|
Report Date : |
15.10.2013 |
IDENTIFICATION DETAILS
|
Name : |
MARVEL REALTORS AND DEVELOPERS LIMITED |
|
|
|
|
Registered
Office : |
Office No. 301-302, Jewel Tower, Survey No 25/H, Lane No 5, Koregaon Park Pune – 411001, Maharashtra |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as
on) : |
31.03.2012 |
|
|
|
|
Date of
Incorporation : |
24.05.2006 |
|
|
|
|
Com. Reg. No.: |
11-128506 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs. 10.000 Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U70102PN2006PLC128506 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
PNEM11257B |
|
|
|
|
Legal Form : |
A Closely Held Public Limited Liability Company |
|
|
|
|
Line of Business
: |
Real Estate Development. |
|
|
|
|
No. of Employees
: |
1000 [Group] (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
Ca (19) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
11-25 |
Ca |
Adverse factors are apparent. Repayment of interest and principal sums
in default or expected to be in default upon maturity |
Limited with
full security |
|
Status : |
Moderate |
|
|
|
|
Payment Behaviour : |
Slow |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is an established company having a moderate track record. As per the available financials, the networth of the company has been eroded
due to continuous accumulated loss incurred from its operations. However, business is active. Payment are reported to be slow. The company can be considered for business dealings on safe and
secured trade terms and conditions. |
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 Tunisia, Egypt, Libya and Vietnam.
Once powerful countries in Europe are now fighting for bankruptcy. We have
taken growth in the developing part of the world for granted but economic
growth in China and India has begun to slow. Companies that were synonymous
with their product categories just a few years ago are now no longer in
existence. Kodak, the inventor of the digital camera had to wind up its
operations, HMV, the British entertainment retailing company and Borders, once
the second largest bookstore have shut down due to their inability to evolve
their business models with the changing time. Readers’ Digest, Thomson Register
are no more !
There is another
megatrend happening. The World order is changing as economic power shifts from
West to East. According to McKinsey study, it took Britain more than 100 years
to double its economic output per person during its industrial revolution and
the US later took more than 50 years to do the same. More than a century later,
China and India have doubled their GDP per capital in 12 and 18 years
respectively. By 2020, emerging Asia will become the world’s largest consuming
block, overtaking North America.
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 India regains its growth trajectory of 8-9 % sooner than
later. This is crucially important given the need to create gainful livelihood
opportunities for the millions living in poverty as also the large contingent
of young people joining the job market every year.
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. Mayuresh Deosthale |
|
Designation : |
Finance Head |
|
Contact No.: |
91-20-26052920 |
|
Date : |
12.10.2013 |
LOCATIONS
|
Registered Office : |
Office No. 301-302, Jewel Tower, Survey No 25/H, Lane No 5, Koregaon Park Pune – 411001, Maharashtra, India |
|
Tel. No. : |
91-20-26052920 / 26052921 / 32900573 |
|
Fax No. : |
91-66201389 |
|
E-Mail : |
|
|
Website : |
|
|
Location : |
Owned |
DIRECTORS
As on 28.09.2012
|
Name : |
Mr. Vinay Mahavirprasad Chudiwal |
|
Designation : |
Whole-time director |
|
Address : |
Flat No.A-204, Sujay Garden, Mukund Nagar, Pune – 411037, Maharashtra,
India |
|
Date of Birth/Age : |
03.03.1971 |
|
Date of Appointment : |
01.04.2010 |
|
DIN No. : |
00158193 |
|
|
|
|
Name : |
Mr. Vishwajeet Subhash Jhavar |
|
Designation : |
Director |
|
Address : |
A-10, Flat No.1, Meera Nagar, Koregaon Park, Pune – 411001,
Maharashtra, India |
|
Date of Birth/Age : |
03.05.1969 |
|
Date of Appointment : |
24.05.2007 |
|
DIN No. : |
00158203 |
|
|
|
|
Name : |
Mr. Mahesh Bansilal Laddha |
|
Designation : |
Whole-time director |
|
Address : |
Flat No.1, Novelty Co-Operative Housing Society, Behind Maruti Care
Point, Near Chatursingh Temple, Pune – 411016, Maharashtra, India |
|
Date of Birth/Age : |
10.08.1965 |
|
Date of Appointment : |
01.04.2010 |
|
DIN No. : |
00158212 |
|
|
|
|
Name : |
Mr. Prithviraj Solanke |
|
Designation : |
Additional Director |
|
Address : |
C/3, Clover Garden, 4, Naylor Road, Pune – 411001, Maharashtra, India |
|
Date of Birth/Age : |
13.04.1979 |
|
Date of Appointment : |
28.09.2012 |
|
DIN No. : |
01880078 |
KEY EXECUTIVES
|
Name : |
Mr. Mayuresh Deosthale |
|
Designation : |
Finance Head |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 28.09.2012
|
Names of Shareholders |
|
No. of Shares |
|
Vinay Mahavirprasad Chudiwal |
|
112500 |
|
Mahesh Bansilal Laddha |
|
125000 |
|
Veena Vishwajeet Jhavar |
|
300000 |
|
Prithviraj Prakash Solanke |
|
50000 |
|
Nikhil Madhukar Bhave |
|
100000 |
|
Subhash Shivchandra Jhavar |
|
50000 |
|
Sachin Subhash Jhavar |
|
50000 |
|
Sachin Subhash Bohara |
|
12500 |
|
Vishwajeet Subhash Jhavar |
|
200000 |
|
Total |
|
1000000 |
As on 28.09.2012
Equity Share Break up (Percentage of Total Equity)
|
Category |
Percentage of Holding |
|
Directors or relatives of Directors |
98.75 |
|
Other top fifty shareholders |
1.25 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Real Estate Development. |
|
|
|
|
Terms : |
|
|
Selling : |
Cash and Credit |
|
|
|
|
Purchasing : |
Cash, Credit and Depend |
GENERAL INFORMATION
|
Customers : |
Others |
||||||||||||||||||||||||||||||||||||
|
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|
||||||||||||||||||||||||||||||||||||
|
No. of Employees : |
1000 [Group] (Approximately) |
||||||||||||||||||||||||||||||||||||
|
|
|
||||||||||||||||||||||||||||||||||||
|
Bankers : |
· Axis Bank Limited, Cbb-214/215, City Mall, II Floor, University (Ganesh Khind) Road, Pune - 411007, Maharashtra, India ICICI Bank Limited, Landmarkrace Cource Circle, Alkapuri,
Baroda - 390015, Gujarat, India |
||||||||||||||||||||||||||||||||||||
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|
||||||||||||||||||||||||||||||||||||
|
Facilities : |
NOTE The company has issued Secured Optionally Convertible Debentures(OCDs) to HDFC Asset Management Company Limited (Investor). The OCDs are secured by -' A flrsi ranking and exclusive charge by way of an equitable mortgage over all rights and interest of the Company in respect of the area acquired in Project Marvel Edge A first ranking and exclusive charge by way of hypothecation of the Project Marvel Sentinel receivables A first ranking and exclusive charge by way of hypothecation of 43% of Project Marvel Cerise receivables A first ranking and exclusive charge by way of hypothecation of the Project Marvel Edge Receivables (in respect of the acquired area) Pledge of shares held by Promoters in the Company, Marvcledge Realtors Private Limited and: Marvel Promoters arid Developers (Pune) Private Limited
An escrow of the amounts constituting the Project Receivables, the Project Marvel Cerise Receivables and the Marvel Project Edge Receivables (in respect of the acquired area} as deposited in the Escrow Account, the Project Marvel Cense Escrow Account and the Project Marvel Edge Escrow Account Pledge over all shares held by Promoter 1 in Marvel Edge which constitutes 11% of the paid up share capital of Marvel Edge Realtors Private Limited A first ranking and exclusive charge byway of hypothecation of all payments and distributions with respect lo the Edge Stores including but not limited to dividends, which shall be deposited in an escrow account Corporate Guarantee by Marvel Promoters and Developers (Pune) Private Limited Personal Guarantee by the Vishwajeet Jhavar Security over the land. Receivables and shares of any new
project undertaken |
|
Banking
Relations : |
-- |
|
|
|
|
Financial Institution : |
· HDFC Asset Management Company Limited, 169, Ramon House, Backbay Reclamation, Churchgate,, Mumbai - 400020, Maharashtra, India Reliance Capital Limited, "H" Block 1st
Floor, Dhirubhai Ambani Knowledge City, Koparkhairne, Navi Mumbai - 400710,
Maharashtra, India |
|
|
|
|
Auditors : |
|
|
Name : |
BBSR and Company Chartered Accountants |
|
Address : |
703, 7th Floor, Godrej Castlemaine, Next to Ruby Hall Clinic, Bund Garden Road, Pune – 411001, Maharashtra, India |
|
Tel. No. : |
91-20-30504000 |
|
Fax No. : |
91-20-30504100 |
|
Income-tax
PAN of auditor or auditor's firm : |
AAKFB4397F |
|
|
|
|
Entity where Key
Management personnel have significant influence : |
· Marvel Landmarks Private Limited Marvel Promoters and Developers (Pune) Private Limited Marvel Edge Realtors Private Limited Marvel Sigma Homes Private Limited Marvel Omega Builders Private Limited Marvel Realtors Marvel Bharucha Realtors Hallmark Marvel Realtors Mapcon Ananya Enterprises Prithvi Marvel Developers Kappa Realtors LLP Kappa Buildcon LLP Kappa Infraventures Private Limited |
CAPITAL STRUCTURE
As on 31.03.2012
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
1000000 |
Equity Shares |
Rs.10/- each |
Rs. 10.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
1000000 |
Equity Shares |
Rs.10/- each |
Rs. 10.000 Millions |
|
|
|
|
|
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
|
31.03.2012 |
31.03.2011 |
|
I.
EQUITY
AND LIABILITIES |
|
|
|
|
(1)Shareholders’ Funds |
|
|
|
|
(a) Share Capital |
|
10.000 |
10.000 |
|
(b) Reserves & Surplus |
|
(39.009) |
(2.224) |
|
© Money
received against share warrants |
|
0.000 |
0.000 |
|
|
|
|
|
|
(2) Share Application money pending allotment |
|
0.000 |
0.000 |
|
Total
Shareholders’ Funds (1) + (2) |
|
(29.009) |
7.776 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
|
0.000 |
0.000 |
|
(b) Deferred tax liabilities (Net) |
|
0.000 |
0.748 |
|
© Other long term liabilities |
|
0.000 |
0.000 |
|
(d) long-term provisions |
|
0.000 |
0.000 |
|
Total Non-current Liabilities (3) |
|
0.000 |
0.748 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
|
858.887 |
959.140 |
|
(b) Trade payables |
|
176.282 |
112.431 |
|
© Other current
liabilities |
|
487.260 |
928.201 |
|
(d) Short-term provisions |
|
297.186 |
6.760 |
|
Total Current Liabilities (4) |
|
1819.615 |
2006.532 |
|
|
|
|
|
|
TOTAL |
|
1790.606 |
2015.056 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
|
107.691 |
72.637 |
|
(ii) Intangible Assets |
|
0.000 |
0.000 |
|
(iii) Capital
work-in-progress |
|
44.663 |
61.867 |
|
(iv)
Intangible assets under development |
|
0.000 |
0.000 |
|
(b) Non-current Investments |
|
437.818 |
86.620 |
|
© Deferred tax assets (net) |
|
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
|
48.715 |
6.161 |
|
(e) Other Non-current assets |
|
0.000 |
0.000 |
|
Total Non-Current Assets |
|
638.887 |
227.285 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
|
0.528 |
604.195 |
|
(b) Inventories |
|
802.060 |
999.194 |
|
© Trade receivables |
|
17.495 |
0.000 |
|
(d) Cash and cash
equivalents |
|
17.281 |
2.953 |
|
(e) Short-term loans and
advances |
|
301.333 |
180.193 |
|
(f) Other current assets |
|
13.022 |
1.234 |
|
Total Current Assets |
|
1151.719 |
1787.769 |
|
|
|
|
|
|
TOTAL |
|
1790.606 |
2015.054 |
|
SOURCES OF FUNDS |
|
|
31.03.2010 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
|
|
10.000 |
|
|
2] Share Application Money |
|
|
0.000 |
|
|
3] Reserves & Surplus |
|
|
0.000 |
|
|
4] (Accumulated Losses) |
|
|
(1.460) |
|
|
NETWORTH |
|
|
8.540 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
|
|
132.358 |
|
|
2] Unsecured Loans |
|
|
14.688 |
|
|
TOTAL BORROWING |
|
|
147.046 |
|
|
DEFERRED TAX LIABILITIES |
|
|
0.037 |
|
|
|
|
|
|
|
|
TOTAL |
|
|
155.623 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
|
|
75.758 |
|
|
Capital work-in-progress |
|
|
1.145 |
|
|
|
|
|
|
|
|
INVESTMENT |
|
|
35.623 |
|
|
DEFERRED TAX ASSETS |
|
|
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
|
|
683.088 |
|
|
Sundry Debtors |
|
|
0.000 |
|
|
Cash & Bank Balances |
|
|
1.946 |
|
|
Other Current Assets |
|
|
0.000 |
|
|
Loans & Advances |
|
|
525.801 |
|
Total
Current Assets |
|
|
1210.835 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
|
|
134.596 |
|
|
Other Current Liabilities |
|
|
1033.142 |
|
|
Provisions |
|
|
0.000 |
|
Total
Current Liabilities |
|
|
1167.738 |
|
|
Net Current Assets |
|
|
43.097 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
|
|
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
|
|
155.623 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
696.704 |
281.293 |
0.000 |
|
|
|
Other Income |
56.691 |
4.421 |
4.940 |
|
|
|
TOTAL (A) |
753.395 |
285.714 |
4.940 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Project expenditure |
600.726 |
199.067 |
0.000 |
|
|
|
Employee benefit expense |
7.543 |
0.927 |
20.716 |
|
|
|
Other expenses |
38.018 |
18.467 |
35.805 |
|
|
|
TOTAL (B) |
646.287 |
218.461 |
56.521 |
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE INTEREST, TAX,
DEPRECIATION AND AMORTISATION (A-B) (C) |
107.108 |
67.253 |
(51.581) |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
140.320 |
19.376 |
2.259 |
|
|
|
|
|
|
|
|
|
|
PROFIT
/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
(33.212) |
47.877 |
(53.840) |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
4.320 |
7.586 |
6.118 |
|
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE TAX (E-F) (G) |
(37.532) |
40.291 |
(59.958) |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
(0.747) |
41.055 |
(0.442) |
|
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) AFTER TAX (G-H) (I) |
(36.785) |
(0.764) |
(59.516) |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
(2.224) |
(1.460) |
58.056 |
|
|
|
|
|
|
|
|
|
|
BALANCE CARRIED
TO THE B/S |
(39.009) |
(2.224) |
(1.460) |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw material /components used in Construction |
4.357 |
32.910 |
NA |
|
|
TOTAL IMPORTS |
4.357 |
32.910 |
NA |
|
|
|
|
|
|
|
|
|
|
Earnings /
(Loss) Per Share (Rs.) |
(36.78) |
(0.76) |
(59.52) |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
PAT / Total Income |
(%) |
(4.88)
|
(0.27) |
(1204.78) |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
(5.38)
|
14.32 |
0.00 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
(2.87)
|
2.16 |
(4.66) |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
1.29
|
5.18 |
(7.02) |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
(29.61)
|
123.35 |
17.22 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
0.63
|
0.89 |
1.04 |
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
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 |
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 |
CURRENT MATURITIES OF
LONG TERM DEBTS : NOT AVAILABLE
INDEX OF CHARGES
|
S.NO. |
CHARGE ID |
DATE OF CHARGE CREATION/MODIFICATION |
CHARGE AMOUNT SECURED |
CHARGE HOLDER |
ADDRESS |
SERVICE REQUEST NUMBER (SRN) |
|
1 |
10442031 |
15/07/2013 |
150,000,000.00 |
HOUSING DEVELOPMENT FINANCE CORPORATION LIMITED |
RAMON HOUSE 169 BACKBAY RECLAMATION, H T PAREKH MARG, MUMBAI - 400020, MAHARASHTRA, INDIA |
B81684961 |
|
2 |
10334582 |
11/01/2012 |
400,000,000.00 |
STATE BANK OF INDIA |
COMMERCIAL BRANCH, 1548/A, SADASHIV PETH, TILAK ROAD, PUNE - 411030, MAHARASHTRA, INDIA |
B31684442 |
|
3 |
10334033 |
09/07/2013 * |
400,000,000.00 |
HDFC ASSET MANAGEMENT COMPANY LIMITED |
169, RAMON HOUSE, BACKBAY RECLAMATION, CHURCHGATE, MUMBAI - 400020, MAHARASHTRA, INDIA |
B81205635 |
|
4 |
10335078 |
09/07/2013 * |
400,000,000.00 |
HDFC ASSET MANAGEMENT COMPANY LIMITED |
169, RAMON HOUSE, BACKBAY RECLAMATION, CHURCHGATE, MUMBAI - 400020, MAHARASHTRA, INDIA |
B81207037 |
|
5 |
10312513 |
28/09/2011 |
4,228,000.00 |
ICICI BANK LIMITED |
LANDMARKRACE COURCE CIRCLE, ALKAPURI, BARODA - 390015, GUJARAT, INDIA |
B23346364 |
|
6 |
10275345 |
23/02/2011 |
6,243,738.00 |
RELIANCE CAPITAL LTD |
"H" BLOCK 1ST FLOOR, DHIRUBHAI AMBANI KNOWLEDGE CITY, KOPARKHAIRNE, NAVI MUMBAI - 400710, MAHARASHTRA, INDIA |
B08589970 |
|
7 |
10267801 |
10/02/2011 |
42,000,000.00 |
ICICI BANK LIMITED |
LANDMARKRACE COURCE CIRCLE, ALKAPURI, BARODA - 390015, GUJARAT, INDIA |
B06627327 |
|
8 |
10144418 |
18/06/2012 * |
48,500,000.00 |
AXIS BANK LIMITED |
CBB-214/215,CITY MALL,II FLOOR, UNIVERSITY (GANESH KHIND) ROAD, PUNE - 411007, MAHARASHTRA, INDIA |
B43392836 |
|
9 |
10027642 |
19/10/2006 |
48,500,000.00 |
UTI BANK LTD |
TRISHUL 3RD FLOOR OPPOSITE SAMARTHESHWAR TEMPLE, LAW GARDEN ELLISBRIDGE, AHMEDABAD - 380006, GUJARAT, INDIA |
A07385370 |
* Date of charge modification
UNSECURED LOANS
|
PARTICULARS |
31.03.2012 (Rs.
in Millions) |
31.03.2011 (Rs.
in Millions) |
|
SHORT TERM
BORROWINGS |
|
|
|
Other Loans Loans from Directors (Unsecured, repayable on demand) |
10.141 |
100.215 |
|
Total |
10.141 |
100.215 |
BACKGROUND
Subject is a company engaged in real estate development. The company is privately held by Jhavar group. The company is primarily engaged in developing residential and commercial properties at various locations in Pune.
OPERATIONS AND FUTURE
PROSPECTS:
FINANCIAL OUTPUT AND
OPERATIONAL REVIEW
The Company is in process of completion of various projects and has reported tremendous growth in all its endeavors during the financial year under review. As per the accounting policy adopted by the Company, the revenue is recognized 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 capitalized and has been credited to project expenditure account.
The Company has reported loss after tax amounting to Rs. 36.785 Millions for the financial year under review. However, the Board of Directors of the Company are hopeful that it would be compensated in the forthcoming years.
SUBSCRIPTION OF
EQUITY
Further during the year under review, the company has subscribed in the equity shares of Kappa Infra Ventures Private Limited, consequently the Company holds 51% of the total equity shares of Kappa infra Ventures Private limited, and accordingly, by virtue of Section 4(1)(b)(i) of the Companies Act, 1956 is the holding Company of Kappa infra Ventures Private limited.
CONTINGENT
LIABILITIES:
|
PARTICULARS |
31.03.2012 (Rs.
In Millions) |
31.03.2011 (Rs.
In Millions) |
|
Income Tax |
7.332 |
14.663 |
FIXED ASSETS
· Building
Plant
and Equipment
Computers
Office
Equipments
Motor
Vehicles
Furniture
and Fixtures
PRESS RELEASE
MARVEL EDGE RANKS 1ST IN BEST ENERGY CONSERVING PROJECT BY THE
MAHARASHTRA ENERGY DEVELOPMENT AGENCY
Pune, July 4th,
2013:
Marvel Realtors’ Pune based project Marvel EDGE has won the best energy conservation project in the state by MEDA (Maharashtra Energy Development Agency) in the architects and builders category. Marvel EDGE scored 84.5 points out of 100 on an assessment based on energy efficient design, design procedure, scientific methods adopted in construction and design. Marvel realtors participated with some of the best companies in the industry such as Tata Consultancy Services, Kirloskar Oil Engines, Bajaj Auto, Hindustan Aeronautics Limited, Godrej and Boyce Mfg. Co etc to compete for this honour.
Marvel EDGE features some of the most unique and innovative design and construction procedures that result in higher energy efficiency. The nine storey tall building combining state of art infrastructure with an environmentally sustainable design, along with Marvel EDGE’s unique curvilinear facade with perforated envelopes reduces heat exposure and minimizes power consumption.
Rain water harvesting is an integral part of Marvel EDGE and has resulted in high ground water levels in the area. Treated waste water is used for flushing, air conditioning and gardening, supporting the plantation around the project. The plantation within the project has also been chosen based on its lower requirement of water; drip and sprinkle irrigation further contribute to water conservation.
During the construction of Marvel EDGE, local materials were used extensively thereby reducing transportation and footprint costs. The paints and adhesives used have low VOC (Volatile Organic Compounds) which reduces cancer risk caused by the harmful fumes of paints.
Marvel EDGE’s indoor air quality is 30% better than the prescribed Government standards for fresh air. Not just that, the top floors are heat insulted to prevent excess heat absorption and the reflective tiles further enhance the insulation effect. Staying true to its essence of being energy efficient, Marvel EDGE also offers electric car charging points and special parking for car pools.
About Marvel Realtors
Marvel Realtors is one of Pune's most widely recognized names in real estate circles for creating premium lifestyle apartments for the up market segment. With over 24 million square feet of overall construction, Marvel has now forayed into commercial spaces that offer the best in innovation, luxury and technology. Striving to make everyone else's 'superior offering' just a standard amenity and constantly thinking ahead to create differentiators over the competition is the challenge set by the company.
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.61.30 |
|
|
1 |
Rs.97.99 |
|
Euro |
1 |
Rs.83.15 |
INFORMATION DETAILS
|
Information
Gathered by : |
PDT |
|
|
|
|
Report Prepared
by : |
MRI |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
3 |
|
PAID-UP CAPITAL |
1~10 |
2 |
|
OPERATING SCALE |
1~10 |
2 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
2 |
|
--PROFITABILIRY |
1~10 |
2 |
|
--LIQUIDITY |
1~10 |
2 |
|
--LEVERAGE |
1~10 |
2 |
|
--RESERVES |
1~10 |
2 |
|
--CREDIT LINES |
1~10 |
2 |
|
--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 |
|
19 |
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.