MIRA INFORM REPORT
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Report No. : |
315322 |
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Report Date : |
31.03.2015 |
IDENTIFICATION DETAILS
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Name : |
PREM DEVELOPERS |
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Registered
Office : |
Flat No. 103, Building No. L/35, Dhanlaxmi Residency, Ambica Park, Vapi – Silvassa, Vapi, Taluka – Pardi, District Valsad – 396193, Gujarat |
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Country : |
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Financials (as
on) : |
31.03.2015 (Provisional) |
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Date of Incorporation
: |
28.07.2012 |
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Capital
Investment / Paid-up Capital : |
Rs.16.759 Million |
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IEC No.: |
Not Available |
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TIN No.: |
Not Available |
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PAN No.: [Permanent Account No.] |
AANFP8895R |
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Legal Form : |
Partnership Concern with an unlimited liability of the partners |
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Line of Business
: |
The firm is engaged into business of purchase, sale and development of
Land, construction of residential and commercial properties in and around
vicinity of Vapi Silvassa and Daman. |
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No. of Employees
: |
4 (Approximately) |
RATING & COMMENTS
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MIRA’s Rating : |
Ba (43) |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal commitments. |
Satisfactory |
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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 partnership concern having satisfactory
track record. Trade relations are reported as fair. Business is active. Payment
terms are reported to be usually correct and as per commitment. The concern can 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.
ECGC Country Risk Classification List – December 31, 2014
|
Country Name |
Previous Rating (30.09.2014) |
Current Rating (31.12.2014) |
|
India |
A1 |
A1 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
EXTERNAL AGENCY RATING
NOT AVAILABLE
RBI DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available RBI Defaulters’ list.
EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter in
the publicly available EPF (Employee Provident Fund) Defaulters’ list as of
31-03-2014.
INFORMATION PARTED BY
|
Name : |
Mr. Deepak Jain |
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Designation : |
Auditor |
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Contact No.: |
91-9879564070 |
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Date : |
30.03.2015 |
LOCATIONS
|
Registered Office : |
Flat No. 103, Building No. L/35, Dhanlaxmi Residency, Ambica Park, Vapi – Silvassa, Vapi, Taluka – Pardi, District Valsad – 396193, Gujarat, India |
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Tel. No.: |
Not Available |
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Mobile No.: |
91-9879564070 (Mr. Deepak Jain) |
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Fax No.: |
Not Available |
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E-Mail : |
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Area : |
10187.85 Sq. Mtrs (Built Up Area) |
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Location : |
Owned |
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Site Address : |
Tulsi Villa Village Lavachha, Taluka Pardi, District Valsad, Gujarat,
India |
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Location : |
Owned |
PARTNERS
|
Name : |
Mr. Ramesh J. Kotadiya |
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Designation : |
Partner |
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Address : |
B 301, Royal Gems, Saffaire Building, Daman Road, Chala, Vapi, Valsad, Gujarat, India |
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Date of Birth/Age : |
16.04.1965 |
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Qualification : |
B.Com |
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Experience : |
10 Years |
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Name : |
Kamal L. Kothari |
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Designation : |
Partner |
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Address : |
302, Shubh Apartment, Bhagyodaya Society, Daman Road, Chala, Vapi, Valsad, Gujarat, India |
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Date of Birth/Age : |
16.12.1983 |
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Qualification : |
B.Com |
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Experience : |
9 Years |
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Name : |
Mr. Arvind K. Patel |
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Designation : |
Partner |
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Address : |
Bunglow No 6, Urmi Kunj Co-Operative HSG Society, GIDC, Vapi, Valsad, Gujarat, India |
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Date of Birth/Age : |
17.05.1985 |
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Qualification : |
B.Com |
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Experience : |
8 Years |
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Name : |
Mr. Padam C. Jain |
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Designation : |
Partner |
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Address : |
A 4, Sai Sadan, Godal Nagar, Vapi, Valsad, Gujarat,
India |
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Date of Birth/Age : |
28.11.1968 |
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Qualification : |
B.Com |
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Experience : |
8 Years |
BUSINESS DETAILS
|
Line of Business : |
The firm is engaged into business of purchase, sale and development of
Land, construction of residential and commercial properties in and around
vicinity of Vapi Silvassa and Daman. |
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Products /Services : |
Development and Construction Services |
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Brand Names : |
-- |
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Agencies Held : |
-- |
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Exports : |
Not Available |
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Imports : |
Not Available |
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Terms : |
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Selling : |
Not Divulged |
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Purchasing : |
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 : |
4 (Approximately) |
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Bankers : |
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Auditors : |
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Name : |
Shailendra Jain and Company Chartered Accountants |
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Address : |
Office No.42, 43, 44, Sahara Market, Daman Silvassa Road, Vapi,
Valsad, Gujarat, India |
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Tel. No.: |
91-261-2422966 |
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E-Mail : |
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Memberships : |
-- |
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Collaborators : |
-- |
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Sister Concern : |
Not Divulged |
CAPITAL STRUCTURE
AS ON 31.03.2015 (PROVISIONAL)
|
Particulars |
Rs.
In Million |
|
Arvind K Patel |
5.324 |
|
Kamal L Kothari |
2.721 |
|
Padam Jain |
2.908 |
|
Ramesh J Kotadiya |
5.806 |
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Total |
16.759 |
FINANCIAL DATA
[all figures are
in Rupees Million]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2015 (Provisional) |
31.03.2014 |
31.03.2013 |
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SHAREHOLDERS FUNDS |
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1] Partner’s Capital |
16.759 |
17.328 |
1.739 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
(95.328) |
0.000 |
0.000 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
(78.569) |
17.328 |
1.739 |
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LOAN FUNDS |
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1] Secured Loans |
0.000 |
0.000 |
0.000 |
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2] Unsecured Loans |
51.950 |
31.309 |
4.521 |
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TOTAL BORROWING |
51.950 |
31.309 |
4.521 |
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DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
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TOTAL |
(26.619) |
48.637 |
6.260 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
0.442 |
0.442 |
0.000 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENT |
0.000 |
0.000 |
0.000 |
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DEFERRED TAX ASSETS |
0.000 |
0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
0.000 |
69.002 |
16.662 |
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Sundry Debtors |
0.000 |
0.000 |
0.000 |
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Cash & Bank Balances |
1.361 |
0.847 |
0.988 |
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Other Current Assets |
0.769 |
0.000 |
0.311 |
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Loans & Advances |
1.500 |
5.090 |
1.500 |
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Total
Current Assets |
3.630 |
74.939 |
19.461 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Sundry Creditors |
5.846 |
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(1.067) |
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Other Current Liabilities |
24.906 |
|
14.048 |
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Provisions |
(0.061) |
|
0.220 |
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Total
Current Liabilities |
30.691 |
26.744 |
13.201 |
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Net Current Assets |
(27.061) |
48.195 |
6.260 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
(26.619) |
48.637 |
6.260 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
31.03.2015 (Provisional) |
31.03.2014 |
31.03.2013 |
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SALES |
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Income |
2.100 |
0.000 |
0.000 |
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Disclosed Income |
1.461 |
10.900 |
0.000 |
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Other Income |
1.461 |
0.000 |
0.000 |
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TOTAL |
3.561 |
10.900 |
0.000 |
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Less |
EXPENSES |
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Cost of Goods Sold |
95.249 |
|
12.225 |
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Carting |
0.390 |
|
0.000 |
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Architect Fees |
0.000 |
|
0.171 |
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Electricity Charges |
0.296 |
|
0.152 |
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Labour Charges |
0.740 |
|
0.000 |
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Freight expenses |
0.000 |
|
0.009 |
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Loading and unloading expenses |
0.003 |
|
2.651 |
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Machinery Hire Charges |
0.000 |
|
0.011 |
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Royalty |
0.459 |
|
0.072 |
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Vat Expenses |
0.035 |
|
0.000 |
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Indirect Expenses |
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Advertising |
0.355 |
|
0.229 |
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Account writing expenses |
0.294 |
|
0.000 |
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Consumable Store |
0.000 |
|
0.030 |
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Conveyance |
0.003 |
|
0.000 |
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Diesel |
0.001 |
|
0.001 |
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Donation |
0.039 |
|
0.000 |
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General Expenses |
0.001 |
|
0.000 |
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House Tax |
0.002 |
|
0.000 |
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Interest On Capital |
0.004 |
|
0.000 |
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Interest On TDS |
0.398 |
|
0.034 |
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Interest On Unsecured Loan |
0.000 |
|
0.024 |
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Interest On Vat |
0.029 |
|
0.000 |
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Legal and professional charges |
0.000 |
|
0.065 |
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Office Expenses |
0.009 |
|
0.043 |
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Penalty On Vat |
0.000 |
|
0.000 |
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Printing charges |
0.001 |
|
0.121 |
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Printing & Stationery |
0.000 |
|
0.012 |
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Repairing & Maintenance - Other |
0.029 |
|
0.091 |
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Site Exp. |
0.006 |
|
0.000 |
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Staff Salary |
0.035 |
|
0.283 |
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Tempo Freight |
0.331 |
|
0.000 |
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Travelling Expenses |
0.019 |
|
0.328 |
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Watch & Wards |
0.080 |
|
0.000 |
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Weightment Charges |
0.006 |
|
0.000 |
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Staff Welfare |
0.075 |
|
0.044 |
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Water Expenses |
0.000 |
|
0.012 |
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TOTAL |
98.889 |
2.431 |
16.608 |
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|
PROFIT/(LOSS)
FOR THE YEAR |
(95.328) |
8.469 |
(16.608) |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2015 (Provisional) |
31.03.2014 |
31.03.2013 |
|
Net Profit Margin (PAT/Total Income) |
(%) |
(2677.00) |
77.70 |
NA |
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Return on Total Assets (PBT/Total Assets} |
(%) |
(2341.06) |
11.23 |
(85.34) |
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Return on Investment (ROI) (PBT/Networth) |
|
1.21 |
0.49 |
(9.55) |
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Debt Equity Ratio (Total Debt /Networth) |
|
(0.66) |
1.81 |
2.60 |
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|
Current Ratio (Current Asset/Current Liability) |
|
0.12 |
2.80 |
1.47 |
FINANCIAL ANALYSIS
[all figures are
in Rupees Million]
DEBT EQUITY RATIO
|
Particular |
31.03.2013 |
31.03.2014 |
31.03.2015 (Provisional) |
|
|
Rs.
In Million |
Rs. In
Million |
Rs.
In Million |
|
Share Capital |
1.739 |
17.328 |
16.759 |
|
Reserves & Surplus |
0.000 |
0.000 |
0.000 |
|
Money received against share
warrants |
0.000 |
0.000 |
0.000 |
|
Share Application money
pending allotment |
0.000 |
0.000 |
0.000 |
|
Net
worth |
1.739 |
17.328 |
16.759 |
|
|
|
|
|
|
Secured Loans |
0.000 |
0.000 |
0.000 |
|
Unsecured Loans |
4.521 |
31.309 |
51.950 |
|
Total
borrowings |
4.521 |
31.309 |
51.950 |
|
Debt/Equity
ratio |
2.600 |
1.807 |
3.100 |
YEAR-ON-YEAR GROWTH
|
Year
on Year Growth |
31.03.2013 |
31.03.2014 |
31.03.2015 (Provisional) |
|
|
Rs.
In Million |
Rs.
In Million |
Rs.
In Million |
|
Total Income |
0.000 |
10.900 |
3.561 |
|
|
|
|
(67.330) |
NET PROFIT MARGIN
|
Net
Profit Margin |
31.03.2013 |
31.03.2014 |
31.03.2015 (Provisional) |
|
|
Rs.
In Million |
Rs.
In Million |
Rs.
In Million |
|
Total Income |
0.000 |
10.900 |
3.561 |
|
Profit |
(16.608) |
8.469 |
(95.328) |
|
|
|
77.70% |
(2677.00%) |
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 |
Yes |
|
5] |
Type of Business |
Yes |
|
6] |
Line of Business |
Yes |
|
7] |
Promoter's background |
Yes |
|
8] |
No. of employees |
Yes |
|
9] |
Name of person contacted |
Yes |
|
10] |
Designation of contact
person |
Yes |
|
11] |
Turnover of firm for last
two years and 8 months |
Yes |
|
12] |
Profitability for last
two years and 8 months |
Yes |
|
13] |
Reasons for variation
<> 20% |
----------- |
|
14] |
Estimation for coming financial
year |
No |
|
15] |
Capital in the business |
Yes |
|
16] |
Details of sister
concerns |
No |
|
17] |
Major suppliers |
Yes |
|
18] |
Major customers |
Yes |
|
19] |
Payments terms |
Yes |
|
20] |
Export / Import details
(if applicable) |
No |
|
21] |
Market information |
---------- |
|
22] |
Litigations that the firm
/ promoter involved in |
---------- |
|
23] |
Banking Details |
Yes |
|
24] |
Banking facility details |
No |
|
25] |
Conduct of the banking
account |
---------- |
|
26] |
Buyer visit details |
---------- |
|
27] |
Financials, if provided |
Yes |
|
28] |
Incorporation details, if
applicable |
No |
|
29] |
Last accounts filed at
ROC |
No |
|
30] |
Major Shareholders, if
available |
No |
|
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 |
BRIEF ABOUT PAST PROJECTS
BY PARTNERS IN OTHER FIRMS:
|
Name of Project |
No Of Units |
Type |
Built Up Area (In Sq. Ft.) |
Project Cost (Rs. In Cr.) Approx |
Firm Name |
Stake of partner |
|
LAKE VIEW |
306 Flats + 7
Shops |
Residential +
Commercial |
260000 |
2000 Lacs |
Gurudev
Corporation |
25% |
|
TULSI TOWER |
14 Flats |
Residential |
15057 |
150 Lacs |
Royal developers |
37% |
|
TULSI VEER |
19 Flats |
Residential |
30000 |
400 Lacs |
Tulsi Veer
Developers |
50% |
|
MADHAV GEMS |
70 Flats + 6
shops |
Residential +
Commercial |
90000 |
700 Lacs |
Baba Developers |
34% |
|
TULSI VILLA |
94 Units |
Residential |
100000 |
1700 Lacs |
Prem Developers |
30% |
|
TULSI DARSHAN |
50 Flats + 49
Shops |
Residential +
Commercial |
85000 |
900 Lacs |
Om Developers |
25% |
TRADE REFERENCES
|
Name |
Address |
Contact Person |
Contact No |
|
Dhanlaxmi
Builders |
Silvassa Main
Road Village Lavachha |
Mr. Suresh Modi |
91-9328275480 |
|
Shree Madhav
Steel Corporation |
Plot No. 142, Bharakmora
Sardar Chowk, IInd Phase, GIDC, Vapi, Valsad, Gujarat, India |
Mr. Navin Bhai |
91-9825111509 |
|
Diamond Electric
and Hardware Store |
4 Camps Corner,
Near Gunjan Cinema, GIDC, Vapi, Valsad, Gujarat, India |
Mr. Kiran Jain |
91-260-2426471 |
|
Shree Gopi
Enterprise |
Plot No. 142,
Bharakmora Sardar Chowk, IInd Phase, GIDC, Vapi, Valsad, Gujarat, India |
Mr. Mnasukh Bhai |
91-9825111509 |
|
Shivam Timber
Industries |
Plot No 412/1
Near Chanod Bus Stop, Silvassa Road, Vapi, Valsad, Gujarat, India |
Mr. Veerji Bhai
Patel |
91-9879526937 |
|
Advait Steel
Supplier |
Shop No.205,
Second Floor, Plot No C5/25, Jyoti Chambers, Opposite Oriental Insurance
Company, GIDC, Vapi, Valsad, Gujarat, India |
Mr. Rajesh Bhai |
91-9725632222 |
|
Parth Ceramics |
Shop No.11 Shree
Jalaram Complex, Near DCB Bank, Silvassa Road, Vapi Valsad, Gujarat, India |
Mr. Prakash Bhai |
91-9824452973 |
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.62.63 |
|
|
1 |
Rs.92.94 |
|
Euro |
1 |
Rs.68.06 |
INFORMATION DETAILS
|
Information
Gathered by : |
GYT |
|
|
|
|
Analysis Done by
: |
DIV |
|
|
|
|
Report Prepared
by : |
VNT |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
4 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL
CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
--PROFITABILITY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
4 |
|
--CREDIT LINES |
1~10 |
4 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
NO |
|
--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 |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTER
|
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
|
|
|
|
TOTAL |
|
43 |
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.