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MIRA
INFORM REPORT
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Report No. : |
511815 |
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Report Date : |
30.05.2018 |
IDENTIFICATION DETAILS
|
Name : |
SABARI DEVELOPERS LLP |
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Registered
Office : |
101, Sabari Praasad, Plot No 535, 11th Road, Chembur, Mumbai-400071,
Maharashtra |
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Tel. No. : |
91-22-67705300 |
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Country : |
India |
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Financials (as
on) : |
31.03.2016 |
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Date of
Incorporation : |
22.07.2015 |
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Capital
Investment : |
INR 109.323 Million |
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LLPIN : |
AAE-4277 |
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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.] |
Not Divulged |
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Legal Form : |
Limited Liability Partnership |
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Line of Business
: |
Subject is engaged into Real Estate Development Business. [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 : |
C |
|
Credit Rating |
Explanation |
Rating Comments |
|
C |
Medium High Risk |
Business dealings permissible preferably
on secured basis |
|
Status : |
Moderate |
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Payment Behaviour : |
Unknown |
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Litigation : |
Clear |
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Comments : |
Subject is a Limited Liability Partnership Firm established in the
year 2015. It is engaged in Real Estate Development business. Management has denied to provide any information about the subject. As per the financial records of 2016, the subject has not earned
revenue from its operations. The moderate financial profile of the firm is marked by modest capital
base along poor debt coverage indicators due to high debt balance sheet
profile. Payment seems to be unknown. In view of aforesaid, the subject can be considered for business
dealings on fully and secured trade terms and conditions. Note: As per Registrar
of Companies, the date of balance sheet i.e. financial filed is shown as 31st
March 2017 but documents related to the financials for the year 2017 are not
available from any sources. |
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
|
Rating Agency Name |
CRISIL |
|
Rating |
Long term (Issuer not cooperating) = BB- |
|
Rating Explanation |
Moderate risk of default |
|
Date |
10.11.2017 |
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 30.05.2018.
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 DECLINED
MANAGEMENT NON-COOPERATIVE [TEL. NO.: 91-22-67705300]
LOCATIONS
|
Registered Office : |
101, Sabari Praasad, Plot No 535, 11th Road, Chembur, Mumbai-400071,
Maharashtra, India |
|
Tel. No. : |
91-22-67705300 |
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Fax No. : |
Not Available |
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E-Mail : |
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Website : |
PARTNERS
AS ON 31.03.2017
|
Name : |
Mr. Hiren Meghji Bharani |
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Designation : |
Designated Partner |
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Address : |
901, Villa Geraldine 487, 13th Road, Chembur, Mumbai - 400071, Maharashtra, India |
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Date of Appointment : |
22.07.2015 |
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DPIN No.: |
01264883 |
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Other Directorship :
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Name : |
Mr. Surinderkumar Bansilal Sharma |
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Designation : |
Designated Partner |
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Address : |
525, Ujagr Niwas 12th Road, Chembur, Mumbai - 400071, Maharashtra, India |
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Date of Appointment : |
22.07.2015 |
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DPIN No.: |
01421520 |
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Other Directorship :
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Name : |
Mrs. Preeti Rajesh Natarajan |
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Designation : |
Partner |
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Address : |
802, Sabari Aangan, Plot No. 222, 11th Road, Mumbai - 400071, Maharashtra, India |
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Date of Appointment : |
22.07.2015 |
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DPIN No.: |
06543483 |
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Name : |
Venkatraman Priya Sreedhar |
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Designation : |
Partner |
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Address : |
367, 3rd Block, Sarjapur Road, Koramangala, Bangalore - 560034, Karnataka, India |
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Date of Appointment : |
22.07.2015 |
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DPIN No.: |
06538782 |
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CONTRIBUTION DETAILS
|
Names of Persons |
Monetary value
of contribution (INR In Million) |
|
Hiren Meghji Bharani |
0.168 |
|
Surinderkumar Bansilal Sharma |
0.168 |
|
Preeti Rajesh Natarajan |
0.082 |
|
Venkatraman Priya Sreedhar |
0.082 |
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|
Total |
0.500 |
BUSINESS DETAILS
|
Line of Business : |
Subject is engaged into Real Estate Development Business. [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 |
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 : |
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Financial Institutions : |
· Reliance Home Finance Limited Reliance Centre, 6th Floor, South Wing, Off. Western Express Highway,
Santacruz, Mumbai, Maharashtra, 400055, India · L & Fs Trust Company Limited L & Fs Financial Centre, Plot No C22 G Block Bandra Kurla Complex
Bandra East, Mumbai, Maharashtra, 400051, India |
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Auditors : |
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Name : |
H N Bafna and Company Chartered Accountants |
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Memberships : |
Not Available |
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Collaborators : |
Not Available |
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Associates/Subsidiaries : |
Not Available |
CAPITAL STRUCTURE
|
Particular |
INR in Million |
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Total Obligation of
Contribution: |
INR 0.500 Million |
|
|
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PARTNERS CAPITAL ACCOUNTS AS ON 31.03.2016
MR. HIREN M
BHARANI
|
Particulars |
INR in Million |
Particulars |
INR in Million |
|
Issued |
5.942 |
Balance b/f |
34.891 |
|
Shares of firm-tax |
2.247 |
Share of profit |
3.062 |
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|
Bank |
5.200 |
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Balance c/f |
34.964 |
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|
|
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Total |
43.153 |
Total |
43.153 |
MR. SURINDER
BANSILAL SHARMA
|
Particulars |
INR in Million |
Particulars |
INR in Million |
|
Shares of firm-tax |
2.247 |
Balance b/f |
40.079 |
|
Cheque |
0.071 |
Share of profit |
3.062 |
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Balance c/f |
40.823 |
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Total |
43.141 |
Total |
43.141 |
MRS. PREETI RAJESH
|
Particulars |
INR in Million |
Particulars |
INR in Million |
|
Cheque |
0.676 |
Balance b/f |
15.862 |
|
Shares of firm-tax |
1.107 |
Share of profit |
1.508 |
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Balance c/f |
15.587 |
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Total |
17.370 |
Total |
17.370 |
MRS. PRIYA
SHREEDHAR
|
Particulars |
INR in Million |
Particulars |
INR in Million |
|
Shares of firm-tax |
1.107 |
Balance b/f |
17.548 |
|
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Share of profit |
1.508 |
|
Balance c/f |
17.949 |
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Total |
19.056 |
Total |
19.056 |
FINANCIAL DATA
[all figures are
in INR Million]
ABRIDGED
BALANCE SHEET
|
SOURCES OF FUNDS |
|
|
31.03.2015 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Capital Account |
|
|
109.323 |
|
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2] Reserves & Surplus |
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|
0.000 |
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NETWORTH |
|
|
109.323 |
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LOAN FUNDS |
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|
1] Secured Loans |
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|
10.651 |
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2] Unsecured Loans |
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|
1111.968 |
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TOTAL BORROWING |
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|
1122.619 |
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DEFERRED TAX LIABILITIES |
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|
0.000 |
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TOTAL |
|
|
1231.942 |
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APPLICATION OF
FUNDS |
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FIXED ASSETS [Net Block] |
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|
16.160 |
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Capital work-in-progress |
|
|
0.000 |
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|
|
|
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INVESTMENT |
|
|
55.973 |
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DEFERRED TAX ASSETS |
|
|
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
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Inventories |
|
|
945.585 |
|
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Sundry Debtors |
|
|
0.000 |
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|
Cash & Bank Balances |
|
|
(98.346) |
|
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Other Current Assets |
|
|
18.124
|
|
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Loans & Advances |
|
|
616.425
|
|
Total
Current Assets |
|
|
1481.788
|
|
|
Less : CURRENT LIABILITIES & PROVISIONS |
|
|
|
|
|
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Sundry Creditors |
|
|
0.000
|
|
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Other Current Liabilities |
|
|
321.979
|
|
|
Provisions |
|
|
0.000
|
|
Total
Current Liabilities |
|
|
321.979
|
|
|
Net Current Assets |
|
|
1159.809
|
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
|
|
0.000 |
|
|
|
|
|
|
|
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TOTAL |
|
|
1231.942 |
|
PROFIT
& LOSS ACCOUNT
|
|
PARTICULARS |
|
|
31.03.2016 |
|
|
|
SALES |
|
|
|
|
|
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Sales |
|
|
0.000 |
|
|
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Other Income |
|
|
190.238 |
|
|
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TOTAL |
|
|
190.238 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Other Expenses |
|
|
181.098 |
|
|
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TOTAL |
|
|
181.098 |
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|
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|
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PROFIT BEFORE INTEREST,
DEPRECIATION AND AMORTISATION |
|
|
9.140 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL EXPENSES |
|
|
0.000 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE DEPRECIATION AND AMORTISATION |
|
|
9.140 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/ AMORTISATION |
|
|
0.000 |
|
|
|
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|
|
|
|
|
|
NET PROFIT |
|
|
9.140 |
|
KEY
RATIOS
EFFICIENCY RATIOS
|
PARTICULARS |
31.03.2016 |
||
|
Average Collection Days (Sundry
Debtors / Income * 365 Days) |
|
|
0.00 |
|
|
|
|
|
|
Account Receivables Turnover (Income / Sundry Debtors) |
|
|
0.00 |
|
|
|
|
|
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Inventory Turnover (Operating Income / Inventories) |
|
|
0.01 |
|
|
|
|
|
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Asset Turnover (Operating Income / Net Fixed Assets) |
|
|
0.57 |
LEVERAGE RATIOS
|
PARTICULARS |
31.03.2016 |
||
|
Debt Ratio ((Borrowing
+ Current Liabilities) / Total Assets) |
|
|
0.93 |
|
|
|
|
|
|
Debt Equity Ratio (Total Liability / Networth) |
|
|
10.27 |
|
|
|
|
|
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Current Liabilities to Networth (Current Liabilities / Net Worth) |
|
|
13.12 |
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|
|
|
|
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Fixed Assets to Networth (Net Fixed Assets / Networth) |
|
|
0.15 |
|
|
|
|
|
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Interest Coverage Ratio (PBIT / Financial Charges) |
|
|
0.00 |
PROFITABILITY RATIOS
|
PARTICULARS |
|
31.03.2016 |
||
|
Net Profit Margin ((PAT / Sales) * 100) |
% |
|
|
0.00 |
|
|
|
|
|
|
|
Return on Total Assets ((PAT / Total Assets) * 100) |
% |
|
|
0.59 |
|
|
|
|
|
|
|
Return on Investment (ROI) ((PAT / Networth) * 100) |
% |
|
|
8.36 |
SOLVENCY RATIOS
|
PARTICULARS |
|
|
31.03.2016 |
|
Current Ratio (Current
Assets / Current Liabilities) |
|
|
1.03 |
|
|
|
|
|
|
Quick Ratio ((Current Assets – Inventories) / Current
Liabilities) |
|
|
0.37 |
|
|
|
|
|
|
G-Score Ratio Financial (Networth / Total Assets) |
|
|
0.07 |
|
|
|
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G-Score Ratio Debt (Debts / Equity Capital) |
|
|
10.27 |
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|
|
|
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G-Score Ratio Liquidity (Total Current Assets / Total Current Liabilities) |
|
|
1.03 |
Total
Liability = Short-term Debt + Long-term Debt + Current Maturities of Long-term
debts
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 |
No |
|
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 |
No |
|
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 one year |
Yes |
|
27 |
Reasons for variation <> 20% |
-- |
|
28 |
Estimation for coming financial year |
No |
|
29 |
Profitability for last one year |
Yes |
|
30 |
Major shareholders, if available |
No |
|
31 |
External Agency Rating, if available |
No |
|
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 |
M01906718 |
100043357 |
AXIS BANK LIMITED |
01/07/2016 |
- |
- |
140000000.0 |
CORPORATE CREDIT
SERVICE UNIT - AMBIKA TOWER RAJMATA JIJABAI RD, ANDHERI (EAST) MUMBAI MUMBAI
CITY MH 400093 IN |
|
2 |
M01987130 |
100046275 |
RELIANCE HOME
FINANCE LIMITED |
28/06/2016 |
- |
- |
200000000.0 |
RELIANCE CENTRE,
6TH FLOOR, SOUTH WING, OFF. WESTERN EXPRESS HIGHWAY, SANTACRUZ MUMBAI MH
400055 IN |
|
3 |
M01990530 |
100046278 |
IL & FS TRUST
COMPANY LIMITED |
18/06/2016 |
- |
- |
180000000.0 |
IL & FS
FINANCIAL CENTREPLOT NO C22 G BLOCK BANDRA KURLA COMPLEX BANDRA EAST MUMBAI
MUMBAI CITY MH 400051 IN |
|
4 |
M00439901 |
100013690 |
ICICI BANK LIMITED |
23/12/2015 |
- |
- |
70000000.0 |
LANDMARKRACE COURCE
CIRCLE ALKAPURI BARODA GJ 390015 IN |
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 67.82 |
|
|
1 |
INR 90.17 |
|
Euro |
1 |
INR 78.70 |
INFORMATION DETAILS
|
Information
Gathered by : |
GYT |
|
|
|
|
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 |
NO |
|
--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.