done by
popular news dailies. The Glass dome is largest in the south East Asia, hence
is one of the beautiful features of the mall. It also has the largest open
space area, which complements beauty with hassle-free shopping. It has almost
all famous brands under its wide stretch arena. While, constant efforts from
their end make this also the most entertaining mall in the city, with most fun
and entertaining features. The proposed plan of integrated projects in four
phases would make it to be one of largest convention centers in this part of
the globe.
Company
Residence
Subject as part of its inevitable endeavor in imparting
quality lifestyle and living has developed superior residence complexes in
Mulund. Each housing complex is designed amidst beautiful landscapes with modern
architectures. The company is committed towards providing not only beautiful
homes, but also quality lifestyles. City of Joy, Nirmal Galaxy, Kalpnagri,
Nirmal Nagar, Amethyst and Blue diamond are few of the most artistic structures
built with best amenities to suit a modern living. A bouquet of such
initiatives with innovation and creativity has carved Mulund in the map of the
city.
Townships
They propose to build cities, Spread across 300 - 1000 Acres
area in Dombivali, Kalyan, Pune and Indore. Each of these cities promises to
fulfill a common man’s desire to live in chaos free environment with prudent
lifestyle amenities. A city amidst landscapes, gardens, lakes & more to
suite a peaceful living.
Hotels
& Convention Center
Subject is on a rapid pace of building and developing one of India’s largest shopping and
convention center with malls, five star super deluxe and deluxe hotels
in Mulund. A non-static beginning to make the city’s most happening spots has
already begun.
The development will feature two Sofitel hotels, with 250
and 200 rooms each, a Novotel hotel with 250 rooms, “Grand Mercure Residence” a
serviced apartment product with 180 units and an Ibis hotel with 200 rooms.
There will also be a state-of-the-art convention centre with a capacity of 4000
people. Other unique features of the hotel complex will be its proximity to a
shopping mall and entertainment complex of over 3 mn sq ft, parking for over
2500 cars and a rooftop landscaped garden measuring over 7 acres.
The project promises one of the most sophisticated
developments in the country. The integrated malls, hotels and convention
centers brings uniqueness, hence also complements the vision and direction of
the country and the city in specific. The proposed structure not only is a
magnetic idea perfectly implemented, but also speaks loud about their company’s
approach towards the industry.
News:
Nirmal
Lifestyle ties up with USTA
September
4, 2008
Indopia
Mumbai, Sep 4 Real estate developer Nirmal Lifestyle today
announced a tie up with the United States Tennis Association (USTA) for using
US Open brand in its upcoming 20 ' Lifestyle cities' across the country.
Speaking to PTI from the US, company Chairman and MD Dharmesh Jain said that
the tie-up was aimed at bringing world class sporting infrastructure and
experience to the country.
Nirmal Lifestyle plans to set up 20 lifestyle cities in which it would create a
replica of US Open clubs, villas, fitness centres and a world-class tennis
academy across the country by 2020. Five of them will be developed in the first
phase with an investment of USD 5 billion, the company had earlier said.
Declining to divulge the financial details, Jain said the agreement is for 10
years.
He, however, maintained that infrastructure for other sports would also be
available in the projects, but the main focus would be tennis.
Nirmal Lifestyle is developing a three million sq ft mall in Mumbai. It is also
building a 1,080-room hotel with the Accor Group of France. The company has
already built residential projects on close to 5 mn sq feet area in the city.
Nirmal
Lifestyle ties up with USTA –fashion
4 Sep,
2008
The
Economic Times
MUMBAI: Real estate developer Nirmal Lifestyle today announced
a tie up with the United States Tennis Association (USTA) for using US Open
brand in its upcoming 20 'Lifestyle cities' across the country.
Speaking to PTI from the US, company Chairman and MD Dharmesh Jain said that
the tie-up was aimed at bringing world class sporting infrastructure and
experience to the country.
Nirmal Lifestyle plans to set up 20 lifestyle cities in which it would create a
replica of US Open clubs, villas, fitness centres and a world-class tennis
academy across the country by 2020. Five of them will be developed in the first
phase with an investment of US $ 5 bn, the company had earlier said.
Declining to divulge the financial details, Jain said the agreement is for 10
years. He, however, maintained that infrastructure for other sports would also
be available in the projects, but the main focus would be tennis.
Nirmal Lifestyle is developing a three million sq ft mall in Mumbai.
Nirmal
Lifestyle Ltd Tied Up With The American Tennis Association
September
4, 2008
India
Real Estate Monitor
Developer Nirmal Lifestyle Limited has tied up with the
American Tennis Association to use the US Open brand for amenities at its
projects in India.
“We are building sports infrastructure as part of our lifestyle city projects
and are doing a series of global tie-ups,” Chairman Dharmesh Jain said.
Under the 10-year arrangement, the Mumbai-based Nirmal will launch U.S.
Open-branded tennis academy, club-houses, fitness centres and villas at its
township projects under development.
Earlier this year, Nirmal had publicizde plans to set up five integrated
townships at a cost of five billion dollar. It will set up another fifteen
townships in the second phase.
Nirmal is presently developing a three million square feet shopping mall in Mumbai
and a 1,080-room hotel project, jointly with France’s Accor.
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.47.32 |
|
UK Pound |
1 |
Rs.74.20 |
|
Euro |
1 |
Rs.60.73 |
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 |
5 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--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 |
|