MIRA
INFORM REPORT
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Report Date : |
13.09.2008 |
IDENTIFICATION
DETAILS
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Name : |
MAYFAIR HOUSING |
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Registered Office : |
7 Santacruz Manson No. 1, Opposite Railway State, Santacruz (East), Mumbai
– 400 055, Maharashtra |
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Country : |
India |
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Financials (as on) : |
31.03.2008 (Estimated) |
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Year of Establishment : |
1964 |
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Legal Form : |
Partnership Concern with an Unlimited Liability of the Partners. |
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Line of Business : |
Real Estate 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 125000 |
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Status : |
Good |
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Payment Behaviour : |
Slow |
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Litigation : |
Clear |
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Comments : |
Subject is an old and established concern in its field. Trade relations
are fair. Business is active. Payments are reported as slow but correct. The concern can be considered good for small to mediocre business
dealings. |
INFORMATION PARTED
BY
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Name : |
Mr. Shajid Lokhandwala |
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Designation : |
Senior Finance Manager |
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Date : |
13.09.2008 |
LOCATIONS
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Registered Office : |
7 Santacruz Manson No. 1, Opposite Railway State, Santacruz (East),
Mumbai – 400 055, Maharashtra, India |
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Tel. No.: |
91-22-26181882 |
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E-Mail : |
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Website : |
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Location : |
Owned |
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Corporate Office
/ Marketing
Division : |
401-403, 4th
Floor, 'Prime Plaza', 38/ A, S.V. Road, Near Asha Parekh Hospital, |
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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: |
PARTNERS
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Name : |
Mr. Nayan Arvind Shah |
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Designation : |
Partner |
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Name : |
Mrs. Anuradha N Shah |
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Designation : |
Partner |
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Name : |
Mrs. Vasumati A Shah |
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Designation : |
Partner |
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Name : |
Nayan Shah Family Trust |
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Designation : |
Partner |
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Name : |
Mr. Nayan HUF |
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Designation : |
Partner |
KEY EXECUTIVES
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Name : |
Mr. Shajid Lokhandwala |
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Designation : |
Senior Finance Manager |
BUSINESS DETAILS
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Line of Business : |
Real Estate Developers |
GENERAL
INFORMATION
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No. of Employees : |
2 |
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Bankers : |
Kotak Mahindra, Bandra, Mumbai, Maharashtra, India |
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Facilities : |
Construction Finance – Rs. 500.000 millions |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
Mr. M Dumasia Chartered Accountants |
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Associates/Subsidiaries : |
·
Mayfair Housing Private Limited ·
Metro Infrastructure And Project Solutions (Private)
Limited ·
Shah and Dumasia Architectural Consultancy (Private)
Limited |
CAPITAL STRUCTURE
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Capital Investment : |
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Owned : |
Rs. 25.000 millions (Estimated) |
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Borrowed : |
--- |
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Total : |
Rs. 25.000 millions (Estimated) |
FINANCIAL DATA
[all figures are in Rupees Millions]
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Particulars |
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31.03.2008 (Estimated) |
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Sales Turnover |
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350.000 |
LOCAL AGENCY
FURTHER INFORMATION
WEBSITE
DETAILs:-
History
The concern 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.
Subject has a team of dedicated executives and personnels. Subject 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 the concern being one
of the well managed businesses in the industry.
The concern 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. Subject 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 the concern, 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 Maharashtra 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.
CMT REPORT
(Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts, India Prisons Service,
Interpol, etc.
1] INFORMATION ON
DESIGNATED PARTY
No exist designating subject or any of its beneficial owners,
controlling shareholders or senior officers as terrorist or terrorist organization
or whom notice had been received that all financial transactions involving
their assets have been blocked or convicted, found guilty or against whom a
judgement or order had been entered in a proceedings for violating
money-laundering, anti-corruption or bribery or international economic or
anti-terrorism sanction laws or whose assets were seized, blocked, frozen or
ordered forfeited for violation of money laundering or international
anti-terrorism laws.
2] Court Declaration :
No records exist to suggest that subject is
or was the subject of any formal or informal allegations, prosecutions or other
official proceeding for making any prohibited payments or other improper
payments to government officials for engaging in prohibited transactions or
with designated parties.
3] Asset Declaration :
No records exist to suggest that the property or assets of the subject
are derived from criminal conduct or a prohibited transaction.
4] Record on Financial
Crime :
Charges or conviction
registered against subject: None
5] Records on Violation of
Anti-Corruption Laws :
Charges or
investigation registered against subject: None
6] Records on Int’l
Anti-Money Laundering Laws/Standards :
Charges or
investigation registered against subject: None
7] Criminal Records
No
available information exist that suggest that subject or any of its principals
have been formally charged or convicted by a competent governmental authority
for any financial crime or under any formal investigation by a competent government
authority for any violation of anti-corruption laws or international anti-money
laundering laws or standard.
8] Affiliation with
Government :
No record
exists to suggest that any director or indirect owners, controlling
shareholders, director, officer or employee of the company is a government
official or a family member or close business associate of a Government
official.
9] Compensation Package :
Our market
survey revealed that the amount of compensation sought by the subject is fair
and reasonable and comparable to compensation paid to others for similar
services.
10] Press Report :
No press reports / filings exists on
the subject.
CORPORATE
GOVERNANCE
MIRA INFORM as part of its Due Diligence do provide comments on
Corporate Governance to identify management and governance. These factors often
have been predictive and in some cases have created vulnerabilities to credit
deterioration.
Our Governance Assessment focuses principally on the interactions
between a company’s management, its Board of Directors, Shareholders and other
financial stakeholders.
CONTRAVENTION
Subject is not known to have contravened any existing local laws,
regulations or policies that prohibit, restrict or otherwise affect the terms and
conditions that could be included in the agreement with the subject.
FOREIGN EXCHANGE
RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.45.77 |
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UK Pound |
1 |
Rs.80.67 |
|
Euro |
1 |
Rs.64.20 |
SCORE & RATING
EXPLANATIONS
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SCORE FACTORS |
RANGE |
POINTS |
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HISTORY |
1~10 |
6 |
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PAID-UP CAPITAL |
1~10 |
6 |
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OPERATING SCALE |
1~10 |
6 |
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FINANCIAL CONDITION |
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--BUSINESS SCALE |
1~10 |
7 |
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--PROFITABILIRY |
1~10 |
5 |
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--LIQUIDITY |
1~10 |
6 |
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--LEVERAGE |
1~10 |
6 |
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--RESERVES |
1~10 |
6 |
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--CREDIT LINES |
1~10 |
6 |
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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 |
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54 |
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
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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 |
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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 |
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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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<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
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NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
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