MIRA
INFORM REPORT
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Report Date : |
01.12.2007 |
IDENTIFICATION
DETAILS
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Name : |
HIRANANDANI CONSTRUCTIONS PRIVATE LIMITED |
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Registered Office : |
514, Dalmal Towers, Nariman Point, Mumbai – 400 021, Maharashtra |
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Country : |
India |
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Financials (as on) : |
31.03.2006 |
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Date of Incorporation : |
29.10.1974 |
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Com. Reg. No.: |
11-17872 |
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CIN No.: [Company
Identification No.] |
U45200MH1974PTC017872 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
MUMH06878E |
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PAN No.: [Permanent
Account No.] |
AAACH0409H |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Subject is a Construction Company |
RATING &
COMMENTS
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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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Status : |
Satisfactory |
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Payment Behaviour : |
Usually Correct |
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Litigation : |
Clear |
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Comments : |
Hiranandani Is a well known name in the Mumbai’s realty market. They
already made very good fortune as most developers in recent boom. Trade relations
are fair. Financially Hiranandani’s are wealthy. Payments are reported as
correct and as per commitments. The company can be considered normal for business dealings at usual
trade terms and conditions. |
LOCATIONS
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Registered Office : |
514, Dalmal Towers, Nariman Point, Mumbai – 400 021, Maharashtra,
India |
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Tel. No.: |
91-22-22876060 / 22876061 |
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Fax No.: |
91-22-22832010 |
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E-Mail : |
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Website : |
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Corporate Office : |
Olympia, Central Avenue, Hiranandani Business Park, Powai, Mumbai –
400 076, Maharashtra, India |
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Tel. No.: |
91-22-25706441/ 25706466 |
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Fax No.: |
91-22-25706455 |
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Area : |
DIRECTORS
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Name : |
Mr. Niranjan Hiranandani |
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Designation : |
Director |
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Address : |
514, Dalmal Towers, Nariman Point, Mumbai – 400 021, Maharashtra,
India |
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Date of Birth/Age : |
08.03.1950 |
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Date of Appointment : |
29.10.1974 |
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Name : |
Mr. Surendra Hiranandani |
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Designation : |
Director |
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Address : |
Neptune Court, 60, L.J. Marg, Mumbai – 400 006 |
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Date of Birth/Age : |
30.12.1954 |
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Date of Appointment : |
29.10.1974 |
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Name : |
Mr. L H Hiranandani |
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Designation : |
Director |
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Address : |
5, Kanta, Little Gibbs Road, Mumbai – 400 006 |
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Date of Birth/Age : |
17.09.1917 |
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Date of Appointment : |
01.12.1987 |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
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Names of Shareholders |
No. of Shares |
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Equity Shares |
Preference Shares |
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Mr. Niranjan L Hiranandani |
17000 |
1000 |
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Mr. Surendra L Hiranandani |
17000 |
1000 |
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Mr. Kamal N Hiranandani |
15500 |
1000 |
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Mr. Darshan N Hiranandani |
1100 |
200 |
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Mrs. Preeti S Hiranandani |
15500 |
1000 |
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Mr. N L Hiranandani (H. U.F.) |
13700 |
500 |
BUSINESS DETAILS
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Line of Business : |
Subject is a Construction Company |
GENERAL
INFORMATION
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Bankers : |
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Auditors : |
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Name : |
S H Patrawala and
Company Chartered
Accountants Mumbai |
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Address : |
513, Dalmal Towers, 2111, FPJ Marg, Nariman Point, Mumbai – 400 021,
Maharashtra, India |
CAPITAL STRUCTURE
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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94700 |
Equity Shares |
Rs. 100 each |
Rs. 9.470 Millions |
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5300 |
Preference Shares |
Rs. 100 each |
Rs. 0.530 Million |
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Total |
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Rs.
10.000 Millions |
Issued, Subscribed
& Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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94700 |
Equity Shares |
Rs. 100 each |
Rs. 9.470 Millions |
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5300 |
Preference Shares |
Rs. 100 each |
Rs. 0.530 Million |
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Total |
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Rs.
10.000 Millions |
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
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SOURCES OF FUNDS |
31.03.2006 |
31.03.2005 |
31.03.2004 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
10.000 |
10.000 |
10.000 |
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2] Share Application Money |
0.000 |
0.000 |
---- |
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3] Reserves & Surplus |
0.005 |
0.005 |
0.005 |
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4] (Accumulated Losses) |
(84.631) |
(115.513) |
(20.003) |
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NETWORTH |
(74.626) |
(105.508) |
(9.998) |
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LOAN FUNDS |
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1] Secured Loans |
370.000 |
50.000 |
338.596 |
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2] Unsecured Loans |
953.099 |
843.962 |
0.028 |
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TOTAL BORROWING |
1323.099 |
893.962 |
338.624 |
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DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
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TOTAL |
1248.473 |
788.454 |
328.628 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
2.169 |
2.385 |
2.529 |
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Capital work-in-progress |
0.000 |
0.000 |
509.579 |
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INVESTMENT |
0.358 |
0.608 |
33.449 |
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DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
0.000 |
1.062 |
1062.500 |
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Sundry Debtors |
1.857 |
10.350 |
10350.439 |
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Cash & Bank Balances |
3.705 |
74.524 |
74524.169 |
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Other Current Assets |
629.150 |
356.453 |
356453.495 |
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Loans & Advances |
616.722 |
351.356 |
351356.773 |
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Total
Current Assets |
1251.434
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793.745 |
213.631 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Sundry Creditors |
5.490 |
7.600 |
429.755 |
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Advances |
0.000 |
0.000 |
0.000 |
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Bank Overdraft |
0.000 |
0.000 |
0.000 |
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Provisions |
0.017 |
0.703 |
0.805 |
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Total
Current Liabilities |
5.507
|
8.303 |
430.560 |
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Net Current Assets |
1245.927
|
785.442 |
(216.929) |
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MISCELLANEOUS EXPENSES |
0.019 |
0.019 |
0.000 |
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TOTAL |
1248.473 |
788.454 |
328.628 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
31.03.2006 |
31.03.2005 |
31.03.2004 |
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Sales Turnover [including other income] |
36.554 |
238.604 |
72.972 |
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Profit/(Loss)
Before Tax |
9.147 |
(96.428) |
(3.527) |
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Provision for
Taxation |
0.000 |
0.000 |
0.000 |
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Profit/(Loss)
After Tax |
9.147 |
(96.428) |
(3.527) |
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Expenditures : |
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Depreciation |
0.138 |
0.125 |
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Other Expenditure |
27.269 |
334.908 |
1.499 |
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Total Expenditure |
27.407 |
335.033 |
1.499 |
KEY RATIOS
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PARTICULARS |
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31.03.2006 |
31.03.2005 |
31.03.2004 |
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PAT / Total Income |
(%) |
25.02
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(40.41) |
(4.833) |
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Net Profit Margin (PBT/Sales) |
(%) |
25.02
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(40.41) |
(4.833) |
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Return on Total Assets (PBT/Total Assets} |
(%) |
0.72
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(12.14) |
(1.63) |
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Return on Investment (ROI) (PBT/Networth) |
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(0.12)
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(0.91) |
(35.27) |
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Debt Equity Ratio (Total Liability/Networth) |
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(0.07)
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(0.07) |
(76.93) |
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Current Ratio (Current Asset/Current Liability) |
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227.24
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95.58 |
0.49 |
LOCAL AGENCY
FURTHER INFORMATION
Assets
- Air Conditioner
- Cycle
- Dalamal Tower Office
- Fax Machine
- Furniture and Fixture
- Machinery
- Office Equipment
- Office Interior Decorate
- Safe
- Security Devices
- Telephone Equipments
- Vehicle
- Vibrator
- Water Cooler
- Wireless System
- Xerox Machine
WEBSITE DETAILS
ATTACHED:
Width of Vision,
Depth of Experience:-
They pride themselves in pioneering the concept of integrated townships in India. Their efforts serve to create self sufficient communities out of pockets of land and provide their customers the highest lifestyle standards. They depend on them for their expertise, foresight, skill, and attention to detail. In their projects, the school, office, garden, shops and restaurants will all be just a pleasant walk away. Their commitment to employing environmentally friendly processes and ensuring that their communities are lush and verdant will give you the chance to enjoy a breath of a fresh air right at home.
Their activities branch out to real estate development, construction, facility management, infrastructure development, hospitals, schools, retail, hospitality and entertainment. Their team is real estate development team is 1,300 strong, including 900 engineers and technical staff. They also employ over 1,000 personnel in their hospitals, retail outlets, hotels, schools and entertainment complexes. Enjoy peace of mind amidst stunning architecture and vibrant greenery in the home, with Hiranandani Constructions.
Quality is an
Attitude
Their projects are distinguished by their high quality and
the unique manner in which they create an ideal living and working environment.
To accomplish this, they pay acute attention to landscaping, parks, shopping
and recreational facilities. These features, in turn, lead to a high demand for
subject’s properties and assist purchasers secure mortgage finance quickly and
easily.
A History of Firsts
The company has always been aggressive in pushing the boundaries in property development and has several firsts to its name. These include:
v The mixed-use communities at Powai (Mumbai) and Thane (near Mumbai)
v Introduction of copper plumbing in India
v Introduction of the use of Fly Ash in concrete in India
v 100% sewage recycling and rain water harvesting in all properties as early as 1989
v Pioneered the introduction of indigenous species of trees and shrubs into the fabis of urban communities
v Subject is the main developer for 23 Marina, Dubai - the world’s tallest residential building, boasting some 57 swimming pools throughout its 380 meter height.
v Subject is developing the Western Mall in Mumbai, the nation’s first flyover mall.
Fulfilling
Responsibility to Community
Mr. Niranjan Hiranandani and Mr. Surendra Hiranandani, the company’s co-founders, have always understood that the Subject has an important role to play in the community it serves and have personally assumed a leadership role in many community, government and industry organizations. Some of these include:
v Drafting the State Policy for slum rehabilitation in Mumbai designed to improve the well being of over 6 million slum inhabitants.
v Acting as trustees for the creation of Nathdwara Township as a heritage destination.
v Serving on the board of the Housing and Urban Development Corporation (HUDCO), an organization which distributes $3 billion per annum to help fund the building of housing for low income families.
v Acting as an advisor to the government of India on housing and habitat policy for over a decade.
v Chairman, Development and Environment Committee of the Indian Merchants Chamber.
v President, Real Estate of the Federation of Indian Chambers of Commerce and Industry (FICCI).
v Honoured by the Concrete Institute of America
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
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Indian Rupees |
|
US Dollar |
1 |
Rs.39.67 |
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UK Pound |
1 |
Rs.81.78 |
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Euro |
1 |
Rs.58.46 |
SCORE & RATING
EXPLANATIONS
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SCORE FACTORS |
RANGE |
POINTS |
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HISTORY |
1~10 |
6 |
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PAID-UP CAPITAL |
1~10 |
6 |
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OPERATING SCALE |
1~10 |
6 |
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FINANCIAL CONDITION |
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--BUSINESS SCALE |
1~10 |
6 |
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--PROFITABILIRY |
1~10 |
6 |
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--LIQUIDITY |
1~10 |
6 |
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--LEVERAGE |
1~10 |
6 |
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--RESERVES |
1~10 |
6 |
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--CREDIT LINES |
1~10 |
6 |
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--MARGINS |
-5~5 |
--- |
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DEMERIT POINTS |
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--BANK CHARGES |
YES/NO |
YES |
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--LITIGATION |
YES/NO |
NO |
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--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
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MERIT POINTS |
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--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
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--EXPORT ACTIVITIES |
YES/NO |
NO |
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--AFFILIATION |
YES/NO |
NO |
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--LISTED |
YES/NO |
NO |
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--OTHER MERIT FACTORS |
YES/NO |
YES |
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TOTAL |
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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 |
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|
>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
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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 |
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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 |
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26-40 |
B |
Unfavourable & favourable factors carry similar weight in credit consideration.
Capability to overcome financial difficulties seems comparatively below
average. |
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 |
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<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
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NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
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