MIRA
INFORM REPORT
|
Report Date : |
11.01.2011 |
IDENTIFICATION DETAILS
|
Name : |
SECOND LAND DEVELOPERS PRIVATE LIMITED |
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Registered
Office : |
5th Floor, Bhupati Chambers, 13, |
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Country : |
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Financials (as
on) : |
31.03.2010 |
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Date of
Incorporation : |
06.10.2006 |
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Com. Reg. No.: |
11-165088 |
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CIN No.: [Company Identification
No.] |
U45201MH2006PTC165088 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
MUMS59672E |
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PAN No.: [Permanent Account No.] |
AAKCS2326Q |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Engaged in the activities of Realtors, Land Developers, etc. |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (45) |
|
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 472900 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Usually Correct |
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Litigation : |
Clear |
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Comments : |
Subject is an established company having satisfactory track. The
company had recorded some accumulated losses in the previous years, however
with some improvement in the financial position it has been successful in
wiping of its losses. 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 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 |
INFORMATION PARTED BY
|
Name : |
Mr. Manish Mohnot |
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Designation : |
Account Office |
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Date : |
06.01.2011 |
LOCATIONS
|
Registered Office : |
5th Floor, Bhupati Chambers, 13, |
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Tel. No.: |
91-22-66563000 |
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Fax No.: |
91-22-66223050 |
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E-Mail : |
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Website : |
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Area : |
Owned |
DIRECTORS
AS ON 30.09.2009
|
Name : |
Mr. Nikhil K. Desai |
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Designation : |
Directors |
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Address : |
B-201, Rock Garden Apartment, Dadabhai Cross Road 1-2, Near Bhavans
College, Andheri West, Mumbai – 400058, Maharashtra, India |
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Date of Birth/Age : |
05.12.1972 |
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Date of Appointment : |
21.03.2009 |
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Name : |
Mr. Nilesh A. Pandere |
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Designation : |
Directors |
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Address : |
F-401, Shrree Ram Sagar, Saibaba Nagar, Near Amar Jyoti School Navghar
Road, Bhayander East, Thane – 401105, Maharashtra, Indai |
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Date of Birth/Age : |
19.01.1969 |
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Date of Appointment : |
21.03.2009 |
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Name : |
Mr. Venkatesh Krishnamurthy Iyer |
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Designation : |
Directors |
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Address : |
Building 3, Room No 36, Isha – Was CHS Limited, Kannamwar Nagar No. 1,
Vikroli East, Mumbai – 400083, |
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Date of Birth/Age : |
20.05.1974 |
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Date of Appointment : |
31.03.2009 |
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Name : |
Mr. Mukund Arvind Vyawahare |
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Designation : |
Directors |
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Address : |
Flat No. 1/42, 4th Floor, |
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Date of Birth/Age : |
15.08.1969 |
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Date of Appointment : |
31.03.2009 |
KEY EXECUTIVES
|
Name : |
Mr. Manish Mohnot |
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Designation : |
Account Office |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 30.09.2009
|
Names of Shareholders |
|
No. of Shares |
|
Banal Investment and Trading Private Limited, Mumbai |
|
5000 |
|
ABG International Private Limited, Mumbai |
|
5000 |
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Total |
|
10000 |
AS ON 30.09.2009
|
Category |
Percentage |
|
Bodies corporate |
100.00 |
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|
|
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Total |
100.00 |
BUSINESS DETAILS
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Line of Business : |
Engaged in the activities of Realtors Land Developers. |
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Terms : |
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Selling : |
Cash |
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Purchasing : |
Cash |
GENERAL INFORMATION
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Customers : |
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No. of Employees : |
50 (Approximately) |
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Bankers : |
ICICI Bank Limited, |
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Facilities : |
Cash Credit 300.000 Millions
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Auditors : |
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Name : |
Nisar and Kumar Chartered Accountant |
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Address : |
A-17, |
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Tel. No.: |
91-22-3576424 |
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Fax No.: |
91-22-3515529 |
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Subsidiaries : |
·
Twelfth Mercantile Private Limited |
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Associates |
·
One Ocean Shipping Private Limited ·
Gold Croft Property Private Limited ·
ABG Food Private Limited ·
G. C. Property Private Limited ·
Somerset Estate Private Limited ·
Niyati Mercantile Private Limited ·
Abhishek Mercantile Private Limited ·
Tirupati Landmark Private Limited |
CAPITAL STRUCTURE
AS ON 31.03.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
50000 |
Equity Shares |
Rs.10/- each |
Rs.0.500 Millions |
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Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
10000 |
Equity Shares |
Rs.10/- each |
Rs.
0.100Millions |
|
24000 |
Equity Shares to be alloted under scheme of amalgamation |
|
Rs. 0.240
Millions |
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|
|
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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 |
0.340 |
0.100 |
0.100 |
|
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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|
3] Reserves & Surplus |
117.892 |
0.000 |
0.000 |
|
|
4] (Accumulated Losses) |
0.000 |
(2.688) |
(1.451) |
|
|
NETWORTH |
118.232 |
(2.588) |
(1.351) |
|
|
LOAN FUNDS |
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|
|
|
|
1] Secured Loans |
0.000 |
0.000 |
0.000 |
|
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2] Unsecured Loans |
679.439 |
823.712 |
610.220 |
|
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TOTAL BORROWING |
679.439 |
823.712 |
610.220 |
|
|
DEFERRED TAX LIABILITIES |
25.283 |
0.000 |
0.000 |
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|
|
|
|
|
|
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TOTAL |
822.954 |
821.124 |
608.869 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
2010.129 |
1110.088 |
1110.008 |
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Capital work-in-progress |
7.922 |
0.000 |
0.000 |
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INVESTMENT |
0.025 |
239.764 |
0.193 |
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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 |
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|
Sundry Debtors |
13.300
|
0.000 |
0.000 |
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Cash & Bank Balances |
3.013
|
0.027 |
0.039 |
|
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Other Current Assets |
0.000 |
0.000 |
0.000 |
|
|
Loans & Advances |
138.336
|
71.309 |
0.050 |
|
Total
Current Assets |
154.649
|
71.336 |
0.089 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
191.133
|
0.041 |
1.335 |
|
|
Other Current Liabilities |
1158.441
|
600.023 |
500.060 |
|
|
Provisions |
3.645
|
0.000 |
0.000 |
|
Total
Current Liabilities |
1349.771
|
600.064 |
501.395 |
|
|
Net Current Assets |
(1195.122)
|
(528.728) |
(501.306) |
|
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|
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|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
822.954 |
821.124 |
608.869 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income from operations |
54.397 |
0.000 |
0.000 |
|
|
|
Other Income |
714.446 |
2.876 |
0.00 |
|
|
|
TOTAL (A) |
768.843 |
2.876 |
0.00 |
|
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|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Operational Expenses |
26.598 |
0.000 |
0.000 |
|
|
|
Personnel Expenses |
25.405 |
0.000 |
0.000 |
|
|
|
Administrative Expenses |
211.281 |
4.112 |
0.397 |
|
|
|
Loss on sale of Stock |
40.478 |
0.000 |
0.000 |
|
|
|
Share of Loss from partnership Firm |
118.457 |
0.000 |
0.000 |
|
|
|
TOTAL (B) |
422.219 |
4.112 |
0.397 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
346.624 |
(1.236) |
(0.397) |
|
|
|
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|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
NA |
NA |
NA |
|
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|
|
|
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|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
NA |
NA |
NA |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
9.329 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
337.292 |
(1.236) |
(0.397) |
|
|
|
|
|
|
|
|
|
Less |
TAX (I) |
182.330 |
NA |
NA |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-I) (J) |
154.962 |
(1.236) |
(0.397) |
|
|
|
|
|
|
|
|
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EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export Earnings |
|
|
|
|
|
|
Commission Earnings |
11.765 |
0.518 |
NA |
|
|
|
Other Earnings |
|
|
|
|
|
TOTAL EARNINGS |
11.765 |
0.518 |
NA |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
|
|
|
|
|
|
Stores & Spares |
|
|
|
|
|
|
Capital Goods |
11.765 |
NA |
NA |
|
|
|
Others |
|
|
|
|
|
TOTAL IMPORTS |
11.765 |
NA |
NA |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
455.77 |
NA |
NA |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
20.15
|
(42.97) |
NA |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
43.87
|
(42.97) |
NA |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
218.10
|
(1.73) |
446.06 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
2.85
|
0.47 |
(0.29) |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
11.41
|
(231.86) |
(371.12) |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
0.11
|
0.11 |
0.00 |
LOCAL AGENCY FURTHER INFORMATION
Sundry Creditors
Details:
|
|
PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
|
Sundry Creditors |
191.133
|
0.041 |
1.335 |
|
|
|
|
|
|
|
|
Total |
191.133
|
0.041 |
1.335
|
Amalgamation
During the year, scheme of amalgamation has been sanctioned by the Honorable
Bombay High Court vide order dated 09.09.2010 between ABG Resources Private
Limited, Twelfth land Development Private Limited and Thirteenth Land
Development Private Limited with second land Development Private Limited.
Transferor companies were carrying out real estate and logistics business.
The effective Date for the scheme of amalgamation is from Appointed Date
i. e. 01.04.2009 for accounting
The details of share to be issued in exchange the amalgamation, by
Transferee Company to shareholders of transferor companies are company wise, as
under:
|
S. No |
Transferor Companies |
Share to be
alloted in Number |
|
1 |
ABG Resources Private Limited |
10000
|
|
2 |
Tenth Estate and Properties Private Limited |
7000
|
|
3 |
Twelfth Land Development Private Limited |
3500
|
|
4 |
Thirteen Land Development Private Limited |
3500
|
|
|
Total |
24000
|
Fixed Assets:
- Free
- Helicopter
- Air Craft
- Vehicle
- Computer
- Office
Equipments
- Furniture
- Intangible
Assets
- Software
Form 8:
|
Corporate
identity number of the company |
U45201MH2006PTC165088 |
|
Name of the
company |
SECOND LAND
DEVELOPERS PRIVATE LIMITED |
|
Address of the
registered office or of the principal place of business in |
5TH FLOOR,
BHUPATI CHAMBERS 13, MUMBAI – 400004, |
|
This form is for |
Creation of
charge |
|
Type of charge |
Immovable
Property |
|
Particular of charge
holder |
ICICI BANK
LIMITED, |
|
Nature of
instrument creating charge |
Property being land
along with super structure standing thereon admeasuring 7394.06 sq. mtrs
constructed on the land bearing cadastral survey no.2/136 situated at Haines
Road in the city and registration sub-district of Bombay of Lower Parel
Division |
|
Date of instrument
Creating the charge |
29.10.2010 |
|
Amount secured by
the charge |
3000.000 Millions |
|
Brief of the
principal terms an conditions and extent and operation of the charge |
Rate of Interest : 12.30% Terms of Repayment : AS
MENTIONED IN ANNEXURE 'A' OF CREDIT ARRANGEMENT LETTER Margin: IBASE+4% P.A. AS DETAILED IN THE INTEREST CLAUSE OF THE CREDIT
ARRANGEMENT LETTER. Extent and Operation of the charge : Property being land along with super structure standing thereon
admeasuring 7394.06 sq. mtrs constructed on the land bearing cadastral survey
no.2/136 situated at |
|
Short particulars
of the property charged |
1) Property being
land along with super structure standing thereon admeasuring 7394.06 sq. mtrs
constructed on the land bearing cadastral survey no.2/136 situated at 2) in the city
and registration |
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.45.44 |
|
|
1 |
Rs.70.61 |
|
Euro |
1 |
Rs.58.63 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
5 |
|
--CREDIT LINES |
1~10 |
5 |
|
--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 |
|
45 |
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 |
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This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.