MIRA INFORM REPORT
|
Report Date : |
15th
June, 2006. |
IDENTIFICATION
DETAILS
|
Name : |
GMR
ESTATES & PROPERTIES PRIVATE LIMITED |
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|
|
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Formerly Known As : |
Emerald
Investments Private Limited |
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Registered Office : |
# 9,
King Street, Off Richmond Road, Bangalore – 560 025, Karnataka, India. |
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Country : |
India |
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Financials (as on) : |
31.03.2004 |
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Date of Incorporation : |
04.07.1993 |
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Com. Reg. No.: |
08-032116 |
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CIN No.: [Company
Identification No.] |
U67120KA2003PTC032116 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
BLRE03670C |
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PAN No.: [Permanent
Account No.] |
AAACE2607G |
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Legal Form : |
Private
Limited Liability Company |
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|
Line of Business : |
Real
Estate Related Activites |
RATING & COMMENTS
|
MIRA’s Rating : |
B |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Unfavourable & favourable factors
carry similar weight in credit consideration. Capability to overcome
financial difficulties seems comparatively below average/normal. |
Small |
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Maximum Credit Limit : |
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Status : |
Moderate |
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Payment Behaviour : |
Unknown |
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Litigation : |
Clear |
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Comments : |
Subject
is a small real estate company. It has no significant business. Obviously, No
payments are available. The
company can be considered for small to mediocre business dealings at usual
trade terms and conditions. |
LOCATIONS
|
Registered Office : |
# 9,
King Street, Off Richmond Road, Bangalore – 560 025, Karnataka, India. |
|
Tel. No.: |
91-80-22070100 |
DIRECTORS
|
Name : |
Mr. A
G Kamath |
|
Designation : |
Director |
|
Address : |
No 4
A, 6th B Main 11th Cross, J P Nagar, Phase – III,
Bangalore – 560 078, Karnataka. |
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Date of Appointment : |
15.03.2004 |
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|
|
|
Name : |
Mr.
Pawan Kumar Jhunjhunwala |
|
Designation : |
Director |
|
Address : |
No.
12, India Exchange Palace, Kolkatta – 700 001, West Bengal. |
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Date of Birth/Age : |
23.12.1952 |
|
Date of Appointment : |
15.03.2004 |
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|
|
|
Name : |
Mr.
Rajesh Kumar Jhunjhunwala |
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Designation : |
Director |
|
Address : |
No.
12, India Exchange Palace, Kolkatta – 700 001, West Bengal. |
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Date of Birth/Age : |
01.09.1968 |
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Date of Appointment : |
15.03.2004 |
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|
|
|
Name : |
Mr. Y.
S. N. Murthy |
|
Designation : |
Director |
|
Address : |
House
No. 121, 2nd Main Road, Bharathi Layout, Bangalore – 560 029,
Karnataka. |
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Date of Birth/Age : |
17.10.1963 |
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Date of Appointment : |
15.03.2004 |
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|
|
|
Name : |
Mr. O
B Raju |
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Designation : |
Director |
|
Address : |
Plot
No. 7, Surya Nagar, Karnataka, Secunderabad, Andhra Pradesh |
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Date of Birth/Age : |
21.05.1956 |
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Date of Appointment : |
07.03.2003 |
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|
|
|
Name : |
Mr. K
Ramesh Babu |
|
Designation : |
Director |
|
Address : |
Old
Post Office, Pidugurala, Guntur – 522 413, Andhra Pradesh |
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Date of Birth/Age : |
26.01.1968 |
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Date of Appointment : |
07.03.2003 |
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|
|
|
Name : |
Mr. T
S S V L Narayana |
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Designation : |
Director |
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Address : |
12/ 2/
823 / A 161, Santosh Nagar, Mehdipatnam, Hyderabad – 520 028, Andhra Pradesh. |
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Date of Birth/Age : |
02.12.1964 |
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Date of Appointment : |
07.03.2003 |
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Name : |
Mr. P.
V. N. Vijaya Kumar |
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Designation : |
Director |
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Address : |
˝
Rahul Nilayam, Thimmarayappa Garden, 9th Cross Cox Town, Bangalore
– 560 006, Karnataka. |
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Date of Birth/Age : |
08.051969 |
|
Date of Appointment : |
07.03.2003 |
MAJOR SHAREHOLDERS
|
Names
of Shareholders |
No. of Shares |
|
Natwest Construction Private Limited |
995010 |
|
Corporate
Infrastructure Services Private Limited |
250000 |
|
Medvin
Finance Private Limited |
1740010 |
|
Medvin
Finance Private Limited |
10 |
|
Corporate
Infrastructure Services Private Limited |
745010 |
BUSINESS DETAILS
|
Line of Business : |
Real
Estate Related Activites |
GENERAL
INFORMATION
|
No. of Employees : |
About
2 |
|
|
|
|
Bankers : |
Canara
Bank, Industrial Finance Branch, Rich Mond Road, Bangalore – 560 025. |
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Facilities : |
-- |
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Banking Relations : |
Unknown |
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Auditors : |
B.
Purushottam & Company |
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Qualification: |
Charted
Accountant |
|
Address: |
3 – D,
Pioneer Homes, 23/A, North Boag Road, T. Nagar, Chennai – 600 017. |
|
Tel. No.: |
91-28152515/
52013486 |
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E-Mail : |
CAPITAL STRUCTURE
Authorised
Capital :
|
No.
of Shares |
Type |
Value |
Amount |
|
5000000 |
Equity
Shares |
Rs. 10/- each |
Rs. 50.000 millions |
Issued,
Subscribed & Paid-up Capital :
|
No.
of Shares |
Type |
Value |
Amount |
|
1990020 |
Equity
Shares |
Rs. 10/- each |
Rs. 19.900 millions |
ss
FINANCIAL DATA
[all figures are in Rupees
Millions]
ABRIDGED
BALANCE SHEET
|
SOURCES OF FUNDS |
|
31.03.2004 |
31.03.2003 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
|
19.900 |
19.900 |
|
|
2] Share Application Money |
|
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
|
0.768 |
0.869 |
|
|
4] (Accumulated Losses) |
|
0.000 |
0.000 |
|
|
NETWORTH |
|
20.668 |
20.769 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
|
0.000 |
0.000 |
|
|
2] Unsecured Loans |
|
0.000 |
50.024 |
|
|
TOTAL BORROWING |
|
0.000 |
50.024 |
|
|
DEFERRED TAX LIABILITIES |
|
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
|
20.668 |
70.793 |
|
|
|
|
|
|
|
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APPLICATION OF FUNDS |
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|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
|
0.000 |
0.000 |
|
|
Capital work-in-progress |
|
0.000 |
0.000 |
|
|
|
|
|
|
|
|
INVESTMENT |
|
0.001 |
70.578 |
|
|
DEFERREX TAX ASSETS |
|
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
|
0.000 |
0.000 |
|
|
Sundry Debtors |
|
0.000 |
0.000 |
|
|
Cash & Bank Balances |
|
20.494 |
0.033 |
|
|
Other Current Assets |
|
0.000 |
0.000 |
|
|
Loans & Advances |
|
0.000 |
0.000 |
|
Total Current Assets |
|
20.494 |
0.033 |
|
|
Less : CURRENT LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Current Liabilities |
|
0.007 |
0.058 |
|
|
Provisions |
|
0.000 |
0.000 |
|
Total Current Liabilities |
|
0.007 |
0.058 |
|
|
Net Current Assets |
|
20.487 |
(0.025) |
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|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
|
0.180 |
0.240 |
|
|
|
|
|
|
|
|
TOTAL |
|
20.668 |
70.793 |
|
PROFIT
& LOSS ACCOUNT
|
PARTICULARS |
|
31.03.2004 |
31.03.2003 |
|
Sales Turnover [including other income] |
|
1.096 |
20.855 |
|
|
|
|
|
|
Profit/(Loss)
Before Tax |
|
(0.101) |
0.221 |
|
Provision
for Taxation |
|
0.000 |
0.093 |
|
Profit/(Loss)
After Tax |
|
(0.101) |
0.128 |
|
|
|
|
|
|
Total
Expenditure |
|
1.198 |
20.634 |
KEY
RATIOS
|
PARTICULARS |
|
|
31.03.2004 |
31.03.2003 |
|
PAT / Total Income |
(%) |
|
(9.22) |
0.61 |
|
|
|
|
|
|
|
Net
Profit Margin (PBT/Sales) |
(%) |
|
(9.22) |
1.06 |
|
|
|
|
|
|
|
Return
on Total Assets (PBT/Total
Assets} |
(%) |
|
(0.49) |
0.31 |
|
|
|
|
|
|
|
Return
on Investment (ROI) (PBT/Networth) |
|
|
(0.00) |
1.06 |
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|
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|
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|
Debt
Equity Ratio (Total
Liability/Networth) |
|
|
0.00 |
2.41 |
|
|
|
|
|
|
|
Current
Ratio (Current
Asset/Current Liability) |
|
|
2927.71 |
0.57 |
LOCAL AGENCY
FURTHER INFORMATION
Directors:
Mr. O B
Raju, Mr. T S S V L Narayana, Mr. P. V. N. Vijaya Kumar and Mr. K Ramesh Babu
had resigned from their directorship during the year and the board places its
appreciation on record for the valuable services rendered by the outgoing
directors during their tenure. Mr. Rajesh Kumar Jhunjhunwala, Mr. Pawan Kumar Jhunjhunwala, Mr. A G
Kamath, Mr. Y. S. N. Murthy were appointed as Additional Directors during the
year and are being proposed for reappointments.
Company
To be a Private Company:
The
company is a Private Company with in the meaning of Section 2 (35) and 3 (1)
iii of the companies Act, 1956 and accordingly.
a)
No
invitation shall be issued to the public to subscribe for any shares in or Debentures
of the company.
b)
The
number of members of the company (Exclusive of (i) Persons who are in the
employment of the company, and (ii) persons who, having beenformely in the
employment of the company were members of the company while in that employment
have continued to be members after the employment ceased) shall be limited to
fifty provided that for the purpose of this article, where two or more persons
hold one or more shares in the company jointly they shall be treated as a
single member.
c)
The
right to transfer the shares of the company is restricted in the manner and to
extent hereinafter contained.
d)
No
invitation to or acceptance of deposits from persons other than the company’s
members, directors or their relatives be made.
|
Name of the company |
GMR
ESTATES & PROPERTIES PRIVATE LIMITED |
|
Presented By |
P.V.N. Vijaya Kumar, Director |
|
1) Date and description of instrument creating the change |
Dated 08.09.2005 Letter evidencing Deposit of Title Deeds Common Hypothecation agreement for hypothecation of all movable properties of the company. |
|
2) Amount secured by the charge/amount owing on the securities of charge |
Rs. 570.000 Millions |
|
3) Short particular of the property charged. If the property acquired is subject to charge, date of the acquired of the property should be given |
a) Hypothecation and creation of charge in favour of the bank: v By way of first charge on all movable Properties of the company, construction items/equipments at site. v All of the company’s present and future book debts, outstanding moneys, bills. Receivables, claims, rights, assets, and rights relating to or in movable properties of whatever nature. b) Deposit of title deed (EMT) of land & buildings measuring 3.5 Acres (approx) situated at door No. 5/639, old Mahabalipuram, Kandachavadi, Chennai – 600 096. |
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4) Gist of the terms and conditions and extent and operation of the charge. |
Short Term Loan at a minimum rate of 8.5% p.a. (Floting) The short term loan to be repaid with in 24 months from the date of first drawal of securitization of future rent receivables under canrent loan or from own sources. In case of default any of the convanants of the agreement and payment of the instalments, to pay penal interest at the rate of 2% Per annum. |
|
5) Name and Address and description of the person entitled to the charge. |
Canara
Bank, Industrial Finance Branch, Rich Mond Road, Bangalore – 560 025. |
|
6) Date and brief description of instrument modifying the charge |
Not Applicable |
|
7) Particulars of modifications specifying the terms and conditions or the extent of operations of the charge in which modification is made and the details of the modification. |
Not Applicable |
|
Name of the company |
GMR
ESTATES & PROPERTIES PRIVATE LIMITED |
|
Presented By |
P.V.N. Vijaya Kumar, Director |
|
1) Date and description of instrument creating the change |
Dated 11.10.2005 Hypothecation dewed for elevators purchasedunder LC |
|
2) Amount secured by the charge/amount owing on the securities of charge |
Rs. 10.000 Millions |
|
3) Short particular of the property charged. If the property acquired is subject to charge, date of the acquired of the property should be given |
Hypothecation of 8 sets of Mitsibushi Elevators to be acquired the company. |
|
4) Gist of the terms and conditions and extent and operation of the charge. |
In the event of default, in honouring the terms of the LC and the Bank paying the amount due, an interest at the rate of 5.5% p.a. above the ongoing BPLR rate with a minimum of 16.25% p.a. or at such other rates as the Bank may, from time to time specify. |
|
5) Name and Address and description of the person entitled to the charge. |
Canara
Bank, Industrial Finance Branch, Rich Mond Road, Bangalore – 560 025. |
|
6) Date and brief description of instrument modifying the charge |
Not Applicable |
|
7) Particulars of modifications specifying the terms and conditions or the extent of operations of the charge in which modification is made and the details of the modification. |
Not Applicable |
|
Name of the company |
GMR
ESTATES & PROPERTIES PRIVATE LIMITED |
|
Presented By |
P.V.N. Vijaya Kumar, Director |
|
1) Date and description of instrument creating the change |
Dated 23.12.2005 Hypothecation deed for Air Cooled Screw Chiller purchased under. |
|
2) Amount secured by the charge/amount owing on the securities of charge |
Rs. 13.832 Millions |
|
3) Short particular of the property charged. If the property acquired is subject to charge, date of the acquired of the property should be given |
Hypothecation of Air Cooled Screw Chiller to be acquired by the company. |
|
4) Gist of the terms and conditions and extent and operation of the charge. |
In the event of default, in honouring the terms of the LC and the Bank paying the amount due, an interest at the rate of 5.5% p.a. above the ongoing BPLR rate with a minimum of 16.25% p.a. or at such other rates as the Bank may, from time to time specify. |
|
5) Name and Address and description of the person entitled to the charge. |
Canara
Bank, Industrial Finance Branch, Rich Mond Road, Bangalore – 560 025. |
|
6) Date and brief description of instrument modifying the charge |
Not Applicable |
|
7) Particulars of modifications specifying the terms and conditions or the extent of operations of the charge in which modification is made and the details of the modification. |
Not Applicable |
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 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
|
Indian Rupees |
|
US
Dollar |
1 |
Rs.45.91 |
|
UK
Pound |
1 |
Rs.84.63 |
|
Euro |
1 |
Rs.57.74 |
SCORE &
RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
4 |
|
OPERATING SCALE |
1~10 |
4 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
4 |
|
--PROFITABILIRY |
1~10 |
3 |
|
--LIQUIDITY |
1~10 |
3 |
|
--LEVERAGE |
1~10 |
3 |
|
--RESERVES |
1~10 |
4 |
|
--CREDIT LINES |
1~10 |
2 |
|
--MARGINS |
-5~5 |
- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
NO |
|
--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 |
|
TOTAL |
|
32 |
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 and their relative weights (as indicated through
%) are as follows:
Financial
condition (40%) Ownership
background (20%) Payment
record (10%)
Credit
history (10%) Market
trend (10%) Operational
size (10%)
RATING EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
>86 |
Aaa |
Possesses an extremely sound financial
base with the strongest capability for timely payment of interest and
principal sums |
Unlimited |
|
71-85 |
Aa |
Possesses adequate working capital. No
caution needed for credit transaction. It has above average (strong)
capability for payment of interest and principal sums |
Large |
|
56-70 |
A |
Financial & operational base are
regarded healthy. General unfavourable factors will not cause fatal effect.
Satisfactory capability for payment of interest and principal sums |
Fairly Large |
|
41-55 |
Ba |
Overall operation is considered normal.
Capable to meet normal commitments. |
Satisfactory |
|
26-40 |
B |
Unfavourable & favourable factors
carry similar weight in credit consideration. Capability to overcome
financial difficulties seems comparatively below average/normal. |
Small |
|
11-25 |
Ca |
Adverse factors are apparent. Repayment of
interest and principal sums in default or expected to be in default upon
maturity |
Limited with full security |
|
<10 |
C |
Absolute credit risk exists. Caution
needed to be exercised |
Credit not recommended |