MIRA INFORM REPORT
|
Report Date : |
09.04.2011 |
IDENTIFICATION DETAILS
|
Name : |
SUNSHINE COMPLEX PRIVATE LIMITED |
|
|
|
|
Registered
Office : |
|
|
|
|
|
Country : |
|
|
|
|
|
Financials (as
on) : |
31.03.2010 |
|
|
|
|
Date of
Incorporation : |
22.07.2005 |
|
|
|
|
Com. Reg. No.: |
17-021035 |
|
|
|
|
CIN No.: [Company Identification
No.] |
U45201RJ2005PTC021035 |
|
|
|
|
TAN No.: [Tax Deduction & Collection
Account No.] |
JPRS06552A |
|
|
|
|
Legal Form : |
Private Limited Liability Company |
|
|
|
|
Line of Business
: |
Real Estate Developers |
RATING & COMMENTS
|
MIRA’s Rating : |
B (28) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Maximum Credit Limit : |
USD 4000 |
|
|
|
|
Status : |
Moderate |
|
|
|
|
Payment Behaviour : |
Slow but correct |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is an established company having moderate track. Profit margin
is very low. However, trade relations are reported as fair. Business is
active. Payments are reported to be slow but correct. The company can be considered for small 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) |
|
|
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
LOCATIONS
|
Registered Office : |
|
|
Tel. No.: |
91-141-2377649/ 2377654 |
|
Fax No.: |
91-141-2377651 |
|
E-Mail : |
DIRECTORS
As on 30.09.2010
|
Name : |
Mrs. Kamlesh Hari Mohan Dangayach |
|
Designation : |
Director |
|
Address : |
2, Govind Marg, Jaipur, |
|
Date of Birth/Age : |
12.02.1952 |
|
Date of Appointment : |
22.07.2005 |
|
DIN No.: |
00112010 |
|
|
|
|
Name : |
Mr. Gangaram Jagan Nath Prasad Khandelwal |
|
Designation : |
Director |
|
Address : |
55, Kailash Puri, |
|
Date of Appointment : |
22.07.2005 |
|
DIN No.: |
01731730 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 30.09.2010
|
Names of Shareholders |
|
No. of Shares |
|
Kamlesh Dangayach |
|
7500 |
|
Gangaram Khandelwal |
|
2500 |
|
Total |
|
10000 |
As on 30.09.2010
|
Equity Share Breakup |
|
Percentage of Holding |
|
Category |
|
|
|
Directors
or relatives of directors |
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Real Estate Developers |
|
|
|
GENERAL INFORMATION
|
Bankers : |
IDBI Bank Limited, |
||||||||||||||||||||||||||||||
|
|
|
||||||||||||||||||||||||||||||
|
Facilities : |
|
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
B. Khosla and Company Chartered Accountants |
|
Address : |
206, Anukampa-II, |
|
|
|
|
Entity where key management personnel or their relative have
significant influence : |
|
CAPITAL STRUCTURE
As on 30.09.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
10000 |
Equity Shares |
Rs.10/- each |
Rs.0.100 million |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
10000 |
Equity Shares |
Rs.10/- each |
Rs.0.100 million |
|
|
|
|
|
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
0.100 |
0.100 |
0.100 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
1.018 |
0.679 |
0.000 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
1.118 |
0.779 |
0.100 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
20.000 |
20.000 |
0.000 |
|
|
2] Unsecured Loans |
40.065 |
23.562 |
23.862 |
|
|
TOTAL BORROWING |
60.065 |
43.562 |
23.862 |
|
|
DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
61.183 |
44.341 |
23.962 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
0.007 |
0.008 |
0.010 |
|
|
Capital work-in-progress |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
INVESTMENT |
0.000 |
0.000 |
0.000 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
77.443
|
58.848 |
38.406 |
|
|
Sundry Debtors |
1.097
|
0.000 |
0.000 |
|
|
Cash & Bank Balances |
0.746
|
1.017 |
1.840 |
|
|
Other Current Assets |
0.000
|
0.000 |
0.000 |
|
|
Loans & Advances |
0.370
|
1.727 |
0.002 |
|
Total
Current Assets |
79.656
|
61.592 |
40.248 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
6.813
|
6.993 |
8.239 |
|
|
Other Current Liabilities |
11.672
|
9.973 |
8.067 |
|
|
Provisions |
0.000
|
0.300 |
0.000 |
|
Total
Current Liabilities |
18.485
|
17.266 |
16.306 |
|
|
Net Current Assets |
61.171
|
44.326 |
23.942 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.005 |
0.007 |
0.010 |
|
|
|
|
|
|
|
|
TOTAL |
61.183 |
44.341 |
23.962 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
|
80.699 |
69.811 |
|
|
|
Other Income |
|
|
|
|
|
|
TOTAL |
|
80.699 |
69.811 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Office Expenses |
|
|
68.723 |
|
|
|
Administrative Expenses |
|
|
|
|
|
|
Advertising Expenses |
|
|
|
|
|
|
TOTAL |
|
80.246 |
68.723 |
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX |
|
0.453 |
1.088 |
|
|
|
|
|
|
|
|
|
Less |
TAX |
|
0.114 |
0.409 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
|
|
0.339 |
0.679 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
|
34.00 |
68.00 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
0.42
|
0.97 |
0.00 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
0.57
|
1.77 |
0.00 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.41
|
1.40 |
0.00 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
70.26
|
78.08 |
401.68 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
4.31
|
3.57 |
2.47 |
LOCAL AGENCY FURTHER INFORMATION
Note:
The registered office of the company has been shifted from
PERFORMANCE:
The construction
work of Complex at Dausa is going satisfactorily and all the expenses incurred
during the year have been shown as stock in trade.
The Accounts
presented net Profit of Rs.0.339 million (After Income tax of Rs.0.114 million)
which the directors recommend to be carried over to next year.
FORM 8:
|
This form is for |
Modification of
charge |
|
Charge
identification number of the modified |
10133982 |
|
Corporate
identity number of the company |
U45201RJ2005PTC021035 |
|
Name of the
company |
SUNSHINE COMPLEX PRIVATE LIMITED |
|
Address of the registered
office or of the principal place of
business in |
|
|
Type of charge |
Immovable Property Book Debts Movable Property Floating Charge Others (Escrow of future receivables) |
|
Particular of
charge holder |
CIN No.: L65190MH2004GOI148838 IDBI Bank Limited, E-Mail: k.radha@idbi.co.in |
|
Nature of
description of the instrument creating or modifying the charge |
Letter evidencing
creation of equitable mortgage on 15.04.2009 |
|
Date of
instrument Creating the charge |
13/04/2009 |
|
Amount secured by
the charge |
Rs.40.000
millions |
|
Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest: For Rupee Term
Loan: At BPLR i.e. 13.00% p.a. (Presently BPLR is at 13.00% p.a.) payable
monthly. Terms of Repayment: Repayment of
principal amount will be made in 16 quarterly installments of Rs.2.500
millions each. First installment is payable after 6 months of first
disbursement. i.e. from April 01, 2009. Extent and
Operation of the charge: 1. Equitable mortgage
of the Company's land and building situated at Khsara No. 1570 and 2. First charge
on movable and current assets (present and future) of the company. 3. Charge will
operate as continuous security for due repayment by Company to IDBI for RTL
of Rs.40.000 millions together with interest other interest, liquidated
damages, costs etc. to be paid by the company filled as per LHA dated
11.11.2008. |
|
Short particulars
of the property charged |
Mortgage on
immoveable property admeasuring 3024.22 Sq. Yds. situated at Khasra No. 1570
and 1571 on NH-11, |
|
Particulars of
the present modification |
Creation of Mortgage
by deposit of title deeds of immoveable properties admeasuring 3024.22 Sq.
Yds. comprising in Khasra No. 1570 and 1571 on N H No.-11, |
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.72.20 |
|
Euro |
1 |
Rs.63.40 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
4 |
|
PAID-UP CAPITAL |
1~10 |
3 |
|
OPERATING SCALE |
1~10 |
4 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
3 |
|
--PROFITABILIRY |
1~10 |
2 |
|
--LIQUIDITY |
1~10 |
3 |
|
--LEVERAGE |
1~10 |
3 |
|
--RESERVES |
1~10 |
3 |
|
--CREDIT LINES |
1~10 |
3 |
|
--MARGINS |
-5~5 |
- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
NO |
|
--AFFILIATION |
YES/NO |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
28 |
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.