MIRA
INFORM REPORT
|
Report Date : |
06.06.2011 |
IDENTIFICATION DETAILS
|
Name : |
NIRMAN REALTORS AND DEVELOPERS LIMITED |
|
|
|
|
Registered Office : |
14, Nyay Sagar, |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as on) : |
31.03.2010 |
|
|
|
|
Date of Incorporation : |
11.04.2008 |
|
|
|
|
Com. Reg. No.: |
181063 |
|
|
|
|
Paid-up Capital : |
Rs. 2.550 Millions |
|
|
|
|
CIN No.: [Company
Identification No.] |
U45200MH2008PLC181063 |
|
|
|
|
TAN No.: [Tax
Deduction & Collection Account No.] |
MUMN16073B |
|
|
|
|
Legal Form : |
A Closely Held Public Limited Liability Company |
|
|
|
|
Line of Business : |
Builder and Developer |
|
|
|
|
No. of Employees : |
Not Available |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (45) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 199180 |
|
|
|
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
Usually correct |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is an established company having satisfactory track. Trade relations
are reported as fair. Business is active. Payments 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 – June 30, 2010
|
Country Name |
Previous Rating (01.04.2010) |
Current Rating (30.06.2010) |
|
India |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
LOCATIONS
|
Registered/ Head Office : |
14, Nyay Sagar, |
|
Tel. No.: |
91-22-26833131/ 26830026 |
|
Fax No.: |
91-22-26830026/ 26830597 |
|
E-Mail : |
|
|
Website : |
|
|
|
|
|
Branch Office : |
Located at:
|
|
|
|
|
Corporate Office : |
501/502, Peninsula Heights, CD Barfiwala Juhu Galli, Andheri West,
Mumbai – 400058, Maharashtra, India |
|
Tel. No.: |
91-22-61485900 |
|
Fax No.: |
91-22-61485999 |
|
E-Mail : |
DIRECTORS
As on 27.09.2010
|
Name : |
Mr. Ajit S. Marathe |
|
Designation : |
Director |
|
Address : |
Flat No.205, B – Wing, Versova Sandeep Sarovar CHS, Mahada Layout,
Near 4 Bungalow, Andheri (West), Mumbai – 400058, |
|
Date of Birth/Age : |
14.12.1970 |
|
|
|
|
Name : |
Mr. Rajendra M. Sawat |
|
Designation : |
Director |
|
Address : |
Flat No.32, 3rd Floor, Juhu Ashish Chs Limited, JVPD
Scheme, Vile Parle (West), Mumbai - 400049, |
|
Date of Birth/Age : |
11.05.1968 |
|
|
|
|
Name : |
Mrs. Sujata Ajit Marathe |
|
Designation : |
Director |
|
Address : |
Flat No.205, B – Wing, Versova Sandeep Sarovar CHS, Mahada Layout,
Near 4 Bungalow, Andheri (West), Mumbai – 400058, |
|
Date of Birth/Age : |
19.09.1971 |
|
|
|
|
Name : |
Mrs. Rachana R. Sawant |
|
Designation : |
Director |
|
Address : |
Flat No.32, 3rd Floor, Juhu Ashish Chs Limited, JVPD
Scheme, Vile Parle (West), Mumbai - 400049, |
|
Date of Birth/Age : |
21.12.1970 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 27.09.2010
|
Names of Shareholders |
|
No. of Shares |
|
|
|
|
|
Ajit S. Marathe |
|
2117870 |
|
Rajendra M. Sawant |
|
2117870 |
|
Sujata A. Marathe |
|
23350 |
|
Vaishali S, Marathe |
|
23350 |
|
Rachana R. Sawant |
|
23350 |
|
Sunitra Sawant |
|
23350 |
|
Amol Pawar |
|
23350 |
|
Total |
|
4352490 |
AS ON 30.09.2010
|
Category |
Percentage |
|
Directors or relatives of Directors |
99.46 |
|
Other top fifty shareholders |
0.54 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Builder and Developer |
GENERAL INFORMATION
|
Bankers : |
·
ICICI Bank ·
Saraswat Bank ·
Janakalyan Sahakari Bank · NKGSB CO-OP. Bank, Mulji Radhavji Co-op. Hsg. Soc., Adarsha Building, Nehru Road, Vile Parle (E), Mumbai – 400057, Maharashtra, India |
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
|
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Facilities : |
|
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
KNG and Associates Chartered Accountant |
|
Address : |
11-a, Gulmohar, 1st Floor, S V Road, Khar (West), Mumbai –
400052, Maharashtra, India |
|
|
|
|
Associates/Subsidiaries : |
Nil |
CAPITAL STRUCTURE
As on 31.03.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
1,00,00,000 |
Equity Shares |
Rs. 10/- each |
Rs. 100.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
2,55,000 |
Equity Shares |
Rs. 10/- each |
Rs. 2.550
Millions |
|
|
|
|
|
Note – all the above shares have been allotted for consideration
other than cash pursuant to conversion of the company from partnership firm
under part IX of the Companies Act 1956
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
|
31.03.2010 |
31.03.2009 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
|
2.550 |
2.550 |
|
|
2] Share Application Money |
|
40.975 |
0.000 |
|
|
3] Reserves & Surplus |
|
6.270 |
4.080 |
|
|
4] (Accumulated Losses) |
|
0.000 |
0.000 |
|
|
NETWORTH |
|
49.795 |
6.630 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
|
32.479 |
5.624 |
|
|
2] Unsecured Loans |
|
25.624 |
28.744 |
|
|
TOTAL BORROWING |
|
58.103 |
34.368 |
|
|
DEFERRED TAX LIABILITIES |
|
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
|
107.898 |
40.998 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
|
10.453 |
5.849 |
|
|
Capital work-in-progress |
|
0.000 |
0.000 |
|
|
|
|
|
|
|
|
INVESTMENT |
|
0.349 |
0.025 |
|
|
DEFERREX TAX ASSETS |
|
0.182 |
0.168 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
|
137.359 |
112.386 |
|
|
Sundry Debtors |
|
54.284 |
39.804 |
|
|
Cash & Bank Balances |
|
12.370 |
9.980 |
|
|
Other Current Assets |
|
0.000 |
0.000 |
|
|
Loans & Advances |
|
66.892 |
21.803 |
|
Total
Current Assets |
|
270.905 |
183.973 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
|
14.535 |
12.083 |
|
|
Other Current Liabilities |
|
157.035 |
135.845 |
|
|
Provisions |
|
3.116 |
1.233 |
|
Total
Current Liabilities |
|
174.686 |
149.161 |
|
|
Net Current Assets |
|
96.219 |
34.812 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
|
0.695 |
0.144 |
|
|
|
|
|
|
|
|
TOTAL |
|
107.898 |
40.998 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
|
|
|
SALES |
|
|
|
|
|
|
|
Sales & Operating Income |
|
109.462 |
58.500 |
|
|
|
Other Income |
|
7.338 |
5.920 |
|
|
|
TOTAL (A) |
|
116.800 |
64.420 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Expenses on Completed Projects |
|
0.268 |
1.049 |
|
|
|
Operating Expenses |
|
60.081 |
50.239 |
|
|
|
Employees Remuneration & Benefits |
|
8.001 |
7.891 |
|
|
|
Administrative Expenses |
|
30.463 |
11.606 |
|
|
|
Abandoned Project Expenses |
|
4.183 |
0.000 |
|
|
|
Loss on Sale of Asset |
|
0.073 |
0.080 |
|
|
|
Preliminary Expenses Written Off |
|
0.140 |
0.036 |
|
|
|
Increase/(Decrease) Work in Progress |
|
(0.039) |
(16.987) |
|
|
|
TOTAL (B) |
|
103.170 |
53.914 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
|
13.630 |
10.506 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
|
5.481 |
3.347 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
|
8.149 |
7.159 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
|
2.089 |
1.928 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
|
6.060 |
5.231 |
|
|
|
|
|
|
|
|
|
Less |
TAX (I) |
|
1.870 |
1.065 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-I) (J) |
|
4.190 |
4.166 |
|
|
|
|
|
|
|
|
|
Less |
PRIOR PERIOD
ADJUSTMENTS |
|
0.035 |
NA |
|
|
|
|
|
|
|
|
|
Less |
Excess/Short
Provisions of Income Tax |
|
1.964 |
NA |
|
|
|
|
|
|
|
|
|
|
NET PROFIT FOR
THE YEAR |
|
2.191 |
NA |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
|
4.079 |
NA |
|
|
|
|
|
|
|
|
|
|
BALANCE CARRIED
TO THE B/S |
|
6.270 |
NA |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
|
8.59 |
16.00 |
|
KEY RATIOS
|
PARTICULARS |
|
|
31.03.2010 |
31.03.2009 |
|
PAT / Total Income |
(%) |
|
3.58 |
6.46 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
|
5.53 |
8.94 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
|
2.15 |
2.75 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
|
0.12 |
0.78 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
|
4.67 |
27.68 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
|
1.55 |
1.23 |
LOCAL AGENCY FURTHER INFORMATION
Form 8
|
Corporate
identity number of the company |
U45200MH2008PLC181063 |
||||||
|
Name of the
company |
NIRMAN REALTORS AND DEVELOPERS LIMITED |
||||||
|
Address of the
registered office or of the principal place of business in |
14, Nyay Sagar, |
||||||
|
This form is for |
Creation of
charge |
||||||
|
Type of charge |
Immovable
property |
||||||
|
Particular of
charge holder |
|
||||||
|
Nature of
instrument creating charge |
Mortgage Deed |
||||||
|
Date of
instrument Creating the charge |
04.03.2010 |
||||||
|
Amount secured by
the charge |
Rs. 35.000
Millions |
||||||
|
Brief of the
principal terms an conditions and extent and operation of the charge |
Rate of Interest Rate of Interest
: @15% p.a. with monthly rests, or at such other rates as may be decided, by
the Bank from time to time. Terms of
Repayment -- Margin As may be decided,
from time to time, by the Bank Extent and
Operation of the charge To secure the due
repayment of Term Loan of Rs.35.000 millions, together with interest,costs,
charges,expenses & all other monies thereon, granted by the Bank to the
Company. Others Nil |
||||||
|
Particulars of
the property charged |
All that piece
& parcel of land admeasuring 9600 sq, mtrs.,bearing Survey No. 58 (Plot
no.1 to 23) (old Survey No. 44/1 B3B) at Village Bopele, Kolhare,Tal:
Karjat Dist: Raigad Shops No
4,5,8,9,10,&11,ground floor,in Project Nirman Sayali,Constructed on land
bearing Survey No. 50,Plot No.2, Village Neral,Tal: Karjat, Dist: Raigad Shops No.
2,3,6,10,11,&12, on ground floor,in Project Aditi Nirman, Constructed on
land bearing Survey No.50,Plot No.4, Village Neral,Tal: Karjat, Dist: Raigad Shop No.1,2,3
& 4 on ground floor,in Project Nirman Prawah,Constructed on land bearing
Survey No.46, H No. 2A,Plot No.4,Village Neral,Tal: Karjat, Dist: Raigad Plots
No.1,2,3,4,5,6 & 27,totally adm. 2093 sq.mts.,in Nirman Matheran Valley
being part of land Survey No.116, H No.1+2/2, Village Neral, Tal: Karjat,
Dist: Raigad |
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.44.85 |
|
|
1 |
Rs.73.29 |
|
Euro |
1 |
Rs.64.89 |
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 |
- |
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.