MIRA
INFORM REPORT
|
Report Date : |
07.01.2014 |
IDENTIFICATION DETAILS
|
Name : |
KALPATARU RETAIL VENTURES PRIVATE LIMITED |
|
|
|
|
Registered
Office : |
101, Kalpataru Synergy, Opposite Grand Hyatt, Santacruz (East),
Mumbai – 400055, Maharashtra |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as
on) : |
31.03.2013 |
|
|
|
|
Date of
Incorporation : |
27.11.2000 |
|
|
|
|
Com. Reg. No.: |
11-129761 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs.49.830 Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U45202MH2000PTC129761 |
|
|
|
|
PAN No.: [Permanent Account No.] |
AABCK5216A |
|
|
|
|
Legal Form : |
Private Limited Liability Company |
|
|
|
|
Line of Business
: |
Real Estate Developers |
|
|
|
|
No. of Employees
: |
Information denied by management |
RATING & COMMENTS
|
MIRA’s Rating : |
Ca (13) |
|
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 and delayed |
|
|
|
|
Litigation : |
Exist |
|
|
|
|
Comments : |
Subject is a part of Kalpataru Limited. It is an established company
having moderate track record. There appears huge accumulated losses recorded by the company, which
has eroded the net worth of the company. Business is active. Payment terms are slow and delayed. 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
The current downturn
provides an opportunity to push ahead with reforms to accelerate growth, says
the latest India Development Update report released by the World Bank. The
report says that the adverse effects of rupee depreciation are likely to be
offset by the gains in the exports performance due to improved external
competitiveness. Since May this year, the local currency has depreciated
substantially and fell to a record level of Rs 68.85 to a dollar on August, 28.
A stagflation like
situation appears to have arisen as inflation jumped to an eight month high of
6.46 % for the month of September. It is up from 6.10 % in August. Growth
continues to be muted with factory output plunging to 0.6 % in August.
Onion prices have risen nearly 300 % from last September. Vegetables cost
nearly 90 % more than they did last year. Wake up to the economic contribution
of slum dwellers. They contribute more than 7.5 % to the country’s gross
domestic product, according to a recent study conducted in 50 top cities.
136000 estimated
number of jobs created during the second quarter of the current financial year.
50000 estimated number of additional jobs in the field of corporate social
responsibility in the coming years.
The International
Finance Corporation expects to come out with its rupee linked bonds issue before
the end of 2013 as a part of its plan to raise $ 1 billion. The Apple iPhone 5c
(Rs 41900 for 16 GB variant) and 5s (Rs 53500 for 16GB variant) has been
launched in India from 1st November.
The Land Acquisition
Act to provide just and fair compensation to farmers will come into force from
January 1 next year, said Rural Development Minister Jairam Ramesh. The Act
replaces a 119 year old registration. The Securities and Exchange Board of
India has approved the trading of currency futures on the Bombay Stock
Exchange. The exchange plans to launch the currency futures platform with
advanced trading technology by the end of November.
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 DENIED BY
|
Name : |
Mr. Lokesh Jain |
|
Designation : |
AVP Finance |
|
Contact No.: |
91-22-30645000 |
|
Date : |
06.01.2014 |
LOCATIONS
|
Registered Office : |
101, Kalpataru Synergy, Opposite Grand Hyatt, Santacruz
(East), Mumbai – 400055, Maharashtra, India |
|
Tel. No.: |
91-22-30645000 |
|
Fax No.: |
91-22-30643131 |
|
E-Mail : |
|
|
Website : |
DIRECTORS
As on 30.09.2013
|
Name : |
Mr. Parag Mofatraj Munot |
|
Designation : |
Director |
|
Address : |
"Munot
Villan, Westfield Compound Lane, 63K, Bhulabhai Desai Road, Mumbai – 400026, Maharashtra,
India |
|
Date of Birth/Age : |
02.06.1969 |
|
Date of Appointment : |
27.11.2000 |
|
DIN No.: |
00136337 |
|
|
|
|
Name : |
Mr. Imtiaz Husain Kanga |
|
Designation : |
Director |
|
Address : |
1,
Kalpataru, 39, Dr. G. Deshmukh Marg, Mumbai- 400026, Maharashtra,
India |
|
Date of Birth/Age : |
30.08.1952 |
|
Date of Appointment : |
26.02.2001 |
|
DIN No.: |
00136272 |
|
|
|
|
Name : |
Mr. Anuj Amar Munot |
|
Designation : |
Director |
|
Address : |
Kalpataru
Horizon, 214 /224 A, S. K. Ahire Marg, Worli, Mumbai – 400018, Maharashtra,
India |
|
Date of Birth/Age : |
15.11.1977 |
|
Date of Appointment : |
09.09.2010 |
|
DIN No.: |
00136204 |
KEY EXECUTIVES
|
Name : |
Mrs. Anuja Shrinivas |
|
Designation : |
Secretary |
|
Address : |
B – 509, Ushanagar Co-Operative Housing Society, Village Road, Bhandup
(West), Mumbai – 400078, Maharashtra, India
|
|
Date of Birth/Age : |
12.02.1986 |
|
Date of Appointment : |
04.02.2013 |
|
PAN No.: |
BQKPS0152E |
MAJOR SHAREHOLDERS
As on 30.09.2013
|
Names of Shareholders (Equity) |
|
No. of Shares |
|
Kalpataru Limited, India |
|
4949900 |
|
Narendra S. Lodha (Nominee
of Kalpataru Limited, India) |
|
30 |
|
Shantilal p Bohra (Nominee
of Kalpataru Limited, India) |
|
30 |
|
Monica P. Munot (Nominee of
Kalpataru Limited, India) |
|
10 |
|
Sudha Golechha (Nominee of
Kalpataru Limited, India) |
|
10 |
|
Sunita V. Choraria (Nominee
of Kalpataru Limited, India) |
|
10 |
|
Rajesh B. Golechha (Nominee
of Kalpataru Limited, India) |
|
10 |
|
Total |
|
4950000 |
|
Names of Shareholders (Preference) |
|
No. of Shares |
|
Kalpataru Limited, India |
|
33000 |
|
Total |
|
33000 |
Equity Share Break up (Percentage of Total Equity)
As on 30.09.2013
|
Category |
Percentage |
|
Bodies corporate (not mentioned
above) |
100.00 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Real Estate Developers |
GENERAL INFORMATION
|
No. of Employees : |
Information denied by management |
|||||||||||||||||||||
|
|
|
|||||||||||||||||||||
|
Bankers : |
ICICI Bank Limited, Landmarkrace Cource Circle, Alkapuri, Baroda - 390015, Gujarat, India |
|||||||||||||||||||||
|
|
|
|||||||||||||||||||||
|
Facilities : |
|
|
|
|
|
Banking Relations
: |
-- |
|
|
|
|
Financial
Institution : |
IDBI Trusteeship
Services Limited, Asian Building, Ground Floor, 17, R.Kamani Marg, Ballard
Estate, Mumbai - 400001, Maharashtra, India |
|
|
|
|
Auditors : |
|
|
Name : |
MGB and Company Chartered Accountants |
|
Address : |
Jolly Bhavan 2, 1st Floor, 7, New Marine
Lines, Churchgate, Mumbai - 400 020, Maharastra, India |
|
PAN No.: |
AAAFM5742R |
|
|
|
|
Holding Company : |
Kalpataru Limited CIN No.: U45200MH1988PLC050144 |
|
|
|
|
Subsidiary Company : |
Kanani Real Estate Private
Limited CIN No.:
U45203MH2008PTC181810 |
|
|
|
|
Fellow Subsidiary Company : |
·
Abacus Enviro Farms Private Limited CIN No.: U01403MH2007PTC172724 ·
Abacus Orchards Private Limited CIN No.: U01403MH2007PTC172725 ·
Abacus Real Estate Private Limited CIN No.: U70102MH2007PTC173337 ·
Abhiruchi Orchards Private Limited CIN No.: U01403MH2007PTC173091 ·
Agile Enviro Farms Private Limited CIN No.: U01403MH2007PTC172567 ·
Agile Orchards Private Limited CIN No.: U01403MH2007PTC172514 ·
Amber Enviro Farms Private Limited CIN No.: U01403MH2007PTC173040 ·
Amber Orchards Private Limited CIN No.: U01403MH2007PTC172727 ·
Ambrosia Enviro Farms Private Limited CIN No.: U01403MH2007PTC172832 ·
Ambrosia Real Estate Private Limited CIN No.: U45200MH2007PTC173305 ·
Anant Enviro Farms Private Limited CIN No.: U01403MH2007PTC172515 ·
Anant Orchards Private Limited CIN No.: U01403MH2007PTC172351 ·
Appropriate Enviro Farms Private Limited CIN No.: U01111MH2007PTC169004 ·
Ardour Developers Private Limited CIN No.: U45300MH2008PTC178011 ·
Ardour Properties Private Limited CIN No.: U45200MH2008PTC178012 ·
Ardour Real Estate Private Limited CIN No.: U45201MH2007PTC173899 ·
Arena Orchards Private Limited CIN No.: U01403MH2007PTC172833 ·
Arimas Developers Private Limited CIN No.: U45203MH2007PTC176643 ·
Arimas Real Estate Private Limited CIN No.: U45200MH2007PTC173551 ·
Ashoka Orchards Private Limited CIN No.: U01111MH2007PTC169001 ·
Ashoka Properties Private Limited CIN No.:
U45200MH2007PTC167182 ·
Aspen Enviro Farms Private Limited CIN No.:
U01403MH2007PTC172350 ·
Aspen Orchards Private Limited CIN No.:
U01403MH2007PTC172349 ·
Astrum Developers Private Limited CIN No.:
U45400MH2007PTC176168 ·
Astrum Orchards Private Limited CIN No.:
U01403MH2007PTC172853 ·
Aura Enviro Farms Private Limited CIN No.:
U01403MH2007PTC171326 ·
Aura Orchards Private Limited CIN No.:
U01403MH2007PTC171327 ·
Aura Real Estate Private Limited CIN No.:
U70100MH2007PTC172270 ·
Axiom Orchards Private Limited CIN No.:
U01403MH2007PTC169051 ·
Azure Tree Enviro Farms Private Limited CIN No.:
U01111MH2007PTC169060 ·
Azure Tree Lands Private Limited CIN No.:
U45200MH2007PTC167870 ·
Azure Tree Orchards Private Limited CIN No.:
U01403MH2007PTC169050 ·
Girirajkripa Developers Private Limited CIN No.:
U45201RJ2007PTC024702 ·
Kalpataru Constructions (Poona) Private Limited CIN No.: U45200MH2007PTC170905 ·
Kalpataru Gardens Private Limited CIN No.:
U99999MH1964PTC012833 ·
Kalpataru Land (Surat) Private Limited CIN No.:
U45200MH1982PTC026027 ·
Kalpataru Land Private Limited CIN No.:
U45200MH1996PTC10376 ·
Kalpataru Properties (Thane) Private
Limited CIN No.: U58628MH1990PTC058628 ·
Kiah Constructions Private Limited CIN No.:
U45202MH2008PTC181806 ·
Kiah Properties Private Limited CIN No.:
U45203MH2008PTC181808 ·
Kiyana Properties Private Limited CIN No.:
U70102MH2008PTC182888 · Klassik Townships Private Limited CIN No.: U45202MH2006PTC163952 ·
Shravasti Property Private Limited CIN No.:
U45200MH1995PTC092354 ·
Sona Properties Private Limited CIN No.:
U70100MH1973PTC016587 ·
Swarn Bhumi Township Private Limited CIN No.:
U45201MH1993PTC075405 |
|
|
|
|
Enterprises
which are
owned, or have significant
influence of or are partners with Key management
personnel and their relatives : |
·
Ananta Ventures LLP ·
Aseem Ventures LLP ·
Azure Tree Developers LLP ·
Kalpak Property Ventures LLP ·
Kalpataru + Sharyans ·
Kalpataru Constructions (Pune) ·
Kalpataru Enterprises ·
Kalpa-Taru Property Ventures LLP ·
Kalpataru Shubham Enterprises ·
Kamdhenu Constructions ·
Kanani Developers LLP ·
Kara Property Ventures LLP ·
Kiyana Ventures LLP ·
Shravasti Ventures LLP ·
Mango People Homes LLP ·
Messers Habitat |
|
|
|
|
Others : |
· Agile Real Estate Private Limited CIN
No.: U70102MH2008PTC177239 ·
Amber Real Estate Limited CIN No.: U45200MH2007PLC173306 ·
Kalpataru Properties Private Limited CIN No.:
U74210MH1975PTC018371 ·
Property Solutions (India) Private Limited CIN No.: U45102MH2000PTC129763 ·
Propnova Properties Private Limited CIN No.:
U45200MH2010PTC198358 ·
Shouri Properties Private Limited CIN No.: U45201MH2002PTC134393 ·
Yugdharm Real Estate Private Limited CIN No.:
U45201MH1993PTC075405 ·
Corporate Stationery Private Limited CIN No.:
U21098MH1994PTC081223 ·
Azure Tree Townships Private Limited CIN No.:
U45200MH2007PTC167798 ·
Neo Pharma Private Limited CIN No.:
U24239MH1950PTC008016 |
CAPITAL STRUCTURE
As on 30.09.2013
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
15940000 |
Equity Shares |
Rs. 10/- each |
Rs.159.400 Millions |
|
23950000 |
Preference Shares |
Rs. 10/- each |
Rs.269.500 Millions |
|
|
Total |
|
Rs.398.900
Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
4950000 |
Equity Shares |
Rs. 10/- each |
Rs.49.500 Millions |
|
33000 |
Preference Shares |
Rs. 10/- each |
Rs.0.330 Million |
|
|
Total |
|
Rs.49.830
Millions |
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 |
49.830 |
66.000 |
49.500 |
|
(b) Reserves & Surplus |
(448.579) |
982.620 |
(318.780) |
|
(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) |
(398.749) |
1048.620 |
(269.280) |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
2992.808 |
1661.396 |
1254.422 |
|
(b) Deferred tax liabilities (Net) |
0.000 |
0.000 |
0.000 |
|
(c) Other long term liabilities |
130.871 |
105.156 |
127.230 |
|
(d) long-term provisions |
0.359 |
0.423 |
0.262 |
|
Total Non-current Liabilities (3) |
3124.038 |
1766.975 |
1381.914 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
1112.773 |
137.317 |
1906.596 |
|
(b) Trade payables |
91.450 |
21.381 |
29.970 |
|
(c) Other current
liabilities |
402.718 |
144.607 |
183.910 |
|
(d) Short-term provisions |
0.157 |
0.035 |
0.029 |
|
Total Current Liabilities (4) |
1607.098 |
303.340 |
2120.505 |
|
|
|
|
|
|
TOTAL |
4332.387 |
3118.935 |
3233.139 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
2677.971 |
2896.890 |
3091.413 |
|
(ii) Intangible Assets |
0.063 |
0.108 |
0.000 |
|
(iii) Capital
work-in-progress |
0.000 |
0.259 |
9.408 |
|
(iv)
Intangible assets under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current Investments |
0.900 |
0.000 |
0.000 |
|
(c) Deferred tax assets (net) |
81.786 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
99.195 |
70.132 |
50.406 |
|
(e) Other Non-current assets |
14.627 |
0.000 |
0.000 |
|
Total Non-Current Assets |
2874.542 |
2967.389 |
3151.227 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
0.000 |
0.000 |
0.000 |
|
(b) Inventories |
952.736 |
0.000 |
0.000 |
|
(c) Trade receivables |
254.241 |
73.001 |
37.405 |
|
(d) Cash and cash
equivalents |
30.940 |
27.213 |
27.231 |
|
(e) Short-term loans and
advances |
219.917 |
51.332 |
17.276 |
|
(f) Other current assets |
0.011 |
0.000 |
0.000 |
|
Total Current Assets |
1457.845 |
151.546 |
81.912 |
|
|
|
|
|
|
TOTAL |
4332.387 |
3118.935 |
3233.139 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
|
|
|
|
|
|
Other Income |
|
|
|
|
|
|
TOTAL |
1856.524 |
513.889 |
1298.042 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of Materials Consumed |
|
|
|
|
|
|
Employee Benefits Expenses |
|
|
|
|
|
|
Other Expenses |
|
|
|
|
|
|
TOTAL |
1793.221 |
845.989 |
1587.800 |
|
|
|
|
|
|
|
|
|
PROFIT/(LOSS)
BEFORE TAX |
63.303 |
(332.110) |
(289.758) |
|
|
|
|
|
|
|
|
|
Less |
TAX |
(81.520) |
0.000 |
0.017 |
|
|
|
|
|
|
|
|
|
|
PROFIT/(LOSS)
AFTER TAX |
144.823 |
(332.110) |
(289.775) |
|
|
|
|
|
|
|
|
|
Add |
PURSUANT TO
SCHEME OF AMALGAMATION |
86.217 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
|
Less |
UTILIZED TOWARDS
ISSUE OF BONUS PREFERENCE SHARES |
(196.875) |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
(650.880) |
(318.780) |
(29.005) |
|
|
|
|
|
|
|
|
|
|
BALANCE CARRIED
TO THE B/S |
(616.715) |
(650.880) |
(318.780) |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
29.06 |
NA |
NA |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
PAT / Total Income |
(%) |
7.80 |
(64.63) |
(22.32) |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
1.53 |
(10.89) |
(9.13) |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
(0.16) |
(0.32) |
1.08 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
(10.30) |
1.72 |
(11.74) |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
0.91 |
0.50 |
0.04 |
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 |
No |
|
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 |
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
:
|
CASE DETAILS
District:- SINGLE Status : Admitted(Unready) Last Date: 08/10/2013
Stage : FOR ADMISSION - FRESH (HIGH ON BOARD) [CIVIL
SIDE MATTERS] Last Coram:- HON'BLE
SHRI JUSTICE R.V. MORE Act :- Electricity
Supplies Act,1948 |
UNSECURED LOANS:
|
Particulars |
31.03.2013 Rs. In Millions |
31.03.2012 Rs. In Millions |
|
Long Term Borrowings |
|
|
|
Loans and advances from related parties |
250.000 |
0.000 |
|
Short Term Borrowings |
|
|
|
Working capital loans from banks |
100.000 |
0.000 |
|
Intercorporate borrowings |
2.100 |
0.000 |
|
Loans and advances from related parties |
535.774 |
62.798 |
|
Total |
887.874 |
62.798 |
OPERATIONS
I.
Total income of the Company during the year was Rs.
1856.500 Millions in 2012-13 as compared to Rs. 513.900 Millions in 2011-12.
The Profit Before Tax was Rs. 63.300 Millions in 2012-13 as compared to Loss of
Rs. 332.100 Millions in 2011-12, whereas Profit After Tax was 144.800 Millions
as compared to Loss of Rs. 332.100 Millions in 2011-12.
II.
The Company is in business of operating a Retail
Mall at Thane namely “KORUM”. During the year under review the occupancy level
has further increased from 96 % to 98 %. The Mall houses all the leading brands
across various product categories and it attracts large customer base
III.
On 21 st June, 2013, the Hon’ble Bombay High Court
has approved the merger of Sona Properties Private Limited and Shravasti
Property Private Limited with the Company with effect from 1 st April, 2012.
Consequently, the accounts of the said companies were amalgamated with the
Company with effect from that date.
MERGER/AMALGAMATION:
a.
The Hon’ble High Court of Judicature at Bombay has
vide its order dated 21 st June, 2013 approved the Scheme of Amalgamation of
Shravasti Property Private Limited and Sona Properties Private Limited with the
Company. The Company has filed copy of order with the Registrar of Companies
vide Form 21 on 18 th July, 2013, which has been approved by the Registrar of
Companies. Scheme of Amalgamation of
Subsidiaries Shravasti Property Private Limited (“SPPL”) and Sona
Properties Private Limited (“Sona”) with the Company.
b.
A Scheme of Amalgamation (“The Scheme”) of
Subsidiaries Shravasti Property Private Limited (“SPPL”) and Sona Properties
Private Limited (“Sona”) (collectively "Transferor companies") with
the company ("Transfere Comoany") was sanctioned by Hon’ble High
Court, Bombay on 21 June 2013. The Scheme became effective on 18 July 2013 on
filing with the Registrar of Companies and consequently, the entire undertaking
of SPPL and Sona including all assets, liabilities and reserves, vested in the
Company on appointed date 01 April 2012. The Scheme is, accordingly given
effect in these accounts.
c.
The Amalgamation is accounted for as per the
“Pooling of Interest” method prescribed under Accounting Standard 14 “Accounting of Amalgamations”.
Pursuant to the Scheme:
i)
Assets and liabilities of SPPL and Sona as at 1
April 2012 have been taken over at their book values.
ii)
The book value of Company’s investments in the
equity shares of the SPPL and Sona and inter-company loans and advances have
been cancelled. Since the entire issued, subscribed and paid-up capital of SPPL
and Sona was held by the Company, upon the Scheme becoming effective, no shares
of the Company have been allotted in lieu or exchange of its holding in SPPL
and Sona and the share capital of SPPL and Sona stands cancelled.
|
Assets and Liabilities taken over |
SPPL Rs. In Millions |
SONA Rs. In Millions |
Rs. In Millions |
|
Non-current
assets |
2.306 |
0.000 |
2.306 |
|
Current assets |
2008.799 |
59.011 |
2067.810 |
|
Current
liabilities and provisions |
(1873.338) |
(50.261) |
(1923.599) |
|
Net assets |
137.767 |
8.750 |
146.517 |
|
Less: Reserves taken
over |
|
|
|
|
Securties
Premium |
32.625 |
0.000 |
23.625 |
|
Surplus in
statement of profit and loss |
87.367 |
(1.150) |
86.217 |
|
Adjustments |
|
|
|
|
Utilization of
Securities Premium towards issue of Bonus Preference shares {Refer note (f) below} |
23.625 |
0.000 |
23.625 |
|
Utilization of
Surplus in Statement of Profit and Loss towards issue of Bonus Preference
shares {Refer note (f) below} |
196.875 |
0.000 |
196.875 |
|
Inter-company investment cancelled |
95.310 |
9.900 |
105.210 |
|
Adjusted to
Capital Reserve |
|
|
151.965 |
d.
The authorized share capital amount of the Company
has increased by 10,990,000 equity shares of Rs 10 each and by 22,250,000 preference
shares of Rs. 10 each amounting to Rs. 109,900,000 and Rs. 222.500
Millions respectively.
e.
The aforesaid Scheme of Amalgamation of SPPL and
Sona with the Company, has been given effect in these accounts and hence the figures
of the current year to that extent are not comparable with those of the
previous year.
f.
Subsequent to the appointed date, SPPL changed the
accounting year from 31 March 2013 to 31 December 2012. The Board of directors
and members of SPPL approved the audited accounts for the nine months i.e. 1
April 2012 to 31 December 2012. Further, the members in its meeting held on 18
January 2013 approved the issue of Bonus preference shares in the ratio of 1:70
aggregating to Rs. 222.500 Millions out
of balance in Securities Premium account of Rs. 23.625 Millions and Surplus in
Statement of Profit and Loss of Rs.196.875 Millions based on the audited
financial statements as at 31 December 2012. Hence, necessary adjustment is
made in the financial statements.
CURRENT MATURITIES OF LONG-TERM DEBT DETAILS
(Rs. In Millions)
|
Particulars |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
Current maturities of
long-term debt |
168.587 |
73.606 |
124.661 |
|
Total |
168.587 |
73.606 |
124.661 |
INDEX OF CHARGE:
|
Sr. No. |
Charge ID |
Date of Charge Creation/Modification |
Charge amount secured |
Charge Holder |
Address |
Service Request
Number (SRN) |
|
1 |
10334980 |
04/09/2012 * |
4,450,000,000.00 |
ICICI BANK LIMITED |
LANDMARKRACE COURCE CIRCLE, ALKAPURI,
BARODA, Gujarat - 390015, INDIA |
B57029480
|
|
2 |
10118894 |
14/06/2013 * |
3,800,000,000.00 |
HOUSING DEVELOPMENT FINANCE
CORPORATION LIMITED |
RAMON HOUSE 169 BACKBAY
RECLAMATION, H T PAREKH MARG, MUMBAI, Maharashtra - 400020, INDIA |
B79711362
|
|
3 |
90238126
|
14/06/2013
* |
3,800,000,000.00
|
HOUSING
DEVELOPMENT FINANCE CORPORATION LIMITED |
RAMON
HOUSE 169 BACKBAY RECLAMATION, H T PAREKH MARG, MUMBAI, Maharashtra - 400020,
INDIA |
B79696555
|
*Date of modification Charges
FIXED ASSETS:
·
Land and Building
·
Plant and Machinery
·
Furniture and Fixtures
·
Vehicle
·
Computer
·
Office Equioment
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.62.33 |
|
|
1 |
Rs.101.99 |
|
Euro |
1 |
Rs.84.62 |
INFORMATION DETAILS
|
Information Gathered
by : |
HNA |
|
|
|
|
Report Prepared
by : |
VNT |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
2 |
|
PAID-UP CAPITAL |
1~10 |
2 |
|
OPERATING SCALE |
1~10 |
2 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
2 |
|
--PROFITABILIRY |
1~10 |
- |
|
--LIQUIDITY |
1~10 |
2 |
|
--LEVERAGE |
1~10 |
2 |
|
--RESERVES |
1~10 |
- |
|
--CREDIT LINES |
1~10 |
1 |
|
--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 |
|
13 |
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.