MIRA INFORM REPORT
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Report Date : |
09.12.2014 |
IDENTIFICATION DETAILS
|
Name : |
LODHA HI-RISE BUILDERS PRIVATE LIMITED |
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Registered
Office : |
216, Shah and Nahar Industrial Estate, Dr. E.S. Mosses Road, Worli
Naka, Mumbai – 400018, Maharashtra |
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Country : |
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Financials (as
on) : |
31.03.2014 |
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Date of
Incorporation : |
03.01.2007 |
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Com. Reg. No.: |
11-166673 |
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Capital
Investment / Paid-up Capital : |
Rs.0.100 Million |
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CIN No.: [Company Identification
No.] |
U45201MH2007PTC166673 |
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TIN No.: |
Not Available |
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IEC No.: |
Not Available |
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TAN No.: [Tax Deduction &
Collection Account No.] |
MUML06486E |
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PAN No.: [Permanent Account No.] |
AABCL2637A |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Real Estate Developer |
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No. of Employees
: |
Information denied by management |
RATING & COMMENTS
|
MIRA’s Rating : |
B (30) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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Status : |
Moderate |
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Payment Behaviour : |
Slow but correct |
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Litigation : |
Clear |
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Comments : |
Subject is an established company having moderate track record. The company has incurred a loss from its operations during 2014. However, trade relations are fair. Business is active. Payment terms
are reported to be slow but correct. The company can be considered for business dealings with some caution.
|
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
NOT AVAILABLE
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
31-03-2014.
INFORMATION DENIED
Management Non Co-Operative (Tel No.:91-22-23024400)
LOCATIONS
|
Registered Office : |
216, Shah and Nahar Industrial Estate, Dr. E.S. Mosses Road, Worli
Naka, Mumbai – 400018, Maharashtra, India |
|
Tel. No.: |
91-22-23024400 |
|
Fax No.: |
Not Available |
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E-Mail : |
DIRECTORS
As on 29.09.2014
|
Name : |
Mr. Bharatkumar Babulal Jain |
|
Designation : |
Nominee Director |
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Address : |
A-1902, Gurukul Chs Limited, J.S. Road, Near Jain Mandir, Dahisar
(West), Mumbai - 400068, Maharashtra, India |
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Date of Birth/Age : |
15.02.1979 |
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Date of Appointment : |
04.10.2013 |
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DIN No.: |
06705168 |
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Name : |
Mr. Girish Deoman Kamble |
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Designation : |
Nominee Director |
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Address : |
902, Aphrodite, Raheja Acropolis, Near Deonar Depot, Chembur (East),
Mumbai - 400088, Mumbai - 400088,
Maharashtra, India |
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Date of Birth/Age : |
11.04.1980 |
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Date of Appointment : |
04.10.2013 |
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DIN No.: |
06707108 |
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Name : |
Mr. Kamal Laykaram Piplani |
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Designation : |
Nominee Director |
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Address : |
B-104, 1st Floor, Dharmakshetra Number 3, Factory Lane, Borivali
(West), Mumbai - 400092, Maharashtra, INDIA |
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Date of Birth/Age : |
05.09.1969 |
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Date of Appointment : |
09.11.2013 |
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DIN No.: |
06719186 |
MAJOR SHAREHOLDERS
As on 29.09.2014
|
Names of Shareholders |
|
No. of Shares |
|
Cowtown Land Development
Private Limited, India |
|
9999 |
|
Sahajanand Hi-Tech
Constructions Private Limited, India |
|
1 |
|
Total |
|
10000 |
Equity Share Break up (Percentage of Total Equity)
As on 29.09.2014
|
Category |
Percentage |
|
Bodies corporate (not mentioned above) |
100.00 |
|
Total |
100.00 |
BUSINESS DETAILS
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Line of Business : |
Real Estate Developer |
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Products / Services : |
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Brand Names : |
-- |
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Agencies Held : |
-- |
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Exports : |
Not Available |
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Imports : |
Not Available |
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Terms : |
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Selling : |
Not Available |
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Purchasing : |
Not Available |
PRODUCTION STATUS – NOT AVAILABLE
GENERAL INFORMATION
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Suppliers : |
Not Available |
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Customers : |
Not Available |
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No. of Employees : |
Information denied by management |
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Bankers : |
Not Available |
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Facilities : |
-- |
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Banking
Relations : |
-- |
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Financial Institutions : |
IDBI Trusteeship Services Limited, Asian Building, Ground
Floor, 17, R. Kamani Marg, Ballard Estate, Mumbai - 400001, Maharashtra,
India |
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Auditors : |
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Name : |
Shanker and Kapani Chartered Accountants |
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Address : |
2nd Floor , N T
C House , 15 N M Marg, Ballard Estate, Mumbai – 400038, Maharashtra, India |
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PAN No.: |
AAKFA6521L |
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Memberships : |
-- |
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Collaborators : |
-- |
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Holding Company
: |
CIN No.: U45200MH1995PTC093041
CIN No.: U70100MH1985PTC038213 |
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Ultimate Holding
Company : |
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Subsidiary Company : |
CIN No.: U45201MH2006PTC166482 |
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Fellow Subsidiary
Company : |
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Limited Liability
Partnerships under control |
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Partnership Firms under
control : |
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Others - Enterprises owned / controlled
by controlling shareholder and / or his relatives or significant influence
exercised (with whom the company has
transactions): |
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Entities added
during the year : |
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Entities ceased / Struck
off during the year: |
* Converted into Private Limited Company under the provisions of Part IX of the Companies Act, 1956 |
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Other (Enterprise
owned / controlled by controlling shareholder and / or his relatives with
whom the company has transactions) |
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CAPITAL STRUCTURE
As on 29.09.2014
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
30011250 |
Equity Shares |
Rs.10/- each |
Rs.300.113 Millions |
|
1250 |
Preference Shares |
Rs.10/- each |
Rs.0.012 Millions |
|
|
Total |
|
Rs.300.125
Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
10000 |
Equity Shares |
Rs.10/- each |
Rs.0.100 Million |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
I.
EQUITY
AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
0.100 |
0.100 |
0.100 |
|
(b) Reserves & Surplus |
1,253.106 |
(445.398) |
(444.833) |
|
(c) Money
received against share warrants |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
(2) Share Application money pending
allotment |
0.000 |
0.000 |
0.000 |
|
Total
Shareholders’ Funds (1) + (2) |
1,253.206 |
(445.298) |
(444.733) |
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|
|
|
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|
(3)
Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
1,985.000 |
1,185.000 |
1,195.000 |
|
(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 |
0.040 |
|
Total Non-current
Liabilities (3) |
1,985.000 |
1,185.000 |
1,195.040 |
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(4)
Current Liabilities |
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|
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|
(a) Short
term borrowings |
700.959 |
2.645 |
770.308 |
|
(b) Trade
payables |
498.409 |
0.144 |
64.672 |
|
(c) Other
current liabilities |
3,382.523 |
3.202 |
1,174.130 |
|
(d) Short-term
provisions |
0.000 |
0.000 |
0.007 |
|
Total Current
Liabilities (4) |
4,581.891 |
5.991 |
2,009.117 |
|
|
|
|
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TOTAL |
7,820.097 |
745.693 |
2,759.424 |
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II.
ASSETS |
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(1)
Non-current assets |
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(a) Fixed
Assets |
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|
(i)
Tangible assets |
76.201 |
0.000 |
0.000 |
|
(ii)
Intangible Assets |
1.863 |
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 |
3,110.151 |
734.208 |
734.208 |
|
(c) Deferred tax assets (net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
64.210 |
10.276 |
10.483 |
|
(e) Other
Non-current assets |
58.048 |
0.000 |
0.000 |
|
Total Non-Current
Assets |
3,310.473 |
744.484 |
744.691 |
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|
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(2)
Current assets |
|
|
|
|
(a)
Current investments |
0.000 |
0.000 |
0.000 |
|
(b)
Inventories |
140.529 |
0.000 |
859.806 |
|
(c) Trade
receivables |
229.158 |
0.000 |
0.000 |
|
(d) Cash
and cash equivalents |
149.015 |
0.106 |
1,151.671 |
|
(e)
Short-term loans and advances |
3,916.167 |
0.004 |
3.256 |
|
(f) Other
current assets |
74.755 |
1.099 |
0.000 |
|
Total
Current Assets |
4,509.624 |
1.209 |
2,014.733 |
|
|
|
|
|
|
TOTAL |
7,820.097 |
745.693 |
2,759.424 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
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|
SALES |
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Other Income |
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TOTAL |
195.348 |
861.806 |
7.164 |
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Less |
EXPENSES |
316.720 |
862.042 |
14.742 |
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|
PROFIT/(LOSS)
BEFORE TAX |
(121.372) |
(0.236) |
(7.578) |
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|
Less |
TAX |
(54.036) |
(0.329) |
0.000 |
|
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|
PROFIT/(LOSS)
AFTER TAX |
(67.336) |
(0.565) |
(7.578) |
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|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
(455.398) |
(444.833) |
(437.255) |
|
|
|
|
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|
Add |
Balance of Statement of Profit and Loss taken over as per the scheme
of amalgamation |
1225.740 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
|
|
BALANCE CARRIED
TO THE B/S |
713.006 |
(455.398) |
(444.833) |
|
|
|
|
|
|
|
|
|
|
Earnings /
(Loss) Per Share (Rs.) |
(6733.60) |
(56.52) |
(757.90) |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
Return on Total Assets (PBT/Total Assets} |
(%) |
(2.58) |
(2.05) |
(0.37) |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
(0.10) |
0.00 |
0.02 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
2.14 |
(2.67) |
(4.42) |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
0.98 |
0.20 |
1.00 |
FINANCIAL ANALYSIS
[all figures are in
Rupees Millions]
DEBT EQUITY RATIO
|
Particular |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
Rs.
In Millions |
Rs.
In Millions |
Rs.
In Millions |
|
Share Capital |
0.100 |
0.100 |
0.100 |
|
Reserves & Surplus |
(444.833) |
(445.398) |
1253.106 |
|
Share Application money pending allotment |
0.000 |
0.000 |
0.000 |
|
Net
worth |
(444.733) |
(445.298) |
1253.206 |
|
|
|
|
|
|
Long Term borrowings |
1965.308 |
1187.645 |
1985.000 |
|
Short Term borrowings |
0.000 |
0.000 |
700.959 |
|
Total
borrowings |
1965.308 |
1187.645 |
2685.959 |
|
Debt/Equity
ratio |
(4.419) |
(2.667) |
2.143 |
YEAR-ON-YEAR GROWTH
|
Year
on Year Growth |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
Rs.
In Millions |
Rs.
In Millions |
Rs.
In Millions |
|
Sales |
7.164 |
861.806 |
195.348 |
|
|
|
11,929.676 |
(77.333) |
NET PROFIT MARGIN
|
Net
Profit Margin |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
Rs.
In Millions |
Rs.
In Millions |
Rs.
In Millions |
|
Sales
|
7.164 |
861.806 |
195.348 |
|
Profit |
(7.578) |
(0.565) |
(67.336) |
|
|
(105.78%) |
(0.07%) |
(34.47%) |
LOCAL AGENCY FURTHER INFORMATION
CURRENT MATURITIES
OF LONG TERM DEBT DETAILS NOT AVAILABLE
|
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 |
No |
|
10] |
Designation of contact
person |
No |
|
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 |
No |
|
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 |
Yes |
|
29] |
Last accounts filed at
ROC |
Yes |
|
30] |
Major Shareholders, if
available |
Yes |
|
31] |
Date of Birth of Proprietor/Partner/Director,
if available |
Yes |
|
32] |
PAN of
Proprietor/Partner/Director, if available |
No |
|
33] |
Voter ID No of
Proprietor/Partner/Director, if available |
No |
|
34] |
External Agency Rating,
if available |
No |
UNSECURED LOANS:
|
Particulars |
31.03.2014 Rs. In Millions |
31.03.2013 Rs. In Millions |
|
LONG TERM BORROWINGS |
|
|
|
11,850,000 (Previous year: 11,850,000) 0% Optionally Convertible Debentures (OCD) of Rs.100 each |
1,185.000 |
1,185.000 |
|
80,00,000 (Previous year: Nil) 0.1% Optionally Convertible Debentures (OCD) of Rs.100 each |
800.000 |
0.000 |
|
SHORT TERM BORROWINGS |
|
|
|
From Related parties |
700.959 |
2.645 |
|
Total |
2,685.959 |
1,187.645 |
Notes:
Long Term Borrowings
Each OCD shall be convertible into 15 Equity Shares of the Company on the expiry of 20 years from date of allotment i.e. 31st March, 2012 or each OCD holders shall have an option of converting each OCD into 10 Equity Shares of Rs. 10/- each after expiry of 5 years from the date of allotment by giving 2 months’ notice in advance to the Company or if OCD is not converted shall stand redeemed at the expiry of 20 years from date of allotment at a price of Rs. 150/- per OCD. The Company can redeem OCD at any time with the consent of OCD holders.
At the option of the OCD holder, at any time after the expiry of 3 (three) years from the date of allotment till 12 (twelve) years from the date of allotment, OCDs (including all accrued but unpaid interest thereon) can be converted, by giving 1(one) month prior written notice, into such number of equity shares as may be worked out on the basis of valuation of Equity shares of the Company or Redemption, at the option of the OCD holder, at any time after the expiry of 6 (Six) months from the date of allotment, at an aggregate return of 12% p.a. on total amount invested by giving one month prior written notice. If OCDs are not converted into equity shares, it will be redeemed at the end of 12 years from the date of allotment at an aggregate return of 12% p.a. on the total amount invested. The interest payable on the OCDs shall accrue and be paid annually.
Short Term Borrowings
Rate of Interest ranging from 10.80% to 15.25%; Previous Year -15.30% to 15.55%
INDEX OF CHARGE:
|
Sr. No. |
Charge ID |
Date of Charge Creation/Modification |
Charge amount secured |
Charge Holder |
Address |
Service Request Number (SRN) |
|
1 |
10489204 |
15/04/2014 * |
6,000,000,000.00 |
IDBI Trusteeship Services Limited |
Asian Bldg., Ground Floor, 17, R.Kamani Marg, Ballard Estate, Mumbai, Maharashtra - 400001, India |
C04129243 |
*Date of modification Charges
FIXED ASSETS:
·
Land
·
Building
·
Plant and Machinery
·
Computer
·
Vehicles
·
Furniture and Fixture
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.61.92 |
|
|
1 |
Rs.96.37 |
|
Euro |
1 |
Rs.76.10 |
INFORMATION DETAILS
|
Information Gathered
by : |
HTL |
|
|
|
|
Analysis Done by
: |
RAS |
|
|
|
|
Report Prepared
by : |
VNT |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
4 |
|
PAID-UP CAPITAL |
1~10 |
3 |
|
OPERATING SCALE |
1~10 |
4 |
|
FINANCIAL
CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
4 |
|
--PROFITABILITY |
1~10 |
1 |
|
--LIQUIDITY |
1~10 |
3 |
|
--LEVERAGE |
1~10 |
3 |
|
--RESERVES |
1~10 |
4 |
|
--CREDIT LINES |
1~10 |
4 |
|
--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 |
|
30 |
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.