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|
MIRA INFORM REPORT
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Report No. : |
498569 |
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Report Date : |
22.03.2018 |
IDENTIFICATION DETAILS
|
Name : |
BHARAT INFRASTRUCTURE AND ENGINEERING PRIVATE LIMITED
[w.e.f.03.08.2012] |
|
|
|
|
Formerly Known
As : |
BHARAT INFRASTRUCTURE AND
ENGINEERING LIMITED [w.e.f.02.04.2007] BHARAT INFRASTRUCTURE AND
ENGINEERING PRIVATE LIMITED |
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|
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|
Registered
Office : |
1, Bharat Corporate Avenue, Near Versova Police Station, D.N. Nagar, Andheri West, Mumbai - 400053, Maharashtra |
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Tel. No.: |
91-22-26378000 |
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Country : |
India |
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Financials (as
on) : |
31.03.2017 |
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Date of
Incorporation : |
04.09.1998 |
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Com. Reg. No.: |
11-116452 |
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Capital
Investment / Paid-up Capital : |
INR 170.001 Million |
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|
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CIN No.: [Company Identification
No.] |
U45200MH1998PTC116452 |
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IEC No.: |
Not Divulged |
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TIN No.: |
27370395068 |
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GST No.: |
27AABCB3630P1ZJ |
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TAN No.: [Tax Deduction &
Collection Account No.] |
Not Available |
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PAN No.: [Permanent Account No.] |
AABCB3630P |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Subject is engaged into Construction Activity. [Registered
Activity] |
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No. of Employees
: |
Not Divulged |
RATING & COMMENTS
(Mira Inform has adopted New Rating mechanism w.e.f. 23rd
January 2017)
|
MIRA’s Rating : |
A |
|
Credit Rating |
Explanation |
Rating Comments |
|
A |
Acceptable Risk |
Business dealings permissible with
moderate risk of default |
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Maximum Credit Limit : |
USD 3239000 INR 226762000 |
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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 was incorporated in the 1988. It is engaged in construction
activities. For the financial year 2017, the revenue of the company has decreased
by 21.88% but has managed to maintain average profit margin of 4.19%. The satisfactory financial profile of the company is marked by
sufficient networth base along with comfortable debt coverage indictors. The rating takes into consideration the subject’s long established
track record of business operations along with extensive experience of its
promoters. However, these rating strengths are partially offset by highly
competitive construction industry. Business is active. Payment seems to be slow but correct. 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 |
A1 |
A1 |
|
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
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 22.03.2018.
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
MANAGEMENT NON-COOPERATIVE [TEL. NO.: 91-22-26378000]
LOCATIONS
|
Registered/ Head Office : |
1, Bharat Corporate Avenue, Near Versova Police Station, D.N. Nagar, Andheri (West), Mumbai - 400053, Maharashtra, India |
|
Tel. No.: |
91-22-26378000 |
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Fax No.: |
Not Available |
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E-Mail : |
|
|
Website : |
DIRECTORS
AS ON: 31.03.2017
|
Name : |
Mr. Atul Ambalal Barot |
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Designation : |
Director |
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Address : |
B-22, Ashirwad Bunglow, V. M. Road, Vile Parle (West), Mumbai 400049, Maharashtra, India |
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Date of Birth/Age : |
06.10.1952 |
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Date of Appointment : |
27.07.1999 |
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Qualification: |
B COM |
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DIN No.: |
00249833 |
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Other Directorship :
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||||||||||||||||||||||||||||
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Name : |
Mr. Dhaval Atul Barot |
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Designation : |
Director |
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Address : |
B-22, Ashirwad, V M Road, Kapole Society, Juhu, Vile Parle (West), Mumbai 400049, Maharashtra, India |
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Date of Birth/Age : |
19.04.1979 |
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Date of Appointment : |
10.06.2004 |
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Qualification: |
MS |
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DIN No.: |
00690317 |
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Other Directorship :
|
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KEY EXECUTIVES
|
Name : |
Mrs. Mamta Ram Khatri |
|
Designation : |
Company Secretary |
|
Address : |
280, Netaji Road Mulund Colony, Mulund (West) Mumbai - 400082, Maharashtra, India |
|
Date of Appointment : |
20.12.2017 |
|
PAN No.: |
BLKPK7072G |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON: 31.03.2017
|
Names of Shareholders [Equity Shares] |
|
No. of Shares |
|
Rekha Barot |
|
6086000 |
|
Atul Barot |
|
3440000 |
|
Dhaval Barot |
|
4057000 |
|
Atul Barou-HUF |
|
884000 |
|
Chaitali Barot |
|
33000 |
|
Piyush Parikh |
|
45 |
|
Kirti Bhoglal Shah |
|
5 |
|
Bhavana Dharia |
|
5 |
|
Aekta Manhar Brahmbhatt |
|
5 |
|
Manhar Girdharlal Brahmbhatt |
|
5 |
|
Monisha Harshal Gandhi |
|
5 |
|
Jyotika Kirtikumar Shah |
|
5 |
|
Mukesh Dharia |
|
5 |
|
Vallabhdas D Gandhi |
|
5 |
|
Harshal Gandhi |
|
5 |
|
Rita Pankaj Galani |
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5 |
|
Tejas Mukesh Dharia |
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5 |
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|
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Total |
|
14500100 |
|
Names of Shareholder [Preference Shares] |
|
No. of Shares |
|
Atul Raj Builders Private Limited |
|
2500000 |
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|
|
|
|
Total |
|
2500000 |
AS ON: 29.09.2017
|
Equity Share Breakup |
Percentage of Holding |
|
Category |
|
|
Promoters (Individual/Hindu Undivided Family - Indian) |
100.00 |
|
|
|
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Subject is engaged into Construction Activity. [Registered
Activity] |
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Products : |
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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 : |
Not Divulged |
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Bankers : |
· Kotak Mahindra Prime Limited 27BKC, C 27, G Block, Bandra Kurla Complex, Bandra (East), Mumbai - 400051, Maharashtra, India · Central Bank of India Limited Central Bank of India-MMO Building, 3rd Floor (East), 55 Mahatma Gandhi Road, Fort, Mumbai - 400001, Maharashtra, India · Oriental Bank of Commerce Bandra (West) Branch, Ground Floor, Mahatma Gandhi Seva Mandir Trust Building, S. V. Road, Bandra (West), Mumbai - 400050, Maharashtra, India · ICICI Bank Limited |
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Facilities : |
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Financial Institution: |
· Centbank Financial Services Limited · Reliance Capital Limited |
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Auditors : |
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|
Name : |
Suresh C Maniar and Company Chartered Accountants |
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Address : |
87, Arcadia, Behind Hoechst Hous 195 Nariman Point, Mumbai, Maharashtra, India |
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Income-tax
PAN of auditor or auditor's firm : |
AAAFS4555J |
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Memberships : |
Not Available |
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Collaborators : |
Not Available |
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Joint venture: |
Mayfair Housing Private Limited [U70100MH1986PTC041829] |
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Subsidiary company: |
Myrayash Hotels Private Limited [U74999MH2016PTC287199] |
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|
Enterprises which are owned, or have
significant influence of or are partners with Key management personnel and
their relatives: |
· ABT Developers · Atul Raj Builders Private Limited [U45200MH1984PTC034231] · Bharat Habitat LLP · Bharat Universal Private Limited [U70102MH2011PTC224633] |
CAPITAL STRUCTURE
AS ON: 31.03.2017
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
22500000 |
Equity Shares |
INR 10/- each |
INR 225.000 Million |
|
2500000 |
Preference Shares |
INR 10/- each |
INR 25.000 Million |
|
|
|
|
|
|
|
Total |
|
INR 250.000
Million |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
14500100 |
Equity Shares |
INR 10/- each |
INR 145.001 Million |
|
2500000 |
Preference Shares |
INR 10/- each |
INR 25.000 Million |
|
|
|
|
|
|
|
Total |
|
INR 170.001
Million |
FINANCIAL DATA
[all figures are
in INR Million]
ABRIDGED
BALANCE SHEET
|
SOURCES OF FUNDS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
I.
EQUITY
AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
170.001 |
170.001 |
170.000 |
|
(b) Reserves and Surplus |
963.809 |
951.531 |
128.674 |
|
(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) |
1133.810 |
1121.532 |
298.674 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
1265.724 |
1018.046 |
820.208 |
|
(b) Deferred tax liabilities (Net) |
18.551 |
6.050 |
0.655 |
|
(c) Other long-term
liabilities |
79.813 |
53.993 |
33.716 |
|
(d) long-term
provisions |
3.527 |
2.473 |
2.657 |
|
Total Non-current
Liabilities (3) |
1367.615 |
1080.562 |
857.236 |
|
|
|
|
|
|
(4)
Current Liabilities |
|
|
|
|
(a) Short-term
borrowings |
0.000 |
0.000 |
0.000 |
|
(b) Trade
payables |
312.031 |
173.836 |
67.700 |
|
(c) Other
current liabilities |
2451.942 |
2111.919 |
1848.663 |
|
(d) Short-term
provisions |
7.343 |
14.681 |
21.461 |
|
Total Current
Liabilities (4) |
2771.316 |
2300.436 |
1937.824 |
|
|
|
|
|
|
TOTAL |
5272.741 |
4502.530 |
3093.734 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1)
Non-current assets |
|
|
|
|
(a) Fixed
Assets |
|
|
|
|
(i) Tangible
assets |
521.764 |
244.149 |
35.853 |
|
(ii)
Intangible Assets |
0.000 |
0.000 |
0.000 |
|
(iii) Tangible assets
capital work-in-progress |
6.883 |
4.620 |
22.966 |
|
(iv)
Intangible assets under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current Investments |
92.914 |
0.216 |
0.216 |
|
(c) Deferred tax assets (net) |
0.000 |
0.000 |
0.000 |
|
(d)
Long-term loans and advances |
12.869 |
19.942 |
20.332 |
|
(e) Other
Non-current assets |
0.000 |
0.000 |
0.000 |
|
Total Non-Current
Assets |
634.430 |
268.927 |
79.367 |
|
|
|
|
|
|
(2)
Current assets |
|
|
|
|
(a)
Current investments |
3.725 |
3.739 |
6.379 |
|
(b)
Inventories |
4217.159 |
4041.229 |
2803.225 |
|
(c) Trade
receivables |
61.624 |
19.825 |
11.978 |
|
(d) Cash and
bank balances |
81.683 |
14.356 |
86.423 |
|
(e)
Short-term loans and advances |
256.831 |
135.791 |
96.880 |
|
(f) Other
current assets |
17.289 |
18.663 |
9.482 |
|
Total
Current Assets |
4638.311 |
4233.603 |
3014.367 |
|
|
|
|
|
|
TOTAL |
5272.741 |
4502.530 |
3093.734 |
PROFIT
& LOSS ACCOUNT
|
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
|
SALES |
|
|
|
|
|
Revenue
from operations |
1013.389 |
1297.205 |
1098.303 |
|
|
Other Income |
14.347 |
8.289 |
5.132 |
|
|
TOTAL |
1027.736 |
1305.494 |
1103.435 |
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
Cost of Materials
Consumed |
947.259 |
1204.940 |
0.000 |
|
|
Other expenses |
2.879 |
1.810 |
987.492 |
|
|
TOTAL |
950.138 |
1206.750 |
987.492 |
|
|
|
|
|
|
|
|
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION |
77.598 |
98.744 |
115.943 |
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION |
77.598 |
98.744 |
115.943 |
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION |
14.978 |
11.669 |
5.833 |
|
|
|
|
|
|
|
|
PROFIT BEFORE TAX |
62.620 |
87.075 |
110.110 |
|
|
|
|
|
|
|
Less |
TAX |
20.118 |
28.153 |
39.704 |
|
|
|
|
|
|
|
|
PROFIT AFTER TAX |
42.502 |
58.922 |
70.406 |
|
|
|
|
|
|
|
|
Earnings Per Share (INR) |
2.93 |
3.55 |
4.34 |
CURRENT MATURITIES OF LONG TERM DEBT DETAILS
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Current Maturities of Long term debt |
271.703 |
389.235 |
356.243 |
|
|
|
|
|
|
Net cash flows from (used in) operations |
222.808 |
(33.436) |
302.743 |
|
|
|
|
|
|
Net cash flows from (used in) operating activities |
427.886 |
(56.182) |
72.052 |
KEY
RATIOS
EFFICIENCY RATIOS
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Average Collection Days (Sundry
Debtors / Income * 365 Days) |
22.20 |
5.58 |
3.98 |
|
|
|
|
|
|
Account Receivables Turnover (Income / Sundry Debtors) |
16.44 |
65.43 |
91.69 |
|
|
|
|
|
|
Average Payment Days (Sundry Creditors / Purchases * 365 Days) |
120.23 |
52.66 |
0.00 |
|
|
|
|
|
|
Inventory Turnover (Operating Income / Inventories) |
0.02 |
0.02 |
0.04 |
|
|
|
|
|
|
Asset Turnover (Operating Income / Net Fixed Assets) |
0.15 |
0.40 |
1.97 |
LEVERAGE RATIOS
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Debt Ratio ((Borrowing
+ Current Liabilities) / Total Assets) |
0.82 |
0.82 |
1.01 |
|
|
|
|
|
|
Debt Equity Ratio (Total Liability / Networth) |
1.36 |
1.25 |
3.94 |
|
|
|
|
|
|
Current Liabilities to Networth (Current Liabilities / Net Worth) |
2.44 |
2.05 |
6.49 |
|
|
|
|
|
|
Fixed Assets to Networth (Net Fixed Assets / Networth) |
0.47 |
0.22 |
0.20 |
|
|
|
|
|
|
Interest Coverage Ratio (PBIT / Financial Charges) |
0.00 |
0.00 |
0.00 |
PROFITABILITY RATIOS
|
PARTICULARS |
|
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Net Profit Margin ((PAT / Sales) * 100) |
% |
4.19 |
4.54 |
6.41 |
|
|
|
|
|
|
|
Return on Total Assets ((PAT / Total Assets) * 100) |
% |
0.81 |
1.31 |
2.28 |
|
|
|
|
|
|
|
Return on Investment (ROI) ((PAT / Networth) * 100) |
% |
3.75 |
5.25 |
23.57 |
SOLVENCY RATIOS
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Current Ratio (Current
Assets / Current Liabilities) |
1.67 |
1.84 |
1.56 |
|
|
|
|
|
|
Quick Ratio ((Current Assets – Inventories) / Current
Liabilities) |
0.15 |
0.08 |
0.11 |
|
|
|
|
|
|
G-Score Ratio Financial (Networth / Total Assets) |
0.22 |
0.25 |
0.10 |
|
|
|
|
|
|
G-Score Ratio Debt (Debts / Equity Capital) |
9.04 |
8.28 |
6.92 |
|
|
|
|
|
|
G-Score Ratio Liquidity (Total Current Assets / Total Current Liabilities) |
1.67 |
1.84 |
1.56 |
Total
Liability = Short-term Debt + Long-term Debt + Current Maturities of Long-term
debts
FINANCIAL ANALYSIS
[all figures are
in INR Million]
DEBT EQUITY RATIO
|
Particulars |
31.03.2015 |
31.03.2016 |
31.03.2017 |
|
|
(INR
In Million) |
(INR
In Million) |
(INR
In Million) |
|
Share Capital |
170.000 |
170.001 |
170.001 |
|
Reserves & Surplus |
128.674 |
951.531 |
963.809 |
|
Money received against share
warrants |
0.000 |
0.000 |
0.000 |
|
Share Application money
pending allotment |
0.000 |
0.000 |
0.000 |
|
Net
worth |
298.674 |
1121.532 |
1133.810 |
|
|
|
|
|
|
Long-term borrowings |
820.208 |
1018.046 |
1265.724 |
|
Short term borrowings |
0.000 |
0.000 |
0.000 |
|
Current maturities of
long-term debts |
356.243 |
389.235 |
271.703 |
|
Total
borrowings |
1176.451 |
1407.281 |
1537.427 |
|
Debt/Equity
ratio |
3.939 |
1.255 |
1.356 |
YEAR-ON-YEAR GROWTH
|
Year
on Year Growth |
31.03.2015 |
31.03.2016 |
31.03.2017 |
|
|
(INR
In Million) |
(INR
In Million) |
(INR
In Million) |
|
Sales |
1098.303 |
1297.205 |
1013.389 |
|
|
|
18.110 |
(21.879) |
NET PROFIT MARGIN
|
Net
Profit Margin |
31.03.2015 |
31.03.2016 |
31.03.2017 |
|
|
(INR
In Million) |
(INR
In Million) |
(INR
In Million) |
|
Sales |
1098.303 |
1297.205 |
1013.389 |
|
Profit |
70.406 |
58.922 |
42.502 |
|
|
6.41
% |
4.54
% |
4.19
% |
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 |
No |
|
8 |
Designation of contact person |
No |
|
9 |
Promoter’s background |
Yes |
|
10 |
Date of Birth of Proprietor / Partners /
Directors |
Yes |
|
11 |
Pan Card No. of Proprietor / Partners |
Yes |
|
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 |
Yes |
|
27 |
Reasons for variation <> 20% |
-- |
|
28 |
Estimation for coming financial year |
No |
|
29 |
Profitability for last three years |
Yes |
|
30 |
Major shareholders, if available |
Yes |
|
31 |
External Agency Rating, if available |
Yes |
|
32 |
Litigations that the firm/promoter
involved in |
-- |
|
33 |
Market information |
-- |
|
34 |
Payments terms |
No |
|
35 |
Negative Reporting by Auditors in the
Annual Report |
No |
INDEX OF CHARGES
|
SNO |
SRN |
CHARGE ID |
CHARGE HOLDER NAME |
DATE OF CREATION |
DATE OF MODIFICATION |
DATE OF SATISFACTION |
AMOUNT |
ADDRESS |
|
1 |
G73358343 |
100146293 |
CENTBANK FINANCIAL
SERVICES LIMITED |
19/12/2017 |
- |
- |
1800000000.0 |
CENTRAL BANK OF INDIA-MMO
BLDG, 3RD FLR (EAST),55 MAHATMA GANDHI ROAD, FORT,MUMBAIMA400001IN |
|
2 |
G45132354 |
100100922 |
ORIENTAL BANK OF
COMMERCE |
11/05/2017 |
- |
- |
150000000.0 |
BANDRA (WEST)
BRANCH,GROUND FLOOR, MAHATMA GANDHISEVA MANDIR TRUST BLDG., S. V. ROAD,
BANDRA (WEST)MUMBAIMH400050IN |
|
3 |
G58695388 |
100079306 |
KOTAK MAHINDRA
PRIME LIMITED |
16/02/2017 |
10/10/2017 |
- |
2135500000.0 |
27BKC, C 27, G
BLOCKBANDRA KURLA COMPLEX, BANDRA (E),MUMBAIMA400051IN |
|
4 |
G01323997 |
100019130 |
KOTAK MAHINDRA
INVESTMENTS LIMITED |
25/03/2016 |
- |
- |
300000000.0 |
27 BKC, C 27, G
BLOCKBANDRA KURLA COMPLEX, BANDRA (E),MUMBAIMH400051IN |
|
5 |
C19711258 |
10518738 |
RELIANCE CAPITAL
LTD |
05/09/2014 |
- |
- |
26400000.0 |
"H" BLOCK
1ST FLOORDHIRUBHAI AMBANI KNOWLEDGE CITY, KOPARKHAIRNENAVI MUMBAIMH400710IN |
|
6 |
G41424680 |
10397817 |
CENTRAL BANK OF
INDIA LIMITED |
09/01/2013 |
22/03/2017 |
- |
1150000000.0 |
KASTURI BUILDING, OPPOSITE
PETROLEUM HOUSE,J TATA ROAD, CHURCHGATE,MUMBAIMH400092IN |
|
7 |
G74362187 |
10224825 |
RELIANCE CAPITAL
LTD |
06/05/2010 |
- |
16/01/2018 |
40000000.0 |
"H"
BLOCK 1ST FLOORDHIRUBHAI AMBANI KNOWLEDGE CITY, KOPARKHAIRNENAVI
MUMBAIMH400710IN |
|
8 |
G37208543 |
10503651 |
ICICI BANK LIMITED |
16/06/2014 |
- |
27/02/2017 |
750000000.0 |
LANDMARKRACE
COURCE CIRCLEALKAPURIBARODAGJ390015IN |
|
9 |
G37202942 |
10612193 |
ICICI BANK LIMITED |
28/12/2015 |
- |
27/02/2017 |
320000000.0 |
LANDMARKRACE COURCE
CIRCLEALKAPURIBARODAGJ390015IN |
|
10 |
G37201696 |
10449873 |
ICICI BANK LIMITED |
19/09/2013 |
- |
27/02/2017 |
750000000.0 |
LANDMARKRACE
COURCE CIRCLEALKAPURIBARODAGJ390015IN |
STATE OF AFFAIRS
The Company is in the business of real estate. The main business carried out by the Company is construction & development of residential towers in and around Mumbai.
The Project Sky Vistas BLUEZ was recognized and awarded as Super Luxury project of the year by Times Realty Icons 2016. The project is a premium luxury 3 & 4 BHK residential apartments located situated at Andheri West.
The Company has successfully completed the Park Vistas Project in Andheri (West) along with Mayfair Housing Private Limited being Joint venture project which has premium luxurious residential apartments.
BUSINESS
OVERVIEW AND OUTLOOK
During the year, the highlights of the Company’s performance are as under: -
The Company’s Revenue from operations accounted for INR 1013.388 million during the financial year 2016-17 as compared to the previous year’s revenue of INR 1297.204 million. The Profit before tax during the year accounted for INR 6262.0000 million as compared to previous year’s profit of INR 87.075 million.
The Net Profit after tax during the F.Y. 2015-16 is INR 425.02 million and the Net Profit after tax for F.Y. 2016-17 is INR 58.922 million. The Company’s revenue & profit during the year has declined due to the overall sluggish market conditions.
The demand for residential projects has remained subdued due to several factors. Recently, the Real estate sector is experiencing slump in demand due to the regulatory pressure.
The Real Estate (Regulation and Development) Act, 2016, demonetisation and the implementation of Goods and Services Tax w.e.f July, 2017 are some of the several reasons for a sluggish market performance.
The implementation of the regulatory norms one after the other has led to a hit in the Real estate sector. It is due to this reasons the performance of the company has dipped in the present financial year as compared to the tremendous growth it has shown in the past years.
The Board of Directors of the Company are however optimistic that the Company shall perform better in the ensuing financial year and the market conditions shall overturn in the next 8-10 months. With the implementation of RERA there shall be greater transparency and disclosures, which will lead to creating a trust between the buyer and the seller.
The promoters are also hopeful that the government will also bring clarity in several factors affecting the real estate market presently to boost the sector
FIXED ASSETS:
·
Buildings
·
Plant and equipment
·
Furniture and fixtures
·
Vehicles
·
Office equipment
·
Computer equipment’s
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 records 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
|
INR |
|
US Dollar |
1 |
INR 65.22 |
|
UK Pound |
1 |
INR 91.33 |
|
Euro |
1 |
INR 79.96 |
INFORMATION
DETAILS
|
Information Gathered
by : |
SAV |
|
|
|
|
Analysis Done by
: |
VAR |
|
|
|
|
Report Prepared
by : |
ARC |
SCORE FACTORS
|
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 |
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)
This report is issued at
your request without any risk and responsibility on the part of MIRA INFORM
PRIVATE LIMITED (MIPL) or its officials.