MIRA INFORM REPORT
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Report No. : |
330502 |
|
Report Date : |
04.07.2015 |
IDENTIFICATION DETAILS
|
Name : |
GENEXT HARDWARE AND PARKS PRIVATE LIMITED |
|
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|
|
Registered
Office : |
Plot No.C-30, Block ‘G’, Opposite SIDBI, Bandra Kurla Complex, Bandra
(East), Mumbai – 400 051, |
|
Tel. No.: |
91-22-26564000 |
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Country : |
India |
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Financials (as
on) : |
31.03.2014 |
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Date of
Incorporation : |
03.03.2006 |
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Com. Reg. No.: |
11-160261 |
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Capital Investment
/ Paid-up Capital : |
Rs.0.123 Million |
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CIN No.: [Company Identification
No.] |
U72100MH2006PTC160261 |
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IEC No.: |
0307025811 |
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|
TAN No.: [Tax Deduction &
Collection Account No.] |
MUMG11882D |
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PAN No.: [Permanent Account No.] |
AACCG5567F |
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|
Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Subject is engaged in development and sale of real estate residential
and commercial properties. |
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|
No. of Employees
: |
Information declined by the management |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (50) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Status : |
Satisfactory |
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|
|
Payment Behaviour : |
Usually correct |
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Litigation : |
Clear |
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Comments : |
Subject is an established company having satisfactory track record. Company possesses healthy financial risk profile marked by strong liquidity
position supported by healthy net worth and relatively low gearing. Trade relations are fair. Business is active. Payment terms are
reported to be usually correct. Subject can be considered 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.
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
31-03-2013.
INFORMATION DECLINED BY
|
Name : |
Mr. Harit Panchal |
|
Designation : |
Not Divulged |
|
Contact No.: |
91-9833289536 |
|
Date : |
04.07.2015 |
LOCATIONS
|
Registered Office : |
Plot No.C-30, Block ‘G’, Opposite SIDBI, Bandra Kurla Complex, Bandra
(East), Mumbai – 400 051, |
|
Tel. No.: |
91-22-26564000 |
|
Fax No.: |
91-22-26565738/ 26564004 |
|
E-Mail : |
|
|
Website : |
DIRECTORS
AS ON 26.12.2014
|
Name : |
Mr. |
|
Designation : |
Director |
|
Address : |
Raheja House, 53 A, Pali Hill, Bandra, Mumbai – 400 050, |
|
Date of Birth/Age : |
23.09.1971 |
|
Date of Appointment : |
03.03.2006 |
|
DIN No.: |
00028044 |
|
|
|
|
Name : |
Mr. Neel Chandru Raheja |
|
Designation : |
Director |
|
Address : |
Raheja House, 53 A, Pali Hill, Bandra, Mumbai – 400 050, |
|
Date of Birth/Age : |
27.06.1974 |
|
Date of Appointment : |
03.03.2006 |
|
DIN No.: |
00029010 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 26.12.2014
|
Names of Shareholders |
|
No. of Shares |
|
Raheja Chandru |
|
3702 |
|
Raheja Chandru Neel Jointly with Raheja Lachmandas Chandru Jointly
with Raheja Chandru Jyoti |
|
3702 |
|
I-1 Company ( |
|
4936 |
|
|
|
12340 |
Equity Share Break up (Percentage of Total Equity)
AS ON 26.12.2014
|
Category |
Percentage |
|
Bodies corporate |
40.00 |
|
Directors or relatives of Directors |
60.00 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Subject is engaged in development and sale of real estate residential
and commercial properties. |
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Products : |
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Brand Names : |
Not Available |
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Agencies Held : |
Not Available |
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Exports : |
Not Divulged |
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Imports : |
Not Divulged |
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Terms : |
Not Divulged |
PRODUCTION STATUS: NOT AVAILABLE
GENERAL INFORMATION
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Suppliers : |
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Customers : |
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No. of Employees : |
Information declined by the management
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Bankers : |
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Facilities : |
(Rs.
In Million)
|
|
|
|
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Financial details: |
Housing Development Finance Corporation Limited, Ramon
House, H. T. Parekh Marg,169, Backbay Reclamation, Churchgate,, Mumbai -
400020, Maharashtra, India |
|
|
|
|
Auditors : |
|
|
Name : |
B S R and Company LLP Chartered Accountant |
|
Address : |
Lodha Excelus, 1st Floor, Apollo Mill Compound, N M Joshi Marg, Mahalaxmi, Mumbai 400 011, Maharashtra, India |
|
PAN N Income-tax PAN of auditor or auditor's firm : |
AAAFB9852F |
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Memberships : |
-- |
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Collaborators : |
-- |
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Control through
substantial interest in voting power and power to direct through agreement: |
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Associate(s) of the
investing party (with whom transactions have taken place during the
year): |
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Enterprises in
which individuals mentioned in (2) above exercise significant influence (with
whom transactions have taken place during the year): |
|
CAPITAL STRUCTURE
AS ON 31.03.2014
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
50000 |
Equity Shares |
Rs.10/- each |
Rs.0.500 million |
|
240 |
Preference Shares |
Rs.1000000/- each |
Rs.240.000 million |
|
|
Total |
|
Rs.240.500
million |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
12340 |
Equity Shares |
Rs.10/- each |
Rs. 0.123
Million |
|
|
|
|
|
FINANCIAL DATA
[all figures are
in Rupees Million]
ABRIDGED
BALANCE SHEET
|
SOURCES
OF FUNDS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
|
|
|
|
|
I.
EQUITY AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
0.123 |
0.123 |
0.123 |
|
(b) Reserves & Surplus |
7274.718 |
6124.337 |
3993.742 |
|
(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) |
7274.841 |
6124.460 |
3993.865 |
|
|
|
|
|
|
(3) Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
3394.962 |
0.000 |
0.000 |
|
(b) Deferred tax liabilities
(Net) |
0.000 |
0.000 |
0.000 |
|
(c) Other long term
liabilities |
0.000 |
0.000 |
0.000 |
|
(d) long-term provisions |
0.000 |
0.000 |
0.000 |
|
Total
Non-current Liabilities (3) |
3394.962 |
0.000 |
0.000 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
22.564 |
17.934 |
249.229 |
|
(b) Trade payables |
720.736 |
289.113 |
617.516 |
|
(c) Other current liabilities |
1617.298 |
1914.586 |
4329.386 |
|
(d) Short-term provisions |
0.000 |
0.000 |
0.000 |
|
Total
Current Liabilities (4) |
2360.598 |
2221.633 |
5196.131 |
|
|
|
|
|
|
TOTAL |
13030.401 |
8346.093 |
9189.996 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
38.097 |
47.592 |
85.674 |
|
(ii) Intangible Assets |
0.000 |
0.000 |
0.000 |
|
(iii) Capital work-in-progress |
0.000 |
0.000 |
0.000 |
|
(iv) Intangible assets under
development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current Investments |
1394.697 |
0.000 |
0.000 |
|
(c) Deferred tax assets (net) |
35.289 |
32.135 |
14.969 |
|
(d) Long-term Loan and Advances |
63.682 |
222.934 |
118.818 |
|
(e) Other Non-current assets |
0.000 |
0.000 |
0.000 |
|
Total
Non-Current Assets |
1531.765 |
302.661 |
219.461 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
0.000 |
0.000 |
0.000 |
|
(b) Inventories |
946.533 |
1142.651 |
2294.874 |
|
(c) Trade receivables |
68.928 |
42.091 |
90.444 |
|
(d) Cash and cash equivalents |
145.325 |
579.819 |
191.861 |
|
(e) Short-term loans and
advances |
9325.398 |
5572.377 |
5773.653 |
|
(f) Other current assets |
1012.452 |
706.494 |
619.703 |
|
Total
Current Assets |
11498.636 |
8043.432 |
8970.535 |
|
|
|
|
|
|
TOTAL |
13030.401 |
8346.093 |
9189.996 |
PROFIT
& LOSS ACCOUNT
|
|
PARTICULARS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
|
SALES |
|
|
|
|
|
Income |
NA |
NA |
NA |
|
|
Other Income |
NA |
NA |
NA |
|
|
TOTAL |
NA |
NA |
NA |
|
|
|
|
|
|
|
Less |
EXPENSES |
NA |
NA |
NA |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS)
BEFORE TAX |
1761.428 |
3152.883 |
2269.928 |
|
|
|
|
|
|
|
Less |
TAX |
611.048 |
1022.287 |
730.758 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS)
AFTER TAX |
1150.380 |
2130.596 |
1539.170 |
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
5259.873 |
3129.277 |
1590.107 |
|
|
|
|
|
|
|
|
Balance
Carried to the B/S |
6410.253 |
5259.873 |
3129.277 |
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
Purchase of building material |
71.748 |
93.037 |
682.524 |
|
|
TOTAL
IMPORTS |
71.748 |
93.037 |
682.524 |
|
|
|
|
|
|
|
|
Earnings
/ (Loss) Per Share (Rs.) |
93224.00 |
172658.00 |
124730.13 |
CURRENT MATURITIES
OF LONG TERM DEBT DETAILS
|
Particulars |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
Current Maturities of Long term debt |
0.000 |
0.000 |
NA |
|
Cash generated from operations |
NA |
NA |
NA |
KEY
RATIOS
|
PARTICULARS |
|
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
Return on Total Assets (PBT/Total Assets} |
(%) |
15.18 |
37.92 |
24.74 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.24 |
0.51 |
0.57 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
0.47 |
0.00 |
0.06 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
4.87 |
3.62 |
1.73 |
FINANCIAL ANALYSIS
[all figures are
in Rupees Million]
DEBT EQUITY RATIO
|
Particular |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(Rs.
In Million) |
(Rs.
In Million) |
(Rs.
In Million) |
|
Share Capital |
0.123 |
0.123 |
0.123 |
|
Reserves & Surplus |
3993.742 |
6124.337 |
7274.718 |
|
Money received against share
warrants |
0.000 |
0.000 |
0.000 |
|
Share Application money pending allotment |
0.000 |
0.000 |
0.000 |
|
Net
worth |
3993.865 |
6124.460 |
7274.841 |
|
|
|
|
|
|
long-term borrowings |
0.000 |
0.000 |
3394.962 |
|
Short term borrowings |
249.229 |
17.934 |
22.564 |
|
Total
borrowings |
249.229 |
17.934 |
3417.526 |
|
Debt/Equity
ratio |
0.062 |
0.003 |
0.470 |
LOCAL AGENCY FURTHER INFORMATION
|
Sr. No. |
Check list by
info agents |
Available in
Report (Yes/No) |
|
1 |
Year of establishment |
Yes |
|
2 |
Constitution of the entity -Incorporation
details |
Yes |
|
3 |
Locality of the entity |
Yes |
|
4 |
Premises details |
No |
|
5 |
Buyer visit details |
-- |
|
6 |
Contact numbers |
Yes |
|
7 |
Name of the person contacted |
Yes |
|
8 |
Designation of contact person |
No |
|
9 |
Promoter’s background |
Yes |
|
10 |
Date of Birth of Proprietor / Partners /
Directors |
Yes |
|
11 |
Pan Card No. of Proprietor / Partners |
No |
|
12 |
Voter Id Card No. of Proprietor / Partners |
No |
|
13 |
Type of business |
Yes |
|
14 |
Line of Business |
Yes |
|
15 |
Export/import details (if applicable) |
No |
|
16 |
No. of employees |
No |
|
17 |
Details of sister concerns |
Yes |
|
18 |
Major suppliers |
No |
|
19 |
Major customers |
No |
|
20 |
Banking Details |
No |
|
21 |
Banking facility details |
Yes |
|
22 |
Conduct of the banking account |
-- |
|
23 |
Financials, if provided |
Yes |
|
24 |
Capital in the business |
Yes |
|
25 |
Last accounts filed at ROC, if applicable |
Yes |
|
26 |
Turnover of firm for last three years |
No |
|
27 |
Reasons for variation <> 20% |
-- |
|
28 |
Estimation for coming financial year |
No |
|
29 |
Profitability for last three years |
Yes |
|
30 |
Major shareholders, if available |
Yes |
|
31 |
External Agency Rating, if available |
No |
|
32 |
Litigations that the firm/promoter
involved in |
-- |
|
33 |
Market information |
-- |
|
34 |
Payments terms |
No |
|
35 |
Negative Reporting by Auditors in the
Annual Report |
No |
Note:
The registered office of the company has been shifted from Construction House-A, 24th Road, Khar, Mumbai – 400 052,
ACTIVITIES:
The Company is engaged in development and sale of real estate residential and commercial properties. During the year companys Residential project at Mumbai is under progress.
SCHEME OF
ARRANGEMENT:
During the year, the Company proposed a Scheme of Arrangement to demerge the Hotel and Retail Undertakings of Magna Warehousing and Distribution Private Limited with the Company with effect from April 01, 2013, (?the Appointed Date?) subject to obtaining necessary approvals of the Shareholders, Honourable High Court of Karnataka at Bangalore and Honourable High Court of Bombay. The demerger is proposed with a view to infuse the necessary capital and funds that are required for the growth of the business of the demerged undertakings and to service debt.
All the required steps have been taken for filing applications/ petitions in the High Courts of Karnataka and Bombay. The procedure involved is time consuming and as on the date of this report, the applications/ petitions are in different stages at the respective Courts.
In view of the demerger, the Company made an application to the Registrar of Companies (ROC) seeking three months extension of time to hold the Annual General Meeting. The request was accepted and the ROC granted the extension to hold the Annual General Meeting by 30h December 2014. Since, orders of the High Courts are pending, the accounts for the year ended 31st March 2014 are without considering the impact of the demerger. Upon coming into effect the Demerger, the accounts for year ended 31st March 2014 will be recast in relation to the provisions of Income Tax Act.
INDEX
OF CHARGES
|
S.NO. |
CHARGE ID |
DATE OF CHARGE
CREATION/MODIFICATION |
CHARGE AMOUNT
SECURED |
CHARGE HOLDER |
ADDRESS |
SERVICE REQUEST
NUMBER (SRN) |
|
1 |
10441132 |
24/07/2013 |
9,700,000,000.00 |
HOUSING DEVELOPMENT FINANCE CORPORATION LIMITED |
RAMON HOUSE, H. T. PAREKH MARG,, 169, BACKBAY REC |
B81175945 |
FIXED ASSETS
Tangible assets
- Buildings
- Plant and equipment
- Furniture and fixtures
- Office equipment
- Computer equipments
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts, India Prisons Service,
Interpol, etc.
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 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.63.40 |
|
UK Pound |
1 |
Rs.98.94 |
|
Euro |
1 |
Rs.70.33 |
INFORMATION DETAILS
|
Information
Gathered by : |
DIP |
|
|
|
|
Analysis Done by
: |
SAN |
|
|
|
|
Report Prepared
by : |
KVT |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL
CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILITY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
6 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
6 |
|
--CREDIT LINES |
1~10 |
6 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
NO |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
50 |
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.