MIRA INFORM REPORT
|
Report Date : |
23.05.2013 |
IDENTIFICATION DETAILS
|
Name : |
VENUS CREATION |
|
|
|
|
Registered
Office : |
Office No. 4, 1st Floor, Mumba Devi Mansion, Co-owner
Housing Company Private Limited, 21-23, Dhanji Street, Mumbai-400003,
Maharashtra |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as
on) : |
31.03.2013 [Provisional] |
|
|
|
|
Date of
Incorporation : |
01.04.2012 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs.7.787 Millions |
|
|
|
|
PAN No.: [Permanent Account No.] |
AYQPS4007D |
|
|
|
|
Legal Form : |
Sole Proprietary Concern |
|
|
|
|
Line of Business
: |
Trader of Gold and Diamond Jewellery |
|
|
|
|
No. of Employees
: |
5 [Approximately] |
RATING & COMMENTS
|
MIRA’s Rating : |
NB |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
- |
NB |
New Business |
- |
|
Status : |
New Concern |
|
|
|
|
Payment Behaviour : |
Slow |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is a new proprietary concern established itself gradually.
Though the concern was started in April 2012, it’s started its activity from
25 January 2013. In its three months of business operation concern has achieved
sizeable turnover. Trade relations are reported to be fair. Business is
active. Payments terms are slow. The concern can be considered for business dealings with great
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) |
|
India |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
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 : |
Mr. Jaymik J. Shah |
|
Designation : |
Proprietor |
|
Contact No.: |
91-9820949239 |
|
Date : |
22.05.2013 |
LOCATIONS
|
Registered Office : |
Office No. 4, 1st Floor, Mumba Devi Mansion, Co-owner
Housing Company Private Limited, 21-23, Dhanji Street, Mumbai-400003,
Maharashtra, India |
|
Tel. No.: |
91-22-66382411 |
|
Mobile No.: |
91-9820949239 [Mr. Jaymik J. Shah] |
|
Fax No.: |
91-22-28729451 |
|
E-Mail : |
|
|
Area : |
300.00 sq. ft. |
|
Location : |
Rented |
SOLE PROPRIETOR
|
Name : |
Mr. Jaymik J. Shah |
|
Designation : |
Proprietor |
|
Address : |
7/7, Geet Govind, Jawahar Nagar, Goregaon (West), Mumbai, Maharashtra,
India |
|
Date of Birth/Age : |
25.12.1965 |
|
Qualification : |
Graduate |
|
Experience : |
5 Years |
KEY EXECUTIVES
|
Name : |
Mr. Bhavin Shah |
|
Designation : |
Key Executive |
|
Mobile No.: |
91-9819067958 |
BUSINESS DETAILS
|
Line of Business : |
Trader of Gold and Diamond Jewellery |
|
|
|
|
Terms : |
|
|
Selling : |
Cash [90 Days] |
|
|
|
|
Purchasing : |
Cash |
GENERAL INFORMATION
|
Customers : |
Wholesalers, Retailers and End Users |
|
|
|
|
No. of Employees : |
5 [Approximately] |
|
|
|
|
Bankers : |
|
|
|
|
|
Banking Relations
: |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
Singhi Bikash and Associates Chartered Accountants |
|
Address : |
1804, Rustomzee Ozone, Goregaon (West), Mumbai, Maharashtra, India |
|
Tel. No.: |
91-22-28760917 |
|
E-Mail : |
CAPITAL STRUCTURE
AS ON 31.03.2013
|
Capital Investment : |
|
|
Owned : |
Rs.7.787 Millions |
|
Borrowed : |
-- |
|
Total : |
Rs.7.787 Millions |
FINANCIAL DATA
[all figures are in
Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
|
31.03.2013 [Provisional] |
31.03.2012 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Proprietor Capital |
|
7.787 |
2.837 |
|
|
2] Share Application Money |
|
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
|
0.000 |
0.000 |
|
|
4] (Accumulated Losses) |
|
0.000 |
0.000 |
|
|
NETWORTH |
|
7.787 |
2.837 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
|
0.000 |
0.000 |
|
|
2] Unsecured Loans |
|
5.025 |
1.633 |
|
|
TOTAL BORROWING |
|
5.025 |
1.633 |
|
|
DEFERRED TAX LIABILITIES |
|
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
|
12.812 |
4.470 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
|
0.000 |
0.000 |
|
|
Capital work-in-progress |
|
0.000 |
0.000 |
|
|
|
|
|
|
|
|
INVESTMENT |
|
0.000 |
0.000 |
|
|
DEFERREX TAX ASSETS |
|
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
|
4.354 |
0.000 |
|
|
Sundry Debtors |
|
32.303 |
0.000 |
|
|
Cash & Bank Balances |
|
1.451 |
0.032 |
|
|
Other Current Assets |
|
0.856 |
0.000 |
|
|
Loans & Advances |
|
6.371 |
5.093 |
|
Total
Current Assets |
|
45.335 |
5.125 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
|
31.843 |
0.000 |
|
|
Other Current Liabilities |
|
0.680 |
0.655 |
|
|
Provisions |
|
0.000 |
0.000 |
|
Total
Current Liabilities |
|
32.523 |
0.655 |
|
|
Net Current Assets |
|
12.812 |
4.470 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
|
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
|
12.812 |
4.470 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
|
31.03.2013 [Provisional] |
31.03.2012 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
|
33.016 |
0.000 |
|
|
|
Other Income |
|
1.200 |
1.128 |
|
|
|
Closing Stock |
|
4.354 |
0.000 |
|
|
|
TOTAL |
|
38.570 |
1.128 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Purchases |
|
|
|
|
|
|
Administrative Expenses |
|
0.635 |
0.746 |
|
|
|
Direct Expenses |
|
0.625 |
|
|
|
|
TOTAL |
|
38.019 |
0.746 |
|
|
|
|
|
|
|
|
Less |
PROFIT
/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION |
|
0.551 |
0.382 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES |
|
0.101 |
0.000 |
|
|
|
|
|
|
|
|
|
|
PROFIT
/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION |
|
0.450 |
0.382 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION |
|
0.000 |
0.000 |
|
|
|
|
|
|
|
|
|
|
NET PROFIT /
(LOSS) |
|
0.450 |
0.382 |
|
The above information has been parted by Mr. Jaymik J. Shah.
Note : Sole Proprietory and Partnership concerns are
exempted from filing their financials with the Government Authorities or
Registry.
KEY RATIOS
|
PARTICULARS |
|
|
31.03.2013 [Provisional] |
31.03.2012 |
|
PAT / Total Income |
(%) |
|
1.17 |
33.87 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
|
1.36 |
0.00 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
|
0.99 |
7.45 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
|
0.05 |
0.13 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
|
0.65 |
0.57 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
|
1.39 |
7.82 |
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 |
Yes |
|
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 |
No |
|
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 |
No |
|
29] |
Last accounts filed at ROC |
Yes |
|
30] |
Major Shareholders, if available |
No |
|
31] |
PAN of Proprietor/Partner/Director, if available |
No |
|
32] |
Date
of Birth of Proprietor/Partner/Director, if available |
Yes |
|
33] |
Voter ID No of Proprietor/Partner/Director, if available |
No |
|
34] |
External Agency Rating, if available |
No |
DIAMOND INDUSTRY – INDIA
-
From time immemorial, India is well known in the world
as the birthplace for diamonds. It is difficult to trace the origin of
diamonds but history says that in the remote past, diamonds were mined only in
India. Diamond production in India can be traced back to almost 8th
Century B.C. India, in fact, remained undisputed leader till 18th
Century when Brazilian fields were discovered in 1725 followed by emergence of
S. Africa, Russia and Australia.
-
The achievement of the Indian diamond industry was
possible only due to combination of the manufacturing skills of the Indian
workforce and the untiring and unflagging efforts of the Indian diamantaires,
supported by progressive Government policies.
-
The area of study of family owned diamond businesses
derives its importance from the huge conglomerate of family run organizations
which operate in the diamond industry since many generations.
-
Some of the basic traits of family run business
enterprises include spirit of entrepreneurship, mutual trust lowers transaction
costs, small, nimble and quick to react, information as a source of advantage
and philanthropy.
-
Family owned diamond businesses need to improve on
many fronts including higher standard of corporate governance, long-term
performance – focused strategies, modern management and technology.
-
Utmost caution is to be exercised while dealing with
some medium and large diamond traders which are usually engaged in fictitious
import – export, inter-company transactions, financially assisted by banks. In
the process, several public sector banks lost several hundred million rupees.
They mostly diverted borrowed money for diamond business into real estate and
capital markets.
-
Excerpts from Times of India dated 30th
October 2010 is as under –
-
Gem and Jewellery Export Promotion Council in its
statistical data has shown the export of polished diamonds to have increase by
28 % in February 2013. Compared to $ 1.4 bn worth of polished diamond export in
February, 2012, India exported $ 1.84 billion worth of polished diamonds in
February 2013. A senior executive of GJEPC said, “Export of cut and polished
diamonds started falling month-wise after the imposition of 2 % of import duty
on the polished diamonds. But February, 2013 has given a new ray of hope to the
industry as the export of polished diamonds has actually increased by 28 %. It
means the industry is on the track of recovery and round tripping of
diamonds has stopped completely.” Demand has started coming from the US, the
UK, Japan and China. India’s polished diamond export is expected to cross $ 21
bn in 2013-14.
-
The banking sector has started exercising restraint
while following prudent risk management norms when lending money to gems and
jewellery sector. This follows the implementation of Basel III accord – a
global voluntary regulatory standard on bank capital adequacy, stress testing
and market liquidity.
------------------------------------------------------------------------------------------------------------------------------
ASSESSMENT
OF WORKING CAPITAL REQUIREMENT
OPERATING
STATEMENT
(RS. IN MILLIONS)
|
Particulars |
31.03.2014 |
31.03.2015 |
|
|
Estimated |
Projected |
|
|
|
|
|
Sales/Receipts |
160.000 |
200.000 |
|
Other Income |
1.500 |
1.500 |
|
Total |
161.500 |
201.500 |
|
|
|
|
|
COST
OF SALES |
|
|
|
|
|
|
|
Purchases |
173.000 |
195.000 |
|
|
|
|
|
Direct Expenses |
0.700 |
0.700 |
|
|
|
|
|
Cost
of Production |
173.700 |
195.700 |
|
|
|
|
|
Add : Opening Stock of Finished Goods |
4.354 |
23.699 |
|
|
|
|
|
Sub
Total |
178.054 |
219.399 |
|
|
|
|
|
Less: Closing Stock of Finished Goods |
23.699 |
26.712 |
|
|
|
|
|
Sub Total (Total
Cost of Sales) |
154.355 |
192.686 |
|
|
|
|
|
Selling, General and Administrative
Expenses |
1.000 |
1.200 |
|
|
|
|
|
Sub total |
155.355 |
193.886 |
|
|
|
|
|
Operating Profit before Interests
|
6.145 |
7.614 |
|
|
|
|
|
Interest |
3.391 |
3.875 |
|
|
|
|
|
Depreciation |
0.000 |
0.000 |
|
|
|
|
|
Operating profit after interest before tax |
2.754 |
3.739 |
|
|
|
|
|
Less: Tax Provision |
0.000 |
0.000 |
|
|
|
|
|
Profit after
taxes |
2.754 |
3.739 |
|
|
|
|
|
Retained Profit |
2.754 |
3.739 |
|
|
|
|
|
Net Profit % of
Sales |
1.72 |
1.87 |
|
|
|
|
|
Interest Service
Coverage Ratio |
1.81 |
1.96 |
------------------------------------------------------------------------------------------------------------------------------
ANALYSIS
OF BALANCE SHEET
(RS. IN MILLIONS)
|
Particulars |
31.03.2014 |
31.03.2015 |
|
|
Estimated |
Projected |
|
|
|
|
|
CURRENT
LIABILITIES |
|
|
|
Existing
Bank: |
|
|
|
Applicant Bank (Proposed) |
25.000 |
25.000 |
|
Cash Credit |
0.000 |
0.000 |
|
|
|
|
|
Sub
Total (A) |
25.000 |
25.000 |
|
|
|
|
|
Advance From Customers |
0.000 |
0.000 |
|
Sundry Creditors |
0.000 |
0.000 |
|
Sundry Creditors under LC |
0.500 |
1.200 |
|
Other Current Liabilities and Provision due within one
year |
0.000 |
0.000 |
|
Secured loans due within one year |
0.500 |
1.200 |
|
|
|
|
|
Sub
– Total (B) |
0.500 |
1.200 |
|
|
|
|
|
Total
Current Liabilities |
25.500 |
26.200 |
|
|
|
|
|
TERM
LIABILITIES |
|
|
|
|
|
|
|
Term Loan (Exclusive of installments payable within one
year) |
0.000 |
0.000 |
|
|
|
|
|
Unsecured Loans |
3.500 |
3.500 |
|
|
|
|
|
Car Loan |
0.000 |
0.000 |
|
|
|
|
|
Sub
– Total (C) |
3.500 |
3.500 |
|
|
|
|
|
Total
of Outside Liabilities (A+B+C) |
29.000 |
29.700 |
|
|
|
|
|
Net
Worth |
|
|
|
Proprietors Capital |
9.941 |
13.880 |
|
|
|
|
|
Net Worth |
9.941 |
13.880 |
|
|
|
|
|
TOTAL LIABILITIES |
38.941 |
43.580 |
|
|
|
|
|
CURRENT
ASSETS |
|
|
|
|
|
|
|
Cash and Bank Balance |
0.792 |
0.429 |
|
|
|
|
|
Receivable |
13.151 |
16.438 |
|
|
|
|
|
Stock in Hand |
23.699 |
26.712 |
|
|
|
|
|
Loans and Advances |
0.800 |
0.000 |
|
|
|
|
|
Other Current Assets |
0.500 |
0.000 |
|
|
|
|
|
TOTAL
CURRENT ASSETS |
38.941 |
43.580 |
|
|
|
|
|
FIXED
ASSETS |
|
|
|
Gross Block |
0.000 |
0.000 |
|
Depreciation to date |
0.000 |
0.000 |
|
|
|
|
|
NET
BLOCK |
0.000 |
0.000 |
|
|
|
|
|
OTHER
NON CURRENT ASSETS |
|
|
|
|
|
|
|
Long Term Advances |
0.000 |
0.000 |
|
|
|
|
|
Investment |
0.000 |
0.000 |
|
|
|
|
|
TOTAL
OTHER NON – CURRENT ASSETS |
0.000 |
0.000 |
|
|
|
|
|
Intangible assets |
0.000 |
0.000 |
|
|
|
|
|
TOTAL
ASSETS |
38.941 |
43.580 |
|
|
|
|
|
Tangible Net Worth |
9.941 |
13.880 |
|
|
|
|
|
Net Working Capital |
13.441 |
17.380 |
|
|
|
|
|
Current Ratio |
1.53 |
1.66 |
|
|
|
|
|
Debt Equity Ratio |
0.35 |
0.25 |
|
|
|
|
|
TOL/TNW |
2.92 |
2.14 |
|
|
|
|
|
TOL/TNW-Quasi |
2.16 |
1.71 |
|
|
|
|
|
Debt Equity Ratio-Quasi |
0.26 |
0.20 |
------------------------------------------------------------------------------------------------------------------------------
COMPUTATION
OF MAXIMUM PERMISSIBLE BANK FINANCE
(RS. IN MILLIONS)
|
Particulars |
31.03.2014 |
31.03.2015 |
|
|
Estimated |
Projected |
|
|
|
|
|
Total Current Assets |
38.941 |
43.580 |
|
|
|
|
|
Total Current Liabilities other than bank
borrowings |
0.500 |
1.200 |
|
|
|
|
|
Working Capital Gap (WCG) |
38.441 |
42.380 |
|
|
|
|
|
Min. Stipulated net working capital i.e. 25%
of total current assets as the case may be depending upon the method of
lending being applied. |
9.735 |
10.895 |
|
|
|
|
|
Actual/projected net working capital |
13.441 |
17.380 |
|
|
|
|
|
Item 3 minus items 4 |
28.706 |
31.485 |
|
|
|
|
|
Items 3 minus item 5 |
25.000 |
25.000 |
|
|
|
|
|
Maximum permissible bank finance (item 6 or
7 whichever is lower) |
25.000 |
25.000 |
------------------------------------------------------------------------------------------------------------------------------
CALCULATION OF MPBF UNDER
TURNOVER METHOD
(RS. IN MILLIONS)
|
Particulars |
31.03.2014 |
31.03.2015 |
|
|
Estimated |
Projected |
|
|
|
|
|
Estimated Sales |
160.000 |
200.000 |
|
|
|
|
|
25% of Gross Sales |
40.000 |
50.000 |
|
|
|
|
|
Margin 5% |
8.000 |
10.000 |
|
|
|
|
|
Actual/Projected NWC |
13.441 |
17.380 |
|
|
|
|
|
Item 2 minus 3 |
32.000 |
40.000 |
|
|
|
|
|
Item 2 minus item 4 |
26.559 |
32.620 |
|
|
|
|
|
Permissible Bank Finance [Lower of item 5 and item 6] |
26.559 |
32.620 |
|
|
|
|
|
Facility Requested |
25.000 |
25.000 |
------------------------------------------------------------------------------------------------------------------------------
CALCULATION OF DRAWING
POWER ON THE BASIS OF PROJECTIONS FOR THE YEAR ENDED
(RS. IN MILLIONS)
|
Drawing Power Against Stock |
31.03.2014 |
31.03.2015 |
|
|
Estimated |
Projected |
|
|
|
|
|
Value of Stocks |
23.699 |
26.712 |
|
|
|
|
|
Less: Creditors |
0.000 |
0.000 |
|
|
|
|
|
Net Paid Stock |
23.699 |
26.712 |
|
|
|
|
|
Less: Margin 25% |
5.925 |
6.678 |
|
|
|
|
|
Drawing Power (A) |
17.774 |
20.034 |
|
|
|
|
|
Drawing Power Against Book-Debts |
|
|
|
|
|
|
|
Value of Book-Debts |
13.151 |
16.438 |
|
|
|
|
|
Less: Margin 40% |
5.260 |
6.575 |
|
|
|
|
|
Drawing Power (B) |
7.890 |
9.863 |
|
|
|
|
|
Total Drawing Power (A+B) |
25.664 |
29.897 |
------------------------------------------------------------------------------------------------------------------------------
NETWORTH
STATEMENT
MR. JAYMIK J. SHAH
(RS. IN MILLIONS)
|
PARTICULAR |
BREAKUP VALUE |
|
IMMOVABLE PROPERTY |
|
|
Commercial Property bearing Gala No. 4 and
5, Ground Floor, Kohinoor Industrial Estate, B-Wing, BK. No. 957, Station
Road, Ullahsnagar, Thane, Maharashtra, India |
8.800 |
|
|
|
|
TOTAL IMMOVABLE
PROPERTY |
8.800 |
|
|
|
|
MOVABLE PROPERTY |
|
|
Jewellery |
1.200 |
|
Cash and Bank Balance |
0.250 |
|
Investment in Venus Creation as per
provision balance sheet as on 31.03.2013 |
7.787 |
|
TOTAL MOVABLE
PROPERTY |
9.237 |
|
|
|
|
TOTAL MOVABLE
ASSETS |
18.037 |
|
|
|
|
LESS: LIABILITIES |
|
|
Liabilities |
0.000 |
|
NETWORTH |
18.037 |
------------------------------------------------------------------------------------------------------------------------------
VALUATION REPORT OF IMMOVABLE
PROPERTY
|
Regarding |
Valuation of a Industrial Gala Premises |
|
|
|
|
Name of Applicant’s |
Mr. Bhavin N. Shah and Mr. Jaymik J. Shah |
|
|
|
|
Name of the Seller’s |
Kohinoor Associates through it proprietor
Mr. Sony Anil Hotchandani |
|
|
|
|
Phone No. of Applicant’s |
91-9819067958 |
|
|
|
|
Address of the Applicant’s |
Residential premises Plot No. 7/7, in the
building known as “Geet Govind Jawahar” situated at Goregaon (West),
Mumbai-400104, Maharashtra, India |
|
|
|
|
Address of the Property |
Industrial premises Gala No. 4 and 5, on the Ground Floor, in “Kohinoor
Industrial Estate-B” Situated at Near BK No. 957, Station Road, Ulhasnagar,
Thane, Maharashtra, India |
|
|
|
|
Survey Nos. |
Land bearing U, No. 26 (Part), Sheet No. 14,
adj. CTS No. 16475, Situated at Near BK. No. 957, Station Road, Ulhasnagar,
Taluka and District Thane, Maharashtra, India |
|
|
|
|
Current Possession With |
Owner of the property |
|
|
|
|
Latitude and Longitude |
Latitude - 19°22’ N Longitude - 73°15’ E |
|
|
|
|
Type of the property |
Industrial Gala Premises |
|
|
|
|
Requested By |
|
|
|
|
|
Date on Inspection |
18.05.2013 |
|
|
|
|
Survey in Presence of |
Mr. Bhavin N. Shah owner of the property |
|
|
|
|
Purpose of Valuation |
To ascertain fair market value of the
property |
|
|
|
|
Location |
Near BK. No. 957, Station Road,
Ulhasnagar-3, Thane |
|
|
|
|
Type of Locality |
Industrial |
|
|
|
|
Class |
Middle Class |
|
|
|
|
Nearest Station |
Ulhasnagar |
|
|
|
|
Distance from Station |
This building is ½ Km distance from
Ulhasnagar |
|
|
|
|
Civic Amenities |
Available Nearby |
|
|
|
|
BUILDING DETAILS |
|
|
Type of Land |
Non Agricultural |
|
|
|
|
Plot Boundaries |
East – Gala No. 3 West – Sukhdev Compound North – Burner Gulli South – Sakyiraj Industrial Compound |
|
|
|
|
Type of Occupation – Ownership/ Tenanted |
Ownership |
|
|
|
|
Type of Structure |
RCC Frame + Brickwall Partitions |
|
|
|
|
No. of Floors in Building |
Ground Floor + First Floor Structure |
|
|
|
|
No. of Lifts |
No |
|
|
|
|
Flat Details |
Industrial Unit |
|
|
|
|
Floor (This Property) |
Ground Floor |
|
|
|
|
Type of Flat |
Industrial Unit |
|
|
|
|
Saleable Area |
Gala No. 4: 1228 sq. ft. Gala No.5: 1728 sq. ft. ------------------------------------- Total: 2956 sq. ft. Super Built Up Area |
|
|
|
|
Built Up Area |
2956 sq. ft. Super Built Up Area |
|
|
|
|
Carpet Area |
2956 sq. ft. Super Built Up Area |
|
|
|
|
Completeness of Project |
Complete |
|
|
|
|
Exterior |
Acrylic Paint |
|
|
|
|
Interior |
Flooring : IPS Flooring Windows: MS Windows Doors: MS Doors |
|
|
|
|
Quality of Construction |
Good |
|
|
|
|
Under Construction |
No |
|
|
|
|
Age of the Property |
Yes |
|
|
|
|
Residual (Future) |
About 47 Years |
|
|
|
|
Ind. Bldg. / Complex of |
N.A |
|
|
|
|
Separate Compound Wall |
N.A |
|
|
|
|
Garden |
No |
|
|
|
|
Paving around the building/Chequered tiles |
N.A. |
|
|
|
|
Car Parking |
N.A |
|
|
|
|
Maintenance/ First Impression |
Good |
|
|
|
|
Plans Approved By |
Details Not Available |
|
|
|
|
Society Registration No |
Details Not Available |
|
|
|
|
Property Tax |
Details Not Available |
|
|
|
|
Water Availability |
Municipal Water |
|
|
|
|
Compliance to Sanctioned Plans |
Sanctioned plant not made available, hence
this cannot be ascertained. |
|
|
|
|
Valuation Method |
Composite Rate Method |
|
|
|
|
Valuation |
The market value obtained in this report is
defined as follows: Market value is the estimated amount for which an asset
should exchange on the date of valuation between a willing buyer and a
willing seller in a Arm’s length transaction after proper marketing wherein
the parties has each acted knowledgeably and without compulsion. (As defined
b the international valuation standards committee, London.) Thus, the
characteristic of the market values are –
|
|
|
|
|
Current Fair Market Rate |
Rs.9500/- per sq. ft. on built up area |
|
|
|
|
Current fair market rate |
Hence market value of the industrial gala
premises: Total super built up area of the premises X
market rate adopted. 2956 sq. ft. super build up area X Rs.9500/-
per sq. ft. = Rs.28.082 Millions |
|
|
|
|
Realizable Value |
The value realizable by the bank is
generally less than the market value because of various factor such as mode o
payment (Strictly by cheque), Limitation of effective marketing, costs
involved in the process of the sale etc. The percentage variation between RV
and MV depends on various factors such as urban or rural property, user and
location of the property etc. In our
opinion, considering these aspects, 10% reduction will be appropriate. They
are therefore, discounting 10% in the fair market value. |
|
|
|
|
Realizable Value |
Rs.28.082 Millions X 0.90 = Rs.25.274
Millions. 90% of the market value. |
|
|
|
|
Distress Sale Value |
It means the amount which may reasonably be
expected to obtain from the sale of a property in which one of more
characteristics of the definition of market value is noe satisfied. The
seller may be an unwilling seller and the buyer may be motivated by the
knowledge of the disadvantage the seller suffer from. Due to this they are
discounting the above value by 20% |
|
|
|
|
Distress Sale Value |
Hence Forced/Distress Value as on date = Fair Market Value as on Date x 0.80 = Rs.28.082 Millions X 0.80 = Rs.22.465 Millions |
|
|
|
|
Basis for Recommended Rate |
Location, Quality of Construction, Residual
life of the building, supply, demand, local enquiries, market feedback of
investigations etc. |
|
|
|
|
Suggested sum assured for fire Insurance
Cover (Replacement Cost) |
The fir insurance needs to be purchased on
“Replacement” or Reinstatement basis. It means one can get “New For Old”
property destroyed by fire. Earthquake etc. Land component has to be deducted
from total value and only cost of new construction has to be considered in
deciding the sum insured. 2956 sq. ft. super build up area x Rs.1500/-
(Construction Cost) = Rs.4.434 Millions. |
|
|
|
|
Government Value |
Rs.39100/- per sq. mtr. As per ready
Reckoner 2013 |
|
|
|
|
Reason for Deviation if any |
Registrar’s rates are for normal properties
and they not consider amenities, location, vastushastra compliance proximity
to a temple, a school and college etc. |
|
|
|
|
Special features that add to value |
Nil |
|
Agreement
|
Date: 13.05.2013 Amount Rs.10.346 Millions |
|
|
|
|
Remarks |
Nil |
|
|
|
|
Documents Seen |
Agreement Copy |
|
|
|
|
Registration Date |
Date: 13.05.2013 |
|
|
|
|
Registration No. |
UHN 1-920/2013 with the office of sub
registrar Ulhasnagar-1 |
|
|
|
|
Village |
Ulhasnagar-3 |
|
|
|
|
Registrar’s Value |
Rs.0.645 Million (Year 2013) |
|
|
|
|
Receipt No. |
6072 |
|
|
|
|
Agreement between |
Purchaser: Mr. Bhavin N. Shah and Mr. Jaymik
J. Shah. Seller: Kohinoor Associates through its
proprietor Mr. Sonu Anil Hotchandani. |
|
|
|
|
Any negative features |
Nil |
------------------------------------------------------------------------------------------------------------------------------
PART II: TECHNICAL DETAILS
OF PREMISES AS MENTIONED BELOW:
|
No. of Floor and height of each floor |
Ground + First Floor Structure Height 22’ |
|
|
|
|
Plinth area-floor-wise |
Gala No. 4: 1228 sq. ft. Gala No. 5: 1728 sq. ft. ------------------------------------------ Total: 2956 sq. ft. super build up area. |
|
|
|
|
Year of construction |
2010 |
|
|
|
|
Estimated future life |
47 years of economical life if maintained
properly |
|
|
|
|
Type of construction load bearing wall/RCC
frame / steel frame |
RCC Frame Structure |
|
|
|
|
Type of foundation |
RCC |
|
|
|
|
Walls |
Brick |
|
|
|
|
Partitions |
Brick |
|
|
|
|
Doors, Windows etc (Floor-wise) |
Rolling Shutter and MS Windows |
|
|
|
|
Flooring (Floor-wise) |
IPS Flooring |
|
|
|
|
Finishing (Floor-wise) |
Good |
|
|
|
|
Roofing and Terracing |
RCC and AC Sheet Roofing |
|
|
|
|
Special architectural or decorative |
N.A. |
|
|
|
|
Internal wiring-surface or conduit |
Concealed Wiring |
|
|
|
|
Class of fittings-superior/ordinary/poor |
Ordinary |
|
|
|
|
Sanitary installation |
Provided |
|
|
|
|
Quality of fittings-standard/Coloured |
Ordinary |
|
|
|
|
Compound Wall |
Provided |
|
|
|
|
No. of lifts and capacity |
N.A |
|
|
|
|
Underground sump |
As per requirement |
|
|
|
|
Overhead tan |
As per requirement |
|
|
|
|
Pump No. and their horse power |
As per requirement |
|
|
|
|
Roads and paving within the compound approx
area type of paving |
Compound area is leveled |
|
|
|
|
Sewage disposal/whether connected to public
sewer. If septic tanks provided (no. and capacity) |
Connected to municipal sewer line. |
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts,
1] INFORMATION ON
DESIGNATED PARTY
No exist designating subject or any of its beneficial owners,
controlling shareholders or senior officers as terrorist or terrorist
organization or whom notice had been received that all financial transactions
involving their assets have been blocked or convicted, found guilty or against
whom a judgement or order had been entered in a proceedings for violating
money-laundering, anti-corruption or bribery or international economic or anti-terrorism
sanction laws or whose assets were seized, blocked, frozen or ordered forfeited
for violation of money laundering or international anti-terrorism laws.
2] Court Declaration :
No exist to suggest that subject is or was
the subject of any formal or informal allegations, prosecutions or other
official proceeding for making any prohibited payments or other improper
payments to government officials for engaging in prohibited transactions or
with designated parties.
3] Asset Declaration :
No records exist to suggest that the property or assets of the subject
are derived from criminal conduct or a prohibited transaction.
4] Record on Financial
Crime :
Charges or conviction
registered against subject: None
5] Records on Violation of
Anti-Corruption Laws :
Charges or
investigation registered against subject: None
6] Records on Int’l
Anti-Money Laundering Laws/Standards :
Charges or
investigation registered against subject: None
7] Criminal Records
No available
information exist that suggest that subject or any of its principals have been
formally charged or convicted by a competent governmental authority for any
financial crime or under any formal investigation by a competent government
authority for any violation of anti-corruption laws or international anti-money
laundering laws or standard.
8] Affiliation with
Government :
No record
exists to suggest that any director or indirect owners, controlling
shareholders, director, officer or employee of the company is a government
official or a family member or close business associate of a Government
official.
9] Compensation Package :
Our market
survey revealed that the amount of compensation sought by the subject is fair
and reasonable and comparable to compensation paid to others for similar
services.
10] Press Report :
No press reports / filings exists on
the subject.
CORPORATE GOVERNANCE
MIRA INFORM as part of its Due Diligence do provide comments on Corporate
Governance to identify management and governance. These factors often have been
predictive and in some cases have created vulnerabilities to credit
deterioration.
Our Governance Assessment focuses principally on the interactions
between a company’s management, its Board of Directors, Shareholders and other
financial stakeholders.
CONTRAVENTION
Subject is not known to have contravened any existing local laws,
regulations or policies that prohibit, restrict or otherwise affect the terms
and conditions that could be included in the agreement with the subject.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.55.52 |
|
|
1 |
Rs.84.09 |
|
Euro |
1 |
Rs.71.67 |
INFORMATION DETAILS
|
Information
Gathered by : |
SVA |
|
|
|
|
Report Prepared
by : |
TPT |
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.