MIRA
INFORM REPORT
|
Report Date : |
23.11.2012 |
IDENTIFICATION DETAILS
|
Name : |
S D CORPORATION PRIVATE LIMITED |
|
|
|
|
Registered
Office : |
70, |
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Country : |
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|
|
|
|
Financials (as
on) : |
31.03.2011 |
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|
|
|
Date of
Incorporation : |
03.08.1998 |
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|
|
|
Com. Reg. No.: |
11-116091 |
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|
|
Capital
Investment/ Paid-up Capital: |
Rs.5.100 Million |
|
|
|
|
CIN No.: [Company Identification
No.] |
U70109MH1998PTC116091 |
|
|
|
|
Legal Form : |
Private Limited Liability Company |
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|
|
Line of Business
: |
Real Estate Developer |
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|
|
|
No. of
Employees: |
125 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (52) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 3680000 |
|
|
|
|
Status : |
Satisfactory |
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|
|
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Payment Behaviour : |
Regular |
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|
|
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Litigation : |
Clear |
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|
Comments : |
Subject is a well established and reputed company having satisfactory
record. The financial detail for the current year is missing from government
department. And in the previous year their is drastic fall in the profitability.
However general financial position appears to be good. Company get good
support form its guarantor i.e (SPCL) and liquidity position appear to be
strong. Trade relations are reported to be fair. Business is active. Payments
are reported to be regular and as per commitment. The company can be considered for normal business dealing 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.
INDIAN ECONOMIC OVERVIEW
|
Source
: CIA |
EXTERNAL AGENCY RATING
|
Rating Agency Name |
ICRA |
|
Rating |
A1+ ( CP Programme) |
|
Rating Explanation |
Having very strong degree of safety
regarding timely payments of financial obligation it carry lowest credit
risk. |
|
Date |
August 2012 |
RBI DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available RBI Defaulters’ list.
EPF (Employee Provident Fund) DEFAULTERS’’ LIST STATUS
Subject’s name is not enlisted as a defaulter in
the publicly available EPF (Employee Provident Fund) Defaulters’ list as of
31-03-2012.
INFORMATION PARTED BY (GENERAL INFORMATION)
|
Name : |
Mr. Rohinton |
|
Designation : |
Finance Manager |
|
Contact No.: |
91-9833967511 |
|
Date : |
19.11.2012 |
LOCATIONS
|
Registered Office : |
70, |
|
Tel. No.: |
91-22-67490000 |
|
Mobile No.: |
91-9833967511 (Mr. Rohinton) |
|
Fax No.: |
Not Available |
|
E-Mail : |
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|
|
|
Corporate Office |
(A Shapoorji Pallonji and Dilip Thacker Joint Venture) |
|
Tell No.: |
91-22-6787 2222 , |
|
Fax No: |
91-22-6787 2200 |
|
E-Mail : |
sales@sdcorp.in (For any Sales
related queries,) sdcbd@sdcorp.in (For any Redevelopment related queries) |
|
|
|
|
Tardeo Site Office |
The Imperial, |
|
Tell No.: |
91-22-6639 2222 |
|
E-Mail : |
|
|
|
|
|
Kandivali Site
Office |
Opposite Thakur College, Near Mahindra
& Mahindra vehicles factory, Thakur Village Road, Samata Nagar, Kandivali
(East), Mumbai - 400 101 Maharashtra, India |
|
Tell No.: |
91-22-6675 2417 |
|
E-Mail : |
DIRECTORS
As on 28.09.2012
|
Name : |
Mr. Srinivasan Padmanabhan Iyer |
|
Designation : |
Director |
|
Address : |
Flat No. 204, Bulding No.8, 2nd Floor, Tulsidham, Bhairavi CHS
Limited, Off |
|
Date of Birth/Age : |
13.03.1965 |
|
Date of Appointment : |
04.10.2010 |
|
Din No.: |
03284319 |
|
|
|
|
Name : |
Mr. Haresh Kumar |
|
Designation : |
Director |
|
Address : |
Flat No. 54, Bandra (H.I.G) Housing Society Limited, K.C Marg, Bandra
Reclamation, Bandra (West), Mumbai – 400050, |
|
Date of Birth/Age : |
17.11.1962 |
|
Date of Appointment : |
01.04.2012 |
|
Din No.: |
05163742 |
|
|
|
|
Name : |
Mr. Vishwas Ramchandra More |
|
Designation : |
Director |
|
Address : |
Flat No. 401/4A, Shalaka, New Saraswati CHS Limited, Asha Nagar,
Kandivali (East), Mumbai – 400101, |
|
Date of Birth/Age : |
01.06.1959 |
|
Date of Appointment : |
04.10.2010 |
|
Din No.: |
03281028 |
|
|
|
|
Name : |
Mr. Rayomand Feroze Dastur |
|
Designation : |
Director |
|
Address : |
The Great Eastern Royale, 13-B -21/333, |
|
Date of Birth/Age : |
06.12.1950 |
|
Date of Appointment : |
19.10.2010 |
|
Din No.: |
03289861 |
KEY EXECUTIVES
|
Name : |
Mr. Rohinton |
|
Designation : |
Finance Manager |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 28.09.2012
|
Names of Shareholders |
|
No. of Shares |
|
Cyrus Engineers Private Limited, |
|
25501 |
|
Diljay Trading and Investment Company Private Limited, |
|
25501 |
|
|
|
|
|
Total |
|
51002 |
Equity Share Break up (Percentage of Total Equity)
As on 28.09.2012
|
Category |
|
Percentage |
|
|
|
|
|
Bodies corporate |
|
100.00 |
|
|
|
|
|
Total
|
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Real Estate Developer |
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Terms : |
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Selling : |
L/C ( Cash/Credit) |
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Purchasing : |
L/C ( Cash/Credit) |
GENERAL INFORMATION
|
Customers : |
OEM’s |
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No. of Employees : |
125 (Approximately) |
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Bankers : |
HDFC Bank, |
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Facilities : |
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|
|
|
|
Financial Institution |
Axis Trustee Services Limited Axis House, 2nd Floor, Bombay Dyeing Mills Compound, Pandurang Budhkar Marg, Worli,, Mumbai - 400025, Maharashtra, India |
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Banking
Relations : |
-- |
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|
|
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Auditors : |
|
|
Name : |
Harshad Doshi Chartered Accountant |
|
Address : |
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Pan No.: |
ADYPD3644E |
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|
|
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Associate : |
· Thackers Caterers · Awesome Properties Private Limited |
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|
|
|
Subsidiaries |
·
Always Remember Properties Private Limited CIN
No.:U45202MH2008PTC178254 ·
Bigsearch Properties Private Limited CIN No.: U70102MH2007PTC170619 ·
Coventry Properties Private Limited CIN
No.:U70100MH2007PTC170045 ·
Heartbeat Properties Private Limited CIN No.:
U70200MH2008PTC178153 ·
Insight Properties Private Limited CIN
No.:U70100MH2007PTC170046 ·
SDC Infrastructure Private Limited CIN
No.:U70102MH2010PTC199922 ·
SDC Township Private Limited CIN
No.:U70102MH2010PTC202732 ·
S.D. Imperial Property Maintenance Private
Limited CIN
No.:U74990MH2010PTC206017 ·
S.D. New Samata Nagar Development Private Limited CIN
No.:U45400MH2008PTC178169 ·
S.D. Suburban Development Private Limited CIN
No.:U70109MH2010PTC202849 ·
S.D. SVP Nagar Redevelopment Private Limited CIN
No.:U70102MH2008PTC178560 ·
S.D. Town Development Private Limited CIN
No.:U70109MH2010PTC200797 |
CAPITAL STRUCTURE
As on 28.09.2012
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
500000 |
Equity Shares |
Rs.100/- each |
Rs.50.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
51002 |
Equity Shares |
Rs.100/- each |
Rs.5.100
Million |
|
|
|
|
|
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 |
5.100 |
5.100 |
5.100 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
914.503 |
665.704 |
222.183 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
919.603 |
670.804 |
227.283 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
6523.927 |
8743.861 |
0.825 |
|
|
2] Unsecured Loans |
4083.213 |
505.595 |
8330.713 |
|
|
TOTAL BORROWING |
10607.140 |
9249.456 |
8331.538 |
|
|
DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
11526.743 |
9920.260 |
8558.821 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
10.919 |
3.525 |
4.194 |
|
|
Capital work-in-progress |
0.000 |
0.000 |
14666.643 |
|
|
|
|
|
|
|
|
INVESTMENT |
1.200 |
0.900 |
0.700 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.246 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
12909.207
|
10342.061 |
139.413 |
|
|
Sundry Debtors |
797.629
|
1974.969 |
0.000 |
|
|
Cash & Bank Balances |
180.503
|
433.019 |
345.955 |
|
|
Other Current Assets |
1.163
|
0.910 |
0.000 |
|
|
Loans & Advances |
2515.078
|
1408.302 |
1675.370 |
|
Total
Current Assets |
16403.58
|
14159.261 |
2160.738 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
3073.322
|
1197.599 |
707.900 |
|
|
Other Current Liabilities |
1814.180
|
3008.179 |
7462.369 |
|
|
Provisions |
1.444
|
37.648 |
103.431 |
|
Total
Current Liabilities |
4888.946
|
4243.426 |
8273.700 |
|
|
Net Current Assets |
11514.634
|
9915.835 |
(6112.962) |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
11526.743 |
9920.260 |
8558.821 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
|
7476.128 |
3216.062 |
|
|
|
Other Income |
|
34.237 |
0.304 |
|
|
|
TOTAL (A) |
NA |
7510.365 |
3216.366 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
|
|
6100.047 |
2470.005 |
|
|
|
Administration Expenses
|
|
2.746 |
23.321 |
|
|
|
TOTAL (B) |
|
6102.793 |
2493.326 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
|
1407.572 |
723.040 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
NA |
869.645 |
398.890 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
|
537.927 |
324.150 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
|
0.569 |
0.624 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
142.577 |
537.358 |
323.526 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
(106.222) |
93.837 |
123.710 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
248.799 |
443.521 |
199.816 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
665.704 |
222.182 |
22.366 |
|
|
|
|
|
|
|
|
|
|
BALANCE CARRIED
TO THE B/S |
914.503 |
665.704 |
222.182 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
4878 |
8696 |
3918 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
PAT / Total Income |
(%) |
NA |
5.91 |
6.21 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
NA |
7.19 |
10.06 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
NA |
3.79 |
1.93 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.15 |
0.80 |
1.42 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
16.85 |
20.11 |
73.06 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
3.36 |
3.34 |
0.26 |
LOCAL AGENCY FURTHER INFORMATION
|
Available
in Report [Yes/No] |
|
|
Year
of Establishment |
Yes |
|
Locality
of the Firm |
Yes |
|
Constitution
of the firm |
Yes |
|
Premises
details |
No |
|
Type
of Business |
Yes |
|
Line
of Business |
Yes |
|
Promoters
background |
Yes |
|
No.
of Employees |
Yes |
|
Name
of Person Contacted |
Yes |
|
Designation
of contact person |
Yes |
|
Turnover
of firm for last two years |
Yes |
|
Profitability
for last three years |
Yes |
|
Reasons
for variation <> 20% |
- |
|
Estimation
for coming financial year |
No |
|
Capital
the business |
Yes |
|
Details
of sister concerns |
Yes |
|
Major
Suppliers |
No |
|
Major
Customers |
No |
|
Payment
Terms |
Yes |
|
Export
/ Import Details [If Applicable] |
No |
|
Market
Information |
- |
|
Litigations
that the firm / promoter involved in |
- |
|
Banking
Details |
Yes |
|
Banking
Facility Details |
Yes |
|
Conduct
of the banking account |
- |
|
Buyer
visit details |
- |
|
Financials,
if provided |
Yes |
|
Incorporation
details, if applicable |
Yes |
|
Last
accounts filed at ROC |
Yes |
|
Major
Shareholders, if applicable |
Yes |
|
Date of Birth of Proprietor/Partner/Director,
if available |
Yes |
|
PAN
of Proprietor/Partner/Director, if available |
No |
|
Voter
ID No of Proprietor/Partner/Director, if available |
No |
|
External Agency
Rating, if available |
Yes |
UNDRY CREDITORS
DETAILS:
(Rs. In Millions)
|
Particulars |
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
Sundry Creditors |
|
|
|
|
Due to Micro, Small and Medium Enterprises |
0.000 |
0.000 |
|
|
Due to Others |
3073.322
|
1197.599 |
|
|
Total |
3073.322
|
1197.599 |
707.900 |
OPERATIONS:
During the year after receipt of Occupation Certificate for the Sale Tower Project, The Imperial, the purchasers have started occupying the flats.
FORM 8
|
Corporate
identity number of the company |
U70109MH1998PTC116091 |
|
Name of the
company |
S D
CORPORATION PRIVATE LIMITED |
|
Address of the
registered office or of the principal place of business in |
70, |
|
This form is for |
Modification of charge |
|
Charge identification (ID) number of the charge to be
modified |
10033288 |
|
Type of charge |
Immovable property |
|
Particular of
charge holder |
Deutsche Bank AG, 222 Kodak House, D. N. Road, Fort, 400001, Email: pbc.loanops@db.com |
|
Nature of
instrument creating charge |
Deed
of reconveyance of part of mortgaged premises |
|
Date of
instrument Creating the charge |
28.02.2012 |
|
Amount secured by
the charge |
Rs. 1427.060 Millions |
|
Short particulars
of the property charged (Including location of the property) |
27
Mortgaged premises specified in the schedule constructed on the property
being CS NO. 725 (Part), 1/725 (Part) and 8/383 of Tardeo Division |
|
Date of last modification prior to the present modification |
10.03.2010 |
|
Particulars of the present modification |
Reconvey
and re-transfer of 1 mortgaged premises situate in imperial tower ii and
continue facility at the reduced level of Rs.1427.059 Millions which shall continue to be secured against
the balance mortgaged premises |
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 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.55.16 |
|
|
1 |
Rs.88.03 |
|
Euro |
1 |
Rs.70.86 |
INFORMATION DETAILS
|
Information
Gathered by : |
PJA |
|
|
|
|
Report Prepared
by : |
BYI |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILIRY |
1~10 |
6 |
|
--LIQUIDITY |
1~10 |
6 |
|
--LEVERAGE |
1~10 |
6 |
|
--RESERVES |
1~10 |
6 |
|
--CREDIT LINES |
1~10 |
6 |
|
--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 |
|
52 |
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.