|
Report Date : |
24.10.2013 |
IDENTIFICATION DETAILS
|
Name : |
STARWING
DEVELOPERS PRIVATE LIMITED (w.e.f. 12.12.2005) |
|
|
|
|
Formerly Known
As : |
ELECT FINANCE AND INVESTMENT COMPANY PRIVATE LIMITED |
|
|
|
|
Registered Office
: |
501, Kaatyayni
Business Center, Off Mahakali, Caves Road, M.I.D.C. Marol Bus Depot, Andheri
(East), Mumbai – 400 093, Maharashtra |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as
on) : |
31.03.2013 |
|
|
|
|
Date of
Incorporation : |
20.04.1994 |
|
|
|
|
Com. Reg. No.: |
11-077850 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs.30.000 millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U65990MH1994PTC077850 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
MUME02032C |
|
|
|
|
PAN No.: [Permanent Account No.] |
AAACE2177K |
|
|
|
|
Legal Form : |
Private Limited Liability Company |
|
|
|
|
Line of Business
: |
Real Estate Developer and also engaged in trading of Metal, Scrap
Metal and Timbers. |
|
|
|
|
No. of Employees
: |
27 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
B (27) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Maximum Credit Limit : |
USD 315000 |
|
|
|
|
Status : |
Moderate |
|
|
|
|
Payment Behaviour : |
Slow |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is an
established company having moderate track record. There appears a huge
borrowing recorded by the company which seems to be increasing over years,
which also act as a threat to be liquidity position of the company. However, trade
relations are reported as fair. Business is active. Payments are reported to
be slow. The company can
be considered for business dealings with some cautions. |
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 – March 31st, 2013
|
Country Name |
Previous Rating (31.12.2012) |
Current Rating (31.03.2013) |
|
|
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very
High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
INDIAN ECONOMIC OVERVIEW
The finance ministry
has started preparations for Budget 2014/15. With general elections scheduled
to be held by May next year, there will only be an interim budget. The new
government will present the fiscal Budget.
The Supreme Court
has barred clinical trials for new drugs till a monitoring mechanism is put in
place to protect the lives of people on which the drugs are tested.
Mumbai has been named
the world’s second most honest city according to a survey on 15 cities
worldwide by Readers’ Digest magazine. Finnish capital
3.7 % Growth of the
core sector in August, a seven month high. This takes the overall growth in
April-August this year to 2.3 % compared with 6.3 % in the corresponding period
next financial year.
$19 million
Estimated average spending by companies across the globe including
Rising inflation,
fewer employment avenues and dwindling earnings are taking a toll on the
spending capacity in
Analysts believe the
shutdown of the
EXTERNAL AGENCY RATING
|
Rating Agency Name |
CRISIL |
|
Rating |
Working Capital Demand Loan: B+ |
|
Rating Explanation |
High risk of default. |
|
Date |
December 28, 2011 |
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. Karan Dube |
|
Designation : |
Chief Executive Officer |
|
Contact No.: |
91-22-61238888 |
|
Date : |
22.10.2013 |
LOCATIONS
|
Registered Office : |
501, Kaatyayni
Business Center, Off Mahakali, Caves Road, M.I.D.C. Marol Bus Depot, Andheri
(East), Mumbai – 400 093, Maharashtra, India |
|
Tel. No.: |
91-22-61238888 |
|
Fax No.: |
91-22-61238877 |
|
E-Mail : |
|
|
Website : |
DIRECTORS
AS ON 29.09.2012
|
Name : |
Mr. Rajeev Rameshkumar Dube |
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|
Designation : |
Managing Director |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Address : |
801-802, A-Wing, 8th Floor, Gayatri CHS Limited, Dr.
Charansingh Colony, Chakala, Andheri (East), Mumbai – 400 093, |
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|
Date of Birth/Age : |
08.08.1963 |
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|
Date of Appointment : |
01.04.2011 |
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DIN No.: |
00079126 |
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Other Directorship:
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Name : |
Mr. Jitendra Nathuram Vora |
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|
Designation : |
Director |
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|
Address : |
102, ‘A’ Wing, Vaishnav Apartment, Dr. Charansingh Colony, Chakala,
Andheri (East), Mumbai – 400 093, |
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Date of Birth/Age : |
29.09.1960 |
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|
Date of Appointment : |
06.12.2006 |
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DIN No.: |
00756870 |
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Other Directorship:
|
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KEY EXECUTIVES
|
Name : |
Mr. Karan Dube |
|
Designation : |
Chief Executive Officer |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 29.09.2012
|
Names of Shareholders |
|
No. of Shares |
|
Rajeev Rameshkumar Dube |
|
49800 |
|
Anuradha Rajeev Dube |
|
200 |
|
Starwing Infrastructure Private Limited, |
|
250000 |
|
Total
|
|
300000 |
AS ON 29.09.2012
|
Equity Share Breakup |
|
Percentage of Holding |
|
Category |
|
|
|
Bodies
corporate |
|
83.33 |
|
Directors
or relatives of directors |
|
16.67 |
|
Total |
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Real Estate Developer and also engaged in trading of Metal, Scrap
Metal and Timbers. |
|
|
|
|
Terms : |
|
|
Selling : |
Cash and Credit |
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|
|
|
Purchasing : |
Cash and Credit |
GENERAL INFORMATION
|
Customers : |
End Users and OEM’s |
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No. of Employees : |
27 (Approximately) |
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Bankers : |
|
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|
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Facilities : |
Term Loan: Rs.20.000 millions (From ICICI Bank Limited)
|
|
|
|
|
Banking
Relations : |
-- |
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|
|
|
Auditors : |
|
|
Name : |
Gajendra H. Golchha |
|
Address : |
9, Mangal Kunj, 3rd Floor, 19, Swami Nityanand Marg,
Andheri (East), Mumbai – 400 069, |
|
PAN No.: |
AACPG9206A |
|
|
|
|
Holding Company (As on 31.03.2012) : |
Starwing Infrastructure Private Limited CIN No.: U72100MH2000PTC123729 |
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|
|
Subsidiaries (As on 31.03.2012) : |
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|
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|
|
Group Companies : |
|
CAPITAL STRUCTURE
AS ON 31.03.2013
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
1000000 |
Equity Shares |
Rs.100/- each |
Rs.100.000 millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
300000 |
Equity Shares |
Rs.100/-
each |
Rs.30.000
millions |
|
|
|
|
|
The Company has one class of equity shares having
a par value of Rs.10/- each holder of equity shares is entitled to one vote per
share.
Reconciliation
of number of shares outstanding:
There was no such outstanding as
on 31.03.2013.
Shareholder having more than 5% equity shareholding in the company:
|
Particulars
|
As at 31st
March, 2012 |
|
|
No. of Shares |
% of holding |
|
|
Rajeev Ramesh Dube |
49800 |
17% |
|
Starwing Infrastructure Private Limited |
249999 |
83% |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
I.
EQUITY AND LIABILITIES |
|
|
|
|
(1) Shareholders' Funds |
|
|
|
|
(a) Share Capital |
30.000 |
30.000 |
30.000 |
|
(b) Reserves & Surplus |
33.784 |
30.691 |
29.299 |
|
(c) Money received against share warrants |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
(2) Share Application money pending allotment |
15.000 |
15.000 |
75.000 |
|
Total
Shareholders’ Funds (1) + (2) |
78.784 |
75.691 |
134.299 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) Long-term borrowings |
507.081 |
311.885 |
233.270 |
|
(b) Deferred tax liabilities (Net) |
0.000 |
0.000 |
0.000 |
|
(c)
Other long term liabilities |
0.000 |
0.000 |
0.000 |
|
(d)
Long-term provisions |
0.000 |
0.000 |
0.000 |
|
Total
Non-current Liabilities (3) |
507.081 |
311.885 |
233.270 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a)
Short term borrowings |
0.000 |
0.000 |
0.000 |
|
(b)
Trade payables |
3.089 |
10.888 |
5.996 |
|
(c)
Other current liabilities |
187.987 |
181.587 |
231.440 |
|
(d)
Short-term provisions |
5.788 |
3.200 |
7.397 |
|
Total
Current Liabilities (4) |
196.864 |
195.675 |
244.833 |
|
|
|
|
|
|
TOTAL |
782.729 |
583.251 |
612.402 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i)
Tangible assets |
111.485 |
104.730 |
108.983 |
|
(ii)
Intangible Assets |
0.000 |
0.000 |
0.000 |
|
(iii)
Capital work-in-progress |
0.000 |
0.000 |
0.000 |
|
(iv) Intangible assets under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current
Investments |
46.509 |
89.594 |
3.580 |
|
(c) Deferred tax assets
(net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan
and Advances |
0.000 |
0.000 |
0.000 |
|
(e)
Other Non-current assets |
0.000 |
0.000 |
0.000 |
|
Total
Non-Current Assets |
157.994 |
194.324 |
112.563 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a)
Current investments |
0.000 |
0.000 |
0.000 |
|
(b)
Inventories |
412.922 |
255.109 |
250.897 |
|
(c)
Trade receivables |
49.027 |
24.412 |
0.741 |
|
(d)
Cash and cash equivalents |
25.244 |
48.230 |
16.277 |
|
(e)
Short-term loans and advances |
78.539 |
60.597 |
231.630 |
|
(f)
Other current assets |
59.003 |
0.579 |
0.294 |
|
Total
Current Assets |
624.735 |
388.927 |
499.839 |
|
|
|
|
|
|
TOTAL |
782.729 |
583.251 |
612.402 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
|
|
SALES |
|
|
|
|
|
|
|
Revenue from Operations |
284.770 |
251.955 |
65.032 |
|
|
|
Other Income |
2.637 |
2.022 |
0.305 |
|
|
|
TOTAL (A) |
287.407 |
253.977 |
65.337 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of Material Consumed |
332.495 |
172.494 |
17.907 |
|
|
|
Changes in Inventories |
(157.813) |
(4.212) |
(92.520) |
|
|
|
Employee Benefit Expenses |
8.217 |
7.792 |
5.891 |
|
|
|
Other Expenses |
33.438 |
46.528 |
112.109 |
|
|
|
TOTAL (B) |
216.337 |
222.602 |
43.387 |
|
|
|
|
|
|
|
|
Less |
PROFIT
/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
71.070 |
31.375 |
21.950 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
48.176 |
11.123 |
5.526 |
|
|
|
|
|
|
|
|
|
|
PROFIT
/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
22.894 |
20.252 |
16.424 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
12.270 |
9.897 |
7.654 |
|
|
|
|
|
|
|
|
|
|
PROFIT / (LOSS)
BEFORE TAX (E-F) (G) |
10.624 |
10.355 |
8.770 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
3.283 |
3.200 |
2.710 |
|
|
|
|
|
|
|
|
|
|
PROFIT / (LOSS)
AFTER TAX (G-H) (I) |
7.341 |
7.155 |
6.060 |
|
|
|
|
|
|
|
|
|
|
Earnings / (Loss)
Per Share (Rs.) |
24.47 |
23.85 |
NA |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
PAT / Total Income |
(%) |
2.55
|
2.82 |
9.27 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
3.73
|
4.11 |
13.49 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
1.44
|
2.10 |
1.77 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.13
|
0.14 |
0.07 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
6.44
|
4.12 |
1.74 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
3.17
|
1.99 |
2.04 |
LOCAL AGENCY FURTHER INFORMATION
|
Check
List by Info Agents |
Available
in Report (Yes / No) |
|
1) Year of Establishment |
Yes |
|
2) Locality of the firm |
Yes |
|
3) Constitutions of the firm |
Yes |
|
4) Premises details |
No |
|
5) Type of Business |
Yes |
|
6) Line of Business |
Yes |
|
7) Promoter’s background |
Yes |
|
8) No. of employees |
Yes |
|
9) Name of person contacted |
Yes |
|
10) Designation of contact person |
Yes |
|
11) Turnover of firm for last three years |
Yes |
|
12) Profitability for last three years |
Yes |
|
13) Reasons for variation <> 20% |
-- |
|
14) Estimation for coming financial year |
No |
|
15) Capital in the business |
Yes |
|
16) Details of sister concerns |
Yes |
|
17) Major suppliers |
No |
|
18) Major customers |
No |
|
19) Payments terms |
Yes |
|
20) Export / Import details (if
applicable) |
No |
|
21) Market information |
-- |
|
22) Litigations that the firm / promoter
involved in |
-- |
|
23) Banking Details |
Yes |
|
24) Banking facility details |
Yes |
|
25) Conduct of the banking account |
-- |
|
26) Buyer visit details |
-- |
|
27) Financials, if provided |
Yes |
|
28) Incorporation details, if applicable |
Yes |
|
29) Last accounts filed at ROC |
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 |
INDEX OF CHARGES:
|
S.No. |
Charge ID |
Date of Charge Creation/Modification |
Charge amount
secured |
Charge Holder |
Address |
Service Request
Number (SRN) |
|
1 |
10440732 |
31/07/2013 |
22,750,000.00 |
ICICI BANK
LIMITED |
1ST FLOOR, GANESH
DARSHAN, CHS, L.T. ROAD, BORVALI, MUMBAI, MAHARASHTRA - 400092, INDIA |
B81212375 |
|
2 |
10377282 |
07/09/2012 |
5,300,000.00 |
DEVELOPMENT
CREDIT BANK LIMITED |
601 AND 602, PENINSULA
BUSINESS PARK, 6TH FLOOR, TOWER A, SENAPATI BAPAT MARG, LOWER PAREL, MUMBAI, |
B58406752 |
|
3 |
10273778 |
18/02/2011 |
50,000,000.00 |
DEVELOPMENT
CREDIT BANK LIMITED |
301, DELTA PLAZA,
414, VEER SAVARKAR MARG, PRABHADEVI, MUMBAI, MAHARASHTRA - 400025, INDIA |
B08100620 |
|
4 |
10211371 |
31/03/2010 |
33,700,000.00 |
DEVELOPMENT
CREDIT BANK LIMITED |
301, DELTA PLAZA,
414, VEER SAVARKAR MARG, PRABHADEVI, MUMBAI, MAHARASHTRA - 400025, INDIA |
A82647249 |
|
Unsecured Loans |
31.03.2013 (Rs. in Millions) |
31.03.2012 (Rs. in Millions) |
|
LONG TERM BORROWINGS |
|
|
|
From Others |
221.702 |
32.999 |
|
Total |
221.702 |
32.999 |
FIXED ASSETS:
·
Bunglow
·
801 Kaatyayni Residency
·
501-502 Kaatyayni Business Center
·
Furniture and Fixture
·
Machine/ Instrument
·
Vehicles
·
Office Equipment
·
Computer
·
Air Conditioner
·
Office Renovation
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.61.53 |
|
|
1 |
Rs.99.75 |
|
Euro |
1 |
Rs.84.75 |
INFORMATION DETAILS
|
Information
Gathered by : |
SVA |
|
|
|
|
Report Prepared
by : |
SMN |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
4 |
|
PAID-UP CAPITAL |
1~10 |
3 |
|
OPERATING SCALE |
1~10 |
3 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
3 |
|
--PROFITABILIRY |
1~10 |
3 |
|
--LIQUIDITY |
1~10 |
3 |
|
--LEVERAGE |
1~10 |
3 |
|
--RESERVES |
1~10 |
3 |
|
--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 |
|
DEFAULTERS |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
27 |
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.