MIRA
INFORM REPORT
|
Report Date : |
27.07.2011 |
IDENTIFICATION DETAILS
|
Name : |
BOMBAY DYEING REAL ESTATE COMPANY LIMITED (w.e.f. 04.06.2009) |
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Formerly Known
As : |
WHITE HORSE REAL ESTATE LIMITED |
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Registered
Office : |
Neville House, J N Heredia Marg, Ballard Estate, Mumbai 400001,
Maharashtra, India |
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Country : |
India |
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Financials (as
on) : |
31.03.2010 |
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Date of
Incorporation : |
12.06.2008 |
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Com. Reg. No.: |
183489 |
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Capital
Investment / Paid-up Capital : |
Rs.0.500 million |
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CIN No.: [Company Identification
No.] |
U70102MH2008PLC183489 |
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Legal Form : |
A Closely Held Public Limited Liability Company |
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Line of Business
: |
Real Estates Business |
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No. of Employees
: |
Not Available |
RATING & COMMENTS
|
MIRA’s Rating : |
Ca (13) |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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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Status : |
Yet to Commence Business |
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Payment Behaviour : |
Unknown |
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Litigation : |
Clear |
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Comments : |
As per last available financials, the company has not started its
commercial operation. Payment terms are unknown. The company can be considered for business dealings on a secured 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.
INFORMATION DECLINED BY
|
Name : |
Mr. Anand |
|
Designation : |
Accounts Manager |
|
Date : |
26.07.2011 |
LOCATIONS
|
Registered Office : |
Neville House, J N Heredia Marg, Ballard Estate, Mumbai 400001,
Maharashtra, India |
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Tel. No.: |
91-22-22618071 |
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Fax No.: |
91-22-22614520 |
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E-Mail : |
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Website : |
DIRECTORS
AS ON 02.08.2010
|
Name : |
Mr. Nasli S Lawyer |
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Designation : |
Director |
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Date of Birth/Age : |
24.01.1974 |
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Date of Appointment : |
16.08.2008 |
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Name : |
Mr. Rustom Lawyer |
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Designation : |
Director |
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Date of Birth/Age : |
12.01.1971 |
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Date of Appointment : |
16.08.2008 |
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Name : |
Mr. Jairaj C Bham |
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Designation : |
Director |
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Date of Birth/Age : |
20.01.1950 |
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Date of Appointment : |
31.03.2010 |
KEY EXECUTIVES
|
Name : |
Mr. Anand |
|
Designation : |
Accounts Manager |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 02.08.2010
|
Names of Shareholders |
No. of Shares |
|
The Bombay
Dyeing and Manufacturing. Company Limited,
Mumbai |
19994 |
|
Mr.
Durgesh Mehta, Jtiy. With The
Bombay Dyeing and Manufacturing Company Limited |
1 |
|
Mr. R.
Chandrasekharan, Jtiy. With The
Bombay Dyeing and Manufacturing Company Limited |
1 |
|
Mr. Kaushik
Khona, Jtiy. With The Bombay Dyeing and Manufacturing Company Limited |
1 |
|
Mr. P.
Govindan, Jtiy. With The Bombay Dyeing and Manufacturing Company Limited |
1 |
|
Mr.
Vineet Poddar, Jtiy. With The Bombay Dyeing and Manufacturing Company Limited |
1 |
|
Pentafil
Textile Dealers Limited, Mumbai |
20000 |
|
SCAL
Services Limited, Mumbai |
5000 |
|
Archway
Investment Company
Limited, Mumbai |
5000 |
|
Mr. J.
C. Bham, Jtiy. With The Bombay Dyeing and Manufacturing. Company Limited |
1 |
|
Total |
50000 |
AS ON 02.08.2010
|
Equity Share
Breakup |
|
Percentage of
Holding |
|
Category |
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|
|
Bodies corporate |
|
99.99 |
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Other top fifty shareholders |
|
0.01 |
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Total
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Real Estates Business |
GENERAL INFORMATION
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No. of Employees : |
Not Available |
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Bankers : |
·
ICICI Bank ·
HDFC Bank ·
IDBI Bank |
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Facilities : |
Rs. In Millions
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
Harish Chopra and Company Chartered Accountant |
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Address : |
4, Vasudeva, 16th Road, Bandra West, Mumbai 400050,
Maharashtra, India |
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Holding Company: |
Bombay Dyeing and Manufacturing Company Limited CIN No.: L17120MH1879PLC000037 |
CAPITAL STRUCTURE
AS ON 02.08.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
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|
|
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|
500000 |
Equity Shares |
Rs. 10 each |
Rs.5.000 millions |
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Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
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|
50000 |
Equity Shares |
Rs. 10 each |
Rs.0.500 million |
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FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
|
31.03.2010 |
31.03.2009 |
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|
SHAREHOLDERS FUNDS |
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|
|
|
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1] Share Capital |
|
0.500 |
0.500 |
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|
2] Share Application Money |
|
0.000 |
0.000 |
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3] Reserves & Surplus |
|
0.000 |
0.000 |
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4] (Accumulated Losses) |
|
(0.307) |
(0.158) |
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NETWORTH |
|
0.193 |
0.342 |
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LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
|
1000.000 |
0.000 |
|
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2] Unsecured Loans |
|
247.868 |
76.717 |
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TOTAL BORROWING |
|
1247.868 |
76.717 |
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DEFERRED TAX LIABILITIES |
|
0.000 |
0.000 |
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|
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|
|
|
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TOTAL |
|
1248.061 |
77.059 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
|
0.000 |
0.000 |
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Capital work-in-progress |
|
2304.541 |
419.551 |
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INVESTMENT |
|
0.000 |
0.000 |
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DEFERREX TAX ASSETS |
|
0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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|
|
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Inventories |
|
4496.373 |
1933.443 |
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Sundry Debtors |
|
0.000 |
0.000 |
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Cash & Bank Balances |
|
23.058 |
0.311 |
|
|
Other Current Assets |
|
0.000 |
0.000 |
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Loans & Advances |
|
0.392 |
0.000 |
|
Total
Current Assets |
|
4519.823 |
1933.754 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
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|
Sundry Creditors |
|
5023.383 |
2275.828 |
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Other Current Liabilities |
|
552.981 |
0.500 |
|
|
Provisions |
|
0.000 |
0.000 |
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Total
Current Liabilities |
|
5576.364 |
2276.328 |
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Net Current Assets |
|
(1056.541) |
(342.574) |
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MISCELLANEOUS EXPENSES |
|
0.061 |
0.082 |
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TOTAL |
|
1248.061 |
77.059 |
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PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
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SALES |
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Sales |
|
0.000 |
0.000 |
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Other Income |
|
0.000 |
0.000 |
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TOTAL (A) |
|
0.000 |
0.000 |
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Less |
EXPENSES |
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|
ROC Filing Fees |
|
0.026 |
0.122 |
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Audit Fees |
|
0.010 |
0.011 |
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Local Conveyance |
|
0.045 |
0.000 |
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Printing and Stationer |
|
0.030 |
0.000 |
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Preliminary Expenses W/off |
|
0.020 |
0.020 |
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TOTAL (B) |
|
0.131 |
0.153 |
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Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
|
(0.131) |
(0.153) |
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Less |
FINANCIAL
EXPENSES (D) |
|
0.017 |
0.005 |
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PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
|
(0.148) |
(0.158) |
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Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
|
0.000 |
0.000 |
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PROFIT BEFORE
TAX (E-F) (G) |
|
(0.148) |
(0.158) |
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Less |
TAX (H) |
|
0.000 |
0.000 |
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PROFIT AFTER TAX
(G-H) (I) |
|
(0.148) |
(0.158) |
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Earnings Per
Share (Rs.) |
|
-- |
-- |
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KEY RATIOS
|
PARTICULARS |
|
|
31.03.2010 |
31.03.2009 |
|
PAT / Total Income |
(%) |
|
0.00 |
0.00 |
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Net Profit Margin (PBT/Sales) |
(%) |
|
0.00 |
0.00 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
|
(0.00) |
(0.00) |
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Return on Investment (ROI) (PBT/Networth) |
|
|
(0.76) |
(0.46) |
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Debt Equity Ratio (Total Liability/Networth) |
|
|
35358.71 |
6880.24 |
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Current Ratio (Current Asset/Current Liability) |
|
|
0.81 |
0.84 |
LOCAL AGENCY FURTHER INFORMATION
SUNDRY CREDITORS
DETAILS
Rs. In Millions
|
Particulars |
|
31.03.2010
|
31.03.2009 |
|
|
|
|
|
|
The Bombay Dyeing and Manufacturing Company Limited |
|
5023.371 |
2275.817 |
|
Nilesh Shah |
|
0.001 |
0.000 |
|
Others |
|
0.011 |
0.011 |
|
Total |
|
5023.383 |
2275.828 |
COMPANY RESULTS:
The company ceased to be a wholly owned subsidiary of the Bombay Dyeing and
Manufacturing Company Limited w.e.f. 17th March, 2010.
During the year the company purchased from Bombay Dyeing and
Manufacturing Company Limited the remaining part of the commercial building
under construction at the Worli site for Rs. 4266.600 millions
The company along with Bombay Dyeing and Manufacturing Company Limited
is in advanced stage of negotiation for finalization of the entire building to
a third party.
NOTE:
Registered office of the company has been shifted from 209-A, Pandya Mansion 625, j S S Road, Near Kalbadevi H P O Mumbai, Maharashtra, India to the present address w.e.f. 01.01.2009
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 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.44.29 |
|
|
1 |
Rs.72.36 |
|
Euro |
1 |
Rs.64.17 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
3 |
|
PAID-UP CAPITAL |
1~10 |
2 |
|
OPERATING SCALE |
1~10 |
2 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
-- |
|
--PROFITABILIRY |
1~10 |
-- |
|
--LIQUIDITY |
1~10 |
2 |
|
--LEVERAGE |
1~10 |
2 |
|
--RESERVES |
1~10 |
-- |
|
--CREDIT LINES |
1~10 |
2 |
|
--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 |
|
13 |
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.