MIRA INFORM REPORT
|
Report Date : |
31.07.2013 |
IDENTIFICATION DETAILS
|
Name : |
RELIANCE HOME FINANCE LIMITED |
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Formerly Known
As : |
RELIANCE HOME FINANCE PRIVATE LIMITED (w.e.f. 26.03.2009) RELIANCE HOMES FINANCE PRIVATE LIMITED |
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Registered
Office : |
570, Rectifier House, 3rd Floor, |
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Country : |
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Financials (as
on) : |
31.03.2012 (Profit and Loss Account) |
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Date of
Incorporation : |
05.06.2008 |
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Com. Reg. No.: |
11-183216 |
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Capital
Investment / Paid-up Capital : |
Rs. 326.600 Millions (As on 31.03.2011) |
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CIN No.: [Company Identification
No.] |
U67190MH2008PLC183216 |
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PAN No.: [Permanent Account No.] |
AAECR0305E |
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Legal Form : |
A Closely Held Public Limited Liability Company |
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Line of Business
: |
The Company is Principally Engaged in Housing Finance Business. |
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No. of Employees
: |
Information Denied by Management. |
RATING & COMMENTS
|
MIRA’s Rating : |
A (63) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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 |
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Maximum Credit Limit : |
USD 13690000 |
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Status : |
Good |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject is a part of “Reliance Group”. Subject is a well established and reputed company having a good track
record. There appears slight dip in profitability during 2012. However, general financial strength seems to be strong. Liquidity
position is good. The rating also take into consideration the financial and managerial
support from its holding companies. Trade relations are reported to be fair. Business is active. Payment
are reported to be regular and as per commitment. The company can be considered for normal business dealings at usual
trade terms and condition. Note : Balance sheet
for the year 2012 is not available only profit and loss is available. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
EXTERNAL AGENCY RATING
|
Rating Agency Name |
PTC Series A1 |
|
Rating |
Having highest degree of safety regarding timely servicing of
financial obligation. |
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 DENIED BY
|
Name : |
Ms. Neena Parelkar |
|
Designation : |
Company Secretary |
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Contact No.: |
91-22-30479531/30479450 |
|
Date : |
30.07.2013 |
LOCATIONS
|
Registered Office : |
570, Rectifier House, 3rd Floor, |
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Tel. No.: |
91-22-30479531 |
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Fax No.: |
91-22-30479450 |
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E-Mail : |
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|
Website : |
DIRECTORS
As on : 21.08.2012
|
Name : |
Mr. Padmanabh Pundrikray Vora |
|
Designation : |
Director |
|
Address : |
Flat No. 503 – 504, 5th Floor, A Wing, |
|
Date of Birth/Age : |
01.10.1943 |
|
Date of Appointment : |
01.07.2008 |
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DIN No.: |
00003192 |
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Name : |
Mr. Gautam Bhailal Doshi |
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Designation : |
Director |
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Address : |
402, |
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Date of Birth/Age : |
23.12.1952 |
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Date of Appointment : |
01.07.2008 |
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DIN No.: |
00004612 |
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Name : |
Mr. Soumen Ghosh |
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Designation : |
Director |
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Address : |
1501, Lodha Aria 6/207 Tokersey Jivraj, Road, Sewree, Mumbai – 400015,
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|
Date of Birth/Age : |
08.06.1959 |
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Date of Appointment : |
01.07.2008 |
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DIN No.: |
01262099 |
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Name : |
Mr. Srinivasan Venkateswaran Krishnan |
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Designation : |
Additional director |
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Address : |
Flat no.1601, B Wing, 16 Floor, Dosti Elite Metal Rolling Compound,
Near sion Tele Exchange, Sion East, Mumbai – 400022, |
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Date of Birth/Age : |
31.01.1965 |
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Date of Appointment : |
28.04.2012 |
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DIN No.: |
01827316 |
KEY EXECUTIVES
|
Name : |
Mr. Suresh Kumar Kunnath |
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Designation : |
Manager |
|
Address : |
Raheja Heights C Wing Flat No. 83, Nagar Niwaea Parishad, Goregaon – East,
Mumbai – 400097, Maharashtra, India |
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Date of Birth/Age : |
16.05.1968 |
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PAN No : |
ALOPS5878D |
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Date of Appointment : |
28.04.2012 |
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|
Name : |
Mr. Neena Ulhas Parelkar |
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Designation : |
Secretary |
|
Address : |
B/202, Raj Anand D D Borge Lane, Eksar Road, Borivali – West, Mumbai –
400091, Maharashtra, India |
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PAN No : |
AKUPP4102G |
|
Date of Appointment : |
01.05.2012 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on : 21.08.2012
|
Names of Shareholders |
Nos. of Equity
shares |
Nos. of
Preference shares |
|
Chetan Raval jointly with Reliance capital limited |
2 |
-- |
|
Yogesh deshpande jointly with reliance capital limited |
2 |
-- |
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Atul Tandon jointly with reliance capital limited |
2 |
-- |
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Parul Jain jointly with reliance capital limited |
2 |
-- |
|
Kanam Cheittar jointly with reliance capital limited |
2 |
-- |
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Madan Chaturvedi jointly with reliance capital limited |
10 |
-- |
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Reliance capital Limited |
29999980 |
-- |
|
Reliance capital Limited |
-- |
2910000 |
|
Total |
30000000 |
2910000 |
As on : 29.01.2013
|
Names of Allotees |
No. of Shares |
|
Reliance capital Limited |
32909980 |
|
Madan Chaturvedi jointly with reliance capital limited |
10 |
|
Kanam Cheittar jointly with reliance capital limited |
2 |
|
Parul Jain jointly with reliance capital limited |
2 |
|
Atul Tandon jointly with reliance capital limited |
2 |
|
Chetan Raval jointly with Reliance capital limited |
2 |
|
Yogesh deshpande jointly with reliance capital limited |
2 |
|
Total |
32910000 |
As on : 10.09.2012
|
Names of Allotee |
No. of Shares |
|
Reliance capital Limited - Business |
2910000 |
|
Total |
2910000 |
Equity Share Break up (Percentage of Total Equity)
As on : 21.08.2012
|
Category |
Percentage |
|
Bodies corporate |
100.00 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Information Denied by Management. |
GENERAL INFORMATION
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No. of Employees : |
Not Available |
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Bankers : |
Bank of |
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Facilities : |
Rs in Millions
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Auditors : |
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Name : |
Chaturvedi and Shah Chartered Accountants |
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Address : |
714-715, Tulsiani Chambers, 212, Nariman Point, Mumbai – 400021,
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PAN No.: |
AAAFC0662N |
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Ultimate Holding
Company : (31.03.2011) |
Reliance Innoventures Private Limited
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Holding company
: (31.03.2011) |
Reliance Capital Limited |
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Fellow
Subsidiary : (31.03.2011) |
Reliance General Insurance Company |
CAPITAL STRUCTURE
As on : 31.03.2011
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
50000000 |
Equity Shares |
Rs. 10/- each |
Rs. 500.000 Millions |
|
75000000 |
Preference Shares |
Rs. 10/- each |
Rs. 750.000 Millions |
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|
Total |
|
Rs. 1250.000
Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
30000000 |
Equity Shares |
Rs. 10/- each |
Rs. 300.000 Millions |
|
2660000 |
Preference Shares |
Rs. 10/- each |
Rs. 26.600 Millions |
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Total |
|
Rs. 326.600
Millions |
After : 21.08.2012
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
50000000 |
Equity Shares |
Rs. 10/- each |
Rs. 500.000 Millions |
|
75000000 |
Preference Shares |
Rs. 10/- each |
Rs. 750.000 Millions |
|
|
Total |
|
Rs. 1250.000
Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
62910000 |
Equity Shares |
Rs. 10/- each |
Rs. 629.100 Millions |
|
2910000 |
Preference Shares |
Rs. 10/- each |
Rs. 29.100 Millions |
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|
Total |
|
Rs. 658.200 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 |
|
326.600 |
326.600 |
|
|
2] Share Application Money |
|
0.000 |
0.000 |
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|
3] Reserves & Surplus |
|
3096.466 |
2684.384 |
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4] (Accumulated Losses) |
|
0.000 |
0.000 |
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NETWORTH |
|
3423.066 |
3010.984 |
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|
LOAN FUNDS |
|
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|
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|
1] Secured Loans |
|
18490.000 |
13500.000 |
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2] Unsecured Loans |
|
2211.621 |
997.615 |
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TOTAL BORROWING |
|
20701.621 |
14497.615 |
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DEFERRED TAX LIABILITIES |
|
34.525 |
3.613 |
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|
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TOTAL |
|
24159.212 |
17512.212 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
|
4.974 |
6.559 |
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Capital work-in-progress |
|
0.000 |
0.000 |
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|
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INVESTMENT |
|
137.572 |
0.000 |
|
|
DEFERRED TAX ASSETS |
|
0.000 |
0.000 |
|
|
|
|
|
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CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
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|
Inventories |
|
0.000 |
0.000 |
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Sundry Debtors |
|
6.577 |
3.312 |
|
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Cash & Bank Balances |
|
341.591 |
515.377 |
|
|
Other Current Assets |
|
0.000 |
0.000 |
|
|
Loans & Advances |
|
25021.172 |
17990.349 |
|
Total
Current Assets |
|
25369.340 |
18509.038 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
|
0.674 |
0.003 |
|
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Other Current Liabilities |
|
1446.375 |
1014.655 |
|
|
Provisions |
|
29.306 |
20.125 |
|
Total
Current Liabilities |
|
1476.355 |
1034.783 |
|
|
Net Current Assets |
|
23892.985 |
17474.255 |
|
|
|
|
|
|
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|
MISCELLANEOUS EXPENSES |
|
123.681 |
31.398 |
|
|
|
|
|
|
|
|
TOTAL |
|
24159.212 |
17512.212 |
|
Note :
BALANCE SHEET FOR THE
YEAR 2012 IS NOT AVAILABLE ONLY PROFIT AND LOSS IS AVAILABLE.
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
3391.368 |
3228.563 |
|
|
|
|
Other Income |
0.182 |
9.035 |
|
|
|
|
TOTAL (A) |
3391.550 |
3237.598 |
645.300 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Employees Benefits Expenses |
256.657 |
278.476 |
|
|
|
|
Other Expenses |
411.430 |
431.742 |
|
|
|
|
TOTAL (B) |
668.087 |
710.218 |
572.100 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
2723.463 |
2527.380 |
73.200 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
2325.249 |
1903.800 |
0.000 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
398.214 |
623.580 |
73.200 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
1.606 |
1.585 |
1.400 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE TAX
(E-F) (G) |
396.608 |
621.995 |
71.800 |
|
|
|
|
|
|
|
|
|
Less |
TAX (I) |
132.075 |
209.913 |
18.700 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-I) (J) |
264.533 |
412.082 |
53.100 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
370.000 |
40.400 |
(2.100) |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Transfer to Special Reserve Fund |
0.000 |
82.400 |
10.600 |
|
|
BALANCE CARRIED
TO THE B/S |
634.533 |
370.000 |
40.400 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
8.82 |
13.67 |
4.41 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
PAT / Total Income |
(%) |
7.80
|
12.73 |
8.23 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
11.69
|
19.26 |
NA |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
NA
|
2.45 |
0.39 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
NA
|
0.18 |
0.02 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
NA
|
6.05 |
4.81 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
NA
|
17.18 |
17.89 |
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 |
No |
|
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 |
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 |
Yes |
BACKGROUND :
The Company is registered with National Housing Bank as Housing
Financial Company without accepting public deposit. The Company is principally
engaged in housing finance business.
NOTE :
CURRENT MATURITIES OF LONG TERM DEBT: NOT AVAILABLE
UNSECURED LOANS :
(Rs in Millions)
|
PARTICULARS |
31.03.2011
|
|
Other debt Unsecured |
2211.621 |
|
Total |
2211.621 |
INDEX OF CHARGE :
|
Sr .No. |
Charge ID |
Date of Charge Creation/Modification |
Charge amount secured |
Charge Holder |
Address |
Service Request Number (SRN) |
|
1 |
10416253 |
29/03/2013 |
2,000,000,000.00 |
BANK OF |
Industrial Finance Branch, Appejay House,
130, DR. V B Gandhi Marg, Fort, Mumbai - 400001, |
B72143746 |
|
2 |
10402608 |
31/01/2013 |
3,500,000,000.00 |
IDBI TRUSTEESHIP SERVICES LIMITED |
Asian Bldg., Ground Floor, 17, R.Kamani
Marg,, Ballard Estate, Mumbai-400001, |
B67823724 |
|
3 |
10384865 |
28/09/2012 |
1,000,000,000.00 |
STATE BANK OF |
|
B61519856 |
|
4 |
10354116 |
27/12/2011 |
1,000,000,000.00 |
UCO Bank |
Flagship Corporate Branch, UCO Bank
Building, Dr. |
B33576422 |
|
5 |
10322962 |
05/12/2011 |
2,000,000,000.00 |
Andhra Bank |
5-9-11, Dr. Pattabhi Bhavan,, Saifabad, |
B27799808 |
|
6 |
10305842 |
17/08/2011 |
1,000,000,000.00 |
Andhra Bank |
5-9-11, Dr. Pattabhi Bhavan,, Saifabad, |
B20340949 |
|
7 |
10238822 |
16/08/2010 |
1,500,000,000.00 |
Punjab & Sind Bank |
21, |
A94059342 |
|
8 |
10232614 |
08/07/2010 |
500,000,000.00 |
Axis Bank Limited |
|
A90841362 |
|
9 |
10234467 |
08/07/2010 |
2,000,000,000.00 |
Axis Bank Limited |
|
A91732560 |
|
10 |
10231528 |
30/06/2010 |
1,000,000,000.00 |
YES BANK LIMITED |
9TH Floor, Nehru
Centre, Discovery of India, DR. Annie Besant Road, Worli, Mumbai 400018,
Maharashtra- INDIA |
A90219833 |
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. 59.83 |
|
|
1 |
Rs. 91.76 |
|
Euro |
1 |
Rs. 79.33 |
INFORMATION DETAILS
|
Information
Gathered by : |
PDT |
|
|
|
|
Report Prepared
by : |
|
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
7 |
|
PAID-UP CAPITAL |
1~10 |
7 |
|
OPERATING SCALE |
1~10 |
7 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
7 |
|
--PROFITABILIRY |
1~10 |
7 |
|
--LIQUIDITY |
1~10 |
7 |
|
--LEVERAGE |
1~10 |
7 |
|
--RESERVES |
1~10 |
7 |
|
--CREDIT LINES |
1~10 |
7 |
|
--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 |
|
63 |
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.