MIRA
INFORM REPORT
|
Report Date : |
21.06.2008 |
IDENTIFICATION
DETAILS
|
Name : |
DLF LAING O’ROUKE INDIA LIMITED |
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Formerly Known As : |
DLF LAING O’ROUKE (INDIA) PRIVATE LIMITED |
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Registered Office : |
3rd Floor, Shopping Mallarjun Marg, DLF City Phase I,
Gurgaon - 122002 |
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Country : |
India |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
31.01.2006 |
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Com. Reg. No.: |
036025 |
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CIN No.: [Company
Identification No.] |
U45201HR2006PLC036025 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
RTKD03302F |
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PAN No.: [Permanent
Account No.] |
AACCD3093R |
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Legal Form : |
A Closely Held Public Limited Company |
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Line of Business : |
Constructions (Commercial Building, Private, Residential, Shopping
Complex) |
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 2000000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject is an established company meeting its normal commitments
timeously. Trade relations are fair. The company can be considered good for normal business dealings. |
INFORMATION PARTED
BY
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Name : |
Ms. Monica |
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Designation : |
Administrative Officer |
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Date : |
28.05.2008 |
LOCATIONS
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Registered Office : |
3rd Floor, Shopping Mall Arjun Marg, DLF City Phase I,
Gurgaon - 122002 |
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E-Mail : |
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Website : |
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Location : |
Owned |
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Corporate Office : |
2nd
Floor, Tower B, Unitech World Cyber Park, Sector 39, Gurgaon - 122002, India |
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Tel. No.: |
91-124-461 5555 |
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Fax No.: |
91-124-461 5556 |
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E-Mail : |
DIRECTORS
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Name : |
Mr. Jim Salmon |
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Designation : |
Managing Director |
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Date of Birth/Age : |
40 years |
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Qualification : |
Graduate |
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Name : |
Mr. Jagit Kumar Chandra |
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Designation : |
Director |
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Address : |
B-11/12, DLF City , Phase – I, Gurgaon– 122002, Haryana India |
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Name : |
Mr. Ravi Shankar Kachru |
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Designation : |
Director |
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Address : |
D-48, Pamposh Enclave, Greater Kailash1, New Delhi, India |
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Name : |
Mr. Rajiv Malhotra |
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Designation : |
Director |
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Address : |
A-290, New Friends Colony, New Delhi – 110065, India |
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Name : |
Mr. Ramesh Sanka |
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Designation : |
Director |
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Address : |
H-25/1, DLF City Phase – I, Gurgaon – 122002, Haryana, India |
KEY EXECUTIVES
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Name : |
Mr. Jatinder Chopra |
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Designation : |
Company Secretary |
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Address : |
B-59, First Floor, Anand Vihar, Delhi – 110092, India |
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Date of Birth/Age : |
19.05.1957 |
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Date of Appointment : |
08.06.2006 |
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Email : |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
(As on 17.01.2006)
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Names of Shareholders |
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No. of Shares |
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DLF Universal Limited |
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1000 |
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Carlton Real Estate Private Limited |
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24500 |
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Wdhington Real Estate Development Private Limited |
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24500 |
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Total |
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50000 |
(As on 31.03.2007)
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Category |
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Percentage |
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Foreign Holding (FIIs, FCs, FFIs, NRIs, OCBs, or Others) |
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50.00 |
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Bodies Corporate (Not mentioned above) |
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50.00 |
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Total |
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100.00 |
BUSINESS DETAILS
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Line of Business : |
Constructions (Commercial Building, Private, Residential, Shopping
Complex) |
GENERAL
INFORMATION
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Bankers : |
22, M G Road, Bangalore – 560001, Karnataka, India |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
Rahul (DLF) Chartered Accountant |
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Name : |
Price Water House Chartered Accountant |
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Address : |
Y-14, Block EP Sector V, Salt Lake Eletric Complex, Bidhan Nagar,
Kolkata- 700091, West Bengal, India |
CAPITAL STRUCTURE
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
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40000000 |
Equity Shares |
Rs.10/- each |
Rs.400.000 Millions |
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Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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40000000 |
Equity Shares |
Rs.10/- each |
Rs.400.000 Millions |
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FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
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|
31.03.2007 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
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400.000 |
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2] Share Application Money |
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|
0.510 |
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3] Reserves & Surplus |
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32.920 |
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4] (Accumulated Losses) |
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0.000 |
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NETWORTH |
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433.430 |
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LOAN FUNDS |
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1] Secured Loans |
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453.882 |
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2] Unsecured Loans |
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0.000 |
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TOTAL BORROWING |
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453.882 |
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DEFERRED TAX LIABILITIES |
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6.523 |
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TOTAL |
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893.835 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
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828.452 |
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Capital work-in-progress |
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40.451 |
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INVESTMENT |
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0.000 |
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DEFERREX TAX ASSETS |
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0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
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45.548 |
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Sundry Debtors |
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349.773 |
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Cash & Bank Balances |
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584.527 |
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Other Current Assets |
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305.111 |
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Loans & Advances |
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189.920 |
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Total
Current Assets |
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1474.879 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
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1447.033 |
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Provisions |
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|
2.914 |
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Total
Current Liabilities |
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1449.947 |
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Net Current Assets |
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24.932 |
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MISCELLANEOUS EXPENSES |
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0.000 |
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TOTAL |
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893.835 |
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PROFIT & LOSS
ACCOUNT
|
PARTICULARS |
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|
31.03.2007 |
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Sales Turnover |
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988.834 |
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Other Income |
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9.236 |
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Total Income |
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998.070 |
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Profit/(Loss) Before Tax |
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51.414 |
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Provision for Taxation |
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18.494 |
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Profit/(Loss) After Tax |
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32.920 |
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Expenditures : |
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Raw Material Consumed |
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297.403 |
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Purchases made for re-sale |
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0.000 |
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Consumption of stores and spares parts |
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35.350 |
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Increase/(Decrease) in Finished Goods |
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0.000 |
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Salaries, Wages, Bonus, etc. |
|
|
156.648 |
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Managerial Remuneration |
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|
11.909 |
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Payment to Auditors |
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|
3.288 |
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Interest |
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|
13.977 |
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Insurance Expenses |
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5.644 |
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Power & Fuel |
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15.322 |
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Depreciation & Amortization |
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60.647 |
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Other Expenditure |
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346.468 |
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Total Expenditure |
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946.656 |
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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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3.30 |
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Net Profit Margin (PBT/Sales) |
(%) |
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5.20 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
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2.23 |
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Return on Investment (ROI) (PBT/Networth) |
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0.12 |
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Debt Equity Ratio (Total Liability/Networth) |
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4.39 |
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Current Ratio (Current Asset/Current Liability) |
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1.02 |
LOCAL AGENCY
FURTHER INFORMATION
Form 8:
|
Corporate
identity number of the company |
U45201HR2006PLC036025 |
|
Name of the
company |
DLF LAING O’ROUKE (INDIA) PRIVATE LIMITED |
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Address of the
registered office or of the principal place of business in India of the company |
3rd Floor, Shopping Mallarjun Marg, DLF City Phase I,
Gurgaon – 122002, India |
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This form is for |
Creation of Charge |
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Type of charge |
Movable Property
(Not being pledge) |
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Particular of
charge holder |
HDFC Bank Limited HDFC Bank House,
Senapati Bapat Marg, Lower Parel (West), Mumbai – 400013, Maharashtra, India UL65920MH1994PLC080618 |
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Nature of
instrument creating charge |
Agreement for
Loan and Guarantee |
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Date of
instrument Creating the charge |
20.06.2007 |
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Amount secured by
the charge |
Rs.57.298
Millions |
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Brief of the principal
terms an conditions and extent and operation of the charge |
Rate of
Interests: 12.25% p.a. Term of
Repayment: 60 monthly – 2
months moratorium Margin: As may be
stipulated by the Bank from time to time. Extent and
operation of Charge: The company
hypothecates to and charge in favour of the Bank by way of first and
exclusive charge of the equipment described in item no.14 as security for the
repayment by the company of the loan granted or to be granted to the company
by the Bank together with all fees, interests, costs and expenses incurred to
be incurred by the bank and all other monies payable or to become payable by
the company to the Bank. Others: The bank shall be
absolutely entitled and have full power and authority to sell, assign or transfer
in any manner, in whole or in part, and in such manner and on such terms as
the Bank may decided, including reserving a right to the Bank to retain its
power to proceed against the company on behalf of the purchases assignee or
transferee, any or all outstanding dues of the company to any third party of
the Bank choice without reference to or without written intimation to the
company. |
|
Particulars of
the property charged |
Hypothecation of
Equipment more particular described in annexure attached. |
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Particulars of
the present modification |
NA |
Profile:
Subjects have established a partnership
to enter the Indian construction market delivering both company developments
and all other construction related projects.
Subject has a 60-year history of
service excellence. Since it was founded in 1946, it has been responsible for
the development of 21 urban colonies aggregating 5,816 acres, as well as an
entire integrated 3,000-acre township - Company City.
The group is capitalising on emerging
market opportunities to deliver high-end facilities and projects to its wide
base of customers by constantly upgrading its internal skills and resource
capabilities. In line with its current expansion plans, the DLF Group has over 130
million sq. ft. of development across its businesses, including developed and
on-going projects. This comprises over 28 million sq. ft. of projects that the
group has executed under its home, offices and shopping mall segments.
Laing O'Rourke plc is the largest
privately owned construction firm in the UK having offices in the UK, Germany,
India, Australia and United Arab Emirates, with over 23,000 employees
worldwide.
Laing O'Rourke specialises in
delivering ambitious yet achievable construction projects that delight both
clients and the communities who use them every day, and the company is
responsible for some of the most innovative construction solutions anywhere in
the world.
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 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.42.97 |
|
UK Pound |
1 |
Rs.84.75 |
|
Euro |
1 |
Rs.66.72 |
SCORE & RATING
EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL CONDITION |
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|
|
--BUSINESS SCALE |
1~10 |
7 |
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--PROFITABILIRY |
1~10 |
5 |
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--LIQUIDITY |
1~10 |
6 |
|
--LEVERAGE |
1~10 |
6 |
|
--RESERVES |
1~10 |
6 |
|
--CREDIT LINES |
1~10 |
6 |
|
--MARGINS |
-5~5 |
- |
|
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 |
|
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 |
YES |
|
--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. |
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 |
|