MIRA INFORM REPORT
|
Report Date : |
16.06.2014 |
IDENTIFICATION DETAILS
|
Name : |
NAVI MUMBAI SEZ PRIVATE LIMITED (w.e.f. 20.06.2006) |
|
|
|
|
Formerly Known
As : |
NM SEZ DEVELOPMENT COMPANY PRIVATE LIMITED |
|
|
|
|
Registered
Office : |
Jai Centre, 1st Floor, 34, |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as
on) : |
31.03.2013 |
|
|
|
|
Date of
Incorporation : |
15.06.2004 |
|
|
|
|
Com. Reg. No.: |
11-146973 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs. 7719.454
Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U45200MH2004PTC146973 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
MUMN11804C |
|
|
|
|
PAN No.: [Permanent Account No.] |
AACCN0042N |
|
|
|
|
Legal Form : |
Private Limited Liability Company |
|
|
|
|
Line of Business
: |
Developing and Operating a Special Economic Zone (SEZ). |
|
|
|
|
No. of Employees
: |
Information declined by management |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (52) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 36650000 |
|
|
|
|
Status : |
Good |
|
|
|
|
Payment Behaviour : |
Regular |
|
|
|
|
Litigation : |
Exist |
|
|
|
|
Comments : |
Subject is a subsidiary of Dronagiri Infrastructure Private Limited. It is an established company having good track record. There seems some dip in the profits of the company during financial
year 2013. However, capital base of the company is strong. The rating also takes into consideration the resourcefulness and
experience of the promoter groups. Trade relations are reported as fair. Business is active. Payments
terms are reported to be regular and as per commitment. The company can be considered normal for business dealings at usual
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
US investment bank
Goldman Sachs has upgraded its outlook on Indian markets as it expects
positive impact of the election cycle.
India’s economy may
grow 4.7 % in the current financial year, lower than the official estimate of
4.9 %, Fitch Rating said. The global rating agency expects the economy to pick
up in the next two financial years.
Global ratings
agency Standard & Poor said increasing focus by India Inc on lowering debt
is likely to improve their credit profiles.
Singapore (1.1
million Indian tourists in 2012), Thailand (one million), the United Arab
Emirates ().98 million) and Malaysia ().82 million) emerged as the preferred
holidays hotspots for Indians. The total figure is expected to increase to 1.93
million by 2017, according to the latest Eurmonitor international report.
There is a $29.34 bn
outward foreign direct investment by domestic companies between April and
January of 2013/14 which has seen some signs of recovery according to a Care
Ratings report.
There are 264 number
of new companies being set up every day on average during 2014. Most of them
are registered in Mumbai. India had 1.38 million registered companies at the
end of January, 2014.
Twitter like
messaging service Weibo Corporation has filed to raise $ 500 million via a US
initial public offering. Alibaba, which owns a stake in Weibo is expected to
raise about $ 15 billion New York this year in the highest profile Internet IPO
since Facebook’s in 2012.
Bharti Airtel has
raised Rs.2,453.2 crore (350 million Swiss Francs) by selling six-year bonds at
a coupon rate of three per cent and maturing in 2020. This is the largest ever
bond offering by an Indian company in Swiss Francs. Bharat Petroleum
Corporation raised 175 million Swiss Francs by selling five year bonds at 2.98
% coupon rate in February.
Indian Oil
Corporation plans to invest Rs 7650 crore in setting up a petrochemical complex
at its almost complete Paradip refinery in Odhisha in three to four years. The
company board is set to consider the setting up of a 700000 tonne per annum
polypropylene plant at an estimated cost at Rs.3150 crore.
Global chief
information officers at gathering in Bangalore in April to meet Indian startups
at an event called Tech50 Watchout for Little Eye Labs-Facebook type deals in
the making
EXTERNAL AGENCY RATING
|
Rating Agency Name |
CARE |
|
Rating |
Bank facilties: “A” |
|
Rating Explanation |
Adequate degree of safety. It carry low credit risk. |
|
Date |
13.12.2013 |
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 DECLINED
MANAGEMENT NON-COOPERATIVE (Tel. No.: 91-22-40727000)
LOCATIONS
|
Registered Office : |
Jai Centre, 1st Floor, 34, |
|
Tel. No. : |
91-22-40727000/ 23777000 |
|
Fax No. : |
Not Available |
|
E-Mail : |
|
|
|
|
|
Corporate Office : |
|
|
Tel. No.: |
91-22-40723135 |
|
Fax No.: |
91-22-27583200 |
DIRECTORS
As on 07.10.2013
|
Name : |
Mr. Anand Jain Jaikumar |
|
Designation : |
Director |
|
Address : |
A/13, Sterling Apartments, 38, Peddar Road, Mumbai – 400026,
Maharashtra, India |
|
Date of Birth/Age : |
14.01.1957 |
|
Date of Appointment : |
28.04.2006 |
|
DIN No. : |
00003514 |
|
|
|
|
Name : |
Mr. Parag Shantilal Parekh |
|
Designation : |
Director |
|
Address : |
603, Indraprasth, |
|
Date of Birth/Age : |
23.06.1961 |
|
Date of Appointment : |
22.09.2006 |
|
DIN No. : |
00015655 |
|
|
|
|
Name : |
Mr. Sanjay Punkhia |
|
Designation : |
Director |
|
Address : |
56/1426, Adarsh Nagar, Worli, Mumbai – 400025, |
|
Date of Birth/Age : |
19.03.1965 |
|
Date of Appointment : |
22.09.2005 |
|
DIN No. : |
00015667 |
|
|
|
|
Name : |
Mr. Nikhil Prataprai Gandhi |
|
Designation : |
Director |
|
Address : |
21, Sagar Villa, 38, Bhulabhai Desai Road, Mumbai – 400026,
Maharashtra, India |
|
Date of Birth/Age : |
25.04.1959 |
|
Date of Appointment : |
04.10.2004 |
|
DIN No. : |
00030560 |
|
|
|
|
Name : |
Mr. Ajit Warty |
|
Designation : |
Director |
|
Address : |
Flat No. 42, 4th Floor, Praneet, 234, Jaywant Palkar Marg,
Worli, Mumbai – 400025, |
|
Date of Birth/Age : |
30.04.1944 |
|
Date of Appointment : |
31.03.2006 |
|
DIN No. : |
00051463 |
|
|
|
|
Name : |
Mr. Bhavesh Prataprai Gandhi |
|
Designation : |
Additional Director |
|
Address : |
D-4, New Breach Candy Apartment, 4th Floor, Breach Candy,
Mumbai – 400026, Maharashtra, India |
|
Date of Birth/Age : |
17.01.1966 |
|
Date of Appointment : |
04.10.2004 |
|
DIN No. : |
00030623 |
|
|
|
|
Name : |
Mr. Madhusudan Dattatray Lele |
|
Designation : |
Director |
|
Address : |
Flat No. E-302, 1st Floor, Spaghati Complex, Plot No. 22,
Sector-15, Kharghar, Navi Mumbai – 410210, Maharashtra, India |
|
Date of Birth/Age : |
21.02.1952 |
|
Date of Appointment : |
19.03.2010 |
|
DIN No. : |
03033181 |
|
|
|
|
Name : |
Mr. Sanjay Satyapal Bhatia |
|
Designation : |
Director |
|
Address : |
Flat No.6A, Saudamini Building, Haji Ali, Mumbai – 400034,
Maharashtra, India |
|
Date of Birth/Age : |
05.07.1960 |
|
Date of Appointment : |
22.03.2013 |
|
DIN No. : |
00084672 |
KEY EXECUTIVES
|
Name : |
Ravin Chhabildas Kapadia |
|
Designation : |
Secretary |
|
Address : |
130, Cavel Street, 2nd Floor, Kalbadevi Road, Mumbai –
400002, Maharashtra, India |
|
Date of Birth/Age : |
22.10.1969 |
|
Date of Appointment : |
07.09.2006 |
|
PAN No.: |
AAMPK9346B |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 07.10.2013
|
Names of Shareholders |
No. of Shares |
Percentage of
Holding |
|
City and Industrial Corporation of Maharashtra Limited, India |
200705800 |
26.00 |
|
Dronagiri Infrastructure Private Limited, India |
571239588 |
74.00 |
|
Total |
771945388 |
100.00 |
As on 07.10.2013
Equity Share Break up (Percentage of Total Equity)
|
Category |
Percentage of Holding |
|
Government [Central and State] |
26.00 |
|
Bodies corporate |
74.00 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Developing and Operating a Special Economic Zone (SEZ). |
GENERAL INFORMATION
|
No. of Employees : |
Information declined by management |
||||||||||||||||||
|
|
|
||||||||||||||||||
|
Bankers : |
· Axis Bank Limited, 2nd Floor, Axis House, Bombay Dyeing Mills Compound, Pandurang Budhkar Marg, Worli, Mumbai - 400025, Maharashtra, India · Axis Bank Limited, Axis House, 2E, Pandurang Budhkar Marg, Worli, Mumbai - 400025, Maharashtra, India ·
Industrial Development Bank of India Limited,
IDBI Towerwtc Complex, Cuffe Parade, Mumbai - 400005, Maharashtra, India |
||||||||||||||||||
|
|
|
||||||||||||||||||
|
Facilities : |
NOTE Term loans are secured/to be secured by first charge/ mortgage/ hypothecation and shall rank inter se pari passu on (a) all the immovable properties, present and future, (b) all the movable assets (including receivables, bank accounts and intangibles), (excluding goodwill of promoters) present and future, (c) Assignment/charge of all the rights, titles and interest under material project contracts, approvals, lease agreements and documents entered with respect to lease of land, clearances, permits, insurance policies and under letter of credit, guarantee or performance bond provided by any party for any project contract; and (d) Non-disposal undertaking for 51% of the share capital of the Company held by the sponsors/ promoters (DIPL and CIDCO)/ affiliates upto the dates specified in the respective loan agreements (generally upto the first repayment) and 26% of share capital of the Company, thereafter. |
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
Chaturvedi and Shah Chartered Accountants |
|
Address : |
Mumbai, Maharashtra, India |
|
Income-tax
PAN of auditor or auditor's firm : |
AAAFC0662N |
|
|
|
|
Name : |
Deloitte Haskins and Sells Chartered Accountants |
|
Address : |
Mumbai, Maharashtra, India |
|
Income-tax
PAN of auditor or auditor's firm : |
AACFD4815A |
|
|
|
|
Holding Company : |
Dronagiri Infrastructure Private Limited, India CIN No.: U45200MH2004PTC144991 |
|
|
|
|
Ultimate Holding
company : |
Urban Infrastructure Holdings Private Limited CIN No.: U45200MH2005PTC154303 |
|
|
|
|
Joint Venture : |
City and Industrial Development Corporation of Maharashtra Limited CIN No.: U99999MH1970SGC014574 |
|
|
|
|
Subsidiary company
: |
Dronagiri Commercial Complex Maintenance Company Limited CIN No.: U63030MH2005PLC157465 |
|
|
|
|
Associates : |
Urban Infrastructure Constructions Private Limited CIN No.: U45200MH2005PTC158318 Urban Energy Distribution Private Limited CIN No.: U40101MH2006PTC164820 Urban Energy Generation Private Limited CIN No.: U40101MH2006PTC164818 Urban Energy Transmission Private Limited CIN No.: U40101MH2006PTC164831 Urban Water Supply Private Limited CIN No.: U45200MH2005PTC157047 Urban Infotech Solutions Private Limited CIN No.: U72900MH2006PTC165075 Urban Communications Infrastructure Private Limited CIN No.: U93090MH2006PTC164993 |
CAPITAL STRUCTURE
As on 31.03.2013
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
2500000000 |
Equity Shares |
Rs. 10/- each |
Rs. 25000.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
771945388 |
Equity Shares |
Rs. 10/-
each |
Rs. 7719.454 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 |
7719.454 |
7719.454 |
7719.454 |
|
(b) Reserves & Surplus |
1444.048 |
1358.232 |
1232.982 |
|
(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) |
9163.502 |
9077.686 |
8952.436 |
|
|
|
|
|
|
(3) Non-Current
Liabilities |
|
|
|
|
(a) long-term Borrowings |
37559.543 |
31352.127 |
37353.689 |
|
(b) Deferred Tax Liabilities (Net) |
117.618 |
97.192 |
65.457 |
|
(c) Other Long Term
Liabilities |
23.297 |
33.567 |
17.433 |
|
(d) long-term Provisions |
0.000 |
0.000 |
0.000 |
|
Total Non-current
Liabilities (3) |
37700.458 |
31482.886 |
37436.579 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short
Term Borrowings |
0.000 |
0.000 |
0.000 |
|
(b) Trade
Payables |
57.784 |
68.534 |
26.720 |
|
(c) Other
Current Liabilities |
12746.740 |
10344.237 |
13824.948 |
|
(d) Short-term
Provisions |
0.552 |
0.041 |
0.153 |
|
Total Current
Liabilities (4) |
12805.076 |
10412.812 |
13851.821 |
|
|
|
|
|
|
TOTAL |
59669.036 |
50973.384 |
60240.836 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed
Assets |
|
|
|
|
(i)
Tangible Assets |
981.718 |
923.654 |
816.020 |
|
(ii)
Intangible Assets |
0.574 |
1.187 |
3.064 |
|
(iii) Capital
Work-in-Progress |
1112.628 |
1022.171 |
791.033 |
|
(iv)
Intangible assets under Development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current Investments |
1.008 |
0.622 |
0.100 |
|
(c) Deferred Tax Assets (net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
561.292 |
494.896 |
415.792 |
|
(e) Other
Non-current Assets |
0.000 |
0.000 |
0.000 |
|
Total Non-Current
Assets |
2657.220 |
2442.530 |
2026.009 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a)
Current Investments |
62.500 |
128.771 |
10.533 |
|
(b)
Inventories |
45953.260 |
42092.775 |
38352.129 |
|
(c) Trade
Receivables |
0.000 |
0.000 |
0.000 |
|
(d) Cash
and Cash Equivalents |
106.439 |
27.845 |
6708.783 |
|
(e)
Short-term Loans and Advances |
10350.416 |
5758.172 |
11846.329 |
|
(f) Other
Current Assets |
539.201 |
523.291 |
1297.053 |
|
Total
Current Assets |
57011.816 |
48530.854 |
58214.827 |
|
|
|
|
|
|
TOTAL |
59669.036 |
50973.384 |
60240.836 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
|
|
SALES |
|
|
|
|
|
|
|
TOTAL |
NA |
NA |
NA |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
TOTAL |
NA |
NA |
NA |
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE TAX |
NA |
NA |
NA |
|
|
|
|
|
|
|
|
|
Less |
TAX |
NA |
NA |
NA |
|
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) AFTER TAX |
85.816 |
125.250 |
371.412 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Capital Goods |
NA |
NA |
11.679 |
|
|
TOTAL IMPORTS |
NA |
NA |
11.679 |
|
|
|
|
|
|
|
|
|
|
Earnings /
(Loss) Per Share (Rs.) |
0.11 |
0.16 |
0.48 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
4.10 |
3.45 |
4.17 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
4.45 |
4.66 |
4.20 |
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 |
7719.454 |
7719.454 |
7719.454 |
|
Reserves & Surplus |
1232.982 |
1358.232 |
1444.048 |
|
Net
worth |
8952.436 |
9077.686 |
9163.502 |
|
|
|
|
|
|
long-term borrowings |
37353.689 |
31352.128 |
37559.543 |
|
Short term borrowings |
0.000 |
0.000 |
0.000 |
|
Total
borrowings |
37353.689 |
31352.128 |
37559.543 |
|
Debt/Equity
ratio |
4.172 |
3.454 |
4.099 |
LOCAL AGENCY FURTHER INFORMATION
CURRENT MATURITIES OF LONG TERM DEBTS
|
Particulars |
31.03.2013 (Rs.
In Millions) |
31.03.2012 (Rs.
In Millions) |
31.03.2011 (Rs.
In Millions) |
|
|
|
|
|
|
Current maturities of long-term debt |
1806.459 |
1378.305 |
1585.264 |
|
|
|
|
|
|
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 |
No |
|
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 |
Yes |
LITIGATION DETAILS
|
HIGH COURT OF BOMBAY |
||||||
|
CASE DETAILS |
||||||
|
BENCH:- BOMBAY |
||||||
|
PRESENTATION DATE:- 22/01/2014 |
||||||
|
STAMP NO:- ITXAL/247/2014 |
FAILING DATE:- 22/01/2014 |
REG. NO.: ITXA/519/2014 |
REG. DATE: 07/03/2014 |
|||
|
PETITIONER:- |
THE COMMISSIONER OF INCOME TAX TDS. |
RESPONDENT:- |
M/S. NAVI MUMBAI SEZ PVT. LTD.- |
|||
|
PETN.ADV:- |
PRAKASH CHANDRA CHHOTARAY (I3415) |
|
||||
|
DISTRICT:- |
MUMBAI |
|||||
|
BENCH:- |
DIVISION |
|||||
|
STATUS:- |
PRE-ADMISSION |
CATEGORY:- |
TAX APPEALS |
|||
|
LAST DATE:- |
17/06/2014 |
STAGE:- |
||||
|
LAST CORAM:- |
ACCODING TO SITTING LIST ACCODING TO SITTING LIST |
|||||
|
ACT:- |
INCOME TAX ACT, 1961 |
|||||
|
UNDER SECTION:- |
260A |
|||||
INDEX OF CHARGES
|
S.NO. |
CHARGE ID |
DATE OF CHARGE
CREATION/MODIFICATION |
CHARGE AMOUNT
SECURED |
CHARGE HOLDER |
ADDRESS |
SERVICE REQUEST
NUMBER (SRN) |
|
1 |
10105347 |
16/11/2013 * |
8,656,900,000.00 |
AXIS BANK LIMITED |
AXIS HOUSE, 2E, PANDURANG BUDHKAR MARG, WORLI, MUMBAI, MAHARASHTRA - 400025, INDIA |
B90375031 |
|
2 |
10074298 |
16/11/2013 * |
29,498,150,000.00 |
AXIS BANK LIMITED |
AXIS HOUSE, 2E, PANDURANG BUDHKAR MARG, WORLI, MUMBAI, MAHARASHTRA - 400025, INDIA |
B90374752 |
|
3 |
10019881 |
16/11/2013 * |
4,334,400,000.00 |
AXIS BANK LIMITED |
2ND FLR, AXIS HOUSE, BOMBAY DYEING MILLS COMPUND, |
B90374539 |
* Date of charge modification
GENERAL INFORMATION
ABOUT COMPANY
The Company has been jointly promoted by Dronagiri Infrastructure
Private Limited (DIPL) and City and Industrial Development Corporation of
Maharashtra Limited (CIDCO) to develop and operate a Special Economic Zone
(SEZ) at Navi Mumbai, Maharashtra.
OPERATIONS
Horizontal infrastructure development (boundary wall, roads, water supply lines, greens, street lighting etc.) and one IT/ITE's Building in Ulwe SEZ Aand SEZ B of 1.95 Lac sq.ft. eachare at completion stage at Ulwe (WF) Node. The Ulwe (WF) node is ready for marketing from September 2013 and the project stands commissioned.
Their proposal for splitting existing one Multi product SEZ in to 5 SEZ's (one multi product, 2 IT/ITEs, 1FTWZ, 1 Light Engineering) submitted in 2009is still under consideration with Board of Approval(BOA). The development Work will recommence in Dronagiri node, once they receive the approval from BOA.
The strengthening and renovation work of C, D and B Block of NMSEZ Commercial Complex is over and the renovation work for A Block will be completed in second quarter of 2014 .
GoMhad extended the Project Development Milestones by two years in July, 2010 without linking the same to the Enactment of Maharashtra SEZ Act as was requested by NMSEZ. The Mahrasthra SEZ Act is yet to be enacted.In view of the considerable delay in enactment of Maharashtra SEZ Act and delay in development of the surrounding infrastructure like Seawood - Uran Suburban Rail, Mumbai Trans Harbour Link, Navi Mumbai International Airport, Coastal Roads etc. They had requested CIDCO in August 2012 to further extend the development and marketing milestones linking them to resolution of these constraints. The request is pending with CIDCO/ GOM for consideration.
GoM has recently announced new Industrial Policy 2013 . The Industrial Policy 2013 appreciated the concerns and constraints being faced by SEZs in Maharashtra and the fact that many SEZs have been de-notified on account of unfavorable market conditions and reduced incentive regime. GOM opined that under these circumstances an appropriate exit policy must be introduced which would facilitate both industrialization and planned development of such areas .Accordingly GoM has taken the decision to allow SEZs to switchover to IIA as per the policy for Development of Integrated Industrial Areas detailed in Schedule A of The Industrial Policy 2013 .
As per the Industrial Policy 2013 :
i) NMSEZ is eligible for development as Integrated Industrial Area (IIA)
ii) Decision pertaining to notification of NMSEZ project as Integrated Industrial Area shall require approval of the state Cabinet , since the Joint venture with CIDCO for NMSEZ project was approved by the State Cabinet
NMSEZ has approached CIDCO/GOM for the way forward for switching over from SEZs to IIA in line with the provisions laid down in the Industrial Policy 2013 for Development of Integrated Industrial Areas. This approval process is expected to be completed by March, 2014. In the mean time they are requesting MOCI to continue extension of their SEZ LOAs.
FINANCIAL RESULTS
The company has Net surplus after tax of Rs. 85.816 Millions as against Rs. 125.250 Millions in the previous year.
Directors do not recommend dividend for the year.
FIXED ASSETS
Tangible Assets
· Buildings
· Plant and Equipment
· Furniture and Fixtures
· Vehicles
· Ships Vessels
· Motor Vehicles
· Office Equipment
· Other Equipments
· Leasehold Improvements
· Bridges Roads Ports Culverts
Intangible Assets
· Computer Software
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. 59.48 |
|
|
1 |
Rs. 100.93 |
|
Euro |
1 |
Rs. 80.71 |
INFORMATION DETAILS
|
Information
Gathered by : |
HTL |
|
|
|
|
Analysis Done by
: |
DIV |
|
|
|
|
Report Prepared
by : |
MRI |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
7 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
7 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
6 |
|
--RESERVES |
1~10 |
6 |
|
--CREDIT LINES |
1~10 |
5 |
|
--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 |
|
52 |
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.