MIRA
INFORM REPORT
|
Report Date : |
09.06.2011 |
IDENTIFICATION DETAILS
|
Name : |
GENEXT HARDWARE AND PARKS PRIVATE LIMITED |
|
|
|
|
Registered
Office : |
Plot No.C-30, Block ‘G’, Opposite SIDBI, Bandra Kurla Complex, Bandra (East),
Mumbai – 400 051, |
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|
Country : |
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|
|
|
Financials (as
on) : |
31.03.2010 |
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|
|
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Date of
Incorporation : |
03.03.2006 |
|
|
|
|
Com. Reg. No.: |
11-160261 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs.240.121
millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U72100MH2006PTC160261 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
MUMG11882D |
|
|
|
|
PAN No.: [Permanent Account No.] |
AACCG5567F |
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|
|
Legal Form : |
Private Limited Liability Company |
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|
|
|
Line of Business
: |
Subject is engaged in development and sale of real estate residential
and commercial properties. |
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|
|
|
No. of Employees
: |
Information declined by the management |
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 3975000 |
|
|
|
|
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. Trade
relations are reported as fair. 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.
INFORMATION DECLINED BY
|
Name : |
Mr. Joshi |
|
Designation : |
Accountant |
|
Contact No.: |
91-22-26564000 |
|
Date : |
08.06.2011 |
LOCATIONS
|
Registered Office : |
Plot No.C-30, Block ‘G’, Opposite SIDBI, Bandra Kurla Complex, Bandra
(East), Mumbai – 400 051, |
|
Tel. No.: |
91-22-26564000 |
|
Fax No.: |
91-22-26565738/ 26564004 |
|
E-Mail : |
|
|
Website : |
DIRECTORS
As on 11.06.2010
|
Name : |
Mr. |
|
Designation : |
Director |
|
Address : |
Raheja House, 53 A, Pali Hill, Bandra, Mumbai – 400 050, |
|
Date of Birth/Age : |
23.09.1971 |
|
Date of Appointment : |
03.03.2006 |
|
DIN No.: |
00028044 |
|
|
|
|
Name : |
Mr. Neel Chandru Raheja |
|
Designation : |
Director |
|
Address : |
Raheja House, 53 A, Pali Hill, Bandra, Mumbai – 400 050, |
|
Date of Birth/Age : |
27.06.1974 |
|
Date of Appointment : |
03.03.2006 |
|
DIN No.: |
00029010 |
|
|
|
|
Name : |
Mr. Yasin Ebrahim Virani |
|
Designation : |
Director |
|
Address : |
504, Gulistan-E-Hind, |
|
Date of Birth/Age : |
20.10.1956 |
|
Date of Appointment : |
09.06.2008 |
|
DIN No.: |
00291989 |
|
|
|
|
Name : |
Mr. Sandeep Manohar Tandon |
|
Designation : |
Director |
|
Address : |
37, Merry Niketan, |
|
Date of Appointment : |
03.03.2006 |
|
|
|
|
Name : |
Mr. Vinod Nandlal Rohira |
|
Designation : |
Director |
|
Address : |
401, Dindoshila, 15th Road, Khar, Mumbai – 400 052, |
|
Date of Birth/Age : |
13.10.1968 |
|
Date of Appointment : |
27.07.2007 |
|
DIN No.: |
00460667 |
KEY EXECUTIVES
|
Name : |
Mr. Joshi |
|
Designation : |
Accountant |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 11.06.2010
|
Names of Shareholders (Equity Shares) |
|
No. of Shares |
|
Raheja Chandru |
|
3702 |
|
Raheja Chandru Neel Jointly with Raheja Lachmandas Chandru Jointly
with Raheja Chandru Jyoti |
|
3702 |
|
I-1 Company ( |
|
4696 |
|
|
|
12100 |
|
Names of Shareholder (Non-Cumulative Convertible Preference Shares) |
|
No. of Shares |
|
I-1 Company ( |
|
240 |
|
Total |
|
240 |
As on 11.06.2010
|
Equity Share Breakup |
|
Percentage of Holding |
|
Category |
|
|
|
Foreign holdings [Foreign institutional investors, Foreign Companies, Foreign Financial Institutions, Non-resident Indian or Overseas corporate bodies or others] |
|
38.80 |
|
Directors
or relatives of directors |
|
61.20 |
|
Total |
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Subject is engaged in development and sale of real estate residential
and commercial properties. |
|
|
|
GENERAL INFORMATION
|
No. of Employees : |
Information declined by the management |
|
|
|
|
Bankers : |
Not Available |
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
B.S.R. and Associates Chartered Accountants |
|
Address : |
KPMG House, Kamala Mills Compound, 448, Senapati Bapat Marg, Lower Parel,
Mumbai – 400 013, |
|
Tel. No.: |
91-22-30440800 |
|
Fax No.: |
91-22-30440900 |
|
Income-tax
PAN of auditor or auditor's firm : |
AADFB6889R |
CAPITAL STRUCTURE
As on 31.03.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
50000 |
Equity Shares |
Rs.10/- each |
Rs.0.500 million |
|
240 |
Non-Cumulative Convertible Preference Shares |
Rs.1000000/- each |
Rs.240.000 millions |
|
|
Total |
|
Rs.240.500
millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
12100 |
Equity Shares |
Rs.10/- each |
Rs.0.121
million |
|
240 |
Preference Shares |
Rs.1000000/- each |
Rs.240.000 millions |
|
|
Total |
|
Rs.240.121 millions |
Note:
1. The preference shares shall be compulsorily
converted into the equivalent number of equity shares in one tranche at the expiry
of a period of three years and ten calendar days from the date of allotment.
Earliest date of conversion: 09 August, 2010.
2. The preference shares shall, till the date
of conversion and subject to availability of profits during any financial year,
be entitled to nominal non cumulative of Re. 1 per preference share per year.
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 |
240.121 |
240.121 |
240.121 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
753.633 |
635.978 |
624.467 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
(37.688) |
|
|
NETWORTH |
993.754 |
876.099 |
826.900 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
10.284 |
0.000 |
0.000 |
|
|
2] Unsecured Loans |
0.000 |
0.000 |
0.000 |
|
|
TOTAL BORROWING |
10.284 |
0.000 |
0.000 |
|
|
DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
1004.038 |
876.099 |
826.900 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
209.288 |
231.428 |
28.908 |
|
|
Capital work-in-progress |
0.000 |
1.258 |
0.000 |
|
|
|
|
|
|
|
|
INVESTMENT |
0.000 |
0.000 |
0.000 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
2832.538
|
1311.001 |
566.703 |
|
|
Sundry Debtors |
0.000
|
0.000 |
0.000 |
|
|
Cash & Bank Balances |
668.598
|
35.870 |
2.023 |
|
|
Other Current Assets |
0.000
|
0.000 |
0.000 |
|
|
Loans & Advances |
3942.415
|
1455.609 |
1159.702 |
|
Total
Current Assets |
7443.551
|
2802.480 |
1728.428 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
|
173.561 |
47.354 |
|
|
Other Current Liabilities |
|
1985.506 |
883.082 |
|
|
Provisions |
4.022
|
0.000 |
0.000 |
|
Total
Current Liabilities |
6648.801
|
2159.067 |
930.436 |
|
|
Net Current Assets |
794.750
|
643.413 |
797.992 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
1004.038 |
876.099 |
826.900 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
0.000 |
0.000 |
0.000 |
|
|
|
Other Income |
298.742 |
76.689 |
6.006 |
|
|
|
TOTAL (A) |
298.742 |
76.689 |
6.006 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Project Expenditure |
0.000 |
0.000 |
0.000 |
|
|
|
Administrative & Other Expenses |
73.067 |
25.332 |
21.269 |
|
|
|
TOTAL (B) |
73.067 |
25.332 |
21.269 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
225.675 |
51.357 |
(15.263) |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
17.494 |
0.150 |
15.007 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
208.181 |
51.207 |
(30.270) |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
19.691 |
2.009 |
0.325 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
188.490 |
49.198 |
(30.595) |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
70.835 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
117.655 |
49.198 |
(30.595) |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
11.511 |
(37.687) |
(7.092) |
|
|
|
|
|
|
|
|
|
|
BALANCE CARRIED
TO THE B/S |
129.166 |
11.511 |
(37.687) |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Purchase of fixed assets |
NA |
144.174 |
17.879 |
|
|
|
Purchase of building material |
NA |
2.665 |
38.921 |
|
|
TOTAL IMPORTS |
NA |
146.839 |
56.800 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
|
|
|
|
|
|
- Basic |
9724.00 |
4066.00 |
(2696.00) |
|
|
|
- Diluted |
9534.00 |
3987.00 |
(2696.00) |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
39.38
|
64.15 |
(509.41) |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
0.00
|
0.00 |
0.00 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
2.46
|
1.62 |
(1.74) |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.19
|
0.06 |
(0.04) |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
6.70
|
2.46 |
1.13 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.12
|
1.30 |
1.86 |
LOCAL AGENCY FURTHER INFORMATION
Details of Sundry Creditors:
|
Particulars |
31.03.2010 (Rs. in millions) |
31.03.2009 (Rs. in millions) |
31.03.2008 (Rs. in millions) |
|
Sundry Creditors |
|
|
|
|
- Dues to Micro
and Small Enterprises |
NA |
-- |
-- |
|
- Others |
NA |
173.561 |
47.354 |
Note:
The registered office of the company has been shifted from Construction House-A, 24th Road, Khar, Mumbai – 400 052,
BACKGROUND:
The Company was incorporated as a Private Limited Company on 3rd
March, 2006.
The Company is engaged in development and sale of real estate
residential and commercial properties.
ACTIVITIES:
The Company is engaged in development and sale of real estate residential
and commercial properties. During the year company’s Residential project at
Mumbai is under progress.
FIXED ASSETS:
v Building
v Plant and Machinery
v Computers
v Furniture and Fixtures
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.44.61 |
|
|
1 |
Rs.73.27 |
|
Euro |
1 |
Rs.65.47 |
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 |
NO |
|
--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.