MIRA
INFORM REPORT
|
Report Date : |
23.08.2008 |
IDENTIFICATION
DETAILS
|
Name : |
ADITYA HOUSING AND INFRASTRUCTURE DEVELOPMENT CORPORATION PRIVATE
LIMITED |
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Registered Office : |
A/12, Chabdralok Complex, Road No.2, Film Nagar, Jubilee Hills,
Hyderabad – 500 033, Andhra Pradesh |
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Country : |
India |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
07.11.2006 |
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Com. Reg. No.: |
051559 |
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CIN No.: [Company
Identification No.] |
U45200AP2006PTC051559 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
HYDA06958A |
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PAN No.: [Permanent
Account No.] |
AAFCA9790B |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Construction Activities |
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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Maximum Credit Limit : |
USD 1400000 |
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Status : |
New Company |
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Payment Behaviour : |
Slow |
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Litigation : |
Clear |
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Comments : |
Subject is a relatively new company and a part of medium – sized
Aditya Group. General Financial position seems to be satisfactory. The
company has some accumulated losses but it does not seem tom effect much. Trade relations are fair. Payments are however reported as slow but
correct. The company can be considered good for normal business dealings. |
LOCATIONS
|
Registered Office : |
A/12, Chabdralok Complex, Road No.2, Film Nagar, Jubilee Hills,
Hyderabad – 500 033, Andhra Pradesh, India |
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Tel. No.: |
91-40-66127777 / 66103336 |
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Fax No.: |
91-40-23551036 |
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E-Mail : |
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Website : |
DIRECTORS
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Name : |
Mr. Sambasiva Rao Bodapati |
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Designation : |
Director |
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Address : |
A-38, Journalist’s Colony, Jubilee Hills, Hyderabad – 500 033, Andhra
Pradesh, India |
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Date of Birth/Age : |
01.07.1944 |
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Date of Appointment : |
24.12.2007 |
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Name : |
Mr. Rajesh Pagadala |
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Designation : |
Managing Director |
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Date of Birth/Age : |
01.08.1970 |
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Date of Appointment : |
07.11.2006 |
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Name : |
Mr. Thota Satyanarayan |
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Designation : |
Whole Time Director |
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Date of Birth/Age : |
29.09.1966 |
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Date of Appointment : |
07.11.2006 |
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Name : |
Mr. Rajeev Bhandari |
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Designation : |
Director |
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Date of Birth/Age : |
16.12.1959 |
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Date of Appointment : |
01.01.2007 |
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Name : |
Mr. Thushara Bhupatlal Sarda |
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Designation : |
Director |
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Date of Birth/Age : |
31.05.1963 |
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Date of Appointment : |
01.01.2007 |
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Name : |
Mr. Vasudeva Rao Pagadala |
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Designation : |
Director |
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Date of Birth/Age : |
02.05.1957 |
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Date of Appointment : |
07.11.2006 |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
|
Names of Shareholders |
No. of Shares |
|
Chemiti Pillswara Rao |
25500 |
|
Thota Satyanarayana |
12100 |
|
Katta Sujatha |
12000 |
|
Pagadala Rajesh |
100 |
|
Yerukonda Satyanarayana |
100 |
|
Katta Usha Rani |
100 |
|
Katta Ravichand |
100 |
|
A Aditya Construction Company India Private Limited |
14950000 |
|
Urban Infrastructure Trustees Private Limited |
15000000 |
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|
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Total |
30000000 |
Equity share breakup (percentage of total equity)
(As on 31.12.2007)
|
Category |
Percentage |
|
Bodies corporate |
99.99 |
|
Directors or relatives of directors |
0.01 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Construction Activities |
GENERAL
INFORMATION
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Bankers : |
Axis Bank G Pulla Reddy
Building, Begumpet, Hyderabad – 500 016, Andhra Pradesh, India |
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Financial Institution : |
GE Capital Transportation Financial Services Limited Aifacs Building, 1, Rafi Marg, New Delhi – 110 001, Delhi, India |
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Banking Relations
: |
Satisfactory |
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Auditors : |
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Name : |
Khatrapati and Associates Chartered Accountants |
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Address : |
1-1-298/2/B/3, IIst Floor, Sowbhagya Avenue, Ashok Nagar, Hyderabad –
500 020, Andhra Pradesh, India |
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Associates : |
·
A Aditya Construction Company India Private Limited A/12, Chandralok Complex, Road No. 2, Film
Nagar, Jubilee Hills, Hyderabad – 500 033, Andhra Pradesh, India ·
Urban Infrastructure Trustees Private Limited 121-123, Free Press House, Free Press Journal
Marg, Nariman Point, Mumbai – 400 021, Maharashtra, India |
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Subsidiaries : |
·
Aditya Skyscrapers Private Limited CIN No. : U45200AP2007PTC053245 ·
Aditya Edifice Private Limited CIN No. : U45200AP2007PTC053227 ·
Aditya Avenues Private Limited CIN No. : U45200AP2007PTC053224 |
CAPITAL STRUCTURE
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
30000000 |
Equity Shares |
Rs.10/- each |
Rs.300.000 millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
30000000 |
Equity Shares |
Rs.10/- each |
Rs.300.000 millions |
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
|
|
31.03.2007 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
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|
300.000 |
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2] Share Application Money |
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|
0.000 |
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3] Reserves & Surplus |
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|
0.000 |
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4] (Accumulated Losses) |
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(10.402) |
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NETWORTH |
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|
289.598 |
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LOAN FUNDS |
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1] Secured Loans |
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|
1800.500 |
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2] Unsecured Loans |
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|
0.000 |
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TOTAL BORROWING |
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1800.500 |
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DEFERRED TAX LIABILITIES |
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|
0.000 |
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TOTAL |
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2090.098 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
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2.067 |
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Capital work-in-progress |
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0.000 |
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INVESTMENT |
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120.418 |
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DEFERREX TAX ASSETS |
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|
1.328 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
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924.638 |
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Sundry Debtors |
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|
0.000 |
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Cash & Bank Balances |
|
|
55.961 |
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Other Current Assets |
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|
0.000 |
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Loans & Advances |
|
|
1023.913 |
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Total
Current Assets |
|
|
2004.512 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
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38.227 |
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Provisions |
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|
0.000 |
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Total
Current Liabilities |
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38.227 |
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Net Current Assets |
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1966.285 |
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MISCELLANEOUS EXPENSES |
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|
0.000 |
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TOTAL |
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2090.098 |
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PROFIT & LOSS
ACCOUNT
|
PARTICULARS |
|
|
31.03.2007 |
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Sales Turnover |
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|
0.000 |
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Other Income |
|
|
8.614 |
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Total Income |
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8.614 |
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Profit/(Loss) Before Tax |
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(11.729) |
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Provision for Taxation |
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(1.327) |
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Profit/(Loss) After Tax |
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(10.402) |
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Expenditures : |
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Depreciation & Amortization |
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|
0.107 |
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Other Expenditure |
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|
20.236 |
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Total Expenditure |
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20.343 |
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KEY RATIOS
|
PARTICULARS |
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|
31.03.2007 |
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PAT / Total Income |
(%) |
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(120.76) |
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Net Profit Margin (PBT/Sales) |
(%) |
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|
0.00 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
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(0.58) |
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Return on Investment (ROI) (PBT/Networth) |
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(0.04) |
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Debt Equity Ratio (Total Liability/Networth) |
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6.35 |
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Current Ratio (Current Asset/Current Liability) |
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52.44 |
LOCAL AGENCY
FURTHER INFORMATION
Form No. 8
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Corporate
identity number of the company |
U45200AP2006PTC051559 |
|
Name of the
company |
ADITYA HOUSING AND INFRASTRUCTURE DEVELOPMENT CORPORATION PRIVATE
LIMITED |
|
Address of the
registered office or of the principal place of business in India of the company |
A/12, Chabdralok Complex, Road No.2, Film Nagar, Jubilee Hills,
Hyderabad – 500 033, Andhra Pradesh, India |
|
This form is for |
Creation of
charge |
|
Type of charge |
·
Immovable
property ·
Book debts ·
Movable
property (not being pledge) |
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Particular of
charge holder |
Axis Bank G Pulla Reddy Building,
Begumpet, Hyderabad – 500 016, Andhra Pradesh, India |
|
Nature of
instrument creating charge |
Composite
hypothecation deed, memorandum of entry, sanction letter |
|
Date of
instrument Creating the charge |
29.03.2008 |
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Amount secured by
the charge |
Rs.930.000
millions |
|
Brief of the
principal terms an conditions and extent 7and operation of the charge |
·
Rate of
Interest Floating Rate : Axis Bank PLR – 1% (Presently 13.75% p.a. payable at
monthly intervals ·
Terms of
repayment In 5 equal quarterly instalment starting from 33 months from the date
of first disbursement. ·
Margin Rs.980.000 millions in the form of Equity/Interest free unsecured
loan/CDS ·
Extent and
operation of the charge The company has mortgaged its immovable property situated at Tellapur
and Kompally in Hyderabad and all the fixed and current assets relating to
above two projects. |
|
Particulars of
the property charged |
EM of land
admeasuring 13.29 acres in Kompally and 5.14 acres in Tellapur and all the
fixed and current assets of the above two projects. |
Profile
Subject is a reputed enterprise focused on
developing luxurious gated communities with the best of amenities. Established in
the year 2002, the company has developed numerous luxury apartments, villas at
prime locations in Hyderabad. Over the years, subject has earned a reputation
for quality and innovation. All its projects come with ample greenery, spacious
and modern design and the best of amenities and of course, luxury. The company
takes particular care in ensuring that its projects feature perfect vaasthu and
a clear title so as to give buyers a hassle-free and happy ownership. Today,
owning an Aditya Property is associated with prestige as virtually every
project the company has developed till date has become a landmark in its
respective surroundings.
Some of the popular apartments and villas from Aditya Construction
Company Private Limited include - Aditya's Hill Top Residency, Aditya's
Swapnalok , Aditya's
Hill Paradise , Aditya's
Park View and Aditya's Odyssey to Name a few. Apart from meeting the
evolving lifestyles of urban families, all these projects have also
demonstrated excellent growth in value, thus giving buyers the twin advantages
of a proud address and a good investment. Its no surprise then, that all of
company’s projects till date have received overwhelming appreciation, a fact
that any of its long list of happy buyers would vouch for.
The New Residential Landmarks
New projects from subject include Aditya's Eden Woods, Aditya's Empress
Park and Aditya's Villa Grande, which are currently under various stages of
completion at the most sought after locations in Hyderabad. All these projects
are receiving overwhelming interest from buyers and Aditya is confident of
completing sales shortly.
Catering to the emerging demand for luxurious gated communities, Aditya
Constructions has lined up three fresh projects- Aditya's Eden Woods, Aditya's
Villa Grand and Aditya's Empress Park. Aditya's
Eden Woods features 48 luxurious villas with modern privileges
at the happening Tellapur, Gachibowli area, while Aditya's Villa Grande located at
Kompally (Bowenpally, Secunderabad), comes wrapped in grandeur, offering 101
opulent villas in a posh setting with the best of amenities. Most innovative
creation till date in grandeur and technical excellence. Sitting pretty on a
13.5 acre designer landscape at Jubilee Hills, this ultra luxurious residential
venture offers (48) majestic villas and all the luxurious privileges expected
from company. With the objective of making luxury more affordable, the company
is also coming up with hi-rise luxury
apartments at a modern
township spread over 18.75 acres of prime land at Kukatpally.
Subject has grand plans for the future and intends to evolve into a
globally acclaimed construction company with a dominant presence across
geographies. Taking the company forward are its future projects - Aditya's
Beverly Park, Aditya's Springfields and Aditya's Hitech Park , all luxury
residential projects at fantastic locations. If looking for an exotic living in Hyderabad, your search ends at
Aditya Constructions Company, a company which is driven by strong fundamentals
on providing real quality constructions and furnishing luxurious living spaces
with elegance and finest amenities.
General Manager - Finance
Job Function : Accounting/Tax/Company Secretary/Audit, Finance
Specialization : Audit & Risk, Bookkeeping, Finance/Budgeting, Financial
Analysis, Funds Management
Industry : Construction/Cement/Metal/Steel/Iron, Real Estate
Qualification : Post Graduation - CA, MBA/PGDM
Experience : 10 - 15
Level : Senior -Sr. Manager, General Manager
Location : ANDHRA PRADESH (Hyderabad/Secunderabad)
Key Skills : Exp in all the areas of Finance & Accounts and MIS;
Knowledge in real estate
Job Description :
Manage and oversee all
the financials of the company. Responsibilities include 1. Day to day Finance
and Accounts functions 2. Manage and oversee all accounting, internally and
externally, bookkeeping, receivables, payables, etc. 3. Relationships with
banks and other external authorities, including outsourced vendors, government,
etc. 4. Review of budgets and expenditures. 5. Review of sales contracts, and
purchase orders. 6. Prepare financial analysis reports and accounting reports
to management 7. Follow-up of bills 8. Interaction with HR with regard to
timely payment of salaries 9. To complete statutory Audit both under corporate
law & Income tax Act. 10. Treasury and MIS functions
Company Description
:
Subject is a joint
venture of Aditya Group executing large scale residential, gated communities,
high-rise apartments and commercial buildings in prime locations of Hyderabad
and Vizag. Aditya delivers its vision of `Creating Landmarks` that enshrines
the Group`s mission in all its ventures.
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.43.38 |
|
UK Pound |
1 |
Rs.81.34 |
|
Euro |
1 |
Rs.64.55 |
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. |
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 |
|