MIRA
INFORM REPORT
|
Report Date : |
20.04.2013 |
IDENTIFICATION DETAILS
|
Name : |
VISHAL RESORTS AND HOTELS PRIVATE LIMITED [w.e.f.25.07.2012] |
|
|
|
|
Formerly Known
As : |
BRIGHTSTAR BUILDTECH PRIVATE LIMITED |
|
|
|
|
Registered
Office : |
610, Tulsiani Chambers, Nariman Point, Mumbai - 400021, Maharashtra |
|
|
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|
Country : |
India |
|
|
|
|
Financials (as
on) : |
31.03.2011 |
|
|
|
|
Date of
Incorporation : |
22.01.1996 |
|
|
|
|
Com. Reg. No.: |
11-096486 |
|
|
|
|
Capital Investment
/ Paid-up Capital : |
Rs. 0.100
Million |
|
|
|
|
CIN No.: [Company Identification
No.] |
U55101MH1996PTC096486 |
|
|
|
|
Legal Form : |
Private Limited Liability Company |
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|
|
|
Line of Business
: |
Real Estate Developers. |
|
|
|
|
No. of Employees
: |
200 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
Ca (12) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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 |
|
Status : |
Moderate |
|
|
|
|
Payment Behaviour : |
Slow |
|
|
|
|
Litigation : |
Clear |
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|
|
|
Comments : |
Subject is an established company having moderate track record. The
management of the company has not filed its latest financials with the
government department. As per previous year record, the financial strength of the company
seems to be below average. However, business is active. Payments are reported
to be slow. The company can be considered for business dealings on a secured trade
terms and condition. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
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 DETAILS)
|
Name : |
Mr. Vaibhav |
|
Designation : |
Accounts Department |
|
Contact No.: |
91-731-4018009 |
|
Date : |
15.04.2013 |
LOCATIONS
|
Registered Office : |
610, Tulsiani Chambers, Nariman Point, Mumbai - 400021, Maharashtra,
India |
|
Tel. No.: |
Not Available |
|
Fax No.: |
Not Available |
|
E-Mail : |
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|
|
|
Corporate Office : |
2/1 South Tukoganj Court, Indore – 452001, Madhya Pradesh, India |
|
Tel. No.: |
91-731-4018009 |
|
Fax No.: |
91-731-2513285 |
|
|
|
|
Branch : |
201 Hemlok Apartment, 87 Kilachand Path, S.V. Road, Kandivali (West),
Mumbai – 400067, Maharashtra, India |
DIRECTORS
AS ON 30.09.2011
|
Name : |
Mr. Rishabh Suresh Mahajan |
|
Designation : |
Director |
|
Address : |
12, Kanadia Road, Bhuri Tekri, Indore – 452016, Madhya Pradesh, India |
|
Date of Birth/Age : |
13.09.1973 |
|
Date of Appointment : |
01.12.2007 |
|
DIN No.: |
00461044 |
|
|
|
|
Name : |
Mr. Virendra Kumar Gupta |
|
Designation : |
Director |
|
Address : |
HX-39, Housing Board Colony, Ujjain – 456010, Madhya Pradesh, India |
|
Date of Birth/Age : |
11.02.1940 |
|
Date of Appointment : |
29.01.2007 |
|
DIN No.: |
00291892 |
KEY EXECUTIVES
|
Name : |
Mr. Vaibhav |
|
Designation : |
Accounts Department |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 30.09.2011
|
Names of Shareholders |
|
No. of Shares |
|
Nitesh Shahra |
|
10 |
|
Savitri Devi Shahra |
|
1000 |
|
Mridula Devi Shahra |
|
2500 |
|
Usha Devi Shahra |
|
2500 |
|
Abha Devi Shahra |
|
2500 |
|
Kailash Chandra Shahra |
|
1500 |
|
Madhuri Shahra |
|
10 |
|
|
|
|
|
Total |
|
10020 |
AS ON 25.07.2012
|
Names of Shareholders |
|
No. of Shares |
|
Nitesh Shahra |
|
29990 |
|
Mridula Devi Shahra |
|
27500 |
|
Manish Shahra HUF |
|
57490 |
|
Manish Shahra |
|
30000 |
|
Suresh Shahra HUF |
|
55000 |
|
Suresh Shahra |
|
30000 |
|
Ruchi Realty Holdings Limited, India |
|
600000 |
|
Soyumm Marketing Private Limited, India |
|
160000 |
|
|
|
|
|
Total |
|
989980 |
AS ON 30.09.2011
|
Equity Share Breakup |
|
Percentage of Holding |
|
Category |
|
|
|
Other
top fifty shareholders |
|
100.00 |
|
Total |
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Real Estate Developers. |
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|
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|
Terms : |
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Selling : |
Cash and Credit |
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|
|
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Purchasing : |
Cash and Credit |
GENERAL INFORMATION
|
Customers : |
Other |
|
|
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|
No. of Employees : |
200 (Approximately) |
|
|
|
|
Bankers : |
Ř Housing
Development Finance Corporation Limited, Ramon House 169 Backbay Reclamation,
H T Parekh Marg, Mumbai - 400020, Maharashtra, India Ř IDBI Bank
Limited, Indore, Madhya Pradesh, India Ř State Bank of
Indore Ř Punjab National
Bank Ř State Bank of Travancore
|
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
Gupta and Ashok Chartered Accountants |
|
Address : |
125-126, Sunrise Tower, 579, M.G. Road, Indore – 452001, Madhya Pradesh, India |
|
Tel. No.: |
91-731-2539821/ 4049821 |
|
E-Mail : |
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|
Income-tax
PAN of auditor or auditor's firm : |
AABFG4513F |
|
|
|
|
Related Party : |
Ř Brightstar
Infrastructure Private Limited Address: Behind Bhabha
Institute, Hoshangabad Road, Bhopal – 462026, Madhya Pradesh, India |
CAPITAL STRUCTURE
AS ON 30.09.2011
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
1,000,000 |
Equity Shares |
Rs. 10/- each |
Rs. 10.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
1,000,000 |
Equity Shares |
Rs. 10/- each |
Rs. 10.000 Millions |
|
|
|
|
|
AS ON 31.03.2011
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
20,000 |
Equity Shares |
Rs. 10/- each |
Rs. 0.200 Million |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
10,020 |
Equity Shares |
Rs. 10/- each |
Rs. 0.100
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 |
0.100 |
0.100 |
0.100 |
|
|
2] Share Application Money |
0.005 |
0.005 |
0.005 |
|
|
3] Reserves & Surplus |
0.000 |
0.000 |
0.006 |
|
|
4] (Accumulated Losses) |
(0.028) |
(0.011) |
0.000 |
|
|
NETWORTH |
0.077 |
0.094 |
0.111 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
0.000 |
0.000 |
0.000 |
|
|
2] Unsecured Loans |
315.750 |
308.988 |
275.613 |
|
|
TOTAL BORROWING |
315.750 |
308.988 |
275.613 |
|
|
DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
315.827 |
309.082 |
275.724 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
0.000 |
0.000 |
0.000 |
|
|
Capital work-in-progress |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
INVESTMENT |
0.000 |
0.000 |
0.000 |
|
|
DEFERRED TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
309.589
|
254.588 |
227.570 |
|
|
Sundry Debtors |
0.000
|
0.000 |
0.000 |
|
|
Cash & Bank Balances |
0.168
|
0.066 |
0.020 |
|
|
Other Current Assets |
0.001
|
0.000 |
0.000 |
|
|
Loans & Advances |
11.730
|
57.821 |
51.520 |
|
Total
Current Assets |
321.488
|
312.475 |
279.110 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
0.000
|
0.012 |
0.012 |
|
|
Other Current Liabilities |
5.688
|
3.408 |
3.401 |
|
|
Provisions |
0.000
|
0.000 |
0.000 |
|
Total
Current Liabilities |
5.688
|
3.420 |
3.413 |
|
|
Net Current Assets |
315.800
|
309.055 |
275.697 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.027 |
0.027 |
0.027 |
|
|
|
|
|
|
|
|
TOTAL |
315.827 |
309.082 |
275.724 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
|
|
|
|
|
|
|
|
|
|
Income |
|
|
|
|
|
|
Other Income |
|
|
|
|
|
|
TOTAL |
55.002 |
27.018 |
1.477 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Office Expenses |
|
|
|
|
|
|
Administrative Expenses |
|
|
|
|
|
|
Advertising Expenses |
|
|
|
|
|
|
TOTAL |
55.018 |
27.035 |
1.497 |
|
|
|
|
|
|
|
|
|
PROFIT/ (LOSS)
BEFORE TAX |
(0.016) |
(0.017) |
(0.020) |
|
|
|
|
|
|
|
|
|
Less |
TAX |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
|
|
PROFIT/ (LOSS)
AFTER TAX |
(0.016) |
(0.017) |
(0.020) |
|
|
|
|
|
|
|
|
|
|
Earnings/ (Loss)
Per Share (Rs.) |
(1.67) |
(1.75) |
(1.98) |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
PAT / Total Income |
(%) |
(0.03)
|
(0.06)
|
(1.35)
|
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
(0.00)
|
(0.01)
|
(0.01)
|
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
(0.21)
|
(0.18)
|
(0.18)
|
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
4100.65
|
3287.11 |
2483.00 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
56.52
|
91.37 |
81.78 |
LOCAL AGENCY FURTHER INFORMATION
SUNDRY CREDITORS
DETAILS:
|
Particulars |
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
Sundry Creditors |
(Rs. In Millions) |
||
|
Due to Others |
0.000
|
0.012 |
0.012 |
|
|
|
|
|
|
Sr. No. |
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 |
No |
|
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 |
No |
|
30] |
Major Shareholders, if
available |
Yes |
|
31] |
Date of Birth of
Proprietor/Partner/Director, if available |
Yes |
|
32] |
PAN of
Proprietor/Partner/Director, if available |
No |
|
33] |
Voter ID No of
Proprietor/Partner/Director, if available |
No |
|
34] |
External Agency Rating,
if available |
No |
UNSECURED LOANS
|
Unsecured Loans |
31.03.2011 |
31.03.2010 |
|
|
(Rs. In Millions) |
|
|
Long Term |
|
|
|
From Others including Corporate |
315.750 |
308.988 |
|
Total |
315.750 |
308.988 |
BANKERS CHARGES
REPORT AS PER REGISTRY
|
Corporate
identity number of the company |
U55204MH1996PTC096486 |
|
Name of the
company |
VISHAL RESORTS
AND HOTELS PRIVATE LIMITED |
|
Address of the
registered office or of the principal place of business in |
610, Tulsiani Chambers, Nariman Point, Mumbai - 400021, Maharashtra,
India Email: vishalresorts@indiatimes.com
|
|
This form is for |
Creation of charge |
|
Type of charge |
Immovable property Book debts Movable property (not being pledge) Others [Assignment on receivables] |
|
Particular of
charge holder |
Housing Development
Finance Corporation Limited, Ramon House 169 Backbay Reclamation, H T Parekh
Marg, Mumbai - 400020, Maharashtra, India Email: vinayakp@hdfc.com CIN No.: L70100MH1977PLC019916 |
|
Nature of
description of the instrument creating or modifying the charge |
1. Master
Facility Agreement 2. Memorandum of
Entry dated 15.09.2012. 3. Hypothecation
Deed dated 15.09.2012. 4. Registered
Declaration |
|
Date of
instrument Creating the charge |
15.09.2012 |
|
Amount secured by
the charge |
Rs. 500.000
Millions |
|
Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest The HDFC CPLR as
on date is 17.75% per annum and the Applicable Rate as on date is 15% per
annum linked to HDFC CPLR with negative spread of 2.75% per annum. Terms of Repayment Loan Period 48
months (Terms of Repayment as per the Loan Agreement dated 14.09.12). Margin Not Applicable Extent and Operation of the charge 1. First/Exclusive
Charge by way of Mortgage all piece and parcel of the land comprising its
total area 25.15 hect. at Patwari Halka No.48, Village Jhalaria, Tehsil &
District Indore, MP. 2.
First/Exclusive Charge/Assignment of all the receivables/cash flows/revenues including
booking amounts relating to the sold and unsold stock of 1306 units in the
project 'Ruchi Lifescapes' constructing at Patwari Halka No.48, Jhalaria,
Indore MP. Others Personal
Guarantees of Mr. Manish Shahra, Director of the Company and corporate
guarantee of Ruchi Realty Holdings Limited. |
|
Short particulars
of the property charged |
1. All piece and
parcel of the land having its revenue survey nos. 260/1, 260/2, 260/3, 259/1,
259/2, 236/1, 235/2/1, 235/1, 254/1, 254/2, 253, 261/1, 261/2, 252/1, 256/1,
256/2, 256/3, 240/2, 239/1, 239/2 comprising its total area 25.15 hectares
situated at Village Jhalaria, Patwari Halka No. 48, Tehsil and District
Indore, M.P. together with all buildings and structures thereon. 2. Assignment of
all the receivables / cash flows / revenues including booking amounts arising
out of or in connection with or
relating to the sold & unsold stock of the 1306 units in the project
named as 'Ruchi Lifescapes' constructing over the land at Patwari Halka
No.48, Village Jhalaria, Tehsil and
District Indore, M.P. |
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. 54.03 |
|
|
1 |
Rs. 82.43 |
|
Euro |
1 |
Rs. 70.49 |
INFORMATION DETAILS
|
Information
Gathered by : |
PLK |
|
|
|
|
Report Prepared
by : |
BVA |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
2 |
|
PAID-UP CAPITAL |
1~10 |
2 |
|
OPERATING SCALE |
1~10 |
2 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
2 |
|
--PROFITABILIRY |
1~10 |
-- |
|
--LIQUIDITY |
1~10 |
2 |
|
--LEVERAGE |
1~10 |
2 |
|
--RESERVES |
1~10 |
-- |
|
--CREDIT LINES |
1~10 |
-- |
|
--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 |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTERS |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
12 |
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.