|
Report Date : |
23.04.2012 |
IDENTIFICATION DETAILS
|
Name : |
OFFBEAT DEVELOPERS PRIVATE LIMITED |
|
|
|
|
Registered
Office : |
Marketcity Resources Private Limited, R R Hosiery Building, Ground Floor,
Laxmi Wollen Mills Estate, Mahalaxmi, Mumbai-400011, Maharashtra |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as
on) : |
31.03.2011 |
|
|
|
|
Date of
Incorporation : |
14.02.2000 |
|
|
|
|
Com. Reg. No.: |
11-124192 |
|
|
|
|
Capital Investment
/ Paid-up Capital : |
Rs. 299.350 Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U55200MH2000PTC124192 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
MUMO03938E |
|
|
|
|
PAN No.: [Permanent Account No.] |
AAACO5140L |
|
|
|
|
Legal Form : |
Private Limited Liability Company |
|
|
|
|
Line of Business
: |
They are engaged in Real Estate Development Services (Mall Developers) |
|
|
|
|
No. of Employees
: |
200 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
B (29) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Maximum Credit Limit : |
USD 12350000 |
|
|
|
|
Status : |
Yet to Commence Business |
|
|
|
|
Payment Behaviour : |
Unknown |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Though the company incorporated in the year 2000. The company is yet to
commence its commercial operation. Payments terms are not known. The company can be considered for business dealings with some
cautions. |
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. Kushal |
|
Designation : |
Senior Accountant |
|
Contact No.: |
91-22-30016600 |
|
Date : |
21.04.2012 |
LOCATIONS
|
Registered Office : |
Marketcity Resources Private Limited, R R Hosiery Building, Ground
Floor, Laxmi Wollen Mills Estate, Mahalaxmi, Mumbai-400011, Maharashtra,
India |
|
Tel. No.: |
91-22-30016600 |
|
Fax No.: |
91-22-30016818 |
|
E-Mail : |
|
|
Website : |
|
|
Location : |
Owned |
|
|
|
|
Branch Office : |
Old Mukund Premises, L.B.S. Marg, Kamani, Kurla (West), Mumbai-400070,
Maharashtra, India |
DIRECTORS
AS ON 31.08.2011
|
Name : |
Mr. Haresh Zilu Morajkar |
|
Designation : |
Nominee Director |
|
Address : |
301, Narendra apartments, Jayprakash Nagar, Road No.3, Goregaon
(East), Mumbai-400063, Maharashtra, India |
|
Date of Birth/Age : |
06.11.1966 |
|
Date of Appointment : |
25.06.2009 |
|
DIN No.: |
00074983 |
|
|
|
|
Name : |
Mr. Shishir Swami Saran Baijal |
|
Designation : |
Director |
|
Address : |
Flat No.901, 9th Floor, Quantam Park, Wing –A, Khar Danda,
Khar (West), Mumbai-400052, Maharashtra, India |
|
Date of Birth/Age : |
06.03.1959 |
|
Date of Appointment : |
29.09.2005 |
|
DIN No.: |
00089265 |
|
|
|
|
Name : |
Mr. Sandeep Bipin Shah |
|
Designation : |
Director |
|
Address : |
92, Landmark Carmichael Road, Mumbai-400026, Maharashtra, India |
|
Date of Birth/Age : |
29.02.1968 |
|
Date of Appointment : |
29.11.2006 |
|
DIN No.: |
00090841 |
|
|
|
|
Name : |
Mr. Venkataramana Reddy Pesaladinne |
|
Designation : |
Director |
|
Address : |
H No.393, Plot No.28, road No.2, Banjara Hills, Hyderabad-500034,
Andhra Pradesh, India |
|
Date of Birth/Age : |
20.11.1960 |
|
Date of Appointment : |
04.03.2010 |
|
DIN No.: |
00118230 |
|
|
|
|
Name : |
Mr. Jayesh Dhirajlal Pandya |
|
Designation : |
Director |
|
Address : |
901, Universal Heights, 14th Floor, Tardeo Road,
Mumbai-400007, Maharashtra, India |
|
Date of Birth/Age : |
07.08.1968 |
|
Date of Appointment : |
16.09.2006 |
|
DIN No.: |
01341364 |
|
|
|
|
Name : |
Mr. Rahul Nair |
|
Designation : |
Director |
|
Address : |
20 A, Belvedere Court, Sane Guruju Marg, Mahalaxmi, Mumbai-400011,
Maharashtra, India |
|
Date of Birth/Age : |
08.07.1967 |
|
Date of Appointment : |
20.07.2011 |
|
DIN No.: |
01755435 |
|
|
|
|
Name : |
Mr. Jaydeep Janak Bakshi |
|
Designation : |
Director |
|
Address : |
C-82, Shatdal, 5th Floor, Azad Lane, Andheri (West),
Mumbai-400058, Maharashtra, India |
|
Date of Birth/Age : |
11.09.1970 |
|
Date of Appointment : |
03.11.2010 |
|
DIN No.: |
01892939 |
|
|
|
|
Name : |
Mr. Jaswinder Singh Oberai |
|
Designation : |
Nominee Director |
|
Address : |
47, Chemin De, Trielonge, 1213, Onex, Geneva-27 |
|
Date of Birth/Age : |
27.05.1968 |
|
Date of Appointment : |
16.12.2008 |
|
DIN No.: |
02120220 |
KEY EXECUTIVES
|
Name : |
Ms. Sonia Gaur |
|
Designation : |
Secretary |
|
Address : |
H-303, RNA Regency Park, Dhanukarwadi, Kandiwali (West),
Mumbai-400067, Maharashtra, India |
|
Date of Birth/Age : |
29.10.1979 |
|
Date of Appointment : |
16.05.2011 |
|
Pan No.: |
AHFPG7381J |
|
|
|
|
Name : |
Mr. Kushal |
|
Designation : |
Senior Accountant |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 31.08.2011
|
Names of Shareholders |
No. of Shares |
|
The Phoenix Mills Limited, India |
7265080 |
|
HBS Realtors Private Limited, India |
1691270 |
|
Pradan Housing Private Limited, India |
8000000 |
|
Horizon Ventures I, Mauritius |
6713865 |
|
IL and FS Trust Company Limited, India |
309 |
|
IIRF Holdings X Limited, Mauritius |
2040 |
|
Edelweiss Trustee Services Limited On
Account Of Edelweiss Property Fund I, India |
293650 |
|
Ingenious Developers Private Limited, India |
1250000 |
|
Total |
25216214 |
AS ON 31.08.2011
|
Names of Shareholders |
No. of Shares |
|
IIRF Holdings X Limited, Mauritius |
2803442 |
|
IL and FS Trust Company Limited, India |
424368 |
|
Eder River Limited, Mauritius |
1490948 |
|
Total |
4718758 |
AS ON 31.08.2011
|
Equity Shares
Break Up |
Percentage |
|
Foreign holdings( Foreign institutional
investor(s), Foreign companie(s) Foreign financial institution(s),
Non-resident Indian(s) or Overseas Corporate bodies or Others |
36.78 |
|
Bodies corporate |
63.22 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
They are engaged in Real Estate Development Services (Mall Developers) |
|
|
|
|
Terms : |
|
|
Selling : |
Cash, Credit |
|
|
|
|
Purchasing : |
Cash, Credit |
GENERAL INFORMATION
|
Customers : |
OEM’s |
||||||||||||||||||||||||
|
|
|
||||||||||||||||||||||||
|
No. of Employees : |
200 (Approximately) |
||||||||||||||||||||||||
|
|
|
||||||||||||||||||||||||
|
Bankers : |
Standard Chartered Bank, Fort Branch, Mumbai, Maharashtra, India |
||||||||||||||||||||||||
|
|
|
||||||||||||||||||||||||
|
Facilities : |
|
||||||||||||||||||||||||
|
|
|
|
Banking
Relations : |
|
|
|
|
|
Financial Institution : |
Infrastructure Leasing and Financial Services Limited, Bandra Kurla
Complex, Mumbai-400051, Maharashtra, India IDBI Trusteeship Services Limited, Asian Building, Ground Floor, 17. R
Kamani Marg, Ballard Estate, Mumbai-400001, Maharashtra, India |
|
|
|
|
Auditors : |
|
|
Name : |
Chaturvedi and Shah Chartered Accountant |
|
Address : |
714-715, Tulsiani chambers, 212, Nariman Point, Mumbai-400021,
Maharashtra, India |
|
Pan No.: |
AAAFC0662N |
|
|
|
|
Associates : |
The Phoenix Mills Limited |
CAPITAL STRUCTURE
AS ON 31.03.2011
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
34000000 |
Equity Shares |
Rs.10/- each |
Rs. 340.000 Millions |
|
5150000 |
Convertible Preference Shares |
Rs.10/- each |
Rs. 51.500 Millions |
|
|
Total |
|
Rs. 391.500
Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
25216214 |
Equity Shares |
Rs.10/- each |
Rs. 252.162
Millions |
|
4718758 |
Convertible Preference Shares |
Rs.10/- each |
Rs. 47.188
Millions |
|
|
Total |
|
Rs. 299.350 Millions |
Notes:
(A)
32278100+14909480
(B)
3227810 Preference shares shall be compulsorily
converted into equity shares at the time of Reassessment of the company in the
manner mentioned in the commercial agreement between shareholders of the
company executed on 29th November,2006 and as amended on 7th November, 2008.
1490948Preference shares shall be compulsorily converted into equity shares at
the time of Reassessment of the company in the manner mentioned in the
commercial agreement between equity shareholders of the company executed on 29th
November,2006 and as amended or March 31, 2012 whichever is later.
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 |
299.350 |
298.513 |
298.063 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
2789.284 |
2746.447 |
2723.466 |
|
|
4] (Accumulated Losses) |
(0.043) |
(0.043) |
(0.043) |
|
|
NETWORTH |
3088.591 |
3044.917 |
3021.486 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
4924.878 |
4447.210 |
3642.794 |
|
|
2] Unsecured Loans |
0.000 |
0.000 |
0.000 |
|
|
TOTAL BORROWING |
4924.878 |
4447.210 |
3642.794 |
|
|
DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
8013.469 |
7492.127 |
6664.280 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
2887.526 |
2074.228 |
2073.755 |
|
|
Capital work-in-progress |
6654.853 |
5027.050 |
3546.259 |
|
|
|
|
|
|
|
|
INVESTMENT |
0.107 |
191.562 |
235.497 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
0.000
|
0.000 |
0.000 |
|
|
Sundry Debtors |
0.000
|
0.000 |
0.000 |
|
|
Cash & Bank Balances |
4.756
|
5.467 |
369.556 |
|
|
Other Current Assets |
0.000
|
0.000 |
0.000 |
|
|
Loans & Advances |
639.752
|
588.461 |
593.915 |
|
Total
Current Assets |
644.508
|
593.928 |
963.471 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
1148.361 |
347.498 |
112.948 |
|
|
Other Current Liabilities |
1023.833
|
45.653 |
39.999 |
|
|
Provisions |
1.331
|
1.490 |
1.755 |
|
Total
Current Liabilities |
2173.525
|
394.641 |
154.702 |
|
|
Net Current Assets |
(1529.017)
|
199.287 |
808.769 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
8013.469 |
7492.127 |
6664.280 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
|
31.03.2011 |
31.03.2010 |
|
|
|
|
|
|
|
|
NET INCOME |
|
5.604 |
10.283 |
KEY RATIOS
|
PARTICULARS |
|
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
Debt Equity Ratio (Total Liability/Networth) |
|
2.30
|
1.59 |
1.26 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
0.30
|
1.50 |
6.23 |
LOCAL AGENCY FURTHER INFORMATION
|
Check List by Info Agents |
Available in Report (Yes / No) |
|
1. Year of Establishment |
Yes |
|
2. Locality of the firm |
Yes |
|
3. Constructions 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 two years |
No |
|
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 |
No |
|
21. Market information |
------ |
|
22. Litigations that the firm / promoter involved |
------ |
|
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 |
SUNDRY CREDITORS DETAILS
(Rs. In Millions)
|
Particulars |
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
Sundry Creditors
|
|
|
|
|
Creditors due
small micro enterprises |
0.000 |
0.000 |
0.000 |
|
Creditors due
others |
1148.361 |
347.498 |
112.948 |
|
|
1148.361 |
347.498 |
112.948 |
FINANCIAL RESULTS
The Company has not
commenced revenue operations. Therefore, it has not prepared a Profit and Loss
Account for the year. The expenditure incurred during the construction period
is treated as "Project Development Expenditure" pending
capitalization. The same has been included under Capital Work In Progress and
will be apportioned to fixed assets on the completion of the project. However,
the Company has earned dividend income due to which the Company earned a net
income of Rs. 5.604 Millions as against Rs. 10.283 Millions in the previous
year.
FORM 8
|
Corporate
identity number of the company |
U55200MH2000PTC124192 |
|
Name of the
company |
OFFBEAT
DEVELOPERS PRIVATE LIMITED |
|
Address of the
registered office or of the principal place of business in |
Marketcity Resources Private Limited, R R Hosiery Building, Ground Floor, Laxmi Wollen Mills Estate, Mahalaxmi, Mumbai-400011, Maharashtra, India |
|
This form is for |
Creation of
charge |
|
Type of charge |
Immovable
property Book debts Others |
|
Particular of
charge holder |
IDBI Trusteeship Services Limited, Asian Building, Ground Floor, 17. R Kamani Marg, Ballard Estate, Mumbai-400001, Maharashtra, India |
|
Nature of
instrument creating charge |
Deed of mortgage
cum charge |
|
Date of
instrument Creating the charge |
18.01.2012 |
|
Amount secured by
the charge |
Rs. 5750.000
Millions |
|
Brief of the
principal terms an conditions and extent and operation of the charge |
Rate of interest 13.50% p.a. Terms of repayment Structured monthly
repayments payable in 7 years Margin Nil Extent and operation of the charge Mortgage of the
Immovable property at Phoenix Market City, Kurla under Retail Phase I and
Commercial Phase I and Escrow of lease
rentals/sales receivables |
|
Short particulars
of the property charged (Including location of the property) |
Deed of Mortgage
Cum Charge |
FIXED ASSETS
·
Freehold Land
·
Electrical Installation
·
Computers
·
Office Equipments
·
Vehicles
·
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 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. 51.99 |
|
|
1 |
Rs. 83.53 |
|
Euro |
1 |
Rs. 68.39 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
3 |
|
PAID-UP CAPITAL |
1~10 |
4 |
|
OPERATING SCALE |
1~10 |
3 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
3 |
|
--PROFITABILIRY |
1~10 |
3 |
|
--LIQUIDITY |
1~10 |
3 |
|
--LEVERAGE |
1~10 |
3 |
|
--RESERVES |
1~10 |
5 |
|
--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 |
|
29 |
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.