MIRA
INFORM REPORT
|
Report Date : |
28.04.2012 |
IDENTIFICATION DETAILS
|
Name : |
G CORP PROPERTIES PRIVATE LIMITED |
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Registered
Office : |
406/407, ‘B’ Wing, Trade World, Kamala Mills, Lower Parel,
Mumbai-400013, |
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Country : |
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Financials (as
on) : |
31.03.2011 |
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Date of
Incorporation : |
16.03.2005 |
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Com. Reg. No.: |
11-184185 |
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Capital
Investment / Paid-up Capital : |
Rs.300.024
Millions |
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|
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CIN No.: [Company Identification
No.] |
U70102MH2005PTC184185 |
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|
|
|
Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Developers of Real Estate and Infrastructural Facilities. |
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No. of Employees
: |
90 [Approximately] |
RATING & COMMENTS
|
MIRA’s Rating : |
B (26) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Maximum Credit Limit : |
USD 990000 |
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|
Status : |
Moderate |
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Payment Behaviour : |
Slow |
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Litigation : |
Clear |
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Comments : |
Subject is an established company having moderate track. There appears
some dip in the turnover of the company. Profitability of the company is
under pressure. There appears some accumulated losses recorded by the
company. However, trade relations are reported as fair. Business is active.
Payments are reported to be slow. The company can be considered for business dealings with some caution.
|
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
INFORMATION PARTED BY [GENERAL DETAILS]
|
Name : |
Mr. Abhijeet |
|
Designation : |
Finance Manager |
|
Contact No.: |
91-20-30585711 |
|
Date : |
27.04.2012 |
LOCATIONS
|
Registered Office : |
406/407, ‘B’ Wing, Trade World, Kamala Mills, Lower Parel,
Mumbai-400013, |
|
Tel. No.: |
91-22-66120064/66546953 |
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Fax No.: |
91-22-24933424 |
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E-Mail : |
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Website : |
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Location : |
Owned |
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Branch Office : |
409, 4th Floor, Nucleus 1, |
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Tel. No.: |
91-20-30585711 |
DIRECTORS
As on 29.09.2011
|
Name : |
Mr. Shashidharan Sethumadavan Menon |
|
Designation : |
Joint Managing Director |
|
Address : |
102, Jagannath, |
|
Date of Birth/Age : |
20.06.1961 |
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Date of Appointment : |
02.09.2006 |
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Din No.: |
00794432 |
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|
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|
Name : |
Mr. Harmohan H Sahni |
|
Designation : |
Joint Managing Director |
|
Address : |
19/20/B/II, 19th and 20th Floor, The GE Royale
333, |
|
Date of Birth/Age : |
23.02.1968 |
|
Date of Appointment : |
20.07.2007 |
|
Din No.: |
00046068 |
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|
|
|
Name : |
Mr. Siddharth Ghanshyam Sheth |
|
Designation : |
Director |
|
Address : |
21/19, Craig Park Layout, Off |
|
Date of Birth/Age : |
06.03.1981 |
|
Date of Appointment : |
02.09.2006 |
|
Din No.: |
00686878 |
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|
|
|
Name : |
Mr. Ghanshyam Sevantilal Sheth |
|
Designation : |
Director |
|
Address : |
101/101A, Vishnu Villa, 7B, Worli Seaface, Mumbai-400025, |
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Date of Birth/Age : |
07.04.1957 |
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Date of Appointment : |
16.03.2005 |
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Din No.: |
00112431 |
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|
|
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Name : |
Mr. Sudhir Choudhire |
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Designation : |
Director |
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Address : |
81, |
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Date of Birth/Age : |
28.09.1949 |
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Date of Appointment : |
11.10.2007 |
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Din No.: |
00008081 |
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|
|
|
Name : |
Mr. Bhanu Choudhire |
|
Designation : |
Director |
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Address : |
81, |
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Date of Birth/Age : |
22.06.1978 |
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Date of Appointment : |
11.10.2007 |
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Din No.: |
00008327 |
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|
|
|
Name : |
Mr. Dhruv Choudhire |
|
Designation : |
Director |
|
Address : |
81, |
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Date of Birth/Age : |
12.10.1974 |
|
Date of Appointment : |
11.10.2007 |
|
Din No.: |
00008206 |
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|
|
|
Name : |
Mr. Sumant Kapur |
|
Designation : |
Director |
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Address : |
79, |
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Date of Birth/Age : |
05.09.1952 |
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Date of Appointment : |
02.09.2006 |
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Din No.: |
00593751 |
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|
|
|
Name : |
Soli Khurshed Cooper |
|
Designation : |
Director |
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Address : |
G-1, Palacimo, Silver Oaks Estate, |
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Date of Birth/Age : |
16.05.1957 |
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Date of Appointment : |
11.10.2007 |
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Din No.: |
00515827 |
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|
|
|
Name : |
Mr. Rohit Narshidas Chothani |
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Designation : |
Director |
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Address : |
9-A, Jeevan Asha, 60-A, Peddar Road, Mumbai-400026, Maharashtra, India
|
|
Date of Birth/Age : |
19.07.1953 |
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Date of Appointment : |
16.03.2005 |
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Din No.: |
00306001 |
KEY EXECUTIVES
|
Name : |
Mr. Akhilesh Agrawal |
|
Designation : |
Company Secretary |
|
Address : |
504, 5th Floor, Mahavir Majestik, Magnum, Near Toyo House,
Kanjur Marg (West), Mumbai-400078, |
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Date of Birth/Age : |
06.06.1977 |
|
Date of Appointment : |
20.03.2008 |
|
Pan No.: |
AGPPA5224R |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 29.09.2011
|
Names of Shareholders |
|
No. of Shares |
|
G Corp Private Limited, |
|
9875610 |
|
Rohit Narshidas Chothani |
|
2045000 |
|
Soli Khurshed Cooper |
|
2473533 |
|
Rashna Cooper |
|
503467 |
|
Prime Land Real Estate Private Limited, |
|
11172550 |
|
Poorvi Chothani |
|
514000 |
|
Rohit Narshidas Chothani HUF |
|
78000 |
|
The Pioneer Textilaties Corporation Private Limited, |
|
340000 |
|
Harmohan H Sahni |
|
1500120 |
|
Shashidharan S Menon |
|
1500120 |
|
|
|
|
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Total |
|
30002400 |
As on 29.09.2011
|
Equity Share Breakup |
|
Percentage of Holding |
|
Category |
|
|
|
Bodies
corporate |
|
71.29 |
|
Directors
or relatives of directors |
|
28.71 |
|
Total |
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Developers of Real Estate and Infrastructural Facilities. |
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Terms : |
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Selling : |
Cash and Credit |
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Purchasing : |
Cash and Credit |
GENERAL INFORMATION
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Customers : |
End Users |
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No. of Employees : |
90 [Approximately] |
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Bankers : |
Not Available |
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Facilities : |
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Banking
Relations : |
-- |
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Financial Institution: |
Housing Development Finance Corporation Limited, Ramon House, 169,
Backbay Reclamation, H T Parekh Marg, Mumbai – 400020, Maharashtra, India |
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Auditors : |
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|
Name : |
Kalyaniwalla and Mistry Chartered Accountants |
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Address : |
Kalpataru Heritage, 127, |
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Pan No.: |
AAAFK7554R |
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|
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Associates/Subsidiaries : |
·
Sea View Development Infrastructure Private Limited
·
Garden View Developers Private Limited ·
Beau Properties Private Limited ·
Bell Weather Developers Private Limited ·
G Corp Neerav Developers Private Limited |
CAPITAL STRUCTURE
As on 31.03.2011
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
31000000 |
Equity Shares |
Rs.10/- each |
Rs.310.000 Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
30002400 |
Equity Shares |
Rs.10/- each |
Rs.300.024
Millions |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
300.024 |
300.024 |
300.024 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
30.000 |
86.196 |
71.022 |
|
|
4] (Accumulated Losses) |
(80.537) |
0.000 |
0.000 |
|
|
NETWORTH |
249.487 |
386.220 |
371.046 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
250.000 |
160.000 |
55.000 |
|
|
2] Unsecured Loans |
0.000 |
0.000 |
0.000 |
|
|
TOTAL BORROWING |
250.000 |
160.000 |
55.000 |
|
|
DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
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|
|
|
|
|
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TOTAL |
499.487 |
546.220 |
426.046 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
422.877 |
44.338 |
73.102 |
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Capital work-in-progress |
15.460 |
0.000 |
0.000 |
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|
|
|
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INVESTMENT |
107.199 |
72.693 |
71.958 |
|
|
DEFERREX TAX ASSETS |
10.301 |
10.165 |
5.780 |
|
|
|
|
|
|
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CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
33.148
|
384.010 |
449.127 |
|
|
Sundry Debtors |
60.488
|
110.717 |
26.855 |
|
|
Cash & Bank Balances |
9.370
|
81.817 |
43.120 |
|
|
Other Current Assets |
0.000
|
0.011 |
0.012 |
|
|
Loans & Advances |
140.805
|
161.123 |
193.555 |
|
Total
Current Assets |
243.811
|
737.678 |
712.669 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
127.341
|
214.338 |
|
|
|
Other Current Liabilities |
170.624
|
101.485 |
434.522 |
|
|
Provisions |
2.196
|
2.831 |
2.941 |
|
Total
Current Liabilities |
300.161
|
318.654 |
437.463 |
|
|
Net Current Assets |
(56.350)
|
419.024 |
275.206 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
499.487 |
546.220 |
426.046 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
|
|
SALES |
|
|
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|
|
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Income |
|
|
|
|
|
|
Other Income |
|
|
|
|
|
|
TOTAL |
105.448 |
752.830 |
879.377 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Office Expenses |
|
|
|
|
|
|
Administrative Expenses |
209.557 |
698.339 |
741.866 |
|
|
|
Advertising Expenses |
|
|
|
|
|
|
TOTAL |
209.557 |
698.339 |
741.866 |
|
|
|
|
|
|
|
|
|
PROFIT
/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION |
(104.109) |
54.491 |
137.511 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION |
32.616 |
32.202 |
30.822 |
|
|
|
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|
|
|
|
|
|
PROFIT / (LOSS)
BEFORE TAX |
(136.725) |
22.289 |
106.689 |
|
|
|
|
|
|
|
|
|
Less |
TAX |
0.009 |
7.115 |
24.029 |
|
|
|
|
|
|
|
|
|
|
PROFIT / (LOSS)
AFTER TAX |
(136.734) |
15.174 |
82.660 |
|
|
|
|
|
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|
IMPORTS |
|
|
|
|
|
|
|
Chillers and Elevators |
0.000 |
64.331 |
NA |
|
|
|
|
|
|
|
|
|
Earnings /
(Loss) Per Share (Rs.) |
(4.56) |
0.51 |
-- |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
PAT / Total Income |
(%) |
(129.67)
|
2.02 |
9.40 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
(20.51)
|
2.85 |
13.59 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
(0.55)
|
0.05 |
0.29 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
2.21
|
1.24 |
1.33 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
0.81
|
2.31 |
1.63 |
LOCAL AGENCY FURTHER INFORMATION
DETAILS OF SUNDRY CREDITORS:
|
Particulars |
31.03.2011 (Rs. in millions) |
31.03.2010 (Rs. in millions) |
31.03.2009 (Rs. in millions) |
|
Sundry Creditors |
127.341
|
214.338 |
NA |
|
Check List by
Info Agents |
Available in
Report (Yes / No) |
|
1) Year of Establishment |
Yes |
|
2) Locality of the firm |
Yes |
|
3) Constitutions of the firm |
Yes |
|
4) Premises details |
No |
|
5) Type of Business |
Yes |
|
6) Line of Business |
Yes |
|
7) Promoter’s background |
Yes |
|
8) No. of employees |
Yes |
|
9) Name of person contacted |
Yes |
|
10) Designation of contact person |
Yes |
|
11) Turnover of firm for last three years |
Yes |
|
12) Profitability for last three years |
Yes |
|
13) Reasons for variation <> 20% |
-- |
|
14) Estimation for coming financial year |
No |
|
15) Capital in the business |
Yes |
|
16) Details of sister concerns |
Yes |
|
17) Major suppliers |
No |
|
18) Major customers |
No |
|
19) Payments terms |
Yes |
|
20) Export / Import details (if applicable) |
No |
|
21) Market information |
-- |
|
22) Litigations that the firm / promoter involved in |
-- |
|
23) Banking Details |
Yes |
|
24) Banking facility details |
Yes |
|
25) Conduct of the banking account |
-- |
|
26) Buyer visit details |
-- |
|
27) Financials, if provided |
Yes |
|
28) Incorporation details, if applicable |
Yes |
|
29) Last accounts filed at ROC |
Yes |
|
30) Major Shareholders, if available |
Yes |
NOTE:
The registered office of the company has been shifted from office No. O-403, 4th Floor, Nucleus, 1, Church Road, Pune- 411001, Maharashtra, India to the present address w.e.f. 25.06.2008.
OPERATIONS
A brief review of the operational and business developments during the
year is given below:
PUNE
Retail Mall viz.Pulse
at Nagar Road is completed and Occupation Certificate has been received.
Company organized a formal Opening Ceremony on 25thJune 2011. The Residential
Complex Project at Chinchwad is progressing as per schedule. This project is
being developed through a special purpose vehicle. Necessary approval for the
residential project at Hadapsar has been received during the year. The
construction work at the site has started.
MUMBAI
Various projects
undertaken on Project Management Basis are progressing as per schedule. G:Corp
Bellagio a residential building project at Ghodbunder Roadis progressing as per
schedule. The Company targets to deliver the project by the end of the current
year.
BANKERS CHARGES
REPORT AS PER REGISTRY
|
This form is for |
Creation of
charge |
|
Corporate
identity number of the company |
U70102MH2005PTC184185 |
|
Name of the
company |
G:CORP PROPERTIES
PRIVATE LIMITED |
|
Address of the
registered office or of the principal place of business in |
406/407, ‘B’ Wing, Trade World, Kamala Mills, Lower Parel,
Mumbai-400013, Maharashtra, India |
|
Type of charge |
Book Debts Immovable
Property Any Interest in
Immovable Property |
|
Particular of
charge holder |
Housing Development Finance Corporation Limited, Ramon House, 169,
Backbay Reclamation, H T Parekh Marg, Mumbai – 400020, Maharashtra, India |
|
Email |
|
|
Nature of description
of the instrument creating or modifying the charge |
Unilateral
indenture of mortgage dated 26th October 2009 pertains to the construction
finance loan facility of Rs. 250.000 millions sanctioned by housing
development finance corporation limited |
|
Date of
instrument Creating the charge |
26.10.2009 |
|
Amount secured by
the charge |
Rs.250.000
Millions |
|
Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest 14.25% p.a.
linked to HDFC's CPLR with a negative spread of 50 bps as may be amended
and/or varied from time to time and applicable in terms of the Loan Agreement Terms of
Repayment 36 Months Extent and
Operation of the charge Immovable properties
as described in annexure - I of the said unilateral indenture of mortgage
dated 26th October 2009 |
|
Short particulars
of the property charged |
Immovable
property no. 1 situated at Yerwada, Pune the unilateral indenture of mortgage
dated 26th October 2009 Immovable
property no. 2 situated at Hadapsar, Pune the unilateral indenture of
mortgage dated 26th October 2009 Immovable
property no. 3 situated at village Vadavali Taluka and district thane the
unilateral indenture of mortgage dated 26th October 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 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.52.68 |
|
|
1 |
Rs.85.12 |
|
Euro |
1 |
Rs.69.38 |
INFORMATION DETAILS
|
Information
Gathered by : |
PJA |
|
|
|
|
Report Prepared
by : |
TPT |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
4 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
--PROFITABILIRY |
1~10 |
- |
|
--LIQUIDITY |
1~10 |
- |
|
--LEVERAGE |
1~10 |
3 |
|
--RESERVES |
1~10 |
2 |
|
--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 |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
26 |
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.