MIRA
INFORM REPORT
|
Report Date : |
08.08.2013 |
IDENTIFICATION DETAILS
|
Name : |
MARVEL OMEGA BUILDERS PRIVATE LIMITED |
|
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|
|
Registered
Office : |
4th Floor, Above IDBI Bank, Arthavishwa Building, Lane No.5,
Koregaon Park, Pune – 411006, Maharashtra |
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Country : |
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Financials (as
on) : |
31.03.2012 |
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Date of
Incorporation : |
18.06.2010 |
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|
Com. Reg. No.: |
11-136620 |
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Capital
Investment / Paid-up Capital : |
Rs. 2.041 Millions |
|
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|
|
CIN No.: [Company Identification
No.] |
U45200PN2010PTC136620 |
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|
|
|
Legal Form : |
Private Limited Liability Company |
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|
Line of Business
: |
The
Company is Primarily Engaged in Developing Residential Projects. |
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|
|
|
No. of Employees
: |
700 (Approximately) (In Group) |
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 : |
Recently started business activity |
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|
|
Payment Behaviour : |
Unknown |
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Litigation : |
Clear |
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Comments : |
Even though the company was incorporate in 2010, it has recently
started its business activity from 2013. As per the financial of 2012 the company has recorded pre-operative expenses.
The external borrowing seems to be huge. However, business is active. Payments are reported to be unknown. The company can be considered for business dealings on a safe and
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.
INDIAN ECONOMIC OVERVIEW
We are living in a
world where volatility and uncertainty have become the New Normal. We saw
a change of government in countries like
There is another
megatrend happening. The World order is changing as economic power shifts from
West to East. According to McKinsey study, it took
The years after the
outbreak of the global financial crisis, the world economy continues to remain
fragile. The Indian economy demonstrated remarkable resilience in the initial
years of the contagion but finally lost ground last year. GDP growth slowed
down. Currency has been weakening. There is a marked deceleration in
agriculture, industry and services. Dampening sentiment led to a cut-back in
investment as well as private consumption expenditure. Inflation remained
at high levels fuelled by the pressure from the food and fuel sectors. The
large fiscal and current account deficit s continued to cause grave concern. It
is imperative that
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
|
Name : |
Harish Solanke |
|
Designation : |
Finance Department |
|
Contact No.: |
91-9923592261 |
|
Date : |
07.08.2013 |
LOCATIONS
|
Registered Office : |
4th Floor, Above IDBI Bank, Arthavishwa Building, Lane
No.5, Koregaon Park, Pune – 411006, Maharashtra, India |
|
Tel. No.: |
Not Available |
|
Mobile No.: |
91-9326565695 (Mr. Bhushan
Bharambe) |
|
Fax No.: |
Not Available |
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E-Mail : |
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|
Website : |
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|
Location : |
Owned |
|
|
|
|
Branch Office : |
301-302, |
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Tel. No.: |
91-20-26052920 / 260529213 / 2900573 |
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Fax No.: |
91-20-66201389 |
DIRECTORS
As on : 28.09.2012
|
Name : |
Mr. Vishwajeet Subhash Jhavar |
|
Designation : |
Director |
|
Address : |
A-10, Flat no.1, Meera Nagar, Pune – 411001, |
|
Date of Birth/Age : |
03.05.1969 |
|
Date of Appointment : |
18.06.2010 |
|
DIN No.: |
00158203 |
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|
|
|
Name : |
Mr. Mahesh Bansilal Laddha |
|
Designation : |
Director |
|
Address : |
Flat No.1, Novelty Co-operative Society, Behind Maruti Care Point Near
|
|
Date of Birth/Age : |
10.08.1965 |
|
Date of Appointment : |
18.06.2010 |
|
DIN No.: |
00158212 |
KEY EXECUTIVES
|
Name : |
Mr. Pawan D Chandak |
|
Designation : |
Company Secretary |
|
Address : |
Office No. 203, Mangalmurti Complex, 990,
Shukrawar Peth, Tilak Road, Next to Pandit
Automotive, Pune - 411 002, Maharashtra, India |
|
Mobile No.: |
91-9552561299 / 91 9822202890 |
|
Fax No.: |
91-20-24463486 /
87 |
|
E-Mail : |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on : 28.09.2012
|
Names of Shareholders |
|
No. of Shares |
|
Marvel Promoters and Developers [Pune] Private Limited, Pune |
|
104095 |
|
Marvel Realtors and Developers Limited, Pune |
|
05 |
|
HDFC Asset Management Company Limited, Mumbai |
|
100000 |
|
Total |
|
204100 |
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 : |
The
Company is Primarily Engaged in Developing Residential Projects. |
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Products : |
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Terms : |
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Selling : |
Depend |
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Purchasing : |
Depend |
GENERAL INFORMATION
|
Customers : |
Others |
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No. of Employees : |
700 (Approximately) (In Group) |
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Bankers : |
v Axis Bank v IDBI Bank v HDFC Bank |
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Facilities : |
Rs in Millions
Note : Repayment
Terms 5,490,000 nos Optionally Convertible Debentures of INR 100 each
(Investor Debentures) are convertible into Class B equity shares of INR 10
each at the option of the investor. Option to be Exercised only upon
occurrence of certain events as per the debentures subscription agreement or
upon mutual agreement, TIME conversion shall be done as per formula: No of Equity shares Principal amount of debentures/60% of
the Fair Market Value of the Equity Shares at the time of conversion. If these said events do not occur or the investor does not
exercise the option to convert during the tenure of 44 months from issue, the
same will be redeemable at a premium which shall ensure an IRR calculated per
the terms of the agreement to the investor These debentures do not carry any
interest coupon. |
|
Financial Institutions: |
·
IDBI Trusteeship Services Limited, Asian
Bldg., Ground Floor, 17, R.Kamani Marg, Ballard Estate,, Mumbai - 400001, ·
HDFC Asset Management Company Limited, 169,
Ramon House, Backbay Reclamation, Churchgate,, Mumbai - 400020, Maharashtra,
India |
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|
|
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Auditors : |
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|
Name : |
BBSR and Company Chartered Accountant |
|
Address : |
Pune, |
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PAN No.: |
AAKFB4397F |
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Holding Company : |
Marvel Promoters and Developers (Pune) Private Limited |
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Entity having significance influence : |
HDFC Asset Management Company Limited |
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Other Related parties : |
v
Marvel Landmarks Private Limited v
Marvel Realtors and Developers Limited |
Note: The Marvel Group
comprises of 13 companies.
CAPITAL STRUCTURE
As on : 28.09.2012
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
300000 |
Equity Shares |
Rs.10/- each |
Rs. 3.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
204100 |
Equity Shares |
Rs.10/- each |
Rs. 2.041 Millions |
|
|
|
|
|
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
|
31.03.2012 |
18.06.2010 TO 31.03.2011 |
|
I.
EQUITY
AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
|
2.041 |
0.100 |
|
(b) Reserves & Surplus |
|
(8.606) |
(6.324) |
|
(c) Money
received against share warrants |
|
0.000 |
0.000 |
|
|
|
|
|
|
(2) Share Application money pending allotment |
|
0.000 |
0.000 |
|
Total
Shareholders’ Funds (1) + (2) |
|
(6.565) |
(6.224) |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
|
0.000 |
0.000 |
|
(b) Deferred tax liabilities (Net) |
|
0.000 |
0.000 |
|
(c) Other long term liabilities |
|
0.000 |
0.000 |
|
(d) long-term provisions |
|
0.000 |
0.000 |
|
Total Non-current Liabilities (3) |
|
0.000 |
0.000 |
|
|
|
|
|
|
(4) Current
Liabilities |
|
|
|
|
(a)
Short term borrowings |
|
714.177 |
2.877 |
|
(b)
Trade payables |
|
7.587 |
0.019 |
|
(c)
Other current liabilities |
|
12.601 |
3.386 |
|
(d) Short-term
provisions |
|
92.178 |
0.000 |
|
Total Current Liabilities (4) |
|
826.543 |
6.282 |
|
|
|
|
|
|
TOTAL |
|
819.978 |
0.058 |
|
|
|
|
|
|
II. ASSETS |
|
|
|
|
(1)
Non-current assets |
|
|
|
|
(a)
Fixed Assets |
|
|
|
|
(i)
Tangible assets |
|
0.125 |
0.000 |
|
(ii) Intangible
Assets |
|
0.000 |
0.000 |
|
(iii)
Capital work-in-progress |
|
0.000 |
0.000 |
|
(iv)
Intangible assets under development |
|
0.000 |
0.000 |
|
(b) Non-current Investments |
|
0.000 |
0.000 |
|
(c) Deferred tax assets (net) |
|
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
|
0.000 |
0.000 |
|
(e) Other
Non-current assets |
|
0.000 |
0.000 |
|
Total Non-Current Assets |
|
0.125 |
0.000 |
|
|
|
|
|
|
(2)
Current assets |
|
|
|
|
(a)
Current investments |
|
0.000 |
0.000 |
|
(b)
Inventories |
|
803.083 |
0.051 |
|
(c)
Trade receivables |
|
0.000 |
0.000 |
|
(d) Cash
and cash equivalents |
|
0.074 |
0.007 |
|
(e)
Short-term loans and advances |
|
16.696 |
0.000 |
|
(f)
Other current assets |
|
0.000 |
0.000 |
|
Total Current Assets |
|
819.853 |
0.058 |
|
|
|
|
|
|
TOTAL |
|
819.978 |
0.058 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
|
31.03.2012 |
18.06.2010 TO 31.03.2011 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
|
|
|
|
|
|
Other Income |
|
|
|
|
|
|
TOTAL |
|
NA |
NA |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
TOTAL |
|
(2.274) |
(6.324) |
|
|
|
|
|
|
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|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION |
|
(2.274) |
(6.324) |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION |
|
0.008 |
0.000 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX |
|
(2.282) |
(6.324) |
|
|
|
|
|
|
|
|
|
Less |
TAX |
|
0.000 |
0.000 |
|
|
|
|
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|
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|
PROFIT AFTER TAX
|
|
(2.282) |
(6.324) |
|
|
|
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|
|
|
|
|
Earnings Per
Share (Rs.) |
|
(12.93) |
(632.38) |
|
KEY RATIOS
|
PARTICULARS |
|
|
31.03.2012 |
18.06.2010 TO 31.03.2011 |
|
Return on Total Assets (PBT/Total Assets} |
(%) |
|
(0.28) |
(1003.45) |
|
|
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|
Return on Investment (ROI) (PBT/Networth) |
|
|
(8.85) |
(12.55) |
|
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|
Debt Equity Ratio (Total Debt /Networth) |
|
|
0.00 |
0.00 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
|
0.99 |
0.01 |
LOCAL AGENCY FURTHER INFORMATION
|
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
two years |
Yes |
|
12] |
Profitability for last
two 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 |
No |
|
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 |
|
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 :
(Rs in Millions)
|
PARTICULARS |
31.03.2012
|
18.06.2010 TO 31.03.2011 |
|
Short term
borrowings : |
|
|
|
Debentures (1,489,590 Nos (Previous year Nil) Optionally Convertible
Debentures of 1NR 100 each issued to Marvel Realtors and Developers Limited - (Unsecured) 148,959,000) |
148.959 |
0.000 |
|
Other Loan |
0 |
0 |
|
Loans from Directors (repayable on demand) |
1.200 |
2.853 |
|
Loans taken from Associate Companies (repayable on demand) |
15.018 |
0.024 |
|
Total |
165.177 |
2.877 |
Note :
1,489,590 nos Optionally Convertible Debentures of INR 100
each are convertible into Class A equity shares of 1NR10 each, if the above investor
debentures are converted into equity shares. The conversion shall be dune as
per formula:
No of Equity shares - Principal amount of debentures / 60% of
the lair Market Value of the Equity Shares at the lime of conversion.
Otherwise these debentures will be redeemable at the end of
44 months at a premium which shall ensure an IRR calculated per the terms of
the agreement to the investor These debentures do not carry any interest
coupon.
OPERATIONS AND FUTURE PROSPECTS:
Financial output and operational
review:
The Company is in the process of executing the real estate
project known as 'Selva Ridge' at Bavdhan, Pune and has reported tremendous
growth in all its endeavours during the financial year under review. As per the
accounting policy adopted by the Company, the revenue is recognised as per the
percentage of project completion method and accordingly the Company will be
recognizing the revenue in the coming years, upon significant completion of the
projects. In line with the concerned accounting policy certain portion of
projects expenditure has also been capitalised and has been credited to project
expenditure account.
The Company has reported loss for the financial year under
review. However, the Board of Directors □f the Company are hopeful that
it would be compensated in the forthcoming years.
BACKGROUND :
Subject is a private limited
Company. The shareholders of the Company are Marvel Promoters & Developers (Pune)
Private Limited and HDFC Asset Management Company Limited. The Company is
primarily engaged in developing residential projects. The Company is currently
developing a residential project in Bavdhan, Pune.
NOTE :
CURRENT MATURITIES
OF LONG TERM DEBT : NOT AVAILABLE
INDEX OF CHARGE :
|
Sr .No. |
Charge ID |
Date of Charge Creation/Modification |
Charge amount secured |
Charge Holder |
Address |
Service Request Number (SRN) |
|
1 |
10403960 |
14/12/2012 |
980,000,000.00 |
IDBI TRUSTEESHIP SERVICES LIMITED |
|
B67110130 |
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. 61.39 |
|
|
1 |
Rs. 94.17 |
|
Euro |
1 |
Rs. 81.70 |
INFORMATION DETAILS
|
Information
Gathered by : |
PDT |
|
|
|
|
Report Prepared
by : |
|
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 |
1 |
|
--PROFITABILIRY |
1~10 |
1 |
|
--LIQUIDITY |
1~10 |
1 |
|
--LEVERAGE |
1~10 |
1 |
|
--RESERVES |
1~10 |
1 |
|
--CREDIT LINES |
1~10 |
1 |
|
--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 |
|
DEFAULTER |
|
|
|
--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.