MIRA
INFORM REPORT
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Report Date : |
05.04.2011 |
IDENTIFICATION DETAILS
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Name : |
MAYFAIR HOUSING PRIVATE LIMITED |
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Registered Office : |
1, Mayfair |
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Country : |
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Financials (as on) : |
31.03.2010 |
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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
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MIRA’s Rating : |
Ba (54) |
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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 1700000 |
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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 a well established company having fine track. General financial
position is good. Trade relations are reported as fair. Business is active.
Payments are reported to be regular and as per commitments. The company can be considered normal for business dealings at usual
trade terms and conditions. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – April 1, 2010
|
Country Name |
Previous Rating (31.12.2009) |
Current Rating (01.04.2010) |
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A1 |
A1 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
LOCATIONS
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Registered Office : |
1, Mayfair Meridian, Near St. Blaise Church, Caesar Road, Andheri
(West), Mumbai-400058, Maharashtra, India |
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Tel. No.: |
91-22-67232300 |
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Fax No.: |
91-22-67232358 |
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E-Mail : |
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Website : |
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Department : |
Customer Service Tel No : 91-22-27232383 Email : reshmap@mayfairhousing.com Redevelopment
Department Tel No : 91-9769964402
(Niranjan) 91-9820210019
(Ramesh) Email : niranjan@mayfairhousing.com Sales Department Tel No : 91-22-67232378 Email : info@mayfairhousing.com Township Joint
Ventures / Plot Deals in MMR (Mumbai Mertopolitan Region) Pratik Shah – 91-9819757172 Email : pratik.shah@mayfaihousing.com
Jigar – 91-9820514592 Email : jk1@mayfaihousing.com |
DIRECTORS
As On : 02.08.2010
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Name : |
Mr. Nayan Arvind Shah |
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Designation : |
Director |
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Address : |
601, Mangal Kripa, |
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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, |
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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, |
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Date of Birth/Age : |
27.08.1964 |
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Date of Appointment : |
30.09.1994 |
KEY EXECUTIVES
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Name : |
Mr. Rahul Singh |
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Designation : |
Secretary |
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Address : |
Flat No.133, C Wing, Mira Darshan Complex, Mira Road (East), Thane-401107,
Maharashtra, India |
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Date of Birth/Age : |
15.08.1977 |
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Date of Appointment : |
07.03.2008 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 02.08.2010
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Names of Shareholders |
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No. of Shares |
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Nayan Arvind Shah |
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316960 |
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Vasumati Arvind Shah |
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120520 |
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Anuradha Nayan Shah |
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120920 |
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Nayan Arvind Shah on Behalf of Deepa and Company |
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40800 |
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Nayan Arvind Shah on Behalf of Aditya and Company |
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80800 |
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Nayan Arvind Shah on Behalf of Arvind Mangaldas Shah (HUF) |
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100000 |
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Nayan Arvind Shah on Behalf of Nayan Arvind Shah (HUF) |
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100000 |
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Nayan Arvind Shah on Behalf of Nilufer and Company |
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40000 |
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Nayan Arvind Shah on Behalf of Divya and Company |
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40000 |
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Nayan Arvind Shah on Behalf of Wahbiz and Company |
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40000 |
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Total |
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1000000 |
AS ON 02.08.2010
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Equity Share
Breakup |
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Percentage of
Holding |
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Category |
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Directors or relatives of directors |
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100.00 |
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Total
|
100.00 |
BUSINESS DETAILS
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Line of Business : |
Real Estate Developers |
GENERAL INFORMATION
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Bankers : |
·
Kotak Mahindra Bank ·
HDFC Bank ·
Janta Sahakari Bank Limited ·
Punjab National Bank |
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Facilities : |
Note : (of the above
Loans of Rs. 276.623 millions are due in the next twelve month)
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Banking
Relations : |
-- |
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Financial Institution : |
Housing Development Finance Corporation Limited, Ramon House, 169,
Backbay Reclamation, H T. Parekh Marg, Mumbai-400020, Maharashtra, India |
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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, India |
CAPITAL STRUCTURE
As On : 31.03.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
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1000000 |
Equity Shares |
Rs. 100/- each |
Rs. 100.000 millions |
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Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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1000000 |
Equity Shares |
Rs. 100/- each |
Rs. 100.000 millions |
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FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
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SOURCES OF FUNDS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
100.000 |
100.000 |
10.100 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
324.933 |
286.358 |
343.437 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
424.933 |
386.358 |
353.537 |
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LOAN FUNDS |
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1] Secured Loans |
969.547 |
1631.982 |
1341.696 |
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2] Unsecured Loans |
412.244 |
210.677 |
192.970 |
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TOTAL BORROWING |
1381.791 |
1842.659 |
1534.666 |
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DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
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TOTAL |
1806.724 |
2229.017 |
1888.203 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
49.275 |
56.266 |
55.390 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENT |
412.554 |
238.436 |
138.154 |
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DEFERREX TAX ASSETS |
0.000 |
0.000 |
2.019 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
1965.743
|
2508.906 |
2039.445 |
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Sundry Debtors |
13.104
|
11.851 |
18.583 |
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Cash & Bank Balances |
40.772
|
85.455 |
23.254 |
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Other Current Assets |
0.000
|
0.000 |
0.000 |
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Loans & Advances |
123.544
|
788.426 |
964.907 |
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Total
Current Assets |
2143.163
|
3394.638 |
3046.189 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Sundry Creditors |
219.824
|
338.948 |
134.815 |
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Other Current Liabilities |
538.042
|
1107.080 |
1123.935 |
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Provisions |
40.402
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14.295 |
94.799 |
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Total
Current Liabilities |
798.268
|
1460.323 |
1353.549 |
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Net Current Assets |
1344.895
|
1934.315 |
1692.640 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
1806.724 |
2229.017 |
1888.203 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
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GROSS REVENUE |
1812.400 |
593.000 |
674.400 |
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PROFIT AFTER TAX
|
38.600 |
17.800 |
11.500 |
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Earnings Per
Share (Rs.) |
38.60 |
17.80 |
11.50 |
KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
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Debt Equity Ratio (Total Liability/Networth) |
|
5.13
|
8.55 |
8.17 |
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Current Ratio (Current Asset/Current Liability) |
|
2.68
|
2.32 |
2.25 |
LOCAL AGENCY FURTHER INFORMATION
Note : Registered Office
of the company has been shifted from 401-403, 4th Floor, ‘Prime Plaza’,
38/A, S V Road, Near Asha Parekh Hospital, Santacruz (West), Mumbai – 400054,
Maharashtra, India to the present address w.e.f. 09.03.2009
OPERATIONS AND ACGOUNTS
The Gross Revenue
during the year were Rs.1812.400 millions (previous year Rs. 593.000 millions)
and the Profit after tax was Rs.38.600 millions (previous year Rs. 17.800
millions). At the end of the year, the total investment in projects under
development stood at Rs.1965.700 millions as compared to Rs. 2508.900 millions
at the end of last year. The Company has made substantial investments in
projects in India and overseas, as these projects are of long gestation, the
projects will give substantial benefits to the Company in following years.
FORM 8
|
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 |
1, Mayfair Meridian, Near St. Blaise Church, Caesar Road, Andheri
(West), Mumbai-400058, Maharashtra, India |
|
This form is for |
Creation of charge |
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Type of charge |
Immovable property Book debts |
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Particular of
charge holder |
Housing Development Finance Corporation Limited, Ramon House, 169, Backbay
Reclamation, H T. Parekh Marg, Mumbai-400020, Maharashtra, India |
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Nature of
instrument creating charge |
Unilateral
Indenture of Mortgage 5th February 2011 duly registered on 9th February 2011
vide document registration number BDR1 - 01698 - 2011 for Rs. 180.000
millions |
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Date of
instrument Creating the charge |
05.02.2011 |
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Amount secured by
the charge |
Rs. 180.000 millions |
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Brief of the
principal terms an conditions and extent and operation of the charge |
Rate of interest @ 13.00%
per annum Terms of
repayment Construction
Finance Loan of Rs. 18 Cr. Tenor up to maximum 30 months #
Maximum principal outstanding from the date of first disbursement as per
schedule below; At
the end of 24th month : Rs. 120.000 millions At the
end of 27th month : Rs. 60.000 millions At
the end of 30th month : Rs. NIL Margin As
per sanction letter dated 15th November 2010 Extent and
operation of the charge As
per above Mortgage Deed and Sanction Letter |
|
Short particulars
of the property charged (Including location of the property) |
CTS
No. H / 127, H / 128, H / 129 and original Survey No. 250, Original Plot
No.41,New Plot No43 situate, lying and being at Danda (Santacruz) in Taluka
Andheri by admnts 1690 sqyds i.e. 1413 sqmts (1305.18 sqmts as per TPS) Receivables
of Unsold Flat No. 701 and Flat No. 103 at The Silver Beach Co-Operative
Housing Society Limited situated at city survey nos. 195/173/3, Plot No. 23,
J.V.P.D. Scheme, Andheri (W), Mumbai 400049. |
FIXED ASSETS
ü Computers
ü Office Equipments
ü Motor Car
ü Furniture
ü Plant and
Machinery
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts,
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.44.65 |
|
|
1 |
Rs.71.93 |
|
Euro |
1 |
Rs.63.24 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
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 |
6 |
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--PROFITABILIRY |
1~10 |
6 |
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--LIQUIDITY |
1~10 |
6 |
|
--LEVERAGE |
1~10 |
6 |
|
--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 |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
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MERIT POINTS |
|
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--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 |
|
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
|
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 |
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 |
|
-- |
NB |
New Business |
-- |
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.