MIRA INFORM REPORT
|
Report Date : |
24.06.2014 |
IDENTIFICATION DETAILS
|
Name : |
NIRMAL LIFESTYLE LIMITED |
|
|
|
|
Registered
Office : |
3rd Floor, Multiplex Building, Nirmal Lifestyle, L.B.S. Marg,
Mulund (West), Mumbai – 400 080, Maharashtra |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as
on) : |
31.03.2013 |
|
|
|
|
Date of
Incorporation : |
04.11.1999 |
|
|
|
|
Com. Reg. No.: |
11-122542 |
|
|
|
|
Capital Investment
/ Paid-up Capital : |
Rs.1447.000
Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U92411MH1999PLC122542 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
MUMN07100C / MUMN07257F |
|
|
|
|
PAN No.: [Permanent Account No.] |
AAACN9145J |
|
|
|
|
Legal Form : |
A Closely Held Public Limited Liability Company |
|
|
|
|
Line of Business
: |
Subject is engaged in the business of construction of Residential and
Commercial projects and renting of immovable properties. |
|
|
|
|
No. of Employees
: |
Information denied by management |
RATING & COMMENTS
|
MIRA’s Rating : |
B (31) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Maximum Credit Limit : |
USD 28000000 |
|
|
|
|
Status : |
Moderate |
|
|
|
|
Payment Behaviour : |
Slow but correct |
|
|
|
|
Litigation : |
Exist |
|
|
|
|
Comments : |
Subject is an established company having a moderate track record. There seems drastic dip in the profit of the company during 2013. However, the rating takes into consideration company’s exposure to
project implementation risks and susceptibility to cyclicality inherent in
demand in the real estate sector. Trade relations are reported as fair. Business is active. Payment
terms are reported to be slow but correct. The company can be considered for business dealings with some
cautions. |
NOTES:
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
INDIAN ECONOMIC OVERVIEW
N E W S
The economy grew 4.7
%in 2013/14, marking a second straight year of sub-5 % growth – the worst slowdown
in more than a quarter of a century. The data was below an official estimate of
4.9 % annual growth and compared with 4.5 % in the last fiscal year. However,
the current account deficit narrowed sharply to $ 32.4 billion at 1.7 % of
gross domestic product, in 2013/14 from a record high of $ 98.8 billion or 4.7
%, the year before.A sharp fall in gold imports due to restrictions on overseas
purchases and muted import of capital goods helped shrink the current account
deficit.
Online retailer
Flipkart has acquired fashion portal Myntra as it prepares to battle with the
rapidly expanding India arm of the global e-commerce giant Amazon. The company
raised $ 210 million from Russian Investment firm DST Global which has also
invested in companies like Facebook, Twitter and Alibaba Group.
General Motors will
start exporting vehicles from its Talegaon plant near Pune in the second half
of 2014. GM was one of the few global carmakers that was using its India plant
only for the domestic market.
Google has overtaken
Apple as the world’s top brand in terms of value, according to global market
research agency Millward Brown. Google’s brand value shot up 40 % in a year to
$ 158.84 billion. The top 10 of the 100 slots were dominated by US companies.
Infosys lost another
heavy weight when B G Srinivas, a board member put in his papers. He is the
third CEO-hopeful to quit after Chairman N R Narayana Murthy’s return to the
company – Ashok Vemuri and V Balakrishnan being the other two.While Vemuri went
on to lead IGate, Balakrishnan joined politics.
Naresh Goyal –
promoted Jet Airways posted biggest quarterly loss – Rs 2153.37 crore – in the
three months ended March 31, mainly because it has been offering discounts to
passengers to fill planes.
William S Pinckney –
Chairman and CEO of Amway India was arrested by the Andhra Pradesh Police in
connection with a complaint against the direct selling firm. This is the second
time that he has been taken into custody. A year, ago the Kerala Police had
arrested Pinckney and two company directors on charges of financial
irregularities.
China has told its
state-owned enterprises to sever links with American consulting firms after the
United States charged five Chinese military officers wih hacking US companies.
China’s action which targets consultancies like McKinsey & Co. and the
Boston Consulting Group, sterns from fears that the first are providing trade
secrets to the US governments.
India has emerged as
a country with some of the highest unregistered businesses in the world.
Indonesia has the maximum number of shadow businesses, says a study of 68
countries by Imperial College Business School in London.
Pfizer has abandoned
its attempt to buy AstraZeneca for nearly $ 118 billion after the latter
refused an offer of 55 pounds a share.
EXTERNAL AGENCY RATING
|
Rating Agency Name |
CRISIL |
|
Rating |
BB+ (Structured Obligation) |
|
Rating Explanation |
Moderate risk of default regarding timely
servicing of financial obligations. |
|
Date |
08.05.2014 |
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. Hemant Goyal |
|
Designation : |
Finance Head |
|
Contact No.: |
91-22-25937000 |
|
Date : |
19.06.2014 |
LOCATIONS
|
Registered Office/ Corporate Office : |
3rd Floor, Multiplex Building, Nirmal Lifestyle, L.B.S.
Marg, Mulund (West), Mumbai – 400 080, Maharashtra, India |
|
Tel. No.: |
91-22-25905121/ 25937000/ 7100 / 25934444/ 25680000 |
|
Fax No.: |
91-22-25971990/ 25937200 |
|
E-Mail : |
|
|
Website : |
|
|
|
|
|
Sales Office : |
L.B.S. Marg, Opposite Nirmal Nagar, Mulund (West), Mumbai – 400 080,
Maharashtra, India |
|
Tel. No.: |
91-22-67973180/ 81/ 25905122/ 23/ 66430383 |
|
Fax No.: |
91-22-67973182/ 25937200 |
|
E-Mail : |
|
|
|
|
|
Overseas Office : |
1804, Burjuman Business Tower, Dubai, UAE |
|
Tel. No.: |
+971 4 5096886 / 0+971 50 4361285 |
DIRECTORS
As on 30.09.2013
|
Name : |
Mr. Dharmesh Sardarmal Jain |
|
Designation : |
Managing Director |
|
Address : |
Nirmal House, Nirmal Nagar, Mulund, Goregaon Link Road, Mulund (West),
Mumbai – 400 080, Maharashtra, India |
|
Date of Birth/Age : |
09.10.1967 |
|
Qualification : |
B.Com |
|
Date of Appointment : |
04.11.1999 |
|
DIN No.: |
00459439 |
|
|
|
|
Name : |
Mrs. Anju Dharmesh Jain |
|
Designation : |
Whole Time Director |
|
Address : |
Nirmal House, Nirmal Nagar, Mulund, Goregaon Link Road, Mulund (West),
Mumbai – 400 080, Maharashtra, India |
|
Date of Birth/Age : |
02.05.1970 |
|
Qualification : |
B.Com |
|
Date of Appointment : |
12.06.2007 |
|
DIN No.: |
00397310 |
|
|
|
|
Name : |
Mr. Rajeev Ramesh Jain |
|
Designation : |
Director |
|
Address : |
1901, Takshashila, Nirmal Nagar, Mulund (West), Mumbai – 400 080, Maharashtra,
India |
|
Date of Birth/Age : |
11.03.1974 |
|
Qualification : |
B.Com, Diploma in Computers |
|
Date of Appointment : |
01.02.2007 |
|
DIN No.: |
00397267 |
|
|
|
|
Name : |
Mr. Chandrakant Hiralal Shah |
|
Designation : |
Director |
|
Address : |
Flat No.1402,
Takshashila, Nirmal Nagar, Mulund, Goregaon Link Road, Mulund (West), Mumbai
– 400 080, Maharashtra, India |
|
Date of Birth/Age : |
17.04.1950 |
|
Qualification : |
B.Com |
|
Date of Appointment : |
01.11.2010 |
|
DIN No.: |
01793951 |
KEY EXECUTIVES
|
Name : |
Mr. Hemant Goyal |
|
Designation : |
Accounts Manager |
|
|
|
|
Name : |
Ms. Vandana Agrawal |
|
Designation : |
Secretary |
|
Address : |
Flat No.103, A-Wing, Shree Chintamani Tower, Manorama Nagar, Thane (West),
Thane – 400 607, Maharashtra, India |
|
Date of Birth/Age : |
17.11.1981 |
|
Date of Appointment : |
27.07.2012 |
|
PAN No.: |
AJOPA0527D |
MAJOR SHAREHOLDERS
As on 30.09.2013
|
Names of Shareholders |
|
No. of Shares |
|
Dharmesh Sardarmal Jain |
|
68728882 |
|
Nirmala Sardarmal Jain |
|
33571 |
|
Anju Dharmesh Jain |
|
137539 |
|
Chandrakant Hiralal Shah |
|
2 |
|
Umesh Jivan Solanky |
|
2 |
|
Rajeev Ramesh Jain |
|
2 |
|
Retired Major General Vijay Pandurang Pawar |
|
2 |
|
Nirmal Lifestyle Holding Private Limited, India |
|
75800000 |
|
Total |
|
144700000 |
Equity Share Break up (Percentage of Total Equity)
As on 30.09.2013
|
Category |
Percentage |
|
Bodies corporate |
52.38 |
|
Directors or relatives of Directors |
47.62 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Subject is engaged in the business of construction of Residential and
Commercial projects and renting of immovable properties. |
||||
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|
Products : |
|
GENERAL INFORMATION
|
No. of Employees : |
Information denied by management |
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Bankers : |
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Facilities : |
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|
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|
Banking
Relations : |
-- |
|
|
|
|
Financial Institution : |
|
|
|
|
|
Auditors : |
|
|
Name : |
R.C. Jain and Associates Chartered Accountants |
|
Address : |
624, The Corporate Centre, Nirmal Lifestyle, LBS Marg, Mulund (West),
Mumbai – 400 080, Maharashtra, India |
|
PAN No.: |
AAFFR7226J |
|
|
|
|
Holding Company |
CIN No.: U70100MH2010PTC199061 |
|
|
|
|
Subsidiary Companies : |
|
|
|
|
|
Associates : |
|
|
|
|
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Others : |
|
|
|
|
|
Enterprises which are owned, or have significant influence of or are
partners with Key management personnel and their relatives : |
|
CAPITAL STRUCTURE
As on 30.09.2013
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
150000000 |
Equity Shares |
Rs.10/- each |
Rs.1500.000 Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
144700000 |
Equity Shares |
Rs.10/- each |
Rs.1447.000
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 |
1,447.000 |
1,409.000 |
1,400.000 |
|
(b) Reserves & Surplus |
5,490.281 |
5,137.680 |
5,087.730 |
|
(c) Money
received against share warrants |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
(2) Share Application money pending
allotment |
0.000 |
0.000 |
90.000 |
|
Total
Shareholders’ Funds (1) + (2) |
6,937.281 |
6,546.680 |
6,577.730 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
8,256.433 |
7,663.181 |
6,690.585 |
|
(b) Deferred tax liabilities (Net) |
98.129 |
96.002 |
100.709 |
|
(c) Other long term
liabilities |
237.126 |
271.687 |
286.526 |
|
(d) long-term provisions |
0.000 |
0.000 |
0.000 |
|
Total Non-current
Liabilities (3) |
8,591.688 |
8,030.870 |
7,077.820 |
|
|
|
|
|
|
(4)
Current Liabilities |
|
|
|
|
(a) Short
term borrowings |
1,186.848 |
390.876 |
673.866 |
|
(b) Trade
payables |
445.763 |
531.361 |
763.180 |
|
(c) Other
current liabilities |
2,978.360 |
2,931.397 |
3,950.494 |
|
(d) Short-term
provisions |
13.540 |
22.251 |
9.817 |
|
Total Current
Liabilities (4) |
4,624.511 |
3,875.885 |
5,397.357 |
|
|
|
|
|
|
TOTAL |
20,153.480 |
18,453.435 |
19,052.907 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1)
Non-current assets |
|
|
|
|
(a) Fixed
Assets |
|
|
|
|
(i)
Tangible assets |
6,542.683 |
6,641.363 |
6,389.656 |
|
(ii)
Intangible Assets |
1.529 |
2.220 |
3.689 |
|
(iii) Capital
work-in-progress |
4,332.081 |
4,481.234 |
3,758.920 |
|
(iv)
Intangible assets under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current Investments |
914.340 |
589.012 |
579.012 |
|
(c) Deferred tax assets (net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
571.932 |
550.313 |
627.940 |
|
(e) Other
Non-current assets |
89.156 |
81.458 |
136.981 |
|
Total Non-Current
Assets |
12,451.721 |
12,345.600 |
11,496.198 |
|
|
|
|
|
|
(2)
Current assets |
|
|
|
|
(a) Current
investments |
0.000 |
0.000 |
0.000 |
|
(b)
Inventories |
5,047.649 |
3,506.120 |
2,826.256 |
|
(c) Trade
receivables |
1,028.616 |
1,018.110 |
1,038.738 |
|
(d) Cash
and cash equivalents |
52.001 |
52.107 |
400.606 |
|
(e) Short-term
loans and advances |
1,572.437 |
1,530.442 |
3,284.333 |
|
(f) Other
current assets |
1.056 |
1.056 |
6.776 |
|
Total
Current Assets |
7,701.759 |
6,107.835 |
7,556.709 |
|
|
|
|
|
|
TOTAL |
20,153.480 |
18,453.435 |
19,052.907 |
PROFIT & LOSS ACCOUNT
|
|
PARTICULARS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
||
|
|
SALES |
|
|
|
||
|
|
|
Income |
1,808.209 |
2,813.428 |
2,224.537 |
|
|
|
|
Other Income |
18.308 |
27.617 |
22.450 |
|
|
|
|
TOTAL (A) |
1,826.517 |
2,841.045 |
2,246.987 |
|
|
|
|
|
|
|
||
|
Less |
EXPENSES |
|
|
|
||
|
|
|
Purchase of Stock-in-trade |
1,998.719 |
2,108.312 |
1,410.467 |
|
|
|
|
Changes in Inventories of finished goods, work-in-progress and
stock-in-trade |
(1,541.529) |
(679.864) |
(250.397) |
|
|
|
|
Employee Benefits Expenses |
169.663 |
110.122 |
111.802 |
|
|
|
|
Other Expenses |
453.244 |
455.544 |
394.328 |
|
|
|
|
TOTAL (B) |
1,080.097 |
1,994.114 |
1,666.200 |
|
|
|
|
|
|
|
||
|
|
PROFIT/(LOSS)
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
746.420 |
846.931 |
580.787 |
||
|
|
|
|
|
|
||
|
Less |
FINANCIAL
EXPENSES (D) |
584.475 |
529.446 |
287.839 |
||
|
|
|
|
|
|
||
|
|
PROFIT/(LOSS)
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D)
(E) |
161.945 |
317.485 |
292.948 |
||
|
|
|
|
|
|
||
|
Less |
DEPRECIATION/
AMORTISATION (F) |
123.680 |
117.639 |
105.520 |
||
|
|
|
|
|
|
||
|
|
PROFIT/(LOSS)
BEFORE TAX (E-F) (G) |
38.265 |
199.846 |
187.428 |
||
|
|
|
|
|
|
||
|
Less |
TAX (H) |
14.185 |
37.893 |
86.483 |
||
|
|
|
|
|
|
||
|
|
PROFIT/(LOSS)
AFTER TAX (G-H) (I) |
24.080 |
161.953 |
100.945 |
||
|
|
|
|
|
|
||
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
513.438 |
532.080 |
432.911 |
||
|
|
|
|
|
|
||
|
Less |
SHORT
PROVISION OF TAX FOR EARLIER YEAR |
4.359 |
178.958 |
0.097 |
||
|
|
|
|
|
|
||
|
Less |
APPROPRIATIONS |
|
|
|
||
|
|
|
Dividend |
1.447 |
1.409 |
1.400 |
|
|
|
|
Tax on Dividend |
0.246 |
0.228 |
0.279 |
|
|
|
BALANCE CARRIED
TO THE B/S |
535.825 |
513.438 |
532.080 |
||
|
|
|
|
|
|
||
|
|
Earnings Per
Share (Rs.) |
0.20 |
1.16 |
0.72 |
||
KEY RATIOS
|
PARTICULARS |
|
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
PAT / Total Income |
(%) |
1.32 |
5.70 |
4.49 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
2.12 |
7.10 |
8.43 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
0.26 |
1.49 |
1.27 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.01 |
0.03 |
0.03 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
1.36 |
1.23 |
1.12 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.67 |
1.58 |
1.40 |
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 |
1400.000 |
1409.000 |
1447.000 |
|
Reserves & Surplus |
5087.730 |
5137.680 |
5490.281 |
|
Share Application money
pending allotment |
90.000 |
0.000 |
0.000 |
|
Net
worth |
6577.730 |
6546.680 |
6937.281 |
|
|
|
|
|
|
long-term borrowings |
6690.585 |
7663.181 |
8256.433 |
|
Short term borrowings |
673.866 |
390.876 |
1186.848 |
|
Total
borrowings |
7364.451 |
8054.057 |
9443.281 |
|
Debt/Equity
ratio |
1.120 |
1.230 |
1.361 |
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 |
2,224.537 |
2,813.428 |
1,808.209 |
|
|
|
26.473 |
-35.729 |
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
|
2,224.537 |
2,813.428 |
1,808.209 |
|
Profit |
100.945 |
161.953 |
24.080 |
|
|
4.54% |
5.76% |
1.33% |
LOCAL AGENCY FURTHER INFORMATION
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 |
1049.420 |
1243.201 |
1777.839 |
|
Total |
1049.420 |
1243.201 |
1777.839 |
|
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 |
Yes |
LITIGATION DETAILS
|
Case Details |
||||||
|
Bench:- Bombay |
||||||
|
Presentation Date:- |
21/06/2014 |
|||||
|
Stamp
No.:- |
MCAST/16399/2014 |
Filing
Date:- |
21/06/2014 |
|||
|
|
||||||
|
Petitioner:- |
LIFE LINE GLOBAL LIMITED |
Respondent:- |
NIRMAL LIFE STYLE LIMITED |
|||
|
Petn.Adv:- |
|
|
|
|||
|
District:- |
MUMBAI |
|||||
|
|
|
|||||
|
Bench:- |
SINGLE |
|||||
|
Status:- |
Pre-Admission |
|||||
|
Next
Date:- |
30/06/2014 |
Stage:- |
||||
|
Last Coram:- |
REGISTRAR (JUDICIAL) |
|||||
|
Act :- |
C.P.C.- (Interlocutory Order) |
|||||
UNSECURED LOANS:
|
Particulars |
31.03.2013 Rs. In Millions |
31.03.2012 Rs. In Millions |
|
Short Term Borrowings |
|
|
|
Loans and advances from related parties |
918.417 |
207.469 |
|
Total |
918.417 |
207.469 |
Note: The registered office
address of the company has been shifted from Jawahar Talkies Compound, R.P.
Road, Mulund (West), Mumbai – 400 080, Maharashtra, India to Present w.e.f.
01.11.2009.
NATURE OF OPERATION:
The principal
activities of the Company consist of construction of Residential, Commercial,
Retail, Hospitality, Mall cum Entertainment Complex and Integrated Township.
RESULTS OF
OPERATIONS:
The Directors announce that the Company has recorded consolidated revenues of Rs.1814.700 Millions in FY 12-13 as compared to Rs.2828.600 Millions in FY11-12. The Profit after tax in FY 12-13 is Rs.28.400 Millions as compared to a profit of Rs.162.000 Millions in the previous year.
INDUSTRY OUTLOOK
As the economy
continues to weaken, the real estate market too has started showing signs of
weakness, in line with other asset classes. Residential real estate prices
across the country have started to soften, falling between 1 and 5 per cent
across 22 cities. The markets would continue to remain weak for a while and
developers would have to put up with some pain too. Current Inflation is high
at almost 11 percent and expected to be 9 percent in 2014, driven by continued
domestic food price pressures; this confluence is leading to tensions, with
emerging market economies facing the dual challenges of slowing growth and
tighter global financial conditions. While there is pain in 2013, 2014 may pose
a bigger challenge for the real estate market. It is very difficult to forecast
anything in India as the real estate market does not follow a logic. Currently,
the pace of sales has gone down and they are going to remain slow with the
slowdown in the economy. The only positive is that while sales are down, they
are still happening. The problems with the current phase are: high uncertainty
(both economic and political), liquidity problem, high mortgage rates and
sentiments are subdued. With both financiers and customers in short supply,
thanks to the two successive downturns of the last few years, the industry has
been forced to adjust - and fast.
Residential
property prices will either stabilize or will appreciate marginally in 2014.
Property prices have remained stable over the past few months and the mood of
the market suggests a continuation of this trend. Property market in 2014 will
be driven by end users. Speculators and Investors have been riding the property
market since a long time; however, they will make way for end users in 2014.
Majority of home buyers want to purchase a property in 2014 for self-use as
they are currently staying on rent. An almost equal number of home buyers want
to buy property to meet the growing family requirements and for long term
investment.
The year 2014 may
experience a very positive shift from the earlier years and will bring in the
much required stability in the property market. As the property transactions
have fallen over the past 12 months, speculators and investors are finding it
difficult to exit the market. Property budget of Home Buyers is likely to
remain the same in 2014. There has been talk of a slowdown in the Indian
economy with all economic indicators showing a negative trend. This, however,
has not dampened the spirit of the Indian home buyer; its budget for buying a
property in 2014 will not be affected by the slowdown. This reinforces the
confidence of the home buyer in real estate as an asset class. Further the Sebi
decision to allow debt funds to take additional exposure in housing finance
companies (HFCs) - over and above the 30% cap for the financial services sector
– is seen as a concession to increase lending in the affordable housing space.
INDEX OF CHARGE:
|
Sr. No. |
Charge ID |
Date of Charge Creation/Modification |
Charge amount secured |
Charge Holder |
Address |
Service Request Number (SRN) |
|
1 |
10503221 |
22/05/2014 |
2,970,000,000.00 |
IDBI Trusteeship Services Limited |
Asian Building, Ground Floor, 17, R. Kamani Marg, Ballard Estate, Mumbai, Maharashtra - 400001, India |
C06370258 |
|
2 |
10490420 |
29/03/2014 |
5,697,000.00 |
HDFC BANK LIMITED |
HDFC Bank Housesenapati Bapat Marg, Lower Parel W, Mumbai, Maharashtra - 400013, India |
C03845591 |
|
3 |
10493627 |
28/03/2014 |
2,650,000,000.00 |
Il & Fs Trust Company Limited |
Il and Fs Financial Centre Plot No C22 G Block Bandra, Kurla Complex Bandra East, Mumbai, Maharashtra - 400051, India |
C03415734 |
|
4 |
10459798 |
18/10/2013 |
50,000,000.00 |
ICICI BANK LIMITED |
Landmarkrace Cource Circle, Alkapuri, Baroda, Gujarat - 390015, India |
B89372734 |
|
5 |
10450464 |
17/09/2013 |
600,000,000.00 |
IFCI Limited |
IFCI Tower61 Nehru Place, New Delhi, Delhi - 110019, India |
B85528735 |
|
6 |
10433519 |
31/05/2013 |
35,610,750.00 |
L & T FINANCE LIMITED |
L&T House,, Ballard Estate,, Mumbai, Maharashtra - 400001, India |
B78158995 |
|
7 |
10406584 |
08/02/2013 |
150,000,000.00 |
India Factoring and Finance Solutions Private Limited |
6th Floor, Vaibhav Chambers, Opposite Income Tax, Bandra - Kurla Complex, Bandra (East), Mumbai, Maharashtra - 400051, India |
B69022663 |
|
8 |
10384835 |
15/10/2012 |
200,000,000.00 |
SREI Equipment Finance Private Limited |
'Vishwakarma', 86c, Topsia Road,, Kolkata, West Bengal - 700046, India |
B61511598 |
|
9 |
10372570 |
31/07/2012 |
100,000,000.00 |
Religare Finvest Limited |
D3, P3B, District Centre, Saket, New Delhi - 110017, India |
B56392046 |
|
10 |
10360995 |
25/05/2012 |
150,000,000.00 |
Religare Finvest Limited |
D3, P3B, District Centre, Saket, New Delhi - 110017, India |
B41784364 |
|
1 |
10355915 |
15/04/2012 |
300,000,000.00 |
SREI Equipment Finance Private Limited |
'Vishwakarma', 86c, Topsia Road, Kolkata, West Bengal - 700046, India |
B39675830 |
|
12 |
10355922 |
15/04/2012 |
748,124,228.00 |
SREI Equipment Finance Private Limited |
'Vishwakarma', 86c, Topsia Road, Kolkata, West Bengal - 700046, India |
B39677539 |
|
13 |
10323980 |
30/11/2011 |
250,000,000.00 |
Religare Finvest Limited |
D3, P3B,, District Centre, Saket, New Delhi - 110017, India |
B28167518 |
|
14 |
10315112 |
17/10/2011 |
2,250,000,000.00 |
BANK OF BARODA |
Zaveri Bazar Branch, 122 Sheikh Memon Street, Trishla Building, Mumbai, Maharashtra - 400002, India |
B24321424 |
|
15 |
10314036 |
05/09/2011 |
4,628,603.00 |
SREI Equipment Finance Private Limited |
'Vishwakarma', 86c, Topsia Road,, Kolkata, West Bengal - 700046, India |
B23883903 |
|
16 |
10301184 |
30/07/2011 |
250,000,000.00 |
Religare Finvest Limited |
D3, P3B,, District Centre, Saket, New Delhi - 110017, India |
B18421420 |
|
17 |
10294810 |
23/06/2011 |
1,750,000,000.00 |
Housing Development Finance Corporation Limited |
Ramon House 169 Backbay Reclamation, H T Parekh Marg, Mumbai, Maharashtra - 400020, India |
B16043572 |
*Date of modification Charges
FIXED ASSETS:
·
Buildings
·
Furniture and Fixture
·
Computers
·
Plant and Machinery
·
Office Equipment
·
Electrical Installation
·
Vehicles
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 records 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] 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.60.28 |
|
|
1 |
Rs.102.77 |
|
Euro |
1 |
Rs.82.12 |
INFORMATION DETAILS
|
Information
Gathered by : |
PRT |
|
|
|
|
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 |
|
--PROFITABILIRY |
1~10 |
2 |
|
--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 |
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 |
|
31 |
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.