MIRA
INFORM REPORT
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Report No. : |
350621 |
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Report Date : |
25.11.2015 |
IDENTIFICATION DETAILS
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Name : |
APHRODITE INFRA PRIVATE LIMITED |
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Registered
Office : |
FP 77, Avenue 77, Near LP Savani, Vesu, |
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Tel. No.: |
91-261-6555587 |
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Country : |
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Financials (as
on) : |
31.03.2014 |
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Date of
Incorporation : |
21.12.2011 |
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Com. Reg. No.: |
04-068319 |
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Capital
Investment / Paid-up Capital : |
Rs. 135.000 Million |
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CIN No.: [Company Identification
No.] |
U45200GJ2011PTC068319 |
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IEC No.: |
Not Applicable (As claimed by company management that company does not export and import). |
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TAN No.: [Tax Deduction &
Collection Account No.] |
SRTA05494G |
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PAN No.: [Permanent Account No.] |
AAKCA0773D |
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Legal Form : |
Private Limited Liability Company. |
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Line of Business
: |
Subject is engaged into construction of projects. |
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No. of Employees
: |
10 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
B (26) |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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Maximum Credit Limit : |
USD 300000 |
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Status : |
Moderate |
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Payment Behaviour : |
Slow and delayed |
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Litigation : |
Clear |
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Comments : |
Subject is an established company incorporated in the year 2011. It is
engaged into construction of residential projects. For the financial year ended 2014, the company has incurred losses by
its weak operational activity. Rating is constrained on account of company’s modest financial base,
negative reserves position along with risk associates with construction
industries. However, the promoters of the company has extensive experience in
real estate market. Trade relations are fair. Business is active. Payments are slow and
delayed. The company can be considered for business dealings with some caution. |
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 – March 31, 2015
|
Country Name |
Previous Rating (31.12.2014) |
Current Rating (31.03.2015) |
|
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
|
Rating Agency Name |
CRISIL RATING |
|
Rating |
Long Term Bank Facilities = BB- |
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Rating Explanation |
Inadequate credit quality and high credit risk |
|
Date |
June 2015 |
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
31-03-2015.
INFORMATION DENIED
Management non-cooperative (Mob. No.: 91-9825291491)
LOCATIONS
|
Registered Office : |
FP 77, Avenue 77, Near LP Savani, Vesu, Surat – 395007, Gujarat, India |
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Tel. No.: |
91-261-6555587 |
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Mobile No.: |
91-9825291491 (Mr. Prasun Patel) |
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Fax No.: |
Not Available |
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E-Mail : |
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Website : |
DIRECTORS
AS ON 30.09.2014
|
Name : |
Chandresh M. Patel |
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Designation : |
Director |
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Address : |
Chandra Neel, Chikuwadi, Somnath Road, Surat - 395007, Gujarat, India |
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Date of Appointment : |
31.12.2012 |
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DIN No.: |
00432917 |
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Other Directorship :
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Name : |
Ghanshyambhai Shamjibhai Ramani |
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Designation : |
Director |
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Address : |
1, Ratnasagar Society ,Near Vesu Patia, Surat - Dumas Road Piplod, Surat - 395007, Gujarat, India |
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Date of Appointment : |
21.12.2011 |
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DIN No.: |
01793565 |
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Other Directorship :
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Name : |
Hitesh Babulal Ramani |
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Designation : |
Director |
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Address : |
Sweet Home Building, 403-404, Akruti Apartment, City Light Road, Choriyasi, Surat - 395007, Gujarat, India |
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Date of Appointment : |
31.12.2012 |
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DIN No.: |
01800641 |
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Other Directorship :
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Name : |
Piyush Rachhodbhai Patel |
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Designation : |
Director |
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Address : |
00, Shivanghi Bungalow, Umra, Surat - 395007, Gujarat, India |
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Date of Appointment : |
21.12.2011 |
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DIN No.: |
05117762 |
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MAJOR SHAREHOLDERS
AS ON 30.09.2014
SHAREHOLDING DETAILS FILE ATTACHED
Equity Share Break up (Percentage of Total Equity)
AS ON 30.09.2014
|
Category |
Percentage |
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Directors or relatives of Directors |
100.00 |
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Total |
100.00 |
BUSINESS DETAILS
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Line of Business : |
Subject is engaged into construction of projects. |
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Products : |
Not Divulged |
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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 : |
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Selling : |
Cash, Advance Payment and Credit |
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Purchasing : |
Cash, Advance Payment and Credit |
GENERAL INFORMATION
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Suppliers : |
Not Divulged
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Customers : |
Not Divulged
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No. of Employees : |
10 (Approximately) |
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Bankers : |
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Facilities : |
(Rs.
In Million)
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Auditors : |
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Name : |
Mitish S. Modi and Company Chartered Accountants |
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Address : |
Sai Anand Complex 201-202, 2nd Floor Besides State Bank Of Saurashtra, Goverdhan Hill Near Lic Staff Qtrs, Timaliyawad Nanpura, Surat – 395001, Gujarat India |
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Tel. No.: |
91-261-2471830 |
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PAN No.: |
ABLPM2027K |
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Memberships : |
-- |
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Collaborators : |
-- |
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Associates/Subsidiaries : |
-- |
CAPITAL STRUCTURE
AS ON 30.09.2014
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
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13500000 |
Equity Shares |
Rs.10/- each |
Rs. 135.000 Million |
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Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
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|
13500000 |
Equity Shares |
Rs.10/- each |
Rs. 135.000
Million |
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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 |
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(1)Shareholders' Funds |
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(a) Share Capital |
135.000 |
0.100 |
0.100 |
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(b) Reserves & Surplus |
(15.256) |
(0.294) |
0.000 |
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(c) Money
received against share warrants |
|
0.000 |
0.000 |
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(2) Share Application money pending allotment |
0.000 |
43.870 |
0.750 |
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Total
Shareholders’ Funds (1) + (2) |
119.744 |
43.676 |
0.850 |
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(3)
Non-Current Liabilities |
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(a) long-term borrowings |
321.852 |
212.495 |
4.525 |
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(b) Deferred tax liabilities (Net) |
0.000 |
0.000 |
0.000 |
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(c) Other long term liabilities |
0.000 |
0.000 |
0.000 |
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(d) long-term provisions |
0.000 |
0.000 |
0.000 |
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Total Non-current Liabilities (3) |
321.852 |
212.495 |
4.525 |
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(4) Current Liabilities |
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(a) Short term borrowings |
0.000 |
0.000 |
0.000 |
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(b) Trade payables |
30.807 |
0.000 |
0.000 |
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(c) Other current
liabilities |
58.989 |
51.840 |
0.050 |
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(d) Short-term provisions |
0.000 |
0.000 |
0.000 |
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Total Current Liabilities (4) |
89.796 |
51.840 |
0.050 |
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TOTAL |
531.392 |
308.011 |
5.425 |
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II.
ASSETS |
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(1) Non-current assets |
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(a) Fixed Assets |
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(i) Tangible assets |
1.787 |
0.583 |
0.084 |
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(ii) Intangible Assets |
0.000 |
0.000 |
0.000 |
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(iii) Capital
work-in-progress |
0.000 |
0.000 |
0.000 |
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(iv)
Intangible assets under development |
0.000 |
0.000 |
0.000 |
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(b) Non-current Investments |
0.000 |
0.000 |
0.000 |
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(c) Deferred tax assets (net) |
0.000 |
0.000 |
0.000 |
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(d) Long-term Loan and Advances |
0.000 |
0.000 |
0.000 |
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(e) Other Non-current assets |
0.000 |
0.000 |
0.000 |
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Total Non-Current Assets |
1.787 |
0.583 |
0.084 |
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(2) Current assets |
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(a) Current investments |
0.000 |
0.000 |
0.000 |
|
(b) Inventories |
0.000 |
0.000 |
0.000 |
|
(c) Trade receivables |
0.000 |
0.000 |
0.000 |
|
(d) Cash and cash
equivalents |
9.944 |
0.018 |
5.002 |
|
(e) Short-term loans and
advances |
160.456 |
0.256 |
0.000 |
|
(f) Other current assets |
359.205 |
307.154 |
0.339 |
|
Total Current Assets |
529.605 |
307.428 |
5.341 |
|
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|
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|
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TOTAL |
531.392 |
308.011 |
5.425 |
PROFIT
& LOSS ACCOUNT
|
|
PARTICULARS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
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|
GROSS INCOME |
2.912 |
0.001 |
Nil |
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Less |
EXPENSES |
|
|
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TOTAL |
17.876 |
0.274 |
0.021 |
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PROFIT BEFORE
TAX |
(14.964) |
(0.273) |
(0.021) |
|
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|
Less |
TAX |
0.000 |
0.000 |
0.000 |
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|
PROFIT AFTER TAX
|
(14.964) |
(0.273) |
(0.021) |
|
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|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
(0.294) |
(0.021) |
NA |
|
|
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|
BALANCE CARRIED TO
THE B/S |
(15.258) |
(0.294) |
NA |
|
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|
|
|
|
|
Earnings Per
Share (Rs.) |
(1.11) |
(0.02) |
NA |
CURRENT MATURITIES
OF LONG TERM DEBT DETAILS
|
Particulars |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
Current Maturities of Long term debt |
NA |
NA |
NA |
|
Cash generated from operations |
NA |
NA |
NA |
|
Net cash flow from (used in) operation |
NA |
NA |
NA |
KEY
RATIOS
|
PARTICULARS |
|
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
Net Profit Margin (PAT / Sales) |
(%) |
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|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
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Return on Investment (ROI) (PBT/Networth) |
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Debt Equity Ratio (Total Debt /Networth) |
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Current Ratio (Current Asset/Current Liability) |
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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 |
0.100 |
0.100 |
135.000 |
|
Reserves & Surplus |
0.000 |
(0.294) |
(15.256) |
|
Share Application money
pending allotment |
0.750 |
43.870 |
0.000 |
|
Net
worth |
0.850 |
43.676 |
119.744 |
|
|
|
|
|
|
long-term borrowings |
4.525 |
212.495 |
321.852 |
|
Short term borrowings |
0.000 |
0.000 |
0.000 |
|
Current Maturities of Long
Term Debt |
0.000 |
0.000 |
0.000 |
|
Total
borrowings |
4.525 |
212.495 |
321.852 |
|
Debt/Equity
ratio |
5.324 |
4.865 |
2.688 |
YEAR-ON-YEAR GROWTH
|
Year
on Year Growth |
31.03.2013 |
31.03.2014 |
|
|
(Rs.
In Million) |
(Rs.
In Million) |
|
Sales |
0.001 |
2.912 |
|
|
|
291,100.000 |
NET PROFIT MARGIN
|
Net
Profit Margin |
31.03.2013 |
31.03.2014 |
|
|
(Rs.
In Million) |
(Rs.
In Million) |
|
Sales |
0.001 |
2.912 |
|
Profit |
(0.273) |
(14.964) |
|
|
(27300.00%) |
(513.87%) |
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 |
Yes |
|
9 |
Promoter’s background |
Yes |
|
10 |
Date of Birth of Proprietor / Partners /
Directors |
No |
|
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 |
Yes |
|
17 |
Details of sister concerns |
No |
|
18 |
Major suppliers |
No |
|
19 |
Major customers |
No |
|
20 |
Banking Details |
Yes |
|
21 |
Banking facility details |
No |
|
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 two years |
Yes |
|
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 |
Yes |
|
32 |
Litigations that the firm/promoter
involved in |
----- |
|
33 |
Market information |
----- |
|
34 |
Payments terms |
Yes |
|
35 |
Negative Reporting by Auditors in the
Annual Report |
No |
UNSECURED LOAN
|
Particulars |
As
on 31.03.2014 |
As
on 31.03.2013 |
|
LONG TERM
BORROWING |
|
|
|
Loans and advances from others |
321.852 |
212.495 |
|
|
|
|
|
Total |
321.852 |
212.495 |
|
|
|
|
INDEX OF CHARGES
|
S.No. |
Charge ID |
Date of Charge Creation/Modification |
Charge amount secured |
Charge Holder |
Address |
Service Request Number (SRN) |
|
1 |
10488940 |
28/03/2014 |
400,000,000.00 |
Corporation Bank |
Corporation Bank, 116-118 Parle Point Place, Surat, Gujarat - 395007, INDIA |
C02845717 |
|
2 |
10488939 |
24/03/2014 |
400,000,000.00 |
Corporation Bank |
Corporation Bank, 116-118 Parle Point Place, Surat, Gujarat - 395007, INDIA |
C02845170 |
* Date of charge modification
FIXED ASSETS
·
Plant and Equipments
·
Furniture and Fixture
·
Office Equipments
·
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 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. 66.09 |
|
UK Pound |
1 |
Rs. 101.04 |
|
Euro |
1 |
Rs. 70.85 |
INFORMATION DETAILS
|
Information
Gathered by : |
PRT |
|
|
|
|
Analysis Done by
: |
TRI |
|
|
|
|
Report Prepared
by : |
JYO |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
3 |
|
PAID-UP CAPITAL |
1~10 |
3 |
|
OPERATING SCALE |
1~10 |
3 |
|
FINANCIAL
CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
4 |
|
--PROFITABILITY |
1~10 |
2 |
|
--LIQUIDITY |
1~10 |
3 |
|
--LEVERAGE |
1~10 |
3 |
|
--RESERVES |
1~10 |
2 |
|
--CREDIT LINES |
1~10 |
3 |
|
--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 |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
26 |
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.