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MIRA INFORM REPORT
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Report No. : |
501235 |
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Report Date : |
02.04.2018 |
IDENTIFICATION DETAILS
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Name : |
MAHINDRA HAPPINEST DEVELOPERS LIMITED [w.e.f. 26.09.2017] |
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Formerly Known
As : |
MAHINDRA HAPPINEST DEVELOPERS PRIVATE LIMITED |
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Registered
Office : |
Mahindra Towers, 5th Floor, Dr. G. M, Bhosale Marg, Worli,
Mumbai-400018, Maharashtra |
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Tel. No.: |
91-22-67478600 |
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Country : |
India |
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Financials (as
on) : |
Not Available |
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Date of
Incorporation : |
06.09.2017 |
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Com. Reg. No.: |
11-299424 |
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Capital
Investment / Paid-up Capital : |
INR 13.335 Million |
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CIN No.: [Company Identification
No.] |
U70100MH2017PLC299424 |
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IEC No.: |
Not Divulged |
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GST No.: |
Not Divulged |
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TIN No.: |
Not Divulged |
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TAN No.: [Tax Deduction &
Collection Account No.] |
Not Available |
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PAN No.: [Permanent Account No.] |
AALCM3124B |
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Legal Form : |
A Closely Held Public Limited Liability Company |
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Line of Business
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Subject undertake construction development projects including but not
limited to housing including affordable housing, townships, group housing, residential
/ commercial / mixed developments projects, serviced apartments,
condominiums, resorts, infrastructure development, commercial complexes and
in that connection to acquire, sell, lease land parcels and to undertake land
and property development / operations / maintenance / management,
construction and other related services. [Registered Activity] |
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No. of Employees
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Information declined by the Management |
RATING & COMMENTS
(Mira Inform has adopted New Rating mechanism w.e.f. 23rd January
2017)
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MIRA’s Rating : |
A |
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Credit Rating |
Explanation |
Rating Comments |
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A |
Acceptable Risk |
Business dealings permissible with
moderate risk of default |
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Status : |
Satisfactory |
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Payment Behaviour : |
Slow but correct |
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Litigation : |
Clear |
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Comments : |
Subject is a part of Mahindra Group Company. It is new company incorporated in September 2017. Mr. Santosh (Accounts Department) only confirmed that company has started its activity from the same month. Further he denied to provide any information. As per indirect sources we could find that, Mahindra Happinest Developers Ltd (MHDL), a joint venture between Mahindra Lifespace Developers Ltd and HDFC Capital Advisors Ltd. Further, this project will be undertaken through a new entity called Mahindra Happinest Developers Ltd (MHDL), with a 51:49 equity shareholding between Mahindra Lifespace and HDFC Capital. The first development under the joint venture is ‘Happinest, Palghar’, a project which is expected to be launched in the later half of 2017-18. Rating takes into consideration strong holding company support, favorable reputation of the Mahindra Group in the real estate industry with established track record of business operations and market position. Payment terms are reported to be slow but correct. In view of aforesaid, the company can be considered for normal business dealings at usual trade terms and conditions. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
EXTERNAL AGENCY RATING
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
31-03-2016.
BIFR (Board for Industrial & Financial Reconstruction) LISTING
STATUS
Subject’s name is not listed as a Sick Unit in
the publicly available BIFR (Board for Industrial & Financial
Reconstruction) list as of 02.04.2018.
IBBI (Insolvency and Bankruptcy Board of India) LISTING STATUS
Subject’s name is not listed in the publicly
available IBBI (Insolvency and Bankruptcy Board of India) list as of report
date.
INFORMATION DECLINED BY
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Name : |
Mr. Santosh |
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Designation : |
Accounts Department |
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Contact No.: |
91-22-67478600 |
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Date : |
30.03.2018 |
MANAGEMENT NON-COOPERATIVE
[Contact No: 91-22-24931441]
LOCATIONS
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Registered Office : |
Mahindra Towers, 5th Floor, Dr. G. M, Bhosale Marg, Worli,
Mumbai-400018, Maharashtra, India |
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Tel. No.: |
91-22-67478600/ 24931441 |
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Fax No.: |
Not Available |
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E-Mail : |
DIRECTORS
AS ON: 06.09.2017
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Name : |
Mr. Ramesh Ranganathan |
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Designation : |
Director |
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Address : |
301, Parshavnath Garden Bhaudaji Road, Matunga East,
Mumbai-400019, Maharashtra, India |
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Date of Appointment : |
06.09.2017 |
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DIN No.: |
03118598 |
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Name : |
Mr. Siddharth Kishorkumar Bafna |
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Designation : |
Director |
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Address : |
501, 5th Floor, Rushabh Towers, Jhakaria Bandar Road, Near
Swan Mills, Sewree West, Mumbai-400015, Maharashtra, India |
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Date of Appointment : |
06.09.2017 |
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DIN No.: |
07383837 |
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Name : |
Mr. Sundaresan Vaidyanathan |
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Designation : |
Additional Director |
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Address : |
B 506 Floor, 5 B Wing, Aster Dosti Acres S M Road, Wadala
East, Mumbai-400037, Maharashtra, India |
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Date of Birth/Age : |
03.10.1977 |
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Date of Appointment : |
15.09.2017 |
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PAN No.: |
ADCPV1349N |
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DIN No.: |
07936987 |
KEY EXECUTIVES
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Name : |
Mr. Santosh |
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Designation : |
Accounts Department |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON: 06.09.2017
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Names of Shareholders |
No. of Shares |
Percentage of Holding |
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Mahindra Lifespace Developers Limited |
9998 |
99.98 |
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Ramesh Ranganathan Nominee of Mahindra Lifespace Developers Limited |
1 |
0.01 |
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Jayant Bhalchandra Manmadkar Nominee of Mahindra Lifespace Developers Limited |
1 |
0.01 |
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Total |
10000 |
100.00 |
BUSINESS DETAILS
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Line of Business : |
Subject undertake construction development projects including but not limited
to housing including affordable housing, townships, group housing,
residential / commercial / mixed developments projects, serviced apartments,
condominiums, resorts, infrastructure development, commercial complexes and
in that connection to acquire, sell, lease land parcels and to undertake land
and property development / operations / maintenance / management,
construction and other related services. [Registered Activity] |
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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 : |
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 : |
Information declined by the Management |
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Bankers : |
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Facilities : |
--- |
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Auditors : |
Not Divulged |
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Memberships : |
Not Available |
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Collaborators : |
Not Available |
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Associates/Subsidiaries : |
Not Available |
CAPITAL STRUCTURE
Authorised Capital : INR 15.000 Million
Issued, Subscribed & Paid-up Capital : INR 13.335
Million
FINANCIAL DATA
[all figures are
in INR Million]
NEW BUSINESS
LOCAL AGENCY FURTHER INFORMATION
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Sr. No. |
Check list by
info agents |
Available in
Report (Yes/No) |
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1 |
Year of establishment |
Yes |
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2 |
Constitution of the entity -Incorporation
details |
Yes |
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3 |
Locality of the entity |
Yes |
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4 |
Premises details |
No |
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5 |
Buyer visit details |
-- |
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6 |
Contact numbers |
Yes |
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7 |
Name of the person contacted |
Yes |
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8 |
Designation of contact person |
Yes |
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9 |
Promoter’s background |
Yes |
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10 |
Date of Birth of Proprietor / Partners /
Directors |
Yes |
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11 |
Pan Card No. of Proprietor / Partners |
Yes |
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12 |
Voter Id Card No. of Proprietor / Partners |
No |
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13 |
Type of business |
Yes |
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14 |
Line of Business |
Yes |
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15 |
Export/import details (if applicable) |
No |
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16 |
No. of employees |
No |
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17 |
Details of sister concerns |
No |
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18 |
Major suppliers |
No |
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19 |
Major customers |
No |
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20 |
Banking Details |
No |
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21 |
Banking facility details |
No |
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22 |
Conduct of the banking account |
-- |
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23 |
Financials, if provided |
No |
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24 |
Capital in the business |
Yes |
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25 |
Last accounts filed at ROC, if applicable |
No |
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26 |
Turnover of firm for last three years |
No |
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27 |
Reasons for variation <> 20% |
-- |
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28 |
Estimation for coming financial year |
No |
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29 |
Profitability for last three years |
No |
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30 |
Major shareholders, if available |
Yes |
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31 |
External Agency Rating, if available |
No |
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32 |
Litigations that the firm/promoter
involved in |
-- |
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33 |
Market information |
-- |
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34 |
Payments terms |
No |
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35 |
Negative Reporting by Auditors in the
Annual Report |
No |
INDEX OF CHARGES: NO
CHARGES EXISTS FOR COMPANY
PRESS RELEASES :
MAHINDRA LIFESPACE
DEVELOPERS INCORPORATES SUBSIDIARY – MAHINDRA HAPPINEST DEVELOPERS
September 8, 2017
Mahindra Lifespace Developers has incorporated Mahindra Happinest Developers, a wholly owned subsidiary company on 06 September 2017.
MAHINDRA-HDFC JV
TO BUILD SUB- INR 1.000 MILLION HOMES IN PALGHAR UNDER AFFORDABLE HOUSING
Jan 31 2018
Bengaluru: Mahindra Happinest Developers Ltd (MHDL), a joint venture between Mahindra Lifespace Developers Ltd and HDFC Capital Advisors Ltd, will launch its first affordable housing project at Palghar, near Mumbai in February, with homes priced at Rs8 lakh and above, a top company executive said.
In the first phase of the project, there will be 850 units across nine acres. Entry price for a one-room kitchen home is around INR 0.800 Million, which goes up to INR 2.000 Million for a two-bedroom home.
After half of the homes in the first phase are sold, the company will launch a second phase over another 10-11 acres.
Mahindra Lifespace, the real estate arm of Mahindra Group, partnered with HDFC Capital last year to jointly invest INR 5000.000 Million over the next three years to develop affordable housing projects across cities.
The plan is to build a pipeline of projects of around 7-8 million sq. ft in the next couple of years under the HDFC platform.
“We want to focus on Mumbai and Pune for now, and then look at Bangalore and Haryana. We are scouting for land parcels and the biggest priority today is finding the right location, with good connectivity because we are looking at end users for our projects,” Anita Arjundas, managing director and CEO, Mahindra Lifespace Developers said over the phone.
“We are building homes at sub- INR 3,000 per sq ft, but we may go up to INR 5,000 per sq ft if we find a location that is closer to town,” she said.
Mahindra Lifespace ventured into the affordable housing segment in 2014, through the brand, Happinest and has since launched two projects—in Boisar near Mumbai and Avadi, Chennai.
The new Mahindra Happinest entity has also identified a second land parcel and is in talks to buy 10 acres in Mumbai Metropolitan Region (MMR) for a second project, with around 7-8 lakh sq ft of saleable area.
Once the due diligence process is over, the transaction should close in the June quarter and the project will be launched in the second half of 2018, Arjundas said.
In a further boost to affordable housing, in January, the goods and service tax (GST) council recommended rationalization of GST rates on such projects. GST would be charged at 8% on the total value of under-construction properties, which would be 4 percentage points less than the earlier effective rate of 12%.
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
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Currency |
Unit
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INR |
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US Dollar |
1 |
INR 65.04 |
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UK Pound |
1 |
INR 92.28 |
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Euro |
1 |
INR 80.62 |
INFORMATION DETAILS
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Information
Gathered by : |
SHA |
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Analysis Done by
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PRS |
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Report Prepared
by : |
IND |
SCORE FACTORS
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DEMERIT POINTS |
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--BANK CHARGES |
YES/NO |
NO |
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--LITIGATION |
YES/NO |
NO |
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--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
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MERIT POINTS |
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--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
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--EXPORT ACTIVITIES |
YES/NO |
NO |
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--AFFILIATION |
YES/NO |
NO |
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--LISTED |
YES/NO |
NO |
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--OTHER MERIT FACTORS |
YES/NO |
YES |
RATING EXPLANATIONS
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Credit Rating |
Explanation |
Rating Comments |
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A++ |
Minimum Risk |
Business dealings permissible with minimum
risk of default |
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A+ |
Low Risk |
Business dealings permissible with low risk
of default |
|
A |
Acceptable Risk |
Business dealings permissible with
moderate risk of default |
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B |
Medium Risk |
Business dealings permissible on a regular
monitoring basis |
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C |
Medium High Risk |
Business dealings permissible preferably on
secured basis |
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D |
High Risk |
Business dealing not recommended or on
secured terms only |
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NB |
New Business |
No recommendation can be done due to
business in infancy stage |
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NT |
No Trace |
No recommendation can be done as the business
is not traceable |
NB is stated where there is insufficient information to facilitate rating. However, it is not to be considered as unfavourable.
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 are as follows:
·
Financial
condition covering various ratios
·
Company
background and operations size
·
Promoters
/ Management background
·
Payment
record
·
Litigation
against the subject
·
Industry
scenario / competitor analysis
·
Supplier
/ Customer / Banker review (wherever available)
This report is issued at
your request without any risk and responsibility on the part of MIRA INFORM
PRIVATE LIMITED (MIPL) or its officials.