MIRA INFORM REPORT
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Report Date : |
09.04.2011 |
IDENTIFICATION DETAILS
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Name : |
NIRMAL LIFESTYLE LIMITED |
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Registered Office : |
3rd Floor, |
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Country : |
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Financials (as on) : |
31.03.2010 |
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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 (50) |
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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 3792000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject is a well established and reputed company having satisfactory track.
General financial position is good. Trade relations are reported as fair.
Business is active. Payment are reported to be usually correct 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
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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 |
INFORMATION DECLINED BY
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Name : |
Mr. Narendra Arora |
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Designation : |
Accounts Manager |
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Contact No.: |
91-22-25937000 |
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Date : |
08.04.2011 |
ECGC Country Risk Classification List – April 1, 2010
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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 : |
3rd Floor, |
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Tel. No.: |
91-22-25905121 |
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Fax No.: |
91-22-25971990 |
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E-Mail : |
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Website : |
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Corporate Office : |
Nirmal Lifestyle Mall, 3rd Floor, |
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Tel. No.: |
91-22-25937000/ 7100 / 25934444/ 25680000 |
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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, |
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Tel. No.: |
91-22-67973180/ 81/ 25905122/ 23/ 66430383 |
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Fax No.: |
91-22-67973182/ 25937200 |
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E-Mail : |
DIRECTORS
AS ON 28.12.2010
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Name : |
Mr. Dharmesh S. Jain |
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Designation : |
Director |
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Address : |
Nirmal House, Nirmal Nagar Mulund (west), Mumbai – 400080, |
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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 : |
Nirmal House, Nirmal Nagar Mulund (west), Mumbai – 400080, |
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Date of Birth/Age : |
02.05.1970 |
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Date of Appointment : |
04.11.1999 |
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Email : |
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Name : |
Mrs. Chandrakant H Shah |
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Designation : |
Director |
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Address : |
Flat No. 1402, A/B Takshashila, Nirmal Nagar, Mulund Goregaon Link Road, Mulund (W) Mumbai – 400080, Maharashtra, India |
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Date of Birth/Age : |
17.04.1950 |
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Date of Appointment : |
01.11.2010 |
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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, |
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Date of Birth/Age : |
11.03.1974 |
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Date of Appointment : |
01.02.2007 |
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Other Directorship: |
Nirmal Supermarkets Private Limited U52110MH2003PTC142005 |
KEY EXECUTIVES
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Name : |
Mr. Hemant Goyal |
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Designation : |
Accountant Manager |
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E Mail : |
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Name : |
Mr. Hariom |
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Designation : |
Senior Finance Officer |
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E mail : |
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Name : |
Mr. Simant Pradhan |
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Designation : |
Finance Controller |
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E Mail : |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 28.12.2010
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Names of Shareholders |
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No. of Shares |
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Dharmesh Jain, Mumbai |
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67828882 |
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Nirmala S. Jain, Mumbai |
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33571 |
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Anju D. Jain, Mumbai |
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137539 |
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Chandrakant Shah, Mumbai |
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2 |
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Umesh Solanki, Mumbai |
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2 |
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Rajeev R. Jain, Mumbai |
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2 |
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Major General Vijay Pawar, Mumbai |
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2 |
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Nirmal Lifestyle Holding Private Limited, Mumbai |
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52000000 |
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Total |
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120000000 |
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, |
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Auditors : |
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Name : |
R. C. Jain and Associates Chartered Accountant |
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Address : |
624, The Corporate Centre, Nirmal Lifestyle, LBS Marg, Mulund (West),
Mumbai – 400080, |
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Associates: |
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Subsidiaries : |
U70109MH2006PTC160914
U74999MH2007PTC177019
U70102MH2007PTC167940
U45200MH2002PTC137283
U74999MH2007PTC169388
U45400MH2007PTC169320
U45200MH2008PTC180540
U74900MH2008PTC182717
U74999MH2007PTC169423
U70100MH2006PTC158853 |
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Other Parties where relationship of Control exists: |
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CAPITAL STRUCTURE
AS
ON 31.03.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
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100005000 |
Equity Shares |
Rs.10/- each |
Rs.1000.500 Millions |
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Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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94000000 |
Equity Shares |
Rs.10/- each |
Rs.940.000
Millions |
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Note:
(Of the above 75000000 (31000000) equity shares
allotted as fully paid – up bonus share of Rs.10/- each)
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
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 |
940.000 |
500.000 |
100.000 |
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2] Share Application Money |
320.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
5001.621 |
448.015 |
496.510 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
6261.621 |
948.015 |
596.510 |
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LOAN FUNDS |
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1] Secured Loans |
7584.700 |
5923.299 |
5256.700 |
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2] Unsecured Loans |
76.690 |
42.463 |
230.160 |
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TOTAL BORROWING |
7661.390 |
5965.762 |
5486.860 |
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DEFERRED TAX LIABILITIES |
86.725 |
53.876 |
44.421 |
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TOTAL |
14009.736 |
6967.653 |
6127.791 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
6421.009 |
1359.239 |
1073.418 |
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Capital work-in-progress |
2700.910 |
38.011 |
338.071 |
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INVESTMENT |
590.978 |
579.881 |
420.603 |
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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 |
2575.859
|
3582.457
|
2839.342
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Sundry Debtors |
897.292
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586.172
|
634.314
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Cash & Bank Balances |
533.037
|
137.145
|
91.660
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Other Current Assets |
0.000
|
0.000
|
0.000
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Loans & Advances |
3639.382
|
2101.538
|
1396.636
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Total
Current Assets |
7645.570
|
6407.312
|
4961.952
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Sundry Creditors |
620.242
|
275.439
|
166.125
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Other Current Liabilities |
2449.286
|
984.266
|
411.506
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Provisions |
279.202
|
171.806
|
110.093
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Total
Current Liabilities |
3348.730
|
1431.511
|
687.724
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Net Current Assets |
4296.840
|
4975.801
|
4274.228
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MISCELLANEOUS EXPENSES |
0.000 |
14.721 |
21.471 |
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TOTAL |
14009.736 |
6967.653 |
6127.791 |
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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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SALES |
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Income |
2187.215 |
1086.704 |
1058.676 |
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Other Income |
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TOTAL (A) |
2187.215 |
1086.704 |
1058.676 |
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Less |
EXPENSES |
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Construction and
Operating Expenses |
2380.022 |
1009.210 |
380.662 |
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|
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Increase/ Decrease in Stock |
1431.921 |
(743.115) |
(267.764) |
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|
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Transferred to Capital Work in Progress / Fixed Assets |
(2661.950) |
(11.235) |
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|
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Personnel
Expenses |
80.272 |
71.079 |
57.421 |
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Administrative Expenses |
153.189 |
117.064 |
154.111 |
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Legal and Professional Fees |
50.437 |
27.678 |
30.558 |
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Marketing Expenses |
120.806 |
22.372 |
33.344 |
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Software Development Expenses |
0.000 |
0.000 |
0.282 |
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Loss on |
0.000 |
0.000 |
0.056 |
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Fixed Assets written off |
0.000 |
0.000 |
0.022 |
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|
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Miscellaneous Expenses Written off |
0.000 |
13.404 |
11.502 |
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|
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Overheads Charge to fixed assets |
0.000 |
0.000 |
12.545 |
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TOTAL (B) |
1554.697 |
506.457 |
412.739 |
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Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
632.518 |
580.247 |
645.937 |
|
|
|
|
|
|
|
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|
Less |
FINANCIAL
EXPENSES (D) |
293.823 |
261.364 |
509.678 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
338.695 |
318.883 |
136.259 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
98.636 |
85.307 |
35.936 |
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|
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|
PROFIT BEFORE
TAX (E-F) (G) |
240.059 |
233.576 |
100.323 |
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Less |
TAX (I) |
89.802 |
34.023 |
39.747 |
|
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|
PROFIT AFTER TAX
(G-I) (J) |
150.257 |
199.553 |
60.576 |
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|
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Less |
LESS: SHORT
PROVISION OF TAX/DIFFERED TAX OF EARLIER YEARS |
40.964 |
0.000 |
0.000 |
|
|
|
|
|
|
|
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Add |
PROFIT / (LOSS) B/F
|
448.016 |
496.510 |
447.633 |
|
|
|
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|
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Add |
PROFIT AND LOSS
ACCOUNT TRANSFERRED ON AMALGAMATION NLIPL |
326.600 |
0.000 |
0.000 |
|
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Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Proposed Dividend |
9.400 |
28.000 |
10.000 |
|
|
|
Dividend Tax |
1.597 |
0.047 |
1.699 |
|
|
|
Transfer to Bonus share capital |
440.000 |
220.000 |
0.000 |
|
|
BALANCE CARRIED
TO THE B/S |
432.911 |
448.015 |
496.509 |
|
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|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
1.60 |
3.99 |
0.00 |
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KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
6.87
|
18.36
|
5.72
|
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Return on Total Assets (PBT/Total Assets} |
(%) |
1.71
|
3.61
|
0.17
|
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|
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Return on Investment (ROI) (PBT/Networth) |
|
0.04
|
0.24
|
0.17
|
|
|
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|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
1.76
|
0.88
|
10.45
|
|
|
|
|
|
|
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Current Ratio (Current Asset/Current Liability) |
|
2.28
|
7.70
|
6.70
|
LOCAL AGENCY FURTHER INFORMATION
Sundry Creditors
Details:
|
Particulars
|
Rs.
In Millions 31.03.2010 |
Rs.
In Millions 31.03.2009 |
Rs.
In Millions 31.03.2008 |
|
Sundry Creditors
|
|
|
|
|
For Goods |
143.993 |
82.216 |
31.007 |
|
For Services |
476.249 |
193.223 |
135.118 |
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Note:
The registered office address of the company has been shifted from
Jawahar Talkies Compounder R P Road, Mulund West, Mumbai – 400080,
Bankers Charges
Report as per Registry
Form 8
|
Corporate identity
number of the company |
U92411MH1999PLC122542 |
|
Name of the
company |
NIRMAL LIFESTYLE
LIMITED |
|
Address of the
registered office or of the principal place of business in |
3rd Floor, Multiplex
Building, Nirmal Lifestyle, L.B.S. Marg, Mulund (W), Mumbai -400080,
Maharashtra, India |
|
This form is for |
Creation of
charge |
|
Type of charge |
Immovable
Property |
|
Particular of
charge holder |
Nationalised
bank, Lakhi House, Opp. Panchayati Gurdwara, L.B.S. Marg, Mulund (West),
Mumbai - 400078 , |
|
Nature of
instrument creating charge |
Deed of Mortgage
dated 30th Day of August, 2010 made between Nirmal Lifestyle Limited, Nirmal
Lifestyle ( |
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Date of
instrument Creating the charge |
30.08.2010 |
|
Amount secured by
the charge |
86.000 Million |
|
Brief of the principal
terms an conditions and extent and operation of the charge |
Rate of Interest:
Base Rate (BR), presently 8.20% plus spread 5.05% total 13.25% per annum.
Interest rate is subject to change as per HO guidelines from time to time. Terms of Repayment:
Repayable on demand. Margin: 35% Extent and
Operation of the charge: N. A Others: N. A |
|
Short particulars
of the property charged |
1)Shops/offices
at Lower Ground Floor: 16,18,42,43,44,45,48,49,50,51 located at Nirmal Galaxy,
Commercial Project-Avoir, L.B.S. Marg, Mulund (West), Mumbai-400 080 at
Survey No. 92 Hissa No. 1, 2) Survey No. 93
& 162 bearing CTS. Nos. 548A to G [ formerly known as CTS Nos. 548, 548/1
to 11 and 549] |
|
Corporate identity
number of the company |
U92411MH1999PLC122542 |
|
Name of the
company |
NIRMAL LIFESTYLE
LIMITED |
|
Address of the
registered office or of the principal place of business in |
3rd Floor, Multiplex
Building, Nirmal Lifestyle, L.B.S. Marg, Mulund (W), Mumbai -400080,
Maharashtra, India |
|
This form is for |
Creation of
charge |
|
Type of charge |
Immovable
Property |
|
Particular of
charge holder |
HOUSING DEVELOPMENT
FINANCE CORPORATION LIMITED |
|
Nature of
instrument creating charge |
Indenture of
Mortgage Dated 14th March, 2011. |
|
Date of
instrument Creating the charge |
14/03/2011 |
|
Amount secured by
the charge |
Rs.1887.100
Millions |
|
Brief of the
principal terms an conditions and extent and operation of the charge |
Rate of Interest The applicable
rate of interest is linked to HDFC's CPLR with a negative spread of 350 basis
points or as may be amended and/or varied from time to time and applicable in
terms of the Loan agreement. Terms of
Repayment The loan will be
paid in 120 Monthly Installments (MIs). 119 MIs of Rs.27.005 Millions each
and the last Installment of Rs.312.597 Millions at the end of 120th month.
The first MI will be payable from the end of the month in which the first
disbursement takes place Extent and
Operation of the charge All
building/premises/structure admeasuring to the extent of 313021 sq. ft. in the
aggregate chargeable area in the property Nirmal Mall 1 at LBS Marg, Mulund
West, Mumbai-80 as described in Annexure 1 in the mortgage deed dated 14th
March, 2011 and to the extent of principal & interest outstanding on the
loan Others All the Mortgagor
rights, title, interest in the secured Receivables from / in respect of the
said Mortgaged Premises, as described in Annexure 1 in the mortgage deed
dated 14th March, 2011and to the extent of principal & interest
outstanding on the loan |
|
Short particulars
of the property charged |
All
building/premises/structure admeasuring to the extent of 313021 sq. ft. in
the aggregate chargeable area in the property Nirmal Mall 1 at LBS Marg,
Mulund West, Mumbai-80. as described in Annexure 1 in the mortgage deed dated
14th March, 2011. An exclusive charge on the scheduled receivables under the
documents entered into pertaining to the said property by the Borrower, and
all insurance proceeds, both present and future. |
Fixed Assets:
- Building
- Furniture and
Fixture
- Computers
- Plant and
Machinery
- Office
Equipment
- Electrical
Installation
- Vehicles
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.44.04 |
|
|
1 |
Rs.72.19 |
|
Euro |
1 |
Rs.63.40 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
6 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
6 |
|
--CREDIT LINES |
1~10 |
6 |
|
--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 |
|
50 |
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.