MIRA INFORM REPORT
|
Report Date : |
16.12.2014 |
IDENTIFICATION DETAILS
|
Name : |
MARVEL REALTORS AND DEVELOPERS LIMITED |
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Registered
Office : |
Office No. 301-302, |
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Country : |
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Financials (as
on) : |
31.03.2013 |
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Date of
Incorporation : |
24.05.2006 |
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Com. Reg. No.: |
11-128506 |
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Capital Investment
/ Paid-up Capital : |
Rs. 10.000 Millions |
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CIN No.: [Company Identification
No.] |
U70102PN2006PLC128506 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
PNEM11257B |
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PAN No.: [Permanent Account No.] |
Not Available |
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Legal Form : |
A Closely Held Public Limited Liability Company |
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Line of Business
: |
The company is primarily engaged in developing residential
and commercial properties. |
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No. of Employees
: |
Information declined by the management. |
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 |
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Status : |
Moderate |
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Payment Behaviour : |
Slow |
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Litigation : |
Exist |
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Comments : |
Subject is an established company having a moderate track record. Management has failed to file latest financials for FY14, with the
statutory authorities. 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.
EXTERNAL AGENCY RATING
|
Rating Agency Name |
Not Available |
|
Rating |
Not Available |
|
Rating Explanation |
Not Available |
|
Date |
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
CONTACT NO.: 91-20-26151506
LOCATIONS
|
Registered Office : |
Office No. 301-302, |
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Tel. No. : |
91-20-26052920 / 26052921 / 32900573 / 26151506 |
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Fax No. : |
91-66201389 |
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E-Mail : |
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Website : |
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Location : |
Owned |
DIRECTORS
AS ON 30.09.2013
|
Name : |
Mr. Vinay Mahavirprasad Chudiwal |
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Designation : |
Whole-time director |
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Address : |
Flat No.A-204, |
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Date of Birth/Age : |
03.03.1971 |
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Date of Appointment : |
01.04.2011 |
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Date of cessation : |
09.07.2014 |
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DIN No. : |
00158193 |
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Name : |
Mr. Vishwajeet Subhash Jhavar |
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Designation : |
Director |
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Address : |
Marvel Residency Final, Plot No. 394, S. No.21/10B/A/3, |
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Date of Birth/Age : |
03.05.1969 |
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Date of Appointment : |
24.05.2007 |
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DIN No. : |
00158203 |
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Name : |
Mr. Mahesh Bansilal Laddha |
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Designation : |
Whole-time director |
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Address : |
Flat No.1, Novelty Co-Operative Housing Society, Behind Maruti Care Point, Near Chatursingh Temple, Pune – 411016, Maharashtra, India |
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Date of Birth/Age : |
10.08.1965 |
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Date of Appointment : |
01.04.2011 |
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DIN No. : |
00158212 |
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Name : |
Mr. Prithviraj Prakash Solanke |
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Designation : |
Additional Director |
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Address : |
C/3, Clover Garden, 4, Naylor Road, Pune – 411001, Maharashtra, India |
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Date of Birth/Age : |
13.04.1979 |
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Date of Appointment : |
28.09.2012 |
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Date of cessation : |
30.11.2013 |
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DIN No. : |
01880078 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 30.09.2013
|
Names of Shareholders |
|
No. of Shares |
|
Vinay Mahavirprasad Chudiwal |
|
112500 |
|
Mahesh Bansilal Laddha |
|
125000 |
|
Veena Vishwajeet Jhavar |
|
300000 |
|
Prithviraj Prakash Solanke |
|
50000 |
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Nikhil Madhukar Bhave |
|
100000 |
|
Subhash Shivchandra Jhavar |
|
50000 |
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Sachin Subhash Jhavar |
|
50000 |
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Sachin Subhash Bohara |
|
12500 |
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Vishwajeet Subhash Jhavar |
|
200000 |
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Total |
|
1000000 |
AS ON 30.09.2013
Equity Share Break up (Percentage of Total Equity)
|
Category |
Percentage of Holding |
|
Directors or relatives of Directors |
88.75 |
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Other top fifty shareholders |
11.25 |
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Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
The company is primarily engaged in developing residential
and commercial properties. |
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Brand Names : |
Not Divulged |
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Agencies Held : |
Not Divulged |
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Exports : |
Not Divulged |
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Imports : |
Not Divulged |
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Terms : |
Not Divulged |
GENERAL INFORMATION
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Supplier : |
Not Divulged |
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Customers : |
Not Divulged |
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No. of Employees : |
Information declined by the management. |
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Bankers : |
Axis Bank Limited, Corporate Banking Branch 214/215,City Mall, II Floor, University (Ganesh Khind ) Road, Pune - 411007, Maharashtra, 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 first 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 Debenture redemption reserves has not been created in the absence of adequate profits. Repayment terms 6,800,000 Nos (Previous Year; 8,000,000) Optionally Convertible Debentures of lNR. 100 Each are convertible in equity shares upon occurrence of certain events as per the Debentures subscription agreement, or upon mutual agreement. If the said event do not occur or the option is not exercised during the period of 44 months ending December 2014, the same will be redeemed at a premium that shall ensure an IRR @18% to 25% as per the terms of the agreement depending on the performance of the projects. There debenture do not carry any interest coupon. The investor also has a put option whereby, on occurrence of certain events default by the company the investor may require the promoters or the company to purchase of redeem the debenture at a premium resulting in a default IRR as per the terms of segment. Loans from Axis bank – The loans repayable in 120 equated monthly installments, less installment being in September 2016 – PLR – 2.4% Loans from ICICI Bank – The loans repayable in 48 equated monthly installments, less installment being in September 2015 – 11.75% Loans from Reliance Capital Limited – The loans repayable in 36 equated monthly installments, less installment being in March 2014 – 11.51% Loans from BMW India Financial – The loans repayable in 36 equated monthly installments, less installment being in June 2015 – 10.26% |
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Banking
Relations : |
-- |
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Financial Institution : |
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Auditors : |
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Name : |
BBSR and Company Chartered Accountants |
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Address : |
703, 7th Floor, Godrej Castlemaine, Next to Ruby Hall Clinic, Bund Garden Road, Pune – 411001, Maharashtra, India |
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Tel. No. : |
91-20-30504000 |
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Fax No. : |
91-20-30504100 |
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Income-tax
PAN of auditor or auditor's firm : |
AAKFB4397F |
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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 Infra Ventures Private Limited · Marvel Facility Management Services · Marvel Shah Associates · Marvel Precast Structures India LLP |
CAPITAL STRUCTURE
AS ON 31.03.2013
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
1000000 |
Equity Shares |
Rs.10/- each |
Rs. 10.000 Millions |
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Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
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|
|
|
1000000 |
Equity Shares |
Rs.10/- each |
Rs. 10.000 Millions |
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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 |
10.000 |
10.000 |
10.000 |
|
(b) Reserves & Surplus |
(216.149) |
(39.009) |
(2.224) |
|
© Money
received against share warrants |
0.000 |
0.000 |
0.000 |
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|
|
|
|
|
(2) Share Application money pending
allotment |
0.000 |
0.000 |
0.000 |
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Total
Shareholders’ Funds (1) + (2) |
(206.149) |
(29.009) |
7.776 |
|
|
|
|
|
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(3)
Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
0.000 |
0.000 |
0.000 |
|
(b) Deferred tax liabilities (Net) |
0.000 |
0.000 |
0.748 |
|
© 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) |
0.000 |
0.000 |
0.748 |
|
|
|
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(4)
Current Liabilities |
|
|
|
|
(a) Short
term borrowings |
804.073 |
858.887 |
959.140 |
|
(b) Trade
payables |
183.549 |
176.282 |
112.431 |
|
© Other
current liabilities |
510.683 |
487.260 |
928.201 |
|
(d) Short-term
provisions |
398.561 |
297.186 |
6.760 |
|
Total Current
Liabilities (4) |
1896.866 |
1819.615 |
2006.532 |
|
|
|
|
|
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TOTAL |
1690.717 |
1790.606 |
2015.056 |
|
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|
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|
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II.
ASSETS |
|
|
|
|
(1)
Non-current assets |
|
|
|
|
(a) Fixed
Assets |
|
|
|
|
(i)
Tangible assets |
105.984 |
107.691 |
72.637 |
|
(ii)
Intangible Assets |
0.000 |
0.000 |
0.000 |
|
(iii)
Capital work-in-progress |
44.663 |
44.663 |
61.867 |
|
(iv)
Intangible assets under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current Investments |
302.024 |
437.918 |
86.620 |
|
© Deferred tax assets (net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
77.005 |
48.715 |
6.161 |
|
(e) Other
Non-current assets |
0.000 |
0.000 |
0.000 |
|
Total Non-Current
Assets |
529.676 |
638.987 |
227.285 |
|
|
|
|
|
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(2)
Current assets |
|
|
|
|
(a)
Current investments |
0.000 |
0.528 |
604.195 |
|
(b)
Inventories |
773.972 |
802.060 |
999.194 |
|
© Trade
receivables |
17.997 |
14.047 |
0.000 |
|
(d) Cash
and cash equivalents |
7.416 |
18.534 |
2.953 |
|
(e)
Short-term loans and advances |
267.213 |
297.934 |
180.193 |
|
(f) Other
current assets |
94.443 |
18.516 |
1.234 |
|
Total
Current Assets |
1161.041 |
1151.619 |
1787.769 |
|
|
|
|
|
|
TOTAL |
1690.717 |
1790.606 |
2015.054 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
153.150 |
696.704 |
281.293 |
|
|
|
Other Operating Income |
25.029 |
10.016 |
0.000 |
|
|
|
Other Income |
51.476 |
53.718 |
4.421 |
|
|
|
TOTAL (A) |
229.655 |
760.438 |
285.714 |
|
|
|
|
|
|
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|
Less |
EXPENSES |
|
|
|
|
|
|
|
Project expenditure |
210.224 |
600.726 |
199.067 |
|
|
|
Employee benefit expense |
4.807 |
7.542 |
0.927 |
|
|
|
Cost of Goods Sold |
24.731 |
7.044 |
0.000 |
|
|
|
Other expenses |
39.824 |
38.018 |
18.467 |
|
|
|
TOTAL (B) |
279.586 |
653.330 |
218.461 |
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE INTEREST, TAX,
DEPRECIATION AND AMORTISATION (A-B) (C) |
(49.931) |
107.108 |
67.253 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
117.978 |
140.320 |
19.376 |
|
|
|
|
|
|
|
|
|
|
PROFIT
/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
(167.909) |
(33.212) |
47.877 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
6.230 |
4.320 |
7.586 |
|
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE TAX (E-F)
(G) |
(174.139) |
(37.532) |
40.291 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
3.000 |
(0.747) |
41.055 |
|
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) AFTER TAX (G-H) (I) |
(177.139) |
(36.785) |
(0.764) |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
(39.009) |
(2.224) |
(1.460) |
|
|
|
|
|
|
|
|
|
|
BALANCE CARRIED
TO THE B/S |
(216.148) |
(39.009) |
(2.224) |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw material /components used in Construction |
6.504 |
4.357 |
32.910 |
|
|
TOTAL IMPORTS |
6.504 |
4.357 |
32.910 |
|
|
|
|
|
|
|
|
|
|
Earnings /
(Loss) Per Share (Rs.) |
(177.14) |
(36.78) |
(0.76) |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
Net Profit Margin |
(%) |
(115.66) |
(5.28) |
(0.27) |
|
|
|
|
|
|
|
Operating Profit Margin |
(%) |
(32.60) |
15.39 |
23.91 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
(12.96) |
(2.87) |
2.16 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.84 |
1.29 |
5.18 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
(3.90) |
(29.61) |
123.35 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
0.61 |
0.63 |
0.89 |
FINANCIAL ANALYSIS
[all figures are
in Rupees Millions]
DEBT EQUITY RATIO
|
Particular |
31.03.2011 |
31.03.2012 |
31.03.2013 |
|
|
(Rs. In Millions) |
(Rs. In Millions) |
(Rs. In Millions) |
|
Share Capital |
10.000 |
10.000 |
10.000 |
|
Reserves & Surplus |
(2.224) |
(39.009) |
(216.149) |
|
Net worth |
7.776 |
(29.009) |
(206.149) |
|
|
|
|
|
|
long-term borrowings |
0.000 |
0.000 |
0.000 |
|
Short term borrowings |
959.140 |
858.887 |
804.073 |
|
Total borrowings |
959.140 |
858.887 |
804.073 |
|
Debt/Equity ratio |
123.346 |
(29.608) |
(3.900) |
YEAR-ON-YEAR GROWTH
|
Year on Year Growth |
31.03.2011 |
31.03.2012 |
31.03.2013 |
|
|
(Rs. In Millions) |
(Rs. In Millions) |
(Rs. In Millions) |
|
Sales
|
281.293 |
696.704 |
153.150 |
|
|
|
147.679 |
(78.018) |
NET PROFIT MARGIN
|
Net Profit Margin |
31.03.2011 |
31.03.2012 |
31.03.2013 |
|
|
(Rs. In Millions) |
(Rs. In Millions) |
(Rs. In Millions) |
|
Sales |
281.293 |
696.704 |
153.150 |
|
Profit/Loss |
(0.764) |
(36.785) |
(177.139) |
|
|
(0.27%) |
(5.28%) |
(115.66%) |
LOCAL AGENCY FURTHER INFORMATION
CURRENT MATURITIES
OF LONG TERM DEBTS : 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 |
Yes |
|
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 |
LITIGATION DETAILS
|
LITIGATION DETAILS |
||||||||||
|
Bench:- Bombay |
||||||||||
|
Lodging No:- |
CAL/579/2014 |
Failing Date:- |
11.11.2014 |
|||||||
|
MAIN MATTER |
||||||||||
|
Lodging No.: |
CPL/515/2011 |
Reg. No: |
RCW/102/2012 |
|||||||
|
|
||||||||||
|
Petitioner:- |
NIMIT ASSOCAITES THROUGH PROPERTIES |
Respondent:- |
MARVEL REALTORS AND DEVELOPERS LIMITED |
|||||||
|
Petn.Adv:- |
PRALHAD D PARANJAPE (I4068) |
Resp.Adv.: |
--- |
|||||||
|
District:- |
PUNE |
|||||||||
|
|
||||||||||
|
Bench:- |
SINGLE |
Category: |
COMPANY APPLN. FOR CONDONATION OF DELAY |
|||||||
|
Status:- |
Pre-Admission |
Stage:- |
--- |
|||||||
|
Last Date:- |
20.11.2014 |
|||||||||
|
Last Coram:- |
REGISTRAR(OS)/PROTHONOTARY AND SR. MASTER |
|||||||||
|
Act:- |
Companies Act and Rules 1956 |
Under Section : |
433, 434 |
|||||||
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 |
31.03.2013 (Rs.
in Millions) |
31.03.2012 (Rs.
in Millions) |
|
SHORT TERM
BORROWINGS |
|
|
|
Loans from Vishawajeet |
50.122 |
7.368 |
|
Loans from Marvel Sigma Homes Private Limited |
4.237 |
0.000 |
|
Loans from Nikhil |
2.773 |
2.773 |
|
Loans from Marvel Promoters and Developers (Pune) Private Limited |
13.354 |
0.000 |
|
Loans from Marvel Realtors |
12.106 |
0.000 |
|
Total |
82.592 |
10.141 |
|
Loans from Vishawajeet, Repayable on demand – 18.00% Loans from Nikhil, Repayable on demand – 0.00% Loans from Marvel Sigma Homes Private Limited, Repayable on demand – 18.00% Loans from Marvel Promoters and Developers (Pune) Private Limited, Repayable on demand – 18.00% Loans from Marvel Realtors, Repayable on demand – 0.00% |
||
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 amounting to Rs. 177.139 Millions for the financial year. However, the Board of Directors of the Company are hopeful that it would be compensated in the forthcoming years.
SUBSCRIPTION OF
EQUITY
The company had subscribed in the equity shares of Kappa Infra Ventures Private Limited in the last year, 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.
In due compliance of the provisions of Section 212 of the Companies Act, 1956, the financial statements of Kappa infra Ventures Private limited, which is the subsidiary Company of our Company is also attached herewith for the perusal of the Members.
CONTINGENT
LIABILITIES:
|
PARTICULARS |
31.03.2013 (Rs.
In Millions) |
31.03.2012 (Rs.
In Millions) |
|
Income Tax |
7.332 |
7.332 |
FIXED ASSETS
· Building
· Plant and Equipment
· Computers
· Office Equipments
· Motor Vehicles
· Furniture and Fixtures
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.62.65 |
|
|
1 |
Rs.98.53 |
|
Euro |
1 |
Rs.78.02 |
INFORMATION DETAILS
|
Information
Gathered by : |
HTL |
|
|
|
|
Analysis done by
: |
SUB |
|
|
|
|
Report Prepared
by : |
SNT |
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 |
YES |
|
--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.