MIRA
INFORM REPORT
|
Report Date : |
01.11.2006 |
IDENTIFICATION
DETAILS
|
Name : |
BAGMANE
DEVELOPERS PRIVATE LIMITED |
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Registered Office : |
No.
7/2, Langford Gardens, Bangalore – 560025, Karnataka |
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Country : |
India |
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Financials (as on) : |
31.03.2004 |
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Date of Incorporation : |
03.01.1996 |
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Com. Reg. No.: |
08-19532 |
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CIN No.: [Company
Identification No.] |
U70102KA1996PTC019532 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
BLRB01045C |
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Legal Form : |
Private
Limited Liability Company |
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Line of Business : |
The
company is engaged in Development of Real Estate. |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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41-55 |
Ba |
Overall operation is considered normal.
Capable to meet normal commitments. |
Satisfactory |
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Maximum Credit Limit : |
USD
700000 |
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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 well established company having satisfactory track. Trade relations are
fair. General financial position is
satisfactory. Payments are reported
as slow but correct. The
company can be considered normal for business dealings at usual trade terms
and conditions. |
LOCATIONS
|
Registered Office : |
No.
7/2, Langford Gardens, Bangalore – 560025, Karnataka, India |
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Tel. No.: |
91-80-22217828
/ 22273744/ 55 / 51144779 / 80 |
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Fax No.: |
91-80-22244758 |
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E-Mail : |
bagmane@vsnl.com |
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Website : |
http://www.bagmanegroup.co.in |
DIRECTORS
|
Name : |
Mr.
Raja Bagmane |
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Designation : |
Managing
Director |
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Address : |
No.
541/2, I Cross, 8th Main Road, 4th Block, Koramangala,
Bangalore – 560034, Karnataka, India |
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Date of Birth/Age : |
1312.1959 |
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Date of Appointment : |
28.09.1998 |
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Name : |
Mr.
Nagamani Raja |
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Designation : |
Director
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Address : |
No.
541/2, I Cross, 8th Main Road, 4th Block, Koramangala,
Bangalore – 560034, Karnataka, India |
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Date of Birth/Age : |
18.01.1970 |
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Date of Appointment : |
28.09.1998 |
KEY EXECUTIVES
|
Name
: |
Mr. P.
Sreenivasulu |
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Designation
: |
Secretary
|
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Address
: |
782,
Municipal Office Road, Yelahanka, Bangalore – 560064, Karnataka, India |
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Date
of Birth/Age : |
15.07.1955 |
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Qualification
: |
13.06.2005 |
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Experience
: |
25.06.2005 |
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DIN
/ PAN No. : |
ANEPS7623Q |
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Date
of Appointment : |
25.06.2005 |
MAJOR SHAREHOLDERS
|
Names
of Shareholders |
|
No. of Shares |
|
Mr.
Raja Bagmane |
|
3771000 |
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Mr.
Nagamani Raja |
|
1000 |
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Mr. V.
G. Nair |
|
200 |
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Mr.
Prabha Chandre Gowda |
|
1000 |
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Mr.
Veerappa |
|
1000 |
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TOTAL |
|
3774200 |
BUSINESS DETAILS
|
Line of Business : |
The
company is engaged in Development of Real Estate. |
GENERAL
INFORMATION
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No. of Employees : |
200 |
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Bankers : |
Indian
Overseas Bank |
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Facilities : |
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Banking Relations : |
Satisfactory
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Auditors : |
Ostawal
& Jain Chartered
Accountants, # 34,
Keshava Nivas, 3rd Floor, First Main, Gandhinagar, Bangalore –
560009, Karnataka, India |
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Tel. No.: |
91-80-22356135
/ 22356137 |
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Fax No.: |
91-80-22356136 |
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E-Mail : |
ostawal_jain@vsnl.net |
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 |
|
3774200 |
Equity
Shares |
Rs. 10/- each |
Rs. 37.742 millions |
FINANCIAL DATA
[all figures are in Rupees
Millions]
ABRIDGED
BALANCE SHEET
|
SOURCES OF FUNDS |
|
31.03.2004 |
31.03.2003 |
|
|
SHAREHOLDERS FUNDS |
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|
|
|
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1] Share Capital |
|
37.742 |
37.742 |
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2] Share Application Money |
|
0.000 |
0.000 |
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3] Reserves & Surplus |
|
140.876 |
1.880 |
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4] (Accumulated Losses) |
|
0.000 |
0.000 |
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NETWORTH |
|
178.618 |
39.622 |
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LOAN FUNDS |
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|
|
|
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1] Secured Loans |
|
582.099 |
164.987 |
|
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2] Unsecured Loans |
|
7.726 |
22.805 |
|
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TOTAL BORROWING |
|
589.825 |
187.792 |
|
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DEFERRED TAX LIABILITIES |
|
6.809 |
0.000 |
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|
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|
|
|
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TOTAL |
|
775.252 |
227.414 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
|
317.903 |
2.973 |
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Capital work-in-progress |
|
0.000 |
65.602 |
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INVESTMENT |
|
0.000 |
0.000 |
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DEFERREX TAX ASSETS |
|
0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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|
|
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Inventories |
|
80.828 |
96.685 |
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Sundry Debtors |
|
0.000 |
0.000 |
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Cash & Bank Balances |
|
289.763 |
14.996 |
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Other Current Assets |
|
0.000 |
0.000 |
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Loans & Advances |
|
453.467 |
96.598 |
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Total Current Assets |
|
824.058 |
208.279 |
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Less : CURRENT LIABILITIES & PROVISIONS |
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|
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Current Liabilities |
|
353.942 |
49.037 |
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|
Provisions |
|
12.767 |
0.403 |
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Total Current Liabilities |
|
366.709 |
49.440 |
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Net Current Assets |
|
457.349 |
158.839 |
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MISCELLANEOUS EXPENSES |
|
0.000 |
0.000 |
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|
|
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TOTAL |
|
775.252 |
227.414 |
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PROFIT
& LOSS ACCOUNT
|
PARTICULARS |
|
31.03.2004 |
31.03.2003 |
|
Sales Turnover [including other income] |
|
342.085 |
4.266 |
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|
|
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Profit/(Loss)
Before Tax |
|
158.572 |
1.312 |
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Provision
for Taxation |
|
19.577 |
1.007 |
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Profit/(Loss)
After Tax |
|
138.995 |
0.305 |
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|
|
|
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Total
Expenditure |
|
181.658 |
2.747 |
KEY
RATIOS
|
PARTICULARS |
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|
31.03.2004 |
31.03.2003 |
|
PAT / Total Income |
(%) |
|
40.63 |
7.14 |
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Net
Profit Margin (PBT/Sales) |
(%) |
|
46.35 |
30.75 |
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Return
on Total Assets (PBT/Total
Assets} |
(%) |
|
13.88 |
0.62 |
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Return
on Investment (ROI) (PBT/Networth) |
|
|
0.88 |
0.03 |
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Debt
Equity Ratio (Total
Liability/Networth) |
|
|
5.35 |
5.98 |
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Current
Ratio (Current
Asset/Current Liability) |
|
|
2.24 |
4.21 |
LOCAL AGENCY
FURTHER INFORMATION
Fixed
Assets :
Building,
Plant & Machinery, Furniture & Fixture, Vehicle, Office Equipment and
Computer
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Name of the company |
BAGMANE DEVELOPERS PRIVATE LIMITED, BANGALORE |
|
Presented By |
Fiat Sundaram Auto Finance Limited, No. 21, Patullos Road, Chennai – 600002 |
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1) Date and description of instrument creating the change |
Loan Agreement dated 09.07.2002 Loan Cont. No. IB – 1125 |
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2) Amount secured by the charge/amount owing on the securities of charge |
Rs. 0.419 million inclusive of finance charges of Rs. 0.060 million |
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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 |
On the security of 1. No. 2002 Model Fiat Palio ELX P S Car, bearing E. No. 0044854, Ch. No. 8035843 as mentioned in the Ist schedule of the enclosed copy of the loan agreement |
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4) Gist of the terms and conditions and extent and operation of the charge. |
The total amount of Rs. 0.419 million is repayable in 36 monthly instalments as & the rest of the 35 monthly instalments of Rs. 0.011 million each. The Ist hire money falls due on 09.07.2002 |
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5) Name and Address and description of the person entitled to the charge. |
Fiat Sundaram Auto Finance Limited No. 21, Patullos Road, Chennai – 600002 |
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6) Date and brief description of instrument modifying the charge |
N.A. |
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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. |
N.A. |
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Name of the company |
BAGMANE DEVELOPERS PRIVATE LIMITED |
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Presented By |
Mr. Raja Bagmane – Managing Director |
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1) Date and description of instrument creating the change |
Date : 23.08.2002 Memorandum of Deposit of Title Deeds by a company [Registered vide Document No. 34 Dt. 17.09.2002] |
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2) Amount secured by the charge/amount owing on the securities of charge |
Rs. 75.600 millions |
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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 |
Equitable mortgage of company’s immovable properties as per overleaf |
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Name of the company |
BAGMANE DEVELOPERS PRIVATE LIMITED |
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Presented By |
Mr. Raja Bagmane – Managing Director |
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1) Date and description of instrument creating the change |
Date : 03.07.2003 Letter of confirmation evidencing deposit of title deeds with an intention to create equitable mortgage by deposit of title deeds on 03.07.2003 Documents are dated 03.07.2003 and Registered on 05.11.2003 vide Doc. No. 57 |
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2) Amount secured by the charge/amount owing on the securities of charge |
Term Loan : Rs. 250.000 millions Guarantee : Rs. 270.000 millions Total : Rs. 520.000 millions |
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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 |
Equitable mortgage of property admeasuring 491048 sq. ft. [Apprx 11.27 acres] of converted land bearing Survey Nos. 35,36,37,38,39,40 in Municipal No. 65/2 situated at Bysandra Village C. V. Raman Nagar Bangalore, Standing in the name of the company [details of the property signed by the Bank enclosed] |
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4) Gist of the terms and conditions and extent and operation of the charge. |
1. Rate of Interest : P.T.L.R. Less 1% 10.75% 2. Term loan of Rs. 250 millions to be repaid in Rs. 50 millions in 5 equal Installments from June, 2004 3. For letter of Guarantee – margin 25% commission @ 2% p.a. to be collected in advance security counter indemnity from the company |
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5) Name and Address and description of the person entitled to the charge. |
Indian Overseas Bank No. 162, 15th Cross, Opposite MES College, Malleswaram, Bangalore – 560055 |
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6) Date and brief description of instrument modifying the charge |
Date : 17.11.2005 1. Confirmation letter evidencing operation of supplemental mortgage of property at measuring 306450 sq. ft. at Municipal No. 65/2 C V. Raman Nagar Banaswadi subdivision Bangalore 2. From 110 E – Letter of hypothecation for securing machineries / vehicles / goods / movables consists of building materials only [description given in the document itself] 3. Confirmation letter evidencing operation of supplemental mortgage of property at measuring 210432 sq. ft. at survey no. 35,114,115,146,147,148 & 149 if Byrasandra village, K. R. Puram Hobli, Bangalore East Taluk, Bangalore near C. V. Ramanagar, DRDO Bangalore |
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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. |
Document Dated 17.11.2005
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Name of the company |
BAGMANE DEVELOPERS PRIVATE LIMITED |
|
Presented By |
Mr. Raja Bagmane – Managing Director |
|
1) Date and description of instrument creating the change |
Date : 03.07.2003 Letter of confirmation evidencing deposit of title deeds with an intention to create equitable mortgage by deposit of title deeds on 03.07.2003 Documents are dated 03.07.2003 and Registered on 05.11.2003 vide Doc. No. 57 |
|
2) Amount secured by the charge/amount owing on the securities of charge |
Term Loan : Rs. 250.000 millions Guarantee : Rs. 270.000 millions Total : Rs. 520.000 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 |
Equitable mortgage of property admeasuring 491048 sq. ft. [Apprx 11.27 acres] of converted land bearing Survey Nos. 35,36,37,38,39,40 in Municipal No. 65/2 situated at Bysandra Village C. V. Raman Nagar Bangalore, Standing in the name of the company [details of the property signed by the Bank enclosed] |
|
4) Gist of the terms and conditions and extent and operation of the charge. |
1. Rate of Interest : P.T.L.R. Less 1% 10.75% 2. Term loan of Rs. 250 millions to be repaid in Rs. 50 millions in 5 equal Instalments from June, 2004 3. For letter of Guarantee – margin 25% commission @ 2% p.a. to be collected in advance security counter indemnity from the company |
|
5) Name and Address and description of the person entitled to the charge. |
Indian Overseas Bank No. 162, 15th Cross, Opposite MES College, Malleswaram, Bangalore – 560055 |
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6) Date and brief description of instrument modifying the charge |
Date : 24.08.2005 1. Confirmation letter evidencing operation of supplemental mortgage of property at measuring 306450 sq. ft. at Municipal No. 65/2 C V. Raman Nagar Banaswadi subdivision Bangalore 2. From 110 E – Letter of hypothecation for securing machineries / vehicles / goods / movables consists of building materials only [description given in the document itself] 3. Confirmation letter evidencing operation of supplemental mortgage of property at measuring 210432 sq. ft. at survey no. 35,114,115,146,147,148 & 149 if Byrasandra village, K. R. Puram Hobli, Bangalore East Taluk, Bangalore near C. V. Ramanagar, DRDO Bangalore |
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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. |
Document Dated 24.08.2005 1. The closure of existing term loan of Rs. 250 millions out of present term loan of Rs. 877.800 millions and sanction of additional term loan of Rs. 450 millions thereby the total term loan has gone Term loan to 1077.800 millions 2. Rate of Interest for enhanced limit @ BPLR Less 1.5% [i.e.] 9.50% at present. Repayment in One shot after 24 Months 3. Repayment in One shot after 15 months 4. Confirmation Letter evidencing operation of Supplemenal Mortgage of Property measuring 306450 sq. ft. at Municipal No. 65/2 at C. V. Raman Nagar Banaswadi subdivision Bangalore 5. Form 110E – Letter of Hypothecation for securing machineries / vehicles / goods / movables consists of building materials only [Description given in the document itself] 6. Confirmation Letter evidencing operation of supplemental mortgage of property at measuring 210432 sq. ft. at survey no. 35, 114, 115, 146, 147, 148& 149 of Byrasandra Village, K. R. Puram Hobli, Bangalore East Taluk, Bangalore near C. V. Ramannagar, DRDO Bangalore |
WEBSITE
DETAILS
Bagmane
Developers Private Limited is one of Bangalore's most reputed property
development firms with over 12 years of experience in land acquisition,
clearances and sale. Completed projects include residential layouts at
Bannerghatta Road. A current project is Bagmane Tech Park, a world-class
business environment, spread over 52 acres of prime land at CV Raman Nagar.
Clients include I-flex Solutions, Motorola India Electronics Private Limited,
Texas Instruments India Private Limited, Cognizant Technologies Solutions
Private Limited, Volvo, First Indian Corporation & Samsung Electronics
Company Limited.
The firm
also owns extensive land banks across Bangalore - 70 acres near Devanahalli, 30
acres at C V Raman Nagar and similar sites at Kagdaspura and Byrasundra. These
are on offer for built to suit campus developments.
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.44.86 |
|
UK
Pound |
1 |
Rs.85.24 |
|
Euro |
1 |
Rs.56.99 |
SCORE &
RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILIRY |
1~10 |
6 |
|
--LIQUIDITY |
1~10 |
6 |
|
--LEVERAGE |
1~10 |
6 |
|
--RESERVES |
1~10 |
6 |
|
--CREDIT LINES |
1~10 |
6 |
|
--MARGINS |
-5~5 |
- |
|
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 |
|
TOTAL |
|
54 |
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 |
|
NR |
In view of the lack of information, we
have no basis upon which to recommend credit dealings |
No Rating |
|