MIRA INFORM REPORT

3decades

MIRA INFORM REPORT

Report No. :	503498
Report Date :	12.04.2018

IDENTIFICATION DETAILS

Name :	MAHINDRA BEBANCO DEVELOPERS LIMITED

Registered Office :	Mahindra Towers, 5th Floor, Worli, Mumbai – 400018, Maharashtra
Mobile No.:	91-8600019298 (Mr. Sushant Deshmukh)

Country :	India

Financials (as on) :	31.03.2016

Date of Incorporation :	03.06.2008

Com. Reg. No.:	11-183107

Capital Investment / Paid-up Capital :	INR 0.500 Million

CIN No.: [Company Identification No.]	U45203MH2008PLC183107

IEC No.: [Import-Export Code No.]	Not Divulged

GSTN : [Goods & Service Tax Registration No.]	27AAFCM5983Q1ZI

TAN No.: [Tax Deduction & Collection Account No.]	Not Available

PAN No.: [Permanent Account No.]	AAFCM5983Q

Legal Form :	A Closely Held Public Limited Liability Company

Line of Business :	Construction activity. [Registered Activity]

No. of Employees :	Information denied by the management

RATING & COMMENTS

(Mira Inform has adopted New Rating mechanism w.e.f. 23^rd January 2017)

MIRA’s Rating :

Credit Rating	Explanation	Rating Comments
A	Acceptable Risk	Business dealings permissible with moderate risk of default

Maximum Credit Limit :	USD 240000 INR 17000000

Status :	Satisfactory

Payment Behaviour :	Slow

Litigation :	Exist

Comments :	Subject is a 70:30 joint venture between “Mahindra Lifespace Developers Limited” and “B E Billimoria and Company Limited” and was incorporated in the year 2008. It is engaged into construction activity. Management has failed to file its financials with the Registrar of Companies for the financial year 2017. For the financial year 2016, the company has reported dip in its revenue by 30.03% as compared to the previous year but has managed to maintain an average profit margin of 3.39%. The overall financial profile seems to be satisfactory marked by comfortable net worth base along with positive working capital. Rating is constrained on account of subject’s slightly high debt balance sheet profile, dependence on debt and customer advances for funding projects, and susceptibility to cyclicality inherent in the real estate sector. Rating also takes into account the strong financial and managerial support that company receives from its holding entity backed by its well experienced management team. Payment seems to be slow. In view of aforesaid, the company can be considered for business dealings at usual trade terms and conditions.

NOTES :

Any query related to this report can be made on e-mail : infodept@mirainform.com while quoting report number, name and date.

ECGC Country Risk Classification List

Country Name

Previous Rating

(30.09.2017)

Current Rating

(31.12.2017)

India

Risk Category	ECGC Classification
Insignificant	A1
Low Risk	A2
Moderately Low Risk	B1
Moderate Risk	B2
Moderately High Risk	C1
High Risk	C2
Very High Risk	D

EXTERNAL AGENCY RATING

Rating Agency Name	CRISIL
Rating	Long term borrowing: A
Rating Explanation	Adequate degree of safety and low credit risk.
Date	30.12.2017

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 31-03-2018.

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 12.04.2018

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 DENIED BY

Name :	Mr. Sushant Deshmukh
Designation :	Manager
Contact No.:	91-8600019298
Date :	11.04.2018

Management Non-Cooperative (91-8600400735 – Mr. Amol Shendre)

LOCATIONS

Registered Office :	Mahindra Towers, 5th Floor, Worli, Mumbai – 400018, Maharashtra, India
Tel. No.:	Not Available
Mobile No.:	91-8600019298 (Mr. Sushant Deshmukh) 91-8600400735 (Mr. Amol Shendre)
Fax No.:	Not Available
E-Mail :	modi.dhara@mahindra.com shendre.amol@mahindra.com

Corporate Office :	Mihan Sez, DE-Notified Area, Beside D.Y. Patil, Khapri, Nagpur-440018, Maharashtra, India

DIRECTORS

AS ON 31.03.2017

Name :

Mr. Digant Laxmidas Kapadia

Designation :

Director

Address :

Ramanuj, 2nd Floor, Plot No.152, Road No.9, Wadala, Mumbai -400031, Maharashtra, India

Date of Birth/Age :

05.03.1957

Qualification:

BE (Civil)

Date of Appointment :

13.06.2012

DIN No.:

00021310

Other Directorship:

CIN/FCRN	Company Name	Begin Date	End Date
U45200MH1962PLC012268	B E BILLIMORIA AND COMPANY LIMITED	14/07/1994	-
U29268TN2006PTC061788	HEX MARKETING AND SERVICES PRIVATE LIMITED	30/01/2007	-
U45400DL2007PLC165127	BEBANCO NORTHERN CONTRACTS LIMITED	22/06/2007	-
U45203MH2007PTC173503	MODERN TOLLROADS PRIVATE LIMITED	22/03/2012	-
U74200MH2009PTC193504	DLK COMMERCIAL PRIVATE LIMITED	23/06/2009	-
U45202MH2010PLC199623	BEBANCO INFRASTRUCTURE LIMITED	03/02/2010	-
U70102MH2010PLC199734	BEBANCO DEVELOPERS LIMITED	05/02/2010	-
U55101MH2013PTC245367	WONDROUS PALATE PRIVATE LIMITED	30/12/2014	-
U63000MH2014PTC253130	WONDROUS WORLD PRIVATE LIMITED	30/12/2015	-
U42200MH2002PLC138442	GAMMON AND BILLIMORIA LIMITED	27/12/2002	-

Name :

Mr. Raghunath Murti

Designation :

Director

Address :

53, Venus Apt 87, Cuffe Parade, Mumbai -400005, Maharashtra, India

Date of Birth/Age :

31.10.1948

Qualification:

Graduate in commerce and Diploma in Marketing Management

Date of Appointment :

25.03.2015

DIN No.:

00082761

Other Directorship:

CIN/FCRN	Company Name	Begin Date	End Date
U45200TN2008PLC066292	MAHINDRA RESIDENTIAL DEVELOPERS LIMITED	23/03/2015	-
U72900MH2007PLC173137	KNOWLEDGE TOWNSHIP LIMITED	24/03/2015	-

Name :

Ms. Anita Arjundas

Designation :

Director

Address :

Flat No.1203, Breezy Heights, 12th Floor, Rizvi Complex, Off Carter Road, Bandra (West), Mumbai -400050, Maharashtra, India

Date of Birth/Age :

22.06.1967

Qualification:

MBA

Date of Appointment :

15.06.2010

DIN No.:

00243215

Other Directorship:

CIN/FCRN	Company Name	Begin Date	End Date
U70102MH2010PTC203618	MAHINDRA HOMES PRIVATE LIMITED	15/07/2014	-
U92490TN1997PLC037551	MAHINDRA WORLD CITY DEVELOPERS LIMITED	20/03/2008	-
U45209RJ2005PLC021207	MAHINDRA WORLD CITY (JAIPUR) LIMITED	25/08/2008	-
U74990MH2010PTC207854	MAHINDRA SUSTEN PRIVATE LIMITED	30/09/2015	-
U45209TN2014PLC098543	MAHINDRA INDUSTRIAL PARK CHENNAI LIMITED	22/12/2014	-
L45200MH1999PLC118949	MAHINDRA LIFESPACE DEVELOPERS LIMITED	01/04/2014	-
U74140TN1996PLC068288	MAHINDRA INTEGRATED TOWNSHIP LIMITED	20/06/2008	-

Name :

Mr. Vijay Ramvallabh Khetan

Designation :

Director

Address :

103,Indraprastha 2a, Raheja Township,Malad (East), Mumbai -400097, Maharashtra, India

Date of Birth/Age :

07.04.1965

Qualification:

Date of Appointment :

25.03.2015

DIN No.:

00465161

Other Directorship:

CIN/FCRN	Company Name	Begin Date	End Date
U72900MH2007PLC173137	KNOWLEDGE TOWNSHIP LIMITED	24/03/2015	-
U67120MH2005PTC150837	SHRIMM SECURITIES (INDIA) PRIVATE LIMITED	30/09/2015	-
U70100MH2004PTC149611	PRANAM REALITY PRIVATE LIMITED	30/09/2017	-
U85110MH2001PLC133110	WOCKHARDT MAHARASHTRA HOSPITAL LIMITED	27/09/2012	-
U45201MH2001PLC131942	MAHINDRA INFRASTRUCTURE DEVELOPERS LIMITED	31/03/2015	-
U74992MH2010PTC204762	NAMAH SECURITIES PRIVATE LIMITED	30/09/2016	-
U67190MH2010PTC199902	PARAM SHARE VENTURES PRIVATE LIMITED	30/09/2017	-
U52100WB2006PTC111833	PRIMARC PECAN RETAIL PRIVATE LIMITED	29/09/2016	-

Name :

Mr. Jeet Digant Kapadia

Designation :

Director

Address :

Ramanuj, 2nd Floor, Plot No -152, Road No -9, Wadala, Mumbai- 400031, Maharashtra, India

Date of Birth/Age :

27.11.1987

Qualification:

Date of Appointment :

15.07.2014

DIN No.:

02633453

Other Directorship:

CIN/FCRN	Company Name	Begin Date	End Date
U45200MH1962PLC012268	B E BILLIMORIA AND COMPANY LIMITED	07/02/2014	-
U45400DL2007PLC165127	BEBANCO NORTHERN CONTRACTS LIMITED	30/09/2016	-
U45203MH2007PTC173503	MODERN TOLLROADS PRIVATE LIMITED	30/05/2013	-
U74200MH2009PTC193504	DLK COMMERCIAL PRIVATE LIMITED	23/06/2009	-
U45202MH2010PLC199623	BEBANCO INFRASTRUCTURE LIMITED	30/09/2016	-
U70102MH2010PLC199734	BEBANCO DEVELOPERS LIMITED	30/09/2016	-
U55101MH2013PTC245367	WONDROUS PALATE PRIVATE LIMITED	30/12/2014	-
U63000MH2014PTC253130	WONDROUS WORLD PRIVATE LIMITED	30/12/2015	-
U42200MH2002PLC138442	GAMMON AND BILLIMORIA LIMITED	30/06/2014	-

Name :

Mr. Jayant Bhalchandra Manmadkar

Designation :

Director

Address :

707, Keshar Upvan CHS Pokharan Road 2, Thane West -400610, Maharashtra, India

Date of Birth/Age :

14.03.1969

Qualification:

ICWA, CA & CS

Date of Appointment :

13.06.2012

DIN No.:

03044559

Other Directorship:

CIN/FCRN	Company Name	Begin Date	End Date
U70102MH1989PTC051878	DEEP MANGAL DEVELOPERS PVT LTD	03/09/2012	-
U45201MH2001PLC131942	MAHINDRA INFRASTRUCTURE DEVELOPERS LIMITED	25/07/2016	-
U70102MH2013PTC241512	INDUSTRIAL CLUSTER PRIVATE LIMITED	29/03/2013	-
U70109MH2010PLC203619	ANTHURIUM DEVELOPERS LIMITED	15/07/2014	-
U70102MH2009PLC193399	RAIGAD INDUSTRIAL & BUSINESS PARK LIMITED	15/07/2014	-
U45203MH2008PLC184190	INDUSTRIAL TOWNSHIP (MAHARASHTRA) LIMITED	18/07/2016	-
U45200TN2008PLC066292	MAHINDRA RESIDENTIAL DEVELOPERS LIMITED	23/03/2015	-
U00000PB2000PLC024091	MAHINDRA KNOWLEDGE PARK MOHALI LIMITED	30/09/2014	-
U45200MH1997PTC108695	TOPICAL BUILDERS PRIVATE LIMITED	03/09/2012	-
U45200MH1994PTC079544	KISMAT DEVELOPERS PRIVATE LIMITED	03/09/2012	-

Name :

Mr. Ramesh Ranganathan

Designation :

Director

Address :

301, Parshavnath Garden Bhaudaji Road, Matunga East, Mumbai -400019, Maharashtra, India

Date of Appointment :

21.07.2016

DIN No.:

03118598

Other Directorship:

CIN/FCRN	Company Name	Begin Date	End Date
U70109MH2010PLC203619	ANTHURIUM DEVELOPERS LIMITED	08/07/2013	-
U70102MH2010PTC203618	MAHINDRA HOMES PRIVATE LIMITED	08/07/2013	-
U70100MH2017PLC299424	MAHINDRA HAPPINEST DEVELOPERS LIMITED	06/09/2017	-

KEY EXECUTIVES

Name :	Mr. Sushant Deshmukh
Designation :	Manager

MAJOR SHAREHOLDERS

AS ON 31.03.2017

Names of Shareholders		No. of Shares
Mahindra Lifespace Developers Limited, India		34950
B.E. Billimoria and Co. Limited, India		15000
Mahindra Lifespace Developers Limited, India and Mr. Arun Nanda		10
Mahindra Lifespace Developers Limited, India and Ms. Anita Arjundas		10
Mahindra Lifespace Developers Limited, India and Mr. Suhas Kulkarni		10
Mahindra Lifespace Developers Limited, India and Mr. Ulhas Bhosale		10
Mahindra Lifespace Developers Limited, India and Mr. Jayantt Manmadkar		10

Total		50000

Equity Share Break up (Percentage of Total Equity)

AS ON 28.12.2017

Category	Percentage
Promoters- Body corporate	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Construction activity. [Registered Activity]

Products / Services :

Name and Description of main products / services	NIC Code of the Product/service
Construction of Buildings	410

Brand Names :

Not Available

Agencies Held :

Not Available

Exports :

Not Divulged

Imports :

Not Divulged

Terms :

Not Divulged

PRODUCTION STATUS – (NOT AVAILABLE)

GENERAL INFORMATION

Suppliers :

Reference :	Not Divulged
Name of the Person :	--
Contact No.:	--
Since How Long Known :	--
Maximum Limit Dealt :	--
Experience :	--
Remark:	--

Customers :

Reference :	Not Divulged
Name of the Person :	--
Contact No.:	--
Since How Long Known :	--
Maximum Limit Dealt :	--
Experience :	--
Remark:	--

No. of Employees :

Information denied by the management

Bankers :

Banker Name :	Kotak Mahindra Bank Limited
Branch :	27BKC, C 27, G Block, Bandra Kurla Complex, Bandra (East), Mumbai - 400051, Maharashtra, India
Person Name (With Designation) :	--
Contact Number :	--
Name of Account Holder :	--
Account Number :	--
Account Since (Date/Year of Account Opening) :	--
Average Balance Maintained :	--
Credit Facilities Enjoyed (CC/OD/Term Loan) :	--
Account Operation :	--
Remark :	--

Facilities :

(INR In Million)

SECURED LOAN	As on 31.03.2016	As on 31.03.2015
SHORT TERM BORROWING
Working capital loans from banks	37.630	129.020

Total	37.630	129.020

Auditors :
Name :	B. K. Khare and Company Chartered Accountants
Address :	706-708, Sharda Chambers, New Marine Lines, Mumbai - 400020, Maharashtra, India
PAN N Income-tax PAN of auditor or auditor's firm :	AAAEB0265E

Memberships :	Not Available

Collaborators :	Not Available

Holding Company (AS ON 31.03.2016):	Mahindra Lifespaces Developers Limited, India [L45200MH1999PLC118949]

Ultimate Holding Company (AS ON 31.03.2016):	Mahindra and Mahindra Limited

Associate Company (AS ON 31.03.2016):	B.E. Billimoria and Company Limited, India U45200MH1962PLC012268

CAPITAL STRUCTURE

AS ON 31.03.2016

Authorised Capital :

No. of Shares	Type	Value	Amount

50000	Equity Shares	INR 10/- each	INR 0.500 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount

50000	Equity Shares	INR 10/- each	INR 0.500 Million

FINANCIAL DATA

[all figures are INR Million]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2016	31.03.2015	31.03.2014
I. EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	0.500	0.500	0.500
(b) Reserves and Surplus	82.973	63.771	(56.051)
(c) Money received against share warrants	0.000	0.000	0.000

(2) Share Application money pending allotment	0.000	0.000	0.000
Total Shareholders’ Funds (1) + (2)	83.473	64.271	(55.551)

(3) Non-Current Liabilities
(a) long-term borrowings	252.142	502.142	252.142
(b) Deferred tax liabilities (Net)	0.000	0.000	0.000
(c) Other long-term liabilities	0.000	0.000	0.000
(d) long-term provisions	0.000	0.000	0.000
Total Non-current Liabilities (3)	252.142	502.142	252.142

(4) Current Liabilities
(a) Short-term borrowings	233.152	129.020	46.388
(b) Trade payables	482.219	370.000	396.129
(c) Other current liabilities	446.389	221.858	574.150
(d) Short-term provisions	4.401	3.257	2.216
Total Current Liabilities (4)	1166.161	724.135	1018.883

TOTAL	1501.776	1290.548	1215.474

II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	19.404	24.669	19.381
(ii) Intangible Assets	0.000	0.000	0.000
(iii) Tangible assets capital work-in-progress	0.000	0.000	0.000
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	0.000	0.000	0.000
(c) Deferred tax assets (net)	2.335	0.844	0.000
(d) Long-term loans and advances	0.000	0.000	0.000
(e) Other Non-current assets	27.934	25.478	24.493
Total Non-Current Assets	49.673	50.991	43.874

(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	734.160	750.695	880.015
(c) Trade receivables	50.066	91.924	153.540
(d) Cash and bank balances	50.814	12.913	15.428
(e) Short-term loans and advances	244.002	142.319	105.286
(f) Other current assets	373.061	241.706	17.331
Total Current Assets	1452.103	1239.557	1171.600

TOTAL	1501.776	1290.548	1215.474

PROFIT & LOSS ACCOUNT

	PARTICULARS	31.03.2016	31.03.2015	31.03.2014
	SALES
	Income	566.451	809.526	525.698
	Other Income	5.689	1.790	0.451
	TOTAL	572.140	811.316	526.149

Less	EXPENSES
	Cost of Materials Consumed	0.000	0.000	0.000
	Changes in inventories of finished goods, work-in-progress and Stock-in-Trade	455.566	580.435	440.050
	Employee benefit expense	8.725	7.051	4.554
	CSR expenditure	0.679	0.000	0.000
	Other expenses	72.241	66.180	65.694
	TOTAL	537.211	653.666	510.298

	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION	34.929	157.650	15.851

Less	FINANCIAL EXPENSES	0.000	0.000	0.000

	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION	34.929	157.650	15.851

Less/ Add	DEPRECIATION/ AMORTISATION	6.219	5.672	1.419

	PROFIT/ (LOSS) BEFORE TAX	28.710	151.978	14.432

Less	TAX	9.508	32.156	3.000

	PROFIT/ (LOSS) AFTER TAX	19.202	119.822	11.432

	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD	63.771	(56.051)	(67.483)

	APPROPRIATIONS
	Transfer to Debenture Redemption Reserve	0.000	51.068	11.432
	Balance Carried to the B/S	82.973	63.771	(67.483)

	Earnings / (Loss) Per Share (INR)	384.04	2396.44	228.64

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

Particulars	31.03.2016	31.03.2015	31.03.2014
Current Maturities of Long term debt	300.000	50.000	400.000

Cash generated from operations	NA	NA	NA

Net cash flows from (used in) operations	(78.198)	1.534	(13.948)

Net cash flows from (used in) operating activities	(65.277)	25.814	(13.734)

KEY RATIOS

EFFICIENCY RATIOS

PARTICULARS	31.03.2016	31.03.2015	31.03.2014
Average Collection Days (Sundry Debtors / Income 365 Days)*	32.26	41.45	106.61

Account Receivables Turnover (Income / Sundry Debtors)	11.31	8.81	3.42

Average Payment Days (Sundry Creditors / Purchases 365 Days)*	0.00	0.00	0.00

Inventory Turnover (Operating Income / Inventories)	0.05	0.21	0.02

Asset Turnover (Operating Income / Net Fixed Assets)	1.80	6.39	0.82

LEVERAGE RATIOS

PARTICULARS	31.03.2016	31.03.2015	31.03.2014
Debt Ratio ((Borrowing + Current Liabilities) / Total Assets)	1.14	0.99	1.37

Debt Equity Ratio (Total Liability / Networth)	9.41	10.60	(12.57)

Current Liabilities to Networth (Current Liabilities / Net Worth)	13.97	11.27	(18.34)

Fixed Assets to Networth (Net Fixed Assets / Networth)	0.23	0.38	(0.35)

Interest Coverage Ratio (PBIT / Financial Charges)	0.00	0.00	0.00

PROFITABILITY RATIOS

PARTICULARS		31.03.2016	31.03.2015	31.03.2014
Net Profit Margin ((PAT / Sales) 100)*	%	3.39	14.80	2.17

Return on Total Assets ((PAT / Total Assets) 100)*	%	1.28	9.28	0.94

Return on Investment (ROI) ((PAT / Networth) 100)*	%	23.00	186.43	(20.58)

SOLVENCY RATIOS

PARTICULARS	31.03.2016	31.03.2015	31.03.2014
Current Ratio (Current Assets / Current Liabilities)	1.25	1.71	1.15

Quick Ratio ((Current Assets – Inventories) / Current Liabilities)	0.62	0.68	0.29

G-Score Ratio Financial (Networth / Total Assets)	0.06	0.05	(0.05)

G-Score Ratio Debt (Debts / Equity Capital)	1570.59	1362.32	1397.06

G-Score Ratio Liquidity (Total Current Assets / Total Current Liabilities)	1.25	1.71	1.15

Total Liability = Short-term Debt + Long-term Debt + Current Maturities of Long-term debts

FINANCIAL ANALYSIS

[all figures are INR Million]

DEBT EQUITY RATIO

Particular	31.03.2014	31.03.2015	31.03.2016
	(INR In Million)	(INR In Million)	(INR In Million)
Share Capital	0.500	0.500	0.500
Reserves & Surplus	(56.051)	63.771	82.973
Money received against share warrants	0.000	0.000	0.000
Share Application money pending allotment	0.000	0.000	0.000
Net worth	(55.551)	64.271	83.473

Long-term borrowings	252.142	502.142	252.142
Short term borrowings	46.388	129.020	233.152
Current maturities of long-term debts	400.000	50.000	300.000
Total borrowings	698.530	681.162	785.294
Debt/Equity ratio	(12.575)	10.598	9.408

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2014	31.03.2015	31.03.2016
	(INR In Million)	(INR In Million)	(INR In Million)
Sales	525.698	809.526	566.451
		53.991	(30.027)

NET PROFIT MARGIN

Net Profit Margin	31.03.2014	31.03.2015	31.03.2016
	(INR In Million)	(INR In Million)	(INR In Million)
Sales	525.698	809.526	566.451
Profit/ (Loss)	11.432	119.822	19.202
	2.17 %	14.80 %	3.39 %

LEGAL CASE

CASE DETAILS

BENCH:-BOMBAY

Presentation Date:-				15/04/2017
	Lodging No.:-	CARAPL/57/2017	Filing Date:-	15/04/2017	Reg. No.:-	CARAP/64/2017	Reg. Date:-	11/05/2017

Petitioner:-

B.E. BILLIMORIA AND COMPANY

Respondent:-

MAHINDRA BEBANCO DEVELOPERS LIMITED AND ANR

Petn.Adv.:-

VERTICES PARTNERS (I16770)

Resp.Adv.:-

0(0)

District:-

MUMBAI

	Bench:-	SINGLE
	Status:-	Pre-Admission	Category:-	ARBITRATION APPLICATION U/S 11 OF ARBITRATION AND CONCILIATION ACT, 1996

Next Date:-

13/04/2018

Stage:-

ARBAP FOR HEARING AND FINAL DISPOSAL U/S 11 OF ARB. ACT

Coram:-

HON'BLE SHRI JUSTICE S.J. KATHAWALLA

Last Date:-

15/12/2017

Stage:-

ARBAP FOR HEARING AND FINAL DISPOSAL U/S 11 OF ARB. ACT

Last Coram:-

HON'BLE SHRI JUSTICE S.J. KATHAWALLA

Act :-

Arbitration and Conciliation Act 1996

Under Section:-

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	No
26	Turnover of firm for last three 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	Yes
33	Market information	--
34	Payments terms	No
35	Negative Reporting by Auditors in the Annual Report	No

OPERATIONS (AS ON 31.03.2016)

The Company’s project ‘Bloomdale’, located at Nagpur, Maharashtra is conceived as a gated community spanning around 25.2 acres and offering a choice of midrise apartments, row houses and duplex homes. During the year, the Company launched one new phase of the project (IIIA), taking the total saleable area launched to 0.970 million square feet. Construction has been completed for the first phase of the project (IA, IB and IC), and is underway for the remaining phases and the club house. 83 per cent of the total units launched in this project have been sold upto March 2016.

No material changes and commitments have occurred after the close of the year till the close of this Report, which affect the financial position of the Company.

The financial statement for the year have been prepared on the basis of going concern status of the Company.

During the year, no revision was made with respect to previous financial statement of the Company.

UNSECURED LOANS:

(INR In Million)

Particulars	As on 31.03.2016	As on 31.03.2015
LONG TERM BORROWING
Non-convertible debentures banks	0.000	250.000
Loans and advances from others	252.142	252.142
SHORT TERM BORROWING
Commercial paper	195.522	0.000
Total	447.664	502.142

INDEX OF CHARGE:

SNO	SRN	CHARGE ID	CHARGE HOLDER NAME	DATE OF CREATION	DATE OF MODIFICATION	DATE OF SATISFACTION	AMOUNT	ADDRESS
1	G05359203	10416585	KOTAK MAHINDRA BANK LIMITED	07/03/2013	20/05/2016	-	300000000.0	27BKC, C 27, G BLOCKBANDRA KURLA COMPLEX, BANDRA (E),MUMBAIMA400051IN
2	G14234934	10533967	AXIS TRUSTEE SERVICES LIMITED	07/11/2014	-	04/10/2016	250000000.0	AXIS HOUSE, 2ND FLR, BOMBAY DYEING MILLS COMPOUND,PANDURANG BUDHKAR MARG, WORLI,MUMBAIMH400025IN
3	C48752075	10451587	AXIS TRUSTEE SERVICES LIMITED	07/09/2013	-	26/03/2015	400000000.0	AXIS HOUSE, 2ND FLR, BOMBAY DYEING MILLS COMPOUND,PANDURANG BUDHKAR MARG, WORLI,MUMBAIMH400025IN

FIXED ASSETS:

Tangible assets

Furniture and fixtures
Computer equipments
Office equipment
Leasehold improvements

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	INR
US Dollar	1	INR 65.13
UK Pound	1	INR 92.52
Euro	1	INR 80.59

INFORMATION DETAILS

Information Gathered by :	SHL

Analysis Done by :	PRY

Report Prepared by :	KVT

SCORE FACTORS

DEMERIT POINTS
--BANK CHARGES	YES/NO	YES
--LITIGATION	YES/NO	YES
--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

RATING EXPLANATIONS

Credit Rating	Explanation	Rating Comments
A++	Minimum Risk	Business dealings permissible with minimum risk of default
A+	Low Risk	Business dealings permissible with low risk of default
A	Acceptable Risk	Business dealings permissible with moderate risk of default
B	Medium Risk	Business dealings permissible on a regular monitoring basis
C	Medium High Risk	Business dealings permissible preferably on secured basis
D	High Risk	Business dealing not recommended or on secured terms only
NB	New Business	No recommendation can be done due to business in infancy stage
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)

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.