MIRA INFORM REPORT
|
Report No. : |
341771 |
|
Report Date : |
26.09.2015 |
IDENTIFICATION DETAILS
|
Name : |
VGS REALTY CONSTRUCTION PRIVATE LIMITED |
|
|
|
|
Registered
Office : |
Omkar House, Off Eastern Express Highway, Opposite Sion Chunnabhatti Signal, Sion (East), Mumbai – 400022, Maharashtra |
|
Tel. No.: |
91-22-66254100 |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as
on) : |
31.03.2014 |
|
|
|
|
Date of
Incorporation : |
10.12.2012 |
|
|
|
|
Com. Reg. No.: |
11-238665 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs.28.350 Million |
|
|
|
|
CIN No.: [Company Identification
No.] |
U70101MH2012PTC238665 |
|
|
|
|
IEC No.: |
Not Available |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
Not Available |
|
|
|
|
PAN No.: [Permanent Account No.] |
Not Available |
|
|
|
|
Legal Form : |
Private Limited Liability Company |
|
|
|
|
Line of Business
: |
Subject is engaged into Real Estate Development. |
|
|
|
|
No. of Employees
: |
Information declined by the management. |
RATING & COMMENTS
|
MIRA’s Rating : |
B (27) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Maximum Credit Limit : |
USD 68000 |
|
|
|
|
Status : |
Moderate |
|
|
|
|
Payment Behaviour : |
Slow |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is a subsidiary of “Omkar Realtors and Developers Private
Limited”. It is an established company incorporated in the year 2012 having
moderate track. The company has incurred some accumulated losses. The rating also takes into consideration relatively short operational
track record of the company coupled with moderate scale of operation and
highly competitive infrastructure industry. However, weakness of the company is partially offset by strong holding
support received to the company. Their trade relations are reported as fair. Business is active.
Payment terms are reported to be slow. 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 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
EXTERNAL AGENCY RATING
|
Rating Agency Name |
CARE |
|
Rating |
Long term facilities : BBB- (SO) |
|
Rating Explanation |
Moderate degree of safety and carry moderate credit risk. |
|
Date |
14.10.2014 |
RBI DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available RBI Defaulters’ list.
EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of
31-03-2015.
INFORMATION DENIED
MANAGEMENT NON-COOPERATIVE
CONTACT NO.: 91-22-66254100
LOCATIONS
|
Registered Office : |
Omkar House, Off Eastern Express Highway, Opposite Sion Chunnabhatti Signal, Sion (East), Mumbai – 400022, Maharashtra, India |
|
Tel. No.: |
91-22-66254100 |
|
Fax No.: |
Not Available |
|
E-Mail : |
DIRECTORS
AS ON 30.09.2014
|
Name : |
Mr. Shailesh Viswanathan |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Designation : |
Director |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Address : |
252, 5th Floor, Building 2, Kohinoor City Complex, Kirol Road, Kurla (West), Mumbai - 400070, Maharashtra, India |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Date of Birth/Age : |
16.09.1978 |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Date of Appointment : |
30.09.2013 |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
DIN No.: |
06612943 |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Other Directorship
:
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
|
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Name : |
Mr. Gulzar Satish Malhotra |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Designation : |
Director |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Address : |
1405, Hari Kunj, Near Acres Club, Sindhi Society, Chembur, Mumbai - 400071, Maharashtra, India |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Date of Birth/Age : |
05.09.1975 |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Date of Appointment : |
30.09.2013 |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
DIN No.: |
06620409 |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Other Directorship
:
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
|
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Name : |
Mr. Madan Mohanlal Mistry |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Designation : |
Director |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Address : |
Flat-404, B Wing, 4th Floor, Omkar Raga, Shell Colony Road, Off E.E. Highway Road, Near Shell Colony, Chembur, Mumbai - 400071, Maharashtra, India |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Date of Birth/Age : |
31.12.1974 |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Date of Appointment : |
30.09.2014 |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
DIN No.: |
06885263 |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Other Directorship
:
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
|
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Name : |
Mr. Vrindesh Rajesh Agarwal |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Designation : |
Director |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Address : |
D3/23, Mahavir Nagar Chs, Manpada Road, Opp Icon, Hospital, Dombivali (East), Kalyan, Tilak Nagar, Thane - 421201, Maharashtra, India |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Date of Birth/Age : |
09.10.1988 |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Date of Appointment : |
30.09.2014 |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
DIN No.: |
06885262 |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Other Directorship
:
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 30.09.2014
|
Names of Shareholders [Equity
Shares] |
|
No. of Shares |
|
Valley View Projects Pte Limited, Singapore (Class A) |
|
100000 |
|
Siddhesh Capital Market Services Private Limited, India (Class A) |
|
1 |
|
Omkar Realtors and Developers Private Limited, India (Class B) |
|
1734999 |
|
Omkar Realtors and Developers Private Limited, India Jointly With Kamal Kishore Gupta (Class B) |
|
1 |
|
Total |
|
1835001 |
|
Names of Shareholders [Preference
Shares] |
|
No. of Shares |
|
Siddhesh Capital Market Services Private Limited, India |
|
1000000 |
|
Total |
|
1000000 |
AS ON 29.01.2015
|
Names of Allottee [Preference
Shares] |
|
No. of Shares |
|
Omkar Realtors and Developers Private Limited, India |
|
2500000 |
|
Total |
|
2500000 |
Equity Share Break up (Percentage of Total Equity)
AS ON 30.09.2014
|
Category |
Percentage |
|
Foreign holdings( Foreign institutional investor(s),
Foreign companie(s) Foreign financial institution(s), Non-resident Indian(s)
or Overseas Corporate bodies or Others |
5.45 |
|
Bodies corporate |
94.55 |
|
|
|
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Subject is engaged into Real Estate Development. |
|
|
|
|
Products / Services : |
Real Estate Development |
|
|
|
|
Brand Names : |
Not Available |
|
|
|
|
Agencies Held : |
Not Available |
|
|
|
|
Exports : |
Not Divulged |
|
|
|
|
Imports : |
Not Divulged |
|
|
|
|
Terms : |
Not Divulged |
PRODUCTION STATUS: NOT AVAILABLE
GENERAL INFORMATION
|
Suppliers : |
|
||||||||||||||||||||||
|
|
|
||||||||||||||||||||||
|
Customers : |
|
||||||||||||||||||||||
|
|
|
||||||||||||||||||||||
|
No. of Employees : |
Information declined by the management. |
||||||||||||||||||||||
|
|
|
||||||||||||||||||||||
|
Bankers : |
|
||||||||||||||||||||||
|
|
|
||||||||||||||||||||||
|
Facilities : |
Note : Short-term
borrowings Cash credit facility from State Bank of India is secured by first exclusive equitable mortgage charge over development rights of the land and building of the project and construction thereon at Goregaon Project. In addition, Omkar Realtors and Developers Private Limited ("holding company") has given collateral security in the form of corporate guarantee and equitable mortgage of certain assets of holding company. Loan is further secured by personal guarantee of Directors [Mr. Kamal Kishore Gupta and Mr. Babulal Varma. |
|
Auditors : |
|
|
Name : |
N. A. Shah Associates Chartered Accountants |
|
Address : |
B 41-45, Paragon Centre, Pandurang Budhkar Marg, Worli, Mumbai -
400013, Maharashtra, India |
|
Tel. No.: |
91-22-40733000 |
|
Fax No.: |
91-22-40733090 |
|
E-Mail : |
|
|
PAN No.: |
AAAFN5380N |
|
|
|
|
Memberships : |
Not Available |
|
|
|
|
Collaborators : |
Not Available |
|
|
|
|
Holding company : |
|
|
|
|
|
Parties where
control exist : |
|
|
|
|
|
Fellow subsidiaries [Where transaction
exist] : |
|
CAPITAL STRUCTURE
AFTER 30.09.2014
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
3,100,000 |
Equity Shares |
Rs.10/- each |
Rs.31.000 Million |
|
3,500,000 |
Optionally Convertible Redeemable Preference Shares |
Rs.10/- each |
Rs.35.000 Million |
|
|
Total |
|
Rs.66.000
Million |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
1,835,001 |
Equity Shares |
Rs.10/- each |
Rs.18.350 Million |
|
3,500,000 |
Optionally Convertible Redeemable Preference Shares |
Rs.10/- each |
Rs.35.000 Million |
|
|
Total |
|
Rs.53.350
Million |
AS ON 31.03.2014
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
1,000,000 |
Equity Shares (Class A) |
Rs.10/- each |
Rs.10.000 Million |
|
2,000,000 |
Equity Shares (Class B) |
Rs.10/- each |
Rs.20.000 Million |
|
100,000 |
Equity Shares (Class C) |
Rs.10/- each |
Rs.1.000 Million |
|
1,000,000 |
Optionally Convertible Redeemable Preference Shares |
Rs.10/- each |
Rs.10.000 Million |
|
|
Total |
|
Rs.41.000
Million |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
100,001 |
Equity Shares (Class A) |
Rs.10/- each |
Rs.1.000 Million |
|
1,735,000 |
Equity Shares (Class B) |
Rs.10/- each |
Rs.17.350 Million |
|
1,000,000 |
Optionally Convertible Redeemable Preference Shares |
Rs.10/- each |
Rs.10.000 Million |
|
|
Total |
|
Rs.28.350
Million |
NOTE :
More than 50% of the nominal equity share capital of the Company is held by Class B equity share holder [Omkar Realtors and Developers Private Limited ('ORDPL')], hence ORDPL is holding and ultimate holding company in accordance with Section 4 of the Companies Act, 1956. However, as per investment cum Shareholder Agreement. Class A equity shareholders and Class B equity shareholders holds 50% voting power each.
FINANCIAL DATA
[all figures are
in Rupees Million]
ABRIDGED
BALANCE SHEET
|
SOURCES OF FUNDS |
|
31.03.2014 |
31.03.2013 |
|
|
|
|
|
|
I.
EQUITY AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
|
28.350 |
0.100 |
|
(b) Reserves &
Surplus |
|
(4.601) |
(0.675) |
|
(c) Money received
against share warrants |
|
0.000 |
0.000 |
|
|
|
|
|
|
(2) Share Application
money pending allotment |
|
0.000 |
1.869 |
|
Total Shareholders’ Funds
(1) + (2) |
|
23.749 |
279.294 |
|
|
|
|
|
|
Debentures Application
money pending allotment |
|
0.000 |
278.000 |
|
|
|
|
|
|
(3) Non-Current
Liabilities |
|
|
|
|
(a) long-term borrowings |
|
298.000 |
0.000 |
|
(b) Deferred tax
liabilities (Net) |
|
0.000 |
0.000 |
|
(c) Other long term
liabilities |
|
0.000 |
0.000 |
|
(d) long-term provisions |
|
0.000 |
0.000 |
|
Total Non-current
Liabilities (3) |
|
298.000 |
0.000 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
|
282.205 |
14.712 |
|
(b) Trade payables |
|
31.026 |
1.302 |
|
(c) Other current
liabilities |
|
232.798 |
2.769 |
|
(d) Short-term provisions |
|
0.000 |
0.000 |
|
Total Current Liabilities
(4) |
|
546.029 |
18.783 |
|
|
|
|
|
|
TOTAL |
|
867.778 |
298.077 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
|
4.193 |
0.032 |
|
(ii) Intangible Assets |
|
0.000 |
0.000 |
|
(iii) Capital
work-in-progress |
|
0.000 |
0.000 |
|
(iv) Intangible assets
under development |
|
0.000 |
0.000 |
|
(b) Non-current
Investments |
|
0.000 |
0.000 |
|
(c) Deferred tax assets
(net) |
|
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
|
0.624 |
0.214 |
|
(e) Other Non-current
assets |
|
0.000 |
0.000 |
|
Total Non-Current Assets |
|
4.817 |
0.246 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
|
0.000 |
0.000 |
|
(b) Inventories |
|
494.921 |
239.037 |
|
(c) Trade receivables |
|
13.060 |
0.000 |
|
(d) Cash and cash
equivalents |
|
19.358 |
18.048 |
|
(e) Short-term loans and
advances |
|
335.622 |
40.746 |
|
(f) Other current assets |
|
0.000 |
0.000 |
|
Total Current Assets |
|
862.961 |
297.831 |
|
|
|
|
|
|
TOTAL |
|
867.778 |
298.077 |
PROFIT
& LOSS ACCOUNT
|
|
PARTICULARS |
|
31.03.2014 |
31.03.2013 |
|
|
SALES |
|
|
|
|
|
Income |
|
2.777 |
0.000 |
|
|
Other Income |
|
1.689 |
0.366 |
|
|
TOTAL |
|
4.466 |
0.366 |
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
Real
estate development expenses |
|
232.331 |
213.679 |
|
|
Changes
in inventory of construction work in progress |
|
(255.388) |
(239.037) |
|
|
Administrative
and selling expenses |
|
7.411 |
0.237 |
|
|
TOTAL |
|
(15.646) |
(25.121) |
|
|
|
|
|
|
|
Less |
PROFIT/ (LOSS)
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION |
|
20.112 |
25.487 |
|
|
|
|
|
|
|
Less |
FINANCIAL EXPENSES |
|
24.796 |
26.159 |
|
|
|
|
|
|
|
|
PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION |
|
(4.684) |
(0.672) |
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/ AMORTISATION |
|
0.110 |
0.003 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS) BEFORE TAX |
|
(4.794) |
(0.675) |
|
|
|
|
|
|
|
Less |
TAX |
|
0.000 |
0.000 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS) AFTER TAX
|
|
(4.794) |
(0.675) |
|
|
|
|
|
|
|
Add |
PREVIOUS YEARS’ BALANCE
BROUGHT FORWARD |
|
(0.675) |
0.000 |
|
|
|
|
|
|
|
|
Balance Carried to the
B/S |
|
(5.649) |
(0.675) |
|
|
|
|
|
|
|
|
Earnings / (Loss) Per
Share (Rs.) |
|
(1.69) |
(0.24) |
CURRENT MATURITIES
OF LONG TERM DEBT DETAILS
|
Particulars |
|
31.03.2014 |
31.03.2013 |
|
Current Maturities of Long term debt |
|
NA |
NA |
|
Cash generated/ (used in) from operating activities |
|
(287.249) |
(250.590) |
KEY
RATIOS
|
PARTICULARS |
|
|
31.03.2014 |
31.03.2013 |
|
Net Profit Margin |
(%) |
|
(172.63) |
0.00 |
|
|
|
|
|
|
|
Operating Profit Margin |
(%) |
|
724.23 |
0.00 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
|
(0.55) |
(0.23) |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
|
(0.20) |
(0.52) |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
|
24.43 |
11.37 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
|
1.58 |
15.86 |
FINANCIAL ANALYSIS
[all figures are
in Rupees Million]
DEBT EQUITY RATIO
|
Particular |
31.03.2013 |
31.03.2014 |
|
|
(Rs. In Million) |
(Rs. In Million) |
|
Share Capital |
0.100 |
28.350 |
|
Reserves & Surplus |
(0.675) |
(4.601) |
|
Share Application money
pending allotment |
1.869 |
0.000 |
|
Net worth |
1.294 |
23.749 |
|
|
|
|
|
long-term borrowings |
0.000 |
298.000 |
|
Short term borrowings |
14.712 |
282.205 |
|
Total borrowings |
14.712 |
580.205 |
|
Debt/Equity ratio |
11.369 |
24.431 |
YEAR-ON-YEAR GROWTH
|
Year on Year Growth |
31.03.2013 |
31.03.2014 |
|
|
(Rs. In Million) |
(Rs. In Million) |
|
Total Income |
0.366 |
4.466 |
|
|
1120.219 |
NET PROFIT MARGIN
|
Net Profit Margin |
31.03.2013 |
31.03.2014 |
|
|
(Rs. In Million) |
(Rs. In Million) |
|
Total Income |
0.366 |
4.466 |
|
Profit/ Loss |
(0.675) |
(4.794) |
|
|
(184.43%) |
(107.34%) |
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 about one year
and three months |
Yes |
|
27 |
Reasons for variation <> 20% |
-- |
|
28 |
Estimation for coming financial year |
No |
|
29 |
Profitability for last one year and three
months |
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 |
No |
|
35 |
Negative Reporting by Auditors in the
Annual Report |
No |
OPERATION
The slum redevelopment project undertaken by the company at Goregaon, Mumbai, under the name ‘Ananta’ is progressing as per schedule.
BACKGROUND
Company was incorporated on 10th December 2012 with an object to carry on the business of real estate development. The company is currently developing real estate project at Goregaon, Mumbai.
UNSECURED LOAN
|
PARTICULARS |
31.03.2014 (Rs.
in Million) |
31.03.2013 (Rs.
in Million) |
||||||||||||
|
Long-term
Borrowings |
|
|
||||||||||||
|
49, 17% Compulsorily Convertible Debentures of Rs.1.000 Million each |
49.000 |
0.000 |
||||||||||||
|
214, 17% Compulsorily Convertible Debentures of Rs.1.000 Million each |
214.000 |
0.000 |
||||||||||||
|
35, 17% Optionally Convertible Debentures of Rs.1.000 Million each |
35.000 |
0.000 |
||||||||||||
|
Short-term
borrowings |
|
|
||||||||||||
|
Demand loan from holding company |
0.000 |
14.712 |
||||||||||||
|
Intercorporate deposits |
190.000 |
0.000 |
||||||||||||
|
Total |
488.000 |
14.712 |
||||||||||||
|
Long-term
Borrowings Security on 17% Optionally convertible debentures [Series A] is required to be created by way of mortgage of 13.500 sq. ft. of free sale Floor Space Index (FSI) of under construction residential project of Foremost Realtors Private Limited (fellow subsidiary) on fulfilment of obligations by the Company as per terms and conditions precedent to Tranche II investment in accordance with terms of Investment cum Shareholders Agreement. Pending fulfilment of such conditions, security on debenture is not created till 31st March 2014. Maturity profile
and rate of interest on debentures
|
||||||||||||||
INDEX OF CHARGES
|
S.NO. |
CHARGE ID |
DATE OF CHARGE CREATION/MODIFICATION |
CHARGE AMOUNT
SECURED |
CHARGE HOLDER |
ADDRESS |
SERVICE REQUEST
NUMBER (SRN) |
|
1 |
10452937 |
11/09/2013 |
900,000,000.00 |
STATE BANK OF INDIA |
INDUSTRIAL FINANCE BRANCH, MUMBAI, "THE
ARCADE", |
B86613403 |
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources including
but not limited to: The Courts,
1] INFORMATION ON
DESIGNATED PARTY
No exist designating subject or any of its beneficial owners,
controlling shareholders or senior officers as terrorist or terrorist organization
or whom notice had been received that all financial transactions involving
their assets have been blocked or convicted, found guilty or against whom a
judgement or order had been entered in a proceedings for violating
money-laundering, anti-corruption or bribery or international economic or
anti-terrorism sanction laws or whose assets were seized, blocked, frozen or
ordered forfeited for violation of money laundering or international
anti-terrorism laws.
2] Court Declaration :
No records exist to suggest that subject is
or was the subject of any formal or informal allegations, prosecutions or other
official proceeding for making any prohibited payments or other improper
payments to government officials for engaging in prohibited transactions or
with designated parties.
3] Asset Declaration :
No records exist to suggest that the property or assets of the subject
are derived from criminal conduct or a prohibited transaction.
4] Record on Financial
Crime :
Charges or conviction
registered against subject: None
5] 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 |
|
|
1 |
Rs.100.88 |
|
Euro |
1 |
Rs.73.96 |
INFORMATION DETAILS
|
Information
Gathered by : |
PPT |
|
|
|
|
Analysis Done by
: |
DIV |
|
|
|
|
Report Prepared
by : |
SNT |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
3 |
|
PAID-UP CAPITAL |
1~10 |
4 |
|
OPERATING SCALE |
1~10 |
4 |
|
FINANCIAL
CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
3 |
|
--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 |
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.