MIRA INFORM REPORT
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Report No. : |
343001 |
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Report Date : |
02.10.2015 |
IDENTIFICATION DETAILS
|
Name : |
NESTOR BUILDERS AND DEVELOPERS PRIVATE
LIMITED [w.e.f.30.07.2008] |
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Formerly Known
As : |
NESLOR BUILDERS AND DEVELOPERS PRIVATE LIMITED [w.e.f. 13.12.2007] BLUESEA TOWERS PRIVATE LIMITED |
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Registered
Office : |
402, Nestor Court, Vinayak CHS Compound, Baji Prabhu Deshpande Marg, Vile Parle (West), Mumbai – 400056, Maharashtra |
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Tel. No.: |
91-22-26210544 |
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Country : |
India |
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Financials (as
on) : |
31.03.2014 |
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Date of
Incorporation : |
11.09.2003 |
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Com. Reg. No.: |
11-142164 |
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Capital
Investment / Paid-up Capital : |
Rs.10.000 Million |
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CIN No.: [Company Identification
No.] |
U45200MH2003PTC142164 |
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IEC No.: |
Not Available |
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TAN No.: [Tax Deduction &
Collection Account No.] |
Not Available |
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PAN No.: [Permanent Account No.] |
Not Available |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Real Estate Developer |
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No. of Employees
: |
Information declined by the management
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RATING & COMMENTS
|
MIRA’s Rating : |
B (27) |
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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 34000 |
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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 having moderate track. Management has registered minimal profit earnings, moderate financial
base, stretched liquidity profile and huge borrowings taken by the company. The projects of company are under construction and some are still to
be commenced. Trade relations are fair. Business is active. Payments are slow but
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
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Rating Agency Name |
Not Available |
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Rating |
Not Available |
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Rating Explanation |
Not Available |
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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
31-03-2015.
INFORMATION DENIED BY
|
Name : |
Madam Sonam |
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Designation : |
Accountant |
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Contact No.: |
91-22-26210544 |
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Date : |
01.10.2015 |
LOCATIONS
|
Registered Office : |
402, Nestor Court, Vinayak CHS Compound, Baji Prabhu Deshpande Marg, Vile Parle (West), Mumbai – 400056, Maharashtra, India |
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Tel. No.: |
91-22-26210544 |
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Fax No.: |
Not Available |
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E-Mail : |
DIRECTORS
AS ON 30.09.2014
|
Name : |
Kirti Dahyalal Shah |
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Designation : |
Director |
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Address : |
12/24,Asiana, Azad Nagar Corporate Housing Society Limited, Gulmohar Road, Vile Parle (West), Mumbai - 400056, Maharashtra, India |
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Date of Birth/Age : |
30.11.1958 |
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Date of Appointment : |
27.08.2008 |
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DIN No.: |
00124690 |
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Other
Directorship:
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Name : |
Kushal Kirti Shah |
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Designation : |
Additional Director |
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Address : |
12 Ashiana 24 Azad Nagar Society, Gulmohar Road Vileparle (West), Mumbai - 400056, Maharashtra, India |
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Date of Birth/Age : |
24.02.1990 |
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Date of Appointment : |
05.05.2012 |
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DIN No.: |
02211071 |
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Other
Directorship:
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KEY EXECUTIVES
|
Name : |
Madam Sonam |
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Designation : |
Accountant |
MAJOR SHAREHOLDERS
AS ON 30.09.2014
|
Names of Shareholders |
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No. of Shares |
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Sankirt Holdings Private Limited, India |
|
96000 |
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Sankirt Estate Private Limited, India |
|
91000 |
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Sankirt Infracon Private Limited, India |
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96000 |
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Kirti D shah (HUF) |
|
710996 |
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Kirti D shah and Associates |
|
1500 |
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Kushal K. Shah |
|
1500 |
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Disha K. Shah |
|
1500 |
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Sangeeta Shah |
|
1500 |
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Sandeep Sheth (HUF) |
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1 |
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Sandeep Sheth |
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1 |
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Shantaben Sheth |
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1 |
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Uresha Sheth |
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1 |
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Total |
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1000000 |
Equity Share Break up (Percentage of Total Equity)
AS ON 30.09.2014
|
Category |
Percentage |
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Directors or relatives of Directors |
28.00 |
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Other |
72.00 |
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Total |
100.00 |
BUSINESS DETAILS
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Line of Business : |
Real Estate Developers |
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Products : |
Not Available |
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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)
Note: Secured by registered mortgage of the development rights, requested mortgage of flats to be constructed at Bandra (West) and receivable in the respect of the sale of the said premises 2. Repayable within One year 3. Guranteed by Directors 4. From Banks |
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Auditors : |
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Name : |
Bhaskar Atul and Associates Chartered Accountants |
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Address : |
303, Patel Terrace 'D'chsl Limited, Ijamata Chowk Road, Pump House, Andheri (East), Mumbai – 400093, Maharashtra, India |
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PAN N Income-tax PAN of auditor or auditor's firm : |
AAAFB4230D |
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Memberships : |
Not Available |
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Collaborators : |
Not Available |
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Associates/
Enterprise: |
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CAPITAL STRUCTURE
AS ON 30.09.2014
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
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|
1000000 |
Equity Shares |
Rs.10/- each |
Rs.10.000 Million |
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Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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|
1000000 |
Equity Shares |
Rs.10/- each |
Rs.10.000 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 |
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I.
EQUITY AND LIABILITIES |
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(1)Shareholders' Funds |
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(a) Share Capital |
10.000 |
0.200 |
0.200 |
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(b) Reserves & Surplus |
1.942 |
1.926 |
1.836 |
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(c) Money received against
share warrants |
0.000 |
0.000 |
0.000 |
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(2) Share Application money pending
allotment |
0.000 |
0.000 |
0.000 |
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Total
Shareholders’ Funds (1) + (2) |
11.942 |
2.126 |
1.836 |
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(3) Non-Current Liabilities |
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(a) long-term borrowings |
40.000 |
0.000 |
0.000 |
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(b) Deferred tax liabilities
(Net) |
0.000 |
0.003 |
0.004 |
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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) |
40.000 |
0.003 |
0.004 |
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(4) Current Liabilities |
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(a) Short term borrowings |
141.754 |
147.747 |
128.062 |
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(b) Trade payables |
6.711 |
5.969 |
1.792 |
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(c) Other current liabilities |
21.385 |
8.017 |
10.633 |
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(d) Short-term provisions |
0.011 |
0.050 |
0.100 |
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Total
Current Liabilities (4) |
169.861 |
161.783 |
140.587 |
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TOTAL |
221.803 |
163.912 |
142.427 |
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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 |
0.358 |
0.015 |
0.024 |
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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 |
0.057 |
0.765 |
0.000 |
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(c) Deferred tax assets (net) |
0.018 |
0.000 |
0.000 |
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(d) Long-term Loan and Advances |
0.118 |
0.115 |
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 |
0.551 |
0.895 |
0.024 |
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(2) Current assets |
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(a) Current investments |
0.500 |
0.000 |
0.000 |
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(b) Inventories |
184.238 |
125.379 |
93.985 |
|
(c) Trade receivables |
2.274 |
0.000 |
0.804 |
|
(d) Cash and cash equivalents |
2.941 |
2.919 |
0.377 |
|
(e) Short-term loans and
advances |
30.362 |
34.523 |
47.412 |
|
(f) Other current assets |
0.937 |
0.196 |
0.025 |
|
Total
Current Assets |
221.252 |
163.017 |
142.603 |
|
|
|
|
|
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TOTAL |
221.803 |
163.912 |
142.627 |
PROFIT
& LOSS ACCOUNT
|
|
PARTICULARS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
|
SALES |
|
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|
Income |
NA |
NA |
NA |
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Other Income |
NA |
NA |
NA |
|
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TOTAL
|
NA |
NA |
NA |
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Less |
EXPENSES |
NA |
NA |
NA |
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PROFIT/ (LOSS)
BEFORE TAX |
NA |
NA |
NA |
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Less |
TAX |
NA |
NA |
NA |
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PROFIT/ (LOSS)
AFTER TAX |
0.259 |
0.116 |
0.226 |
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Earnings
/ (Loss) Per Share (Rs.) |
0.259 |
0.116 |
0.226 |
CURRENT MATURITIES
OF LONG TERM DEBT DETAILS
|
Particulars |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
Current Maturities of Long term debt |
14.300 |
NA |
NA |
|
Cash generated from operations |
NA |
NA |
NA |
|
Net cash flows from (used in) operations |
NA |
NA |
NA |
KEY
RATIOS
|
PARTICULARS |
|
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
Debt Equity Ratio (Total Debt /Networth) |
|
16.42 |
69.50 |
69.75 |
|
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|
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|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.30 |
1.01 |
1.01 |
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 |
0.200 |
0.200 |
10.000 |
|
Reserves & Surplus |
1.836 |
1.926 |
1.942 |
|
Net
worth |
2.036 |
2.126 |
11.942 |
|
|
|
|
|
|
long-term borrowings |
0.000 |
0.000 |
40.000 |
|
Short term borrowings |
128.062 |
147.747 |
141.754 |
|
Total
borrowings |
128.062 |
147.747 |
196.054 |
|
Debt/Equity
ratio |
62.899 |
69.495 |
16.417 |
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 |
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 |
Yes |
|
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: Registered office of the company has been shifted from 501, Nestor Court, Vinayak CHS Compound, Baji Prabhu Deshpande Marg, Vile Parle (West), Mumbai – 400056, Maharashtra India to the present address w.e.f. 10.06.2013
CORPORATE INFORMATION
The company was originally incorporated on 11th September, 2003 to carry on business as real estate Developers. The company changed its name from Blue Sea Towers Private Limited To Nestor Builders And Developers Private Limited vide fresh certificate of incorporation 31st December, 2012. Thereafter the company changed its name to Nestor Builders and Developers Private Limited. Vide fresh certificate of incorporation 30th July, 2008.
The company carry's on business as Real Estate Developer and currently has project at Vakola Santacruz, Bandra (west), Amboli
PERFORMANCE:
During the year, the Company has almost completed 95% work of ongoing project at Nirvan. The Company has worked out its profit for the project on percentage completion basis for that project. The Company has earned a Profit of Rs.0.259 Million. As regards to other projects, expenses incurred on the same during the year are considered as work in progress.
UNSECURED LOAN
(Rs.
In Million)
|
Particulars |
As
on 31.03.2014 |
As
on 31.03.2013 |
|
SHORT TERM
BORROWING |
|
|
|
Intercorporate
Deposits |
|
|
|
From Related Parties |
25.800 |
22.088 |
|
From Others |
21.500 |
21.500 |
|
From Directors |
61.924 |
58.927 |
|
From Shareholders |
32.530 |
45.232 |
|
Total |
141.754 |
147.747 |
INDEX
OF CHARGES
|
S.NO. |
CHARGE ID |
DATE OF CHARGE CREATION/MODIFICATION |
CHARGE AMOUNT SECURED |
CHARGE HOLDER |
ADDRESS |
SERVICE REQUEST NUMBER (SRN) |
|
1 |
10434937 |
20/06/2013 |
70,000,000.00 |
NKGSB CO-OPERATIVE BANK LIMITED |
UNIT NO. 101, TRELLIS BLDG, OPP. ASHA PETROL PUMP, L.B.S. ROAD, KURLA (WEST)., MUMBAI- 400070, MAHARASHTRA , INDIA |
B78786175 |
FIXED ASSETS
Tangible Assets
- Plant and Equipment
- Furniture and Fixtures
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 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] 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.65.55 |
|
UK Pound |
1 |
Rs.99.17 |
|
Euro |
1 |
Rs.77.08 |
INFORMATION DETAILS
|
Information
Gathered by : |
PRT |
|
|
|
|
Analysis Done by
: |
TRI |
|
|
|
|
Report Prepared
by : |
GTA |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
4 |
|
PAID-UP CAPITAL |
1~10 |
3 |
|
OPERATING SCALE |
1~10 |
3 |
|
FINANCIAL
CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
3 |
|
--PROFITABILITY |
1~10 |
3 |
|
--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 |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
27 |
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.