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|
MIRA INFORM REPORT
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Report No. : |
511922 |
|
Report Date : |
29.05.2018 |
IDENTIFICATION DETAILS
|
Name : |
MAHINDRA HOMES PRIVATE LIMITED (w.e.f. 07.08.2013) |
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Formerly Known
As : |
WATSONIA DEVELOPERS PRIVATE LIMITED (w.e.f. 06.05.2013) WATSONIA DEVELOPERS LIMITED |
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Registered
Office : |
5th Floor, Mahindra Towers, 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) : |
31.03.2016 |
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Date of
Incorporation : |
02.06.2010 |
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Com. Reg. No.: |
11-203618 |
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Capital
Investment / Paid-up Capital : |
INR 4.120 Million |
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CIN No.: [Company Identification
No.] |
U70102MH2010PTC203618 |
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IEC No.: [Import-Export
Code No.] |
Not Divulged |
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GSTN : [Goods & Service Tax
Registration 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.] |
AAACW9691A |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Residential Projects and Development Activities. (Registered Activity) |
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No. of Employees
: |
Information denied by the management |
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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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 and MHPL was previously a 50:50 joint venture (JV) between Mahindra Lifespace Developers Ltd and SCM Real Estate (Singapore) Pvt Ltd but in March 2017, Mahindra Lifespace acquired additional stake in MHPL, increasing its shareholding to 75%. It was incorporated in the year 2010. As per Registrar Of Companies the date of balance sheet (i.e. financial filed) is shown as 31-03-2017 but the documents related to the financial for the year 2017 are not available. As per available financials of 2016, the company has achieved healthy revenue from its operations and reported profitability margin of 4.24%. Rating takes into consideration strong managerial and financial holding company support, favourable reputation of the Mahindra Group in the real estate industry with established track record of business operations and market position. Further rating also derives strength by company has achieved fair profit during the year which has wiped out some part of its accumulated losses. As per indirect sources we could find that MHPL launched two phases of 120 units each of its first project Luminare in Gurugram with a total 360 units. At FY17, 74% of the phase 1 and 37% of the phase 2 were booked. Mahindra Lifespace’s share in booked units under the phase 1 and phase 2 was 66 and 33 units, respectively. Also the company has achieved revenue of INR 2013 million. However, these rating strength is partially offset by company has registered accumulated losses which have eroded entire networth and high debt balance sheet. Trade relations are fair. 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
|
Rating Agency Name |
India Ratings |
|
Rating |
Long term rating: AA- |
|
Rating Explanation |
High degree of safety and very low credit
risk. |
|
Date |
22.11.2017 |
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 29.05.2018
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
MANAGEMENT NON-COOPERATIVE (91-22-67478600)
LOCATIONS
|
Registered Office : |
5th Floor, Mahindra Towers, Dr. G.M. Bhosale Marg, Worli, Mumbai-400018, Maharashtra, India |
|
Tel. No.: |
91-22-67478600/8601 |
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Fax No.: |
91-22-24975084 |
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E-Mail : |
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|
Website : |
DIRECTORS
AS ON 31.03.2017
|
Name : |
Ms. Anita Arjundas |
|
Designation : |
Director |
|
Address : |
Flat No-501, 5th Floor,, Silver Springs, 98 Perry Road, Bandra (West), Mumbai-400050, Maharashtra, India |
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Date of Birth/Age : |
22.06.1967 |
|
Date of Appointment : |
02.09.2013 |
|
DIN No.: |
00243215 |
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|
|
|
Name : |
Mr. Ashish Balram Singh |
|
Designation : |
Director |
|
Address : |
A-1206 Springfields Apartments, Sarjapur Main Road, Bangalore-560034, Karnataka, India |
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Date of Birth/Age : |
30.11.1971 |
|
Date of Appointment : |
29.07.2013 |
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DIN No.: |
02311126 |
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|
|
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Name : |
Mr. Ramesh Ranganathan |
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Designation : |
Director |
|
Address : |
301, Parshavnath Garden, Bhaudaji Road, Matunga (East), Mumbai-400019, Maharashtra, India |
|
Date of Birth/Age : |
24.04.1975 |
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Date of Appointment : |
11.03.2013 |
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DIN No.: |
03118598 |
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|
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Name : |
Mr. Ameet Pratapsinh Hariani |
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Designation : |
Additional Director |
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Address : |
Flat 1401, 9A Residences, Bomanji Petit Road, Near Parsi General Hospital, Cumballa Hill Mumbai 400036, Maharashtra, India |
|
Date of Appointment : |
06.03.2018 |
|
DIN No.: |
00087866 |
MAJOR SHAREHOLDERS
AS ON 31.03.2017
|
Names of Series A Equity Shareholders |
|
No. of Shares |
|
SCM Real Estate (Singapore) Private Limited, Singapore |
|
205628 |
|
Mahindra Lifespace Developer Limited, India |
|
616879 |
|
Total |
|
822507 |
|
Names of Series B Equity Shareholders |
|
No. of Shares |
|
SCM Real Estate (Singapore) Private Limited, Singapore |
|
389 |
|
Total |
|
389 |
|
Names of Series C Equity Shareholders |
|
No. of Shares |
|
Mahindra Lifespace Developer Limited, India |
|
389 |
|
Total |
|
389 |
|
Names of Series Preference Shareholders |
|
No. of Shares |
|
SCM Real Estate (Singapore) Private Limited, Singapore |
|
1 |
|
Mahindra Lifespace Developer Limited, India |
|
1 |
|
Total |
|
2 |
Equity Share Break up (Percentage of Total Equity)
AS ON 16.06.2017
|
Category |
Percentage |
|
Promoters- Body corporate |
74.98 |
|
Public/Other than promoters - Body corporate |
25.02 |
|
Total |
100.00 |
BUSINESS DETAILS
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Line of Business : |
Residential Projects and Development Activities. (Registered Activity) |
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Products / Services
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Brand Names : |
Not Available |
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Agencies Held : |
Not Available |
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Exports : |
Not Divulged |
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Imports : |
Not Divulged |
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Terms : |
Not Divulged |
PRODUCTION STATUS – (NOT AVAILABLE)
GENERAL INFORMATION
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Suppliers : |
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Customers : |
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No. of Employees : |
Information denied by the management |
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Bankers : |
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Facilities : |
(INR
In Million)
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Auditors : |
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Name : |
S R B C and Company LLP Chartered Accountants |
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Address : |
N M Raiji and Co, 6th Floor, Universal Insurance Building, Sir P M Road, Mumbai – 400001, Maharashtra, India |
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PAN N Income-tax PAN of auditor or auditor's firm : |
ACHFS9117R |
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Memberships : |
Not Available |
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Collaborators : |
Not Available |
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Holding company of
enterprise having joint control over the Company (as on 31.03.2016): |
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Subsidiary of
Holding Company of enterprise having joint control over the Company (as on
31.03.2016): |
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Subsidiary of a
company having joint control over the Company (as on 31.03.2016): |
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Enterprises having
joint control over the Company (as on 31.03.2016): |
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CAPITAL STRUCTURE
AS ON 16.06.2017
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
100000 |
Ordinary Equity Shares |
INR 10/- each |
INR 1.000 Million |
|
1,550,000 |
Equity shares (Series A) |
INR 10/- each |
INR 15.500 Million |
|
116,500 |
Equity shares (Series B) |
INR 10/- each |
INR 1.165 Million |
|
116500 |
Equity shares (Series C) |
INR 10/- each |
INR 1.165 Million |
|
250 |
Series A 0.01% Optionally Convertible Redeemable Preference Shares |
INR 10/- each |
INR 0.002 Million |
|
250 |
0.01% Compulsorily Convertible Preference Shares |
INR 10/- each |
INR 0.003 Million |
|
116500 |
Series B 0.01% Optionally Convertible Redeemable
Preference Shares |
INR 10/- each |
INR 1.165 Million |
|
|
|
|
|
|
|
Total |
|
INR 20.000
Million |
Issued Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
822,507 |
Equity shares (Series A) |
INR 10/- each |
INR 8.225 Million |
|
389 |
Equity shares (Series B) |
INR 10/- each |
INR 0.004 Million |
|
389 |
Equity shares (Series C) |
INR 10/- each |
INR 0.004 Million |
|
2 |
Preference shares |
INR 10/- each |
INR 20/- |
|
1 |
Series A 0.01% Optionally Convertible Redeemable Preference Shares |
INR 10/- each |
INR 10/- |
|
1 |
0.01% Optionally Convertible Redeemable Preference Shares |
INR 10/- each |
INR 10/- |
|
|
|
|
|
|
|
Total |
|
INR 8.233
Million |
AS ON 31.03.2016
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
100000 |
Ordinary Equity Shares |
INR 10/- each |
INR 1.000 Million |
|
550000 |
Equity shares (Series A) |
INR 10/- each |
INR 5.500 Million |
|
116500 |
Equity shares (Series B) |
INR 10/- each |
INR 1.165 Million |
|
116500 |
Equity shares (Series C) |
INR 10/- each |
INR 1.165 Million |
|
250 |
Series A 0.01% Optionally Convertible Redeemable Preference Shares |
INR 10/- each |
INR 0.002 Million |
|
250 |
0.01% Compulsorily Convertible Preference Shares |
INR 10/- each |
INR 0.003 Million |
|
116500 |
Series B 0.01% Optionally Convertible Redeemable
Preference Shares |
INR 10/- each |
INR 1.165 Million |
|
|
|
|
|
|
|
Total |
|
INR 10.000
Million |
Issued Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
411256 |
Equity shares (Series A) |
INR 10/- each |
INR 4.112 Million |
|
389 |
Equity shares (Series B) |
INR 10/- each |
INR 0.004 Million |
|
389 |
Equity shares (Series C) |
INR 10/- each |
INR 0.004 Million |
|
2 |
Preference shares |
INR 10/- each |
INR 0.000 Million |
|
1 |
Series A 0.01% Optionally Convertible Redeemable Preference Shares |
INR 10/- each |
INR 10/- |
|
1 |
0.01% Optionally Convertible Redeemable Preference Shares |
INR 10/- each |
INR 10/- |
|
|
|
|
|
|
|
Total |
|
INR 4.120
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 |
4.120 |
4.120 |
4.120 |
|
(b) Reserves and Surplus |
(67.758) |
(132.846) |
8.748 |
|
(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) |
(63.638) |
(128.726) |
12.868 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
8253.400 |
6403.400 |
6403.400 |
|
(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) |
8253.400 |
6403.400 |
6403.400 |
|
|
|
|
|
|
(4)
Current Liabilities |
|
|
|
|
(a) Short-term
borrowings |
0.000 |
0.000 |
0.000 |
|
(b) Trade
payables |
201.358 |
110.678 |
7.487 |
|
(c) Other
current liabilities |
1672.266 |
2126.925 |
642.530 |
|
(d) Short-term
provisions |
2.911 |
0.000 |
0.000 |
|
Total Current
Liabilities (4) |
1876.535 |
2237.603 |
650.017 |
|
|
|
|
|
|
TOTAL |
10066.297 |
8512.277 |
7066.285 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1)
Non-current assets |
|
|
|
|
(a) Fixed
Assets |
|
|
|
|
(i)
Tangible assets |
78.563 |
67.094 |
0.000 |
|
(ii)
Intangible Assets |
0.000 |
0.000 |
0.000 |
|
(iii) Tangible assets
capital work-in-progress |
0.000 |
19.840 |
6.959 |
|
(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) |
50.465 |
0.000 |
0.000 |
|
(d)
Long-term loans and advances |
10.731 |
0.372 |
0.759 |
|
(e) Other
Non-current assets |
0.000 |
0.000 |
0.000 |
|
Total Non-Current
Assets |
139.759 |
87.306 |
7.718 |
|
|
|
|
|
|
(2)
Current assets |
|
|
|
|
(a)
Current investments |
278.996 |
0.000 |
0.000 |
|
(b)
Inventories |
4254.802 |
3664.006 |
2328.143 |
|
(c) Trade
receivables |
37.738 |
0.000 |
0.000 |
|
(d) Cash and
bank balances |
80.760 |
144.100 |
209.099 |
|
(e)
Short-term loans and advances |
4866.522 |
4613.306 |
4520.594 |
|
(f) Other current
assets |
407.720 |
3.559 |
0.731 |
|
Total
Current Assets |
9926.538 |
8424.971 |
7058.567 |
|
|
|
|
|
|
TOTAL |
10066.297 |
8512.277 |
7066.285 |
PROFIT
& LOSS ACCOUNT
|
|
PARTICULARS |
31.03.2016 |
31.03.2015 |
31.03.2014 |
|
|
SALES |
|
|
|
|
|
Income |
1562.725 |
0.000 |
0.000 |
|
|
Other Income |
11.176 |
0.000 |
0.000 |
|
|
TOTAL |
1573.901 |
0.000 |
0.000 |
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
Cost of Materials
Consumed |
0.000 |
0.000 |
0.000 |
|
|
Other expenses |
1520.606 |
125.492 |
10.553 |
|
|
TOTAL |
1520.606 |
125.492 |
10.553 |
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE INTEREST, TAX,
DEPRECIATION AND AMORTISATION |
53.295 |
(125.492) |
(10.553) |
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES |
16.440 |
9.624 |
0.000 |
|
|
|
|
|
|
|
|
PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION |
36.855 |
(135.116) |
(10.553) |
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION |
20.326 |
6.478 |
0.000 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS)
BEFORE TAX |
16.529 |
(141.594) |
(10.553) |
|
|
|
|
|
|
|
Less |
TAX |
(49.685) |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS)
AFTER TAX |
66.214 |
(141.594) |
(10.553) |
|
|
|
|
|
|
|
Add |
PREVIOUS YEARS’ BALANCE BROUGHT
FORWARD |
(152.342) |
(10.748) |
(0.195) |
|
|
|
|
|
|
|
|
Balance
Carried to the B/S |
(86.128) |
(152.342) |
(10.748) |
|
|
|
|
|
|
|
|
Earnings / (Loss) Per
Share (INR) |
160.70 |
(343.65) |
(25.61) |
CURRENT MATURITIES
OF LONG TERM DEBT DETAILS
|
Particulars |
31.03.2016 |
31.03.2015 |
31.03.2014 |
|
Current Maturities of Long term debt |
NA |
NA |
NA |
|
|
|
|
|
|
Cash generated from operations |
NA |
NA |
NA |
|
|
|
|
|
|
Net cash flows from (used in) operations |
161.955 |
6.937 |
(5130.132) |
|
|
|
|
|
|
Net cash flows from (used in) operating activities |
154.376 |
5.277 |
(5130.132) |
KEY
RATIOS
EFFICIENCY RATIOS
|
PARTICULARS |
31.03.2016 |
31.03.2015 |
31.03.2014 |
|
Average Collection Days (Sundry
Debtors / Income * 365 Days) |
8.81 |
0.00 |
0.00 |
|
|
|
|
|
|
Account Receivables Turnover (Income / Sundry Debtors) |
41.41 |
0.00 |
0.00 |
|
|
|
|
|
|
Average Payment Days (Sundry Creditors / Purchases * 365 Days) |
0.00 |
0.00 |
0.00 |
|
|
|
|
|
|
Inventory Turnover (Operating Income / Inventories) |
0.01 |
(0.03) |
0.00 |
|
|
|
|
|
|
Asset Turnover (Operating Income / Net Fixed Assets) |
0.68 |
(1.44) |
(1.52) |
LEVERAGE RATIOS
|
PARTICULARS |
31.03.2016 |
31.03.2015 |
31.03.2014 |
|
Debt Ratio ((Borrowing
+ Current Liabilities) / Total Assets) |
1.01 |
1.02 |
1.00 |
|
|
|
|
|
|
Debt Equity Ratio (Total Liability / Networth) |
(129.69) |
(49.74) |
497.62 |
|
|
|
|
|
|
Current Liabilities to Networth (Current Liabilities / Net Worth) |
(29.49) |
(17.38) |
50.51 |
|
|
|
|
|
|
Fixed Assets to Networth (Net Fixed Assets / Networth) |
(1.23) |
(0.68) |
0.54 |
|
|
|
|
|
|
Interest Coverage Ratio (PBIT / Financial Charges) |
3.24 |
(13.04) |
0.00 |
PROFITABILITY RATIOS
|
PARTICULARS |
|
31.03.2016 |
31.03.2015 |
31.03.2014 |
|
Net Profit Margin ((PAT / Sales) * 100) |
% |
4.24 |
0.00 |
0.00 |
|
|
|
|
|
|
|
Return on Total Assets ((PAT / Total Assets) * 100) |
% |
0.66 |
(1.66) |
(0.15) |
|
|
|
|
|
|
|
Return on Investment (ROI) ((PAT / Networth) * 100) |
% |
(104.05) |
110.00 |
(82.01) |
SOLVENCY RATIOS
|
PARTICULARS |
31.03.2016 |
31.03.2015 |
31.03.2014 |
|
Current Ratio (Current
Assets / Current Liabilities) |
5.29 |
3.77 |
10.86 |
|
|
|
|
|
|
Quick Ratio ((Current Assets – Inventories) / Current
Liabilities) |
3.02 |
2.13 |
7.28 |
|
|
|
|
|
|
G-Score Ratio Financial (Networth / Total Assets) |
(0.01) |
(0.02) |
0.00 |
|
|
|
|
|
|
G-Score Ratio Debt (Debts / Equity Capital) |
2003.25 |
1554.22 |
1554.22 |
|
|
|
|
|
|
G-Score Ratio Liquidity (Total Current Assets / Total Current Liabilities) |
5.29 |
3.77 |
10.86 |
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 |
4.120 |
4.120 |
4.120 |
|
Reserves & Surplus |
8.748 |
(132.846) |
(67.758) |
|
Money received against share
warrants |
0.000 |
0.000 |
0.000 |
|
Share Application money
pending allotment |
0.000 |
0.000 |
0.000 |
|
Net worth |
12.868 |
(128.726) |
(63.638) |
|
|
|
|
|
|
Long-term borrowings |
6403.400 |
6403.400 |
8253.400 |
|
Short term borrowings |
0.000 |
0.000 |
0.000 |
|
Total
borrowings |
6403.400 |
6403.400 |
8253.400 |
|
Debt/Equity
ratio |
497.622 |
(49.744) |
(129.693) |
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 |
0.000 |
0.000 |
1562.725 |
|
|
|
0.000 |
0.000 |
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 |
0.000 |
0.000 |
1562.725 |
|
Profit/ (Loss) |
(10.553) |
(141.594) |
66.214 |
|
|
0.000 |
0.000 |
4.24
% |
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 |
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 |
No |
|
21 |
Banking facility details |
No |
|
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 |
-- |
|
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 is undertaking residential development projects in NCR and Bangalore.
'Luminare' in Gurgaon, is the Company's first project in the luxury homes segment in the National Capital Region. The project is being implemented in collaboration with the land owners and a developer and is spread across 6.8 acres, with an estimated saleable area of 1.14 million square feet. The project will offer luxury features including private lift lobbies and wrap around balconies. The second phase of the project comprising 120 units of the project was launched during the year. Construction is progressing as per schedule in the two phases launched so far.
36 per cent of the total units launched in this project have been sold upto March 2016.
'Windchimes' in Bangalore: This is first residential development of the Company in the city and is a premium residential development located on Bannerghata Road in Bangalore. The project is spread across 5.8 acres with an estimated saleable area of 0.87 million square feet. The Project offers luxurious 3-4 BHK Apartments with all modern amenities amidst a green surrounding. During the year, the Company launched the first two phases (I and II) of the project, comprising 229 apartments with a total saleable area of 0.44 million square feet. 54 percent of the total units launched in this project have been sold upto March 2016. Construction is progressing as per schedule in both phases.
The Company is exploring the possibility of undertaking new residential development projects in India.
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 under review 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 |
|
|
|
Partly convertible debentures others |
3201.700 |
3201.700 |
|
Fully convertible debentures others |
3201.700 |
3201.700 |
|
Total |
6403.400 |
6403.400 |
INDEX OF CHARGE:
|
SNO |
SRN |
CHARGE ID |
CHARGE HOLDER NAME |
DATE OF CREATION |
DATE OF MODIFICATION |
AMOUNT |
ADDRESS |
|
1 |
G73458861 |
100148430 |
AXIS TRUSTEE
SERVICES LIMITED |
22/12/2017 |
- |
900000000.0 |
AXIS HOUSE, BOMBAY
DYEING MILLSCOMPOUND, PANDHURANG BUDHKAR MARG, WORLIMUMBAIMA400025IN |
|
2 |
G70944301 |
100141552 |
AXIS TRUSTEE
SERVICES LIMITED |
30/11/2017 |
- |
1500000000.0 |
AXIS HOUSE, BOMBAY
DYEING MILLSCOMPOUND, PANDHURANG BUDHKAR MARG, WORLIMUMBAIMA400025IN |
|
3 |
G50085463 |
100032146 |
AXIS TRUSTEE
SERVICES LIMITED |
19/05/2016 |
29/06/2017 |
300000000.0 |
AXIS HOUSE, BOMBAY
DYEING MILLSCOMPOUND, PANDHURANG BUDHKAR MARG, WORLIMUMBAIMA400025IN |
|
4 |
G05455365 |
100032120 |
AXIS TRUSTEE
SERVICES LIMITED |
19/05/2016 |
- |
1850000000.0 |
AXIS HOUSE, 2ND
FLR, BOMBAY DYEING MILLS COMPOUND,PANDURANG BUDHKAR MARG,
WORLI,MUMBAIMA400025IN |
FIXED ASSETS:
Tangible assets
- Buildings
- Furniture and fixtures
- Office equipment
- Computer equipments
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 67.44 |
|
|
1 |
INR 89.89 |
|
Euro |
1 |
INR 79.00 |
INFORMATION DETAILS
|
Information
Gathered by : |
SAV |
|
|
|
|
Analysis Done by
: |
PSD |
|
|
|
|
Report Prepared
by : |
KVT |
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.