MIRA
INFORM REPORT
|
Report Date : |
24.04.2013 |
IDENTIFICATION DETAILS
|
Name : |
NIRMAL LIFESTYLE LIMITED |
|
|
|
|
Registered
Office : |
3rd Floor, Multiplex Building, Nirmal Lifestyle, L.B.S.
Marg, Mulund (West), Mumbai – 400 080, Maharashtra |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as
on) : |
31.03.2012 (Profit & Loss A/c) |
|
|
|
|
Date of
Incorporation : |
04.11.1999 |
|
|
|
|
Com. Reg. No.: |
11-122542 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs.1400.000
millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U92411MH1999PLC122542 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
MUMN07100C / MUMN07257F |
|
|
|
|
PAN No.: [Permanent Account No.] |
AAACN9145J |
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|
|
Legal Form : |
A Closely Held Public Limited Liability Company |
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|
|
Line of Business
: |
Subject is engaged in the business of construction of Residential and
Commercial projects and renting of immovable properties. |
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|
|
|
No. of Employees
: |
50 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
B (36) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Maximum Credit Limit : |
USD 27163000 |
|
|
|
|
Status : |
Moderate |
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|
|
|
Payment Behaviour : |
Slow but correct |
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|
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|
Litigation : |
Clear |
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|
Comments : |
Subject is a well-established company having a moderate track record. The
balance sheet for the year 2012 is not available. As per available financials, the company is found to have achieved
some growth in its total income and profits during 2012. Trade relations are fair. Business is active. Payment terms are slow
but correct. 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.
ECGC Country Risk Classification List – June 30, 2012
|
Country Name |
Previous Rating (31.03.2012) |
Current Rating (30.06.2012) |
|
|
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
EXTERNAL AGENCY RATING
|
Rating Agency Name |
CARE |
|
Rating |
Long Term Bank Facilities : BB+ |
|
Rating Explanation |
Moderate risk of default |
|
Date |
April 18, 2012 |
|
Rating Agency Name |
CARE |
|
Rating |
Short Term Bank Facilities : A4 |
|
Rating Explanation |
Minimal degree of safety and very high
credit risk. |
|
Date |
April 18, 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 DETAILS)
|
Name : |
Mr. Hemant Goyal |
|
Designation : |
Accounts Manager |
|
Contact No.: |
91-22-25905121 |
|
Date : |
18.04.2012 |
LOCATIONS
|
Registered Office/ Corporate Office : |
3rd Floor, Multiplex Building, Nirmal Lifestyle, L.B.S.
Marg, Mulund (West), Mumbai – 400 080, Maharashtra, India |
|
Tel. No.: |
91-22-25905121/ 25937000/ 7100 / 25934444/ 25680000 |
|
Fax No.: |
91-22-25971990/ 25937200 |
|
E-Mail : |
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|
Website : |
|
|
|
|
|
Sales Office : |
L.B.S. Marg, Opposite Nirmal Nagar, Mulund (West), Mumbai – 400 080,
Maharashtra, India |
|
Tel. No.: |
91-22-67973180/ 81/ 25905122/ 23/ 66430383 |
|
Fax No.: |
91-22-67973182/ 25937200 |
|
E-Mail : |
|
|
|
|
|
Overseas Office : |
1804, Burjuman Business Tower, Dubai, UAE |
|
Tel. No.: |
+971 4 5096886 / 0+971 50 4361285 |
DIRECTORS
As on 28.09.2012
|
Name : |
Mr. Dharmesh Sardarmal Jain |
|
Designation : |
Managing Director |
|
Address : |
Nirmal House, Nirmal Nagar, Mulund, Goregaon Link Road, Mulund (West),
Mumbai – 400 080, Maharashtra, India |
|
Date of Birth/Age : |
09.10.1967 |
|
Qualification : |
B.Com |
|
Date of Appointment : |
04.11.1999 |
|
DIN No.: |
00459439 |
|
|
|
|
Name : |
Mrs. Anju Dharmesh Jain |
|
Designation : |
Whole Time Director |
|
Address : |
Nirmal House, Nirmal Nagar, Mulund, Goregaon Link Road, Mulund (West),
Mumbai – 400 080, Maharashtra, India |
|
Date of Birth/Age : |
02.05.1970 |
|
Qualification : |
B.Com |
|
Date of Appointment : |
12.06.2007 |
|
DIN No.: |
00397310 |
|
|
|
|
Name : |
Mr. Rajeev Ramesh Jain |
|
Designation : |
Director |
|
Address : |
1901, Takshashila, Nirmal Nagar, Mulund (West), Mumbai – 400 080,
Maharashtra, India |
|
Date of Birth/Age : |
11.03.1974 |
|
Qualification : |
B.Com, Diploma in Computers |
|
Date of Appointment : |
01.02.2007 |
|
DIN No.: |
00397267 |
|
|
|
|
Name : |
Mr. Chandrakant Hiralal Shah |
|
Designation : |
Director |
|
Address : |
Flat No.1402, Takshashila,
Nirmal Nagar, Mulund, Goregaon Link Road, Mulund (West), Mumbai – 400 080,
Maharashtra, India |
|
Date of Birth/Age : |
17.04.1950 |
|
Qualification : |
B.Com |
|
Date of Appointment : |
01.11.2010 |
|
DIN No.: |
01793951 |
KEY EXECUTIVES
|
Name : |
Mr. Hemant Goyal |
|
Designation : |
Accounts Manager |
|
|
|
|
Name : |
Ms. Vandana Agrawal |
|
Designation : |
Secretary |
|
Address : |
Flat No.103, A-Wing, Shree Chintamani Tower, Manorama Nagar, Thane (West),
Thane – 400 607, Maharashtra, India |
|
Date of Birth/Age : |
17.11.1981 |
|
Date of Appointment : |
27.07.2012 |
|
PAN No.: |
AJOPA0527D |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 28.09.2012
|
Names of Shareholders |
|
No. of Shares |
|
Dharmesh Sardarmal Jain |
|
68728882 |
|
Nirmala Sardarmal Jain |
|
33571 |
|
Anju Dharmesh Jain |
|
137539 |
|
Chandrakant Hiralal Shah |
|
2 |
|
Umesh Jivan Solanky |
|
2 |
|
Rajeev Ramesh Jain |
|
2 |
|
Retired Major General Vijay Pandurang Pawar |
|
2 |
|
Nirmal Lifestyle Holding Private Limited, India |
|
74800000 |
|
Total |
|
143700000 |
As on 28.09.2012
|
Equity Share Breakup |
|
Percentage of Holding |
|
Category |
|
|
|
Bodies
corporate |
|
52.05 |
|
Directors
or relatives of directors |
|
47.95 |
|
Total |
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Subject is engaged in the business of construction of Residential and Commercial
projects and renting of immovable properties. |
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Products/ Services : |
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Terms : |
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Selling : |
Cheque |
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Purchasing : |
Cheque |
GENERAL INFORMATION
|
Customers : |
End Users |
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No. of Employees : |
50 (Approximately) |
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|
Bankers : |
·
Punjab
and Sind Bank, Lakhi House, Opposite Panchayati Gurdwara, L.B.S. Marg, Mulund
(West), Mumbai – 400 078, Maharashtra, India ·
Housing
Development Finance Corporation Limited, Ramon House, 169 Backbay
Reclamation, HT Parekh Marg, Mumbai – 400 020, Maharashtra, India ·
Citibank ·
Dena Bank ·
Punjab National Bank ·
Standard Chartered Bank ·
Union Bank of India ·
ICICI Bank Limited ·
Kotak Mahindra Bank Limited |
|||||||||||||||
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|
|||||||||||||||
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Facilities : |
|
|
|
|
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Banking
Relations : |
-- |
|
|
|
|
Financial Institution : |
·
Infrastructure Development Finance Company
Limited , ITC Centre, 3rd
Floor, 760, Anna Salai, Chennai – 600 002, Tamilnadu, India ·
Reliance Capital Limited ·
IL & FS Financial Services Limited ·
India Factoring and Finance Solutions Private
Limited, 6th Floor, Vaibhav Chambers, Opposite Income Tax, Bandra-
Kurla Complex, Bandra (East), Mumbai – 400 051, Maharashtra, India |
|
|
|
|
Auditors : |
|
|
Name : |
R.C. Jain and Associates Chartered Accountants |
|
Address : |
624, The Corporate Centre, Nirmal Lifestyle, LBS Marg, Mulund (West),
Mumbai – 400 080, Maharashtra, India |
|
Income-tax
PAN of auditor or auditor's firm : |
AAFFR7226J |
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|
|
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Holding Company
(As on 31.03.2011) : |
Nirmal Lifestyle Holding Private Limited |
|
|
|
|
Subsidiary
Companies (As on 31.03.2011) : |
·
Bombay IT Park Private Limited ·
Nirmal Heritage Private Limited ·
Nirmal Homes Private Limited ·
Nirmal Lifestyle (Pune) Private Limited ·
Nirmal Lifestyle (Kalyan) Private Limited ·
Nirmal Lifestyle Developers Private Limited ·
Nirmal Lifestyle (Indore) Private Limited ·
Nirmal Lifestyle (Mulund) Private Limited ·
Nirmal Lifestyle City Services Private Limited |
|
|
|
|
Associated Companies
and Partnership Firms (As on 31.03.2011) : |
·
Nirmal Infrastructure Private Limited ·
Nirmal Infrastructure (India) Private Limited ·
Nirmal Lifestyle (Vasai) Private Limited ·
Nirmal Lifestyle (Panvel) Private Limited ·
Nirmal Lifestyle (Thane) Private Limited ·
Sadguru Multitrade Private Limited ·
M/s Dharmesh Jain ·
M/s Nirmal Developers ·
Nirmal Construction Company |
|
|
|
|
Other Parties
where relationship of Control exists (As on 31.03.2011) : |
·
Nirmal Super Markets Private Limited ·
Nirmal Avasiya Sankul Private Limited ·
Nirmal Construction Private Limited (Earlier
Nirmal Lifestyles Realty Private Limited) ·
Nirmal Lifestyle Properties Private Limited ·
Nirmal Lifestyle City Development Corporation
Private Limited ·
Sujyoti Developers Private Limited ·
Dharam Kshetra Properties Private Limited ·
Nirmal Lifestyle Theater Private Limited ·
Nirmal E Township Private Limited ·
Nirmal Events 2 Excellence Private Limited ·
Nirmal Lifestyle Luxor Private Limited ·
Nirmal Lifestyle International Private Limited |
CAPITAL STRUCTURE
After 28.09.2012
Authorised Capital : Rs.1500.000 millions
Issued, Subscribed & Paid-up Capital : Rs.1447.000
millions
As on 28.09.2012
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
150000000 |
Equity Shares |
Rs.10/- each |
Rs.1500.000 millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
143700000 |
Equity Shares |
Rs.10/- each |
Rs.1437.000
millions |
|
|
|
|
|
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
|
31.03.2011 |
31.03.2010 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
|
1400.000 |
940.000 |
|
|
2] Share Application Money Pending Allotment |
|
303.000 |
320.000 |
|
|
3] Reserves & Surplus |
|
5087.730 |
5001.621 |
|
|
4] (Accumulated Losses) |
|
0.000 |
0.000 |
|
|
NETWORTH |
|
6790.730 |
6261.621 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
|
8468.424 |
7584.700 |
|
|
2] Unsecured Loans |
|
135.483 |
76.691 |
|
|
TOTAL BORROWING |
|
8603.907 |
7661.391 |
|
|
DEFERRED TAX LIABILITIES |
|
100.709 |
86.725 |
|
|
|
|
|
|
|
|
TOTAL |
|
15495.346 |
14009.737 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
|
6393.345 |
6421.009 |
|
|
Capital work-in-progress |
|
3758.920 |
2700.910 |
|
|
|
|
|
|
|
|
INVESTMENT |
|
579.012 |
590.978 |
|
|
DEFERRED TAX ASSETS |
|
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
|
2826.256
|
2575.859
|
|
|
Sundry Debtors |
|
1038.738
|
897.292
|
|
|
Cash & Bank Balances |
|
401.662
|
533.037
|
|
|
Other Current Assets |
|
0.000
|
0.000
|
|
|
Loans & Advances |
|
4361.226
|
3639.382
|
|
Total
Current Assets |
|
8627.882
|
7645.570
|
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
|
763.240
|
620.242
|
|
|
Other Current Liabilities |
|
2752.678
|
2449.286
|
|
|
Provisions |
|
358.168
|
279.202
|
|
Total
Current Liabilities |
|
3874.086
|
3348.730
|
|
|
Net Current Assets |
|
4753.796
|
4296.840
|
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
|
10.273 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
|
15495.346 |
14009.737 |
|
Note: Balance Sheet for the year 2012 is not available only Profit & Loss A/c
is available.
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
|
|
SALES |
|
|
|
|
|
|
|
Revenue from operations |
2813.428 |
2224.537 |
2164.450 |
|
|
|
Other Income |
27.617 |
22.450 |
22.765 |
|
|
|
TOTAL
(A) |
2841.045 |
2246.987 |
2187.215 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Purchases of stock-in-trade |
2108.312 |
1410.466 |
|
|
|
|
Changes in inventories
of finished goods, work-in-progress and stock-in-trade |
(679.864) |
(250.397) |
|
|
|
|
Employee benefit expense |
110.121 |
111.802 |
|
|
|
|
Other expenses |
455.544 |
394.328 |
|
|
|
|
TOTAL (B) |
1994.113 |
1666.199 |
1554.698 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
846.832 |
580.788 |
632.517 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
529.447 |
287.839 |
293.823 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
317.485 |
292.949 |
338.694 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
117.639 |
105.520 |
98.636 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
199.846 |
187.429 |
240.058 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
37.893 |
86.484 |
89.802 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
161.953 |
100.945 |
150.257 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS YEARS’
BALANCE BROUGHT FORWARD |
532.080 |
432.911 |
448.016 |
|
|
|
|
|
|
|
|
|
Less |
Short provision
of tax for earlier years |
NA |
0.097 |
40.964 |
|
|
|
|
|
|
|
|
|
Add |
Profit and loss
account transferred on amalgamation |
NA |
0.000 |
326.600 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Proposed Dividend |
NA |
1.400 |
9.400 |
|
|
|
Dividend Tax |
NA |
0.279 |
1.598 |
|
|
|
Transfer to Bonus share capital |
NA |
0.000 |
440.000 |
|
|
BALANCE CARRIED
TO THE B/S |
NA |
532.080 |
432.911 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN FOREIGN
CURRENCY |
NA |
32.418 |
4.073 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Capital Goods |
NA |
49.740 |
0.000NA |
|
|
TOTAL IMPORTS |
NA |
49.740 |
0.000 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
1.15 |
0.72 |
1.60 |
|
%2024-Apr-2013_files/image001.gif){kind=small}
KEY RATIOS
|
PARTICULARS |
|
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
PAT / Total Income |
(%) |
5.70
|
4.49
|
6.87
|
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
7.10
|
8.43 |
11.09 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
NA
|
1.25
|
1.71
|
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
NA
|
0.03
|
0.04
|
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
NA
|
1.27
|
1.22
|
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
NA
|
2.23
|
2.28
|
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) 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 |
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 |
Yes |
|
Unsecured Loans |
31.03.2011 (Rs.
in Millions) |
31.03.2010 (Rs.
in Millions) |
|
Loans directors unsecured |
100.983 |
52.191 |
|
Other debt unsecured |
34.500 |
24.500 |
|
Total
|
135.483 |
76.691 |
Note:
The registered office address of the company has been shifted from
Jawahar Talkies Compound, R.P. Road, Mulund (West), Mumbai – 400 080,
Maharashtra, India to Present w.e.f. 01.11.2009.
NATURE OF OPERATION:
The principal
activities of the Company consist of construction of Residential, Commercial,
Retail, Hospitality, Mall cum Entertainment Complex and Integrated Township.
AMALGAMATION OF
NIRMAL LIFESTYLE (INDIA) PRIVATE LIMITED WITH THE COMPANY AND DEMERGER OF EVENT
DIVISION OF THE COMPANY INTO NIRMAL LIFESTYLE CITY DEVELOPMENT CORPORATION
PRIVATE LIMITED
On 12th
June 2010 a composite scheme of arrangement (scheme) under section 391 to 394
of the Companies, Act, 1956 for amalgamation of the Company’s wholly owned subsidiary
Company, Nirmal Lifestyle (India) Private Limited (NLIPL) with the Company and
demerger of the event division of the Company into Nirmal Lifestyle City
Development Corporation Private Limited (NLCDCPL) was approved by the Board of
Directors of all the three Companies.
The Amalgamation
of NLIPL with the Company and de-merger of the event division of the Company
into NLCDCPL has been completed and has become effective on 15th
November, 2010 upon filing of the Order of Hon’ble Mumbai High Court approving
the scheme, with the Registrar of Companies and the scheme becomes operative
from 01st April 2009. The Directors take pleasure in welcoming all the
stakeholders and employees of NLIPL into NLL family.
In terms of the
Scheme the entire business and undertaking of NLIPL including all assets and
liabilities, as a going concern, stand transferred to and vested in the Company
with effect from April 1, 2009. In terms of the Scheme the entire business and
undertaking of Event Division of the Company including all assets and
liabilities, as a going concern, stand transferred to and vested in the NLCDCPL
with effect from April 1, 2009. Pursuant to the scheme, the Authorised Share
Capital of the Company stands increased by the Authorised Share Capital of
NLIPL amounting to Rs.0.500 million and the Memorandum and Articles of
Association of the Company stand amended accordingly without any further act or
deed as the part of the Company.
As NLIPL was a
wholly owned subsidiary of the Company, no consideration was payable pursuant
to amalgamation of NLIPL with the Company. Whereas as a consideration for
de-merger NLCDCPL has issued and allotted a total of 1000000 Redeemable
Preference Shares (carrying 0.01% coupon rate) of the face value of Rs.10 each
credited as fully paid-up to the equity shareholders of the Company (other than
the NLCDCPL) as on the record date on a proportionate basis.
The Management
believes that this amalgamation of NLIPL with the Company is in line with the
focused commitment of the Company in the real estate business and will help to
integrate NLIPL’s business with the Company’s business for Mulund location,
thus enlarging its scope to include all Mulund development in one entity and
can focus on the lifestyle city format. This amalgamation will further
strengthen its presence into the domestic market with the help of various
Special Purpose Vehicles under the Company.
The Management
further believes that this amalgamation will enable pooling of financial,
managerial and technical resources of both the Companies to their best
advantage and shall be in the larger interests of the Company, its
shareholders, creditors and employees.
The Company is
presently engages in construction and development of real estate properties and
also in the event management business. The real estate and the event management
business have very little operational synergy and have diverse business
requirements. The management believes that having both the business under a
single umbrella does not bring out the independent potential each business is
inherently vested with. Further each of these businesses has significant growth
plans and requires independent and dedicated management to oversee their growth
and development. Hence the management believes that demerger of the event
division of the company into NLCDCPL will be in the best interests of the
Company, its shareholders and creditors.
CONTINGENT
LIABILITIES (NOT PROVIDED FOR)
|
Particulars |
31.03.2011 (Rs.
in Millions) |
31.03.2010 (Rs.
in Millions) |
|
Claims against the Company, not acknowledged as debts on account of: |
|
|
|
a) Other Bank Guarantee given in respect of third party. |
52.500 |
52.500 |
|
b) Corporate Guarantee given on behalf of Subsidiary Company. |
54.000 |
Nil |
FIXED ASSETS:
·
Buildings
·
Furniture and Fixture
·
Computers
·
Plant and Machinery
·
Office Equipment
·
Electrical Installation
·
Vehicles
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.54.30 |
|
|
1 |
Rs.82.88 |
|
Euro |
1 |
Rs.70.80 |
INFORMATION DETAILS
|
Information
Gathered by : |
PLK |
|
|
|
|
Report Prepared
by : |
SMN |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
4 |
|
PAID-UP CAPITAL |
1~10 |
4 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
--PROFITABILIRY |
1~10 |
4 |
|
--LIQUIDITY |
1~10 |
4 |
|
--LEVERAGE |
1~10 |
3 |
|
--RESERVES |
1~10 |
3 |
|
--CREDIT LINES |
1~10 |
4 |
|
--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 |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
36 |
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.