MIRA
INFORM REPORT
|
Report Date : |
11.09.2008 |
IDENTIFICATION
DETAILS
|
Name : |
MAYFAIR HOUSING PRIVATE LIMITED |
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Registered Office : |
7, Santacruz Mansion No. 1, Opp. Railway Station (East), Santacruz,
Mumbai – 400055, Maharashtra |
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Country : |
India |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
10.12.1986 |
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Com. Reg. No.: |
11-41829 |
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CIN No.: [Company
Identification No.] |
U70100MH1986PTC041829 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
MUMM22138E |
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PAN No.: [Permanent
Account No.] |
AAACM5158N |
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Legal Form : |
Private Limited Liability Company
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Line of Business : |
Real Estate Developers |
RATING &
COMMENTS
|
MIRA’s Rating : |
A |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
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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 |
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Maximum Credit Limit : |
USD 1100000 |
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Status : |
Good |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject is an established company having fine track. Trade relations
are fair. Business is active. General financial position is good. Payments are
reported as usually correct and as per commitments. The company can be considered good for normal business dealings. |
LOCATIONS
|
Registered Office : |
7, Santacruz Mansion No. 1, Opp. Railway Station (East), Santacruz, Mumbai
– 400055, Maharashtra |
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Tel. No.: |
91-22-26487301 |
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Fax No.: |
91-22-26487356 |
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E-Mail : |
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Website : |
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Corporate Office/Marketing Division : |
401-403, 4th Floor, ‘Prime Plaza’, 38/A, S V Road, Near
Asha Parekh Hospital, Santacruz (West), Mumbai – 400054 |
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Tel. No.: |
91-22-67232300/01/02 |
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Fax No.: |
91-22-67232358 |
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E-Mail : |
DIRECTORS
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Name : |
Mr. Nayan Arvind Shah |
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Designation : |
Director |
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Address : |
601, Mangal Kripa, Tagore Road, Santacruz (West), Mumbai – 400054,
Maharashtra |
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Date of Birth/Age : |
26.09.1960 |
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Date of Appointment : |
10.12.1986 |
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Name : |
Ms. Vasumati Arvind Shah |
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Designation : |
Director |
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Address : |
601, Mangal Kripa, Tagore Road, Santacruz (West), Mumbai – 400054,
Maharashtra |
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Date of Birth/Age : |
22.04.1934 |
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Date of Appointment : |
10.12.1986 |
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Name : |
Ms. Anuradha Nayan Shah |
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Designation : |
Director |
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Address : |
601, Mangal Kripa, Tagore Road, Santacruz (West), Mumbai – 400054,
Maharashtra |
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Date of Birth/Age : |
27.08.1964 |
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Date of Appointment : |
30.09.1994 |
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Name : |
Mr. Kamalnayan Khetsi Kapadia |
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Designation : |
Director |
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Address : |
B/203, Milton Apartments, 35 – A Juhu Tara Road, Mumbai – 400049,
Maharashtra |
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Date of Birth/Age : |
02.09.1945 |
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Date of Appointment : |
15.10.2004 |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
AS ON 30.09.2005
|
Names of Shareholders |
|
No. of Shares |
|
Mr. Nayan Arvind Shah |
|
240 |
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Ms. Vasumati Arvind Shah |
|
130 |
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Ms. Anuradha Nayan Shah |
|
230 |
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Mr. Nayan Arvind Shah on behalf of Deepa and Company |
|
200 |
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Mr. Nayan Arvind Shah on behalf of Aditya and Company |
|
200 |
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Mr. Nayan Arvind Shah on behalf of Arvind Mangaldas Shah (HUF) |
|
25000 |
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Mr. Nayan Arvind Shah on behalf of Nayan Arvind Shah (HUF) |
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25000 |
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Mr. Nayan Arvind Shah on behalf of Nilufer and Company |
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10000 |
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Mr. Nayan Arvind Shah on behalf of Divya and Company |
|
10000 |
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Mr. Nayan Arvind Shah on behalf of Wahbiz and Company |
|
10000 |
AS ON 31.03.2007
|
Equity Share
Breakup |
|
Percentage of
Holding |
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Directors or relatives of directors |
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Real Estate Developers |
GENERAL
INFORMATION
|
Bankers : |
v Allahabad Bank (
A Government of India Undertaking), K K Chaya Building, Pantnagar, Ghatkoper
(East), Mumbai – 400077, Maharashtra v Kotak Mahindra
Bank Limited, 36-38A Narimanbhavan, 227 – D Nariman Point, Mumbai - 400021 |
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Facilities : |
-- |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
M D Dumasia and Company Chartered Accountant |
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Address : |
611-A, Sewa Samity Nagar, Near Shanmukhananda Hall, Kings Circle,
Mumbai – 400037, Maharashtra |
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Associates/Subsidiaries : |
v Metro Infrastructure
and Project Solutions (Private) Limited v Shah and Dumasia
Architectural Consultancy (Private) Limited v Mayfair Housing
(Partnership Firm) |
CAPITAL STRUCTURE
AS ON 31.03.2007
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
400000 |
Equity Shares |
Rs. 100/- Each |
Rs. 40.000
Millions |
Issued, Subscribed Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
201000 |
Equity Shares |
Rs. 100/- Each |
Rs. 20.100 Millions |
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Paid-up Capital |
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|
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|
101000 |
Equity Shares |
Rs. 100/- Each |
Rs. 10.100 Millions |
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 |
10.100 |
4.100 |
4.100 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
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|
3] Reserves & Surplus |
228.271 |
14.476 |
10.403 |
|
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
238.371 |
18.576 |
14.503 |
|
|
LOAN FUNDS |
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|
|
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1] Secured Loans |
1041.587 |
392.107 |
30.377 |
|
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2] Unsecured Loans |
57.024 |
0.000 |
0.000 |
|
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TOTAL BORROWING |
1098.611 |
392.107 |
30.377 |
|
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DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
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TOTAL |
1336.982 |
410.683 |
44.880 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
34.216 |
0.312 |
0.083 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENT |
39.464 |
5.389 |
5.389 |
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DEFERREX TAX ASSETS |
1.155 |
0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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|
|
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Inventories |
1242.860
|
669.879 |
215.059 |
|
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Sundry Debtors |
5.566
|
0.313 |
0.000 |
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|
Cash & Bank Balances |
18.413
|
8.069 |
9.467 |
|
|
Other Current Assets |
0.000
|
0.000 |
0.000 |
|
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Loans & Advances |
843.141
|
69.006 |
54.288 |
|
Total
Current Assets |
2109.980
|
747.267 |
278.814 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
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|
|
|
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Current Liabilities |
820.477
|
333.785 |
239.406 |
|
|
Provisions |
27.356
|
8.500 |
0.000 |
|
Total
Current Liabilities |
847.833
|
342.285 |
239.406 |
|
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Net Current Assets |
1262.147
|
404.982 |
39.408 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
1336.982 |
410.683 |
44.880 |
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KEY RATIOS
|
PARTICULARS |
|
31.03.2007 |
31.03.2006 |
31.03.2005 |
|
Debt Equity Ratio (Total Liability/Networth) |
|
8.16
|
39.53 |
18.60 |
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Current Ratio (Current Asset/Current Liability) |
|
2.48
|
2.18 |
1.16 |
LOCAL AGENCY
FURTHER INFORMATION
Form 8
|
This form is for |
Creation of
charge |
|
Corporate
identity number of the company |
U70100MH1986PTC041829 |
|
Name of the
company |
MAYFAIR HOUSING PRIVATE LIMITED |
|
Address of the
registered office or of the principal place of business in India of the company |
7, Santacruz Mansion No. 1, Opp. Railway Station (East), Santacruz,
Mumbai – 400055, Maharashtra |
|
Type of charge |
Book Debts Movable Property |
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Particular of
charge holder |
Allahabad Bank ( A Government of India Undertaking), K K Chaya Building,
Pantnagar, Ghatkoper (East), Mumbai – 400077, Maharashtra |
|
Nature of
description of the instrument creating or modifying the charge |
Term Loan
agreement dated 31.07.2008 by Mayfair Housing Private Limited in favour of
Allahabad Bank havings its branch at Ghatkopar (East), Mumbai |
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Date of
instrument Creating the charge |
31.07.2008 |
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Amount secured by
the charge |
Rs. 100.000
Millions |
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Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest
– PLR + 1% P.A.W.M.R. (PLR at 13.50%) Terms of
Repayment – Principal shall be repaid in one shot basis in the month of
December 2009 by way of PDC. However the interest shall be paid as and when
due in the account by way of PDCS Apart from above,
additional PDCs shall have to be submitted to recover there charges and
overdue inserts, if any, in the account
Margin – 36.01%
of the peak capital requirement as per cash flow Extent and
Operation of the charge – As per the term loan agreement dated 31.07.2008 and
sanction letter no GHT/ADV/294 dated 29.07.2008 by Allahabad Bank, Ghatkopar
Branch Others – Not
Applicable |
|
Short particulars
of the property charged |
Primary Security
1 – Hypothecation of stocks/building material for construction purpose and
construction equipments – 2 – Agreement for Assignment (On Rs. 100/- Stamp
Paper) of TDR to the extent of 94579.29 Sq. ft and related receivable which
the company shall get in lieu of construction of Municipal Primary school,
(Value of Receivable from the sale of TDR with prevalent average market rate
of Rs. 0.002 Millions |
As per website
details
Mayfair Housing is in the business of real estate development for over 40
years. It works with the most modern concepts and techniques in all around
functions of the business i.e. construction techniques, architectural or
management.
Mayfair Housing has a team of dedicated executives and personnels. Mayfair not
only believes in hiring the services of well-qualified people but also imparts
training to its staff, which has been the key reason for Mayfair Housing being
one of the well managed businesses in the industry.
Mayfair Housing has predominantly concentrated on developing residential houses
in and around the suburbs of Mumbai.
TDR (Transferable Development Rights) is a recent concept designed to solve the
alarming problem of shortage in urban housing as well as aid in urban renewal
and redevelopment. The concept of TDRs not only provides for houses but also
provides public utility facilities, which are the major need of the day being
infrastructural facilities.
Development of infrastructural facility is one of the priorities in the
development list of State and Central Government. Mayfair Housing was among the
first few companies to recognize the potential of TDRs to the housing industry
as also the contribution made by the concept of TDR to the Societies at large
and as a result apart from developing residential complexes in Bombay it has
diversified into developing reserved lands (reservation being in the nature of
public road, recreation ground, school, retail markets, etc) and obtained TDRs.
Such TDRs enable a person to use to construct additional space/premises at other
locations.
Management
Promoters
Late Shri Arvind M Shah
Arvindbhai, the promoter of MAYFAIR HOUSING, started the company in the
year 1964, and believed in steady growth with quality product. He continued to lead
the group till his death in 1993.
Mr. Nayan A. Shah, Chairman
As Chairman of Mayfair Group, Nayan Shah has been instrumental in
providing vision and steering the group towards its long term objectives.
An MBA from symbiosis institute Pune, Nayan Shah has been responsible for the
steady growth of the Mayfair Group from the time when he took over the reins in
1995.
Having specialized in Finance and Project Management, Nayan Shah's endeavour
will be to provide a professional focus on both these areas at MIPS.
Time Management has been an intrinsic part of Nayan Shah. This has helped him a
lot not only in managing the affairs of his own Business Group but also
actively participating in the affairs of the Maharastra chamber of housing
industry, of which he has been an office bearer for the past 15 years.
Mrs. Vasumti Arvind Shah
Is a key motivator for the success of Mayfair Housing Group. She is a
lady with sharp business sense and has a good grip over marketing strategy in
the residential housing business. She has been actively looking after the
marketing and administration functions of the group.
Group Companies
Metro
Infrastructure & Project Solutions (Private) Limited
MIPS is a Project Management Consultancy
firm dedicated to providing project solutions in the field of Real Estate and
Property Development. By leveraging the existing strengths of its own inherent
advantages, MIPS focuses on providing its clients satisfaction in key areas
such as time, reliability, flexibility, quality, cost and profitability.
MIPS assists its client by actively involving its in the entire process of
development including:
v Infrastructure
v Architectural
design
v Hiring of
Consultants / Contractors
v Obtaining
Approvals / Permissions
v Assistance in seeking
Finance from Institution.
v Sales &
Marketing
v Purchase / Sales
& Utilisation of TDR
From concept MIPS is flexible enough in providing these services as
stand - alone products also.
MIPS consider itself more than Project Management Consultants. Its mission is
to provide practical solutions that enable its clients to obtain a long - term
competitive advantage.
Shah & Dumasia
Architectural Consultancy (Private) Limited
Shah & Dumasia is an Architectural firm that has undertaken and
executed several prestigious projects both within and outside the group.
The firm provides General Architectural Services including:
v Designing &
Conceptualization
v Presentation &
Statutory Drawing for approval & brochures
v Working Drawing
for site, Consultants
v Autocad designing
& drafting
v 3-D Animation Walk
Through Videos
The firm is also affiliated/associated to:
v The Council of
Architecture
v Indian Institute
of Architects
v Institute of
Valuers
v PEATA
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.45.12 |
|
UK Pound |
1 |
Rs.79.60 |
|
Euro |
1 |
Rs.63.83 |
SCORE & RATING
EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
7 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
8 |
|
--LEVERAGE |
1~10 |
8 |
|
--RESERVES |
1~10 |
7 |
|
--CREDIT LINES |
1~10 |
7 |
|
--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 |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
60 |
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 |
|