MIRA
INFORM REPORT
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Report Date : |
26.03.2011 |
IDENTIFICATION DETAILS
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Name : |
ZERO G APARTMENTS PRIVATE LIMITED |
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Registered
Office : |
Tech Park One, Tower “E”, S No. 191 A/2A/2, Next To Don Bosco School, Off
Airport Road, Terawada, Pune – 411006, Maharashtra |
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Country : |
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Financials (as
on) : |
31.03.2010 |
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Date of
Incorporation : |
27.11.2006 |
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Com. Reg. No.: |
129273 |
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CIN No.: [Company Identification No.] |
U45202PN2006PTC129273 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
PNEZ01882G |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Construction Activities |
RATING & COMMENTS
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MIRA’s Rating : |
Ba (45) |
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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 91800 |
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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. 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 – April 1, 2010
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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 |
LOCATIONS
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Registered Office : |
Tech Park One, Tower “E”, S No. 191 A/2A/2, Next To Don Bosco School,
Off Airport Road, Terawada, Pune – 411006, Maharashtra, India |
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Tel No.: |
91-20-66473000/3100/3200 |
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E-Mail : |
DIRECTORS
AS ON 30.09.2010
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Name : |
Mr. Atul Ishwardas Chordia |
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Designation : |
Director |
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Address : |
S No.: 37/1, Ghorpadi, Next to Abc Farm, Pune - 411036 |
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Date of Birth/Age : |
13.03.1965 |
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Date of Appointment : |
27.11.2006 |
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Name : |
Mr. Sagar Ishwardas Chordia |
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Designation : |
Director |
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Address : |
O-902, |
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Date of Birth/Age : |
05.02.1972 |
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Date of Appointment : |
27.11.2006 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 30.09.2010
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Names of Shareholders |
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No. of Shares |
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Ishwardas Chordia |
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5000 |
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Varsha Atul Chordia |
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1667 |
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Resham Atul Chordia |
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1667 |
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Saniya Atul Chordia |
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1666 |
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Total |
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10000 |
AS ON 30.09.2010
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Category |
Percentage |
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Directors or relatives of Directors |
100.00 |
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Total |
100.00 |
BUSINESS DETAILS
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Line of Business : |
Construction Activities |
GENERAL INFORMATION
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Bankers : |
IDBI Trusteeship Services Limited, Asian Bldg., Ground
Floor, 17, R.Kamani Marg, Ballard Estate, MUMBAI - 400001, |
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Facilities : |
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Banking
Relations : |
--- |
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Auditors : |
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Name : |
Anand Mehta and Associates Chartered Accountant |
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Address : |
Mulratna, 1st Floor
334, |
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Tel No.: |
91-22-23400882 |
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Email: |
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Associates/Subsidiaries : |
NA |
CAPITAL STRUCTURE
AS ON 31.03.2010
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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10000 |
Equity Shares |
Rs.10/- each |
Rs.0.100 Million |
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Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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10000 |
Equity Shares |
Rs.10/- each |
Rs.0.100 Million |
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FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
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SOURCES OF FUNDS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
0.100 |
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 |
22.850 |
24.251 |
0.297 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
22.950 |
24.351 |
0.397 |
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LOAN FUNDS |
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1] Secured Loans |
7.252 |
0.000 |
0.000 |
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2] Unsecured Loans |
423.941 |
301.360 |
148.660 |
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TOTAL BORROWING |
431.193 |
301.360 |
148.660 |
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DEFERRED TAX LIABILITIES |
0.073 |
0.000 |
0.000 |
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TOTAL |
454.216 |
325.711 |
149.057 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
245.390 |
210.926 |
8.397 |
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Capital work-in-progress |
0.000 |
10.279 |
119.084 |
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INVESTMENT |
0.000 |
0.000 |
5.122 |
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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 |
534.343
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233.812 |
0.000 |
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Sundry Debtors |
23.088
|
7.795 |
0.000 |
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Cash & Bank Balances |
15.266
|
0.360 |
5.055 |
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Other Current Assets |
0.000 |
0.000 |
0.000 |
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Loans & Advances |
162.454
|
98.898 |
14.000 |
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Total
Current Assets |
735.151
|
340.865 |
19.055 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Sundry Creditors |
123.361
|
155.112 |
0.261 |
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Other Current Liabilities |
402.964
|
78.123 |
2.205 |
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Provisions |
0.000
|
3.124 |
0.135 |
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Total
Current Liabilities |
526.325
|
236.359 |
2.601 |
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Net Current Assets |
208.826
|
104.506 |
16.454 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
454.216 |
325.711 |
149.057 |
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PROFIT & LOSS ACCOUNT
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PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
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SALES |
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TOTAL (A) |
45.224 |
55.677 |
1.322 |
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Less |
EXPENSES |
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TOTAL (B) |
NA |
NA |
NA |
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Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
(13.446) |
52.340 |
0.623 |
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Less |
FINANCIAL
EXPENSES (D) |
0.000 |
0.000 |
0.000 |
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PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
(13.446) |
52.340 |
0.623 |
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Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
14.054 |
11.323 |
0.159 |
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PROFIT BEFORE
TAX (E-F) (G) |
(0.608) |
41.017 |
0.464 |
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Less |
TAX (I) |
0.791 |
17.063 |
0.135 |
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PROFIT AFTER TAX
(G-I)
(J) |
(1.399) |
23.954 |
0.329 |
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Add/ Less |
PRIOR PERIOD
ADJUSTMENT |
(0.002) |
0.000 |
0.000 |
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Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
24.251 |
0.297 |
(0.032) |
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BALANCE CARRIED
TO THE B/S |
22.850 |
24.251 |
0.297 |
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Earnings Per
Share (Rs.) |
(139.96) |
2395.42 |
-- |
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KEY RATIOS
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PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
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PAT / Total Income |
(%) |
(3.09)
|
43.02 |
24.88 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
(0.06)
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7.43 |
1.69 |
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Return on Investment (ROI) (PBT/Networth) |
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(0.03)
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1.68 |
1.17 |
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Debt Equity Ratio (Total Liability/Networth) |
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41.72
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22.08 |
381.01 |
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Current Ratio (Current Asset/Current Liability) |
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1.40
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1.44 |
7.33 |
LOCAL AGENCY FURTHER INFORMATION
Form 8:
|
Corporate
identity number of the company |
U45202PN2006PTC129273 |
|
Name of the
company |
ZERO G APARTMENTS
PRIVATE LIMITED |
|
Address of the
registered office or of the principal place of business in |
Tech Park One, Tower “E”, S No. 191 A/2A/2, Next To Don Bosco School,
Off Airport Road, Terawada, Pune – 411006, Maharashtra, India |
|
This form is for |
Creation of
charge |
|
Type of charge |
Book Debts Immovable
Property Any Interest in
Immovable Property Movable Property Others |
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Particular of
charge holder |
IDBI TRUSTEESHIP
SERVICES LIMITED |
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Nature of
instrument creating charge |
"Deed of Mortgage
cum Charge cum guarantee dated 15/10/2010" |
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Date of
instrument Creating the charge |
15/10/2010 |
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Amount secured by
the charge |
Rs.1050.000
Millions |
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Brief of the
principal terms an conditions and extent and operation of the charge |
Rate of Interest At the rate as
negotiated with & agreed by the bank, payable monthly in arrears or at
the maturity of tenure whichever is earlier Terms of
Repayment "The terms
of repayment as mentioned in the Facility Agreements dated 30/03/2010 (as modified
from time to time) and under various sanction letters of the lenders issued
to the Borrower from time to time." Margin "As per
Facility Agreements dated 30/03/2010 (as amended from time to time)." Extent and
Operation of the charge "To secure a
total and aggregate facility (with limits and sub limits that may be modified
from time to time) amount of Rs. 1050.000 Millions over the immovable
properties, movables and interest over
the immovable properties as more particularly defined in the Deed of mortgage
cum Charge cum Guarantee dated 15/10/2010
in favour of the charge holder viz IDBI Trusteeship Services Limited. as the
security trustee for and on behalf of the following mentioned in point (e) Others i) Standard
Chartered Bank for a sum of Rs. 400.000 Millions ( which limit and sub-limit
may be modified from time to time ); and ii) Standard
Chartered Investments and Loans ( |
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Short particulars
of the property charged |
"Pari Passu
Charge shared on immovable properties viz Residential Apartments situated at
Waterfront, Kalyani Nagar, Pune more particularly defined in the Deed of
mortgage cum Charge cum guarantee dated 15/10/2010. Minimum LTV Cover of
1.5X." |
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.44.65 |
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|
1 |
Rs.71.91 |
|
Euro |
1 |
Rs.63.28 |
SCORE & RATING EXPLANATIONS
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SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
4 |
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OPERATING SCALE |
1~10 |
5 |
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FINANCIAL CONDITION |
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|
--BUSINESS SCALE |
1~10 |
5 |
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--PROFITABILIRY |
1~10 |
5 |
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--LIQUIDITY |
1~10 |
5 |
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--LEVERAGE |
1~10 |
5 |
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--RESERVES |
1~10 |
5 |
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--CREDIT LINES |
1~10 |
5 |
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--MARGINS |
-5~5 |
-- |
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DEMERIT POINTS |
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--BANK CHARGES |
YES/NO |
NO |
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--LITIGATION |
YES/NO |
NO |
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--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
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MERIT POINTS |
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--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
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--EXPORT ACTIVITIES |
YES/NO |
NO |
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--AFFILIATION |
YES/NO |
NO |
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--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
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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.