MIRA
INFORM REPORT
|
Report Date : |
28.06.2008 |
IDENTIFICATION
DETAILS
|
Name : |
BENGAL UNITECH UNIVERSAL INFRASTRUCTURE PRIVATE LIMITED |
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Formerly Known As : |
UNITECH SHELTERS PRIVATE LIMITED |
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Registered Office : |
6
Community Centre, Saket, New Delhi - 110017 |
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Country : |
India |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
02.08.1995 |
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Com. Reg. No.: |
55-80900 |
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CIN No.: [Company
Identification No.] |
U45201DL1996PTC080900 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
DELB07943F |
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PAN No.: [Permanent
Account No.] |
AAACU7148Q |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Infrastructure Development |
RATING &
COMMENTS
|
MIRA’s Rating : |
A |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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 |
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Maximum Credit Limit : |
USD 600000 |
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Status : |
Good |
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Payment Behaviour : |
Slow |
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Litigation : |
Clear |
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Comments : |
Subject is a well established and reputed company in Indian Construction industry and a part of Unitech Group. Available information indicates high financial responsibility of the company and its management. Trade relations are fair. Business is active. Payments are however as slow but correct. The company can be considered good for normal business dealings at usual trade terms and conditions. |
LOCATIONS
|
Registered Office : |
6 Community
Centre, Saket, New Delhi - 110017, India |
|
Tel. No.: |
91-11-26857330/
26857331/ 41664040 |
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Fax No.: |
91-11-26857338 |
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E-Mail : |
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Website : |
DIRECTORS
|
Name : |
Dr. Ramesh Kapur |
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Designation : |
Director |
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Address : |
S-135, Greater Kailash – II, New Delhi – 110048, India |
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Date of Birth/Age : |
27.09.1940 |
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Date of Appointment : |
01.09.1998 |
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Name : |
Mr. A. S. Johar |
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Designation : |
Director |
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Address : |
4, Channan Singh Park, Hospital Road, Delhi Cantt, Delhi – 110010, India |
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Date of Birth/Age : |
02.03.1943 |
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Date of Appointment : |
19.10.1998 |
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Name : |
Mr. Ramesh Chandra |
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Designation : |
Director |
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Address : |
C-41, Mayfair Garden, New Delhi – 110016, India |
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Date of Birth/Age : |
26.05.1939 |
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Date of Appointment : |
15.10.2004 |
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|
|
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Name : |
Mr. Prasoon
Mukherjee |
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Designation : |
Director |
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Address : |
Wisma 46, Kota Bni 46, Level 34, Suite 34.04 Ji Jend Sudirman Kavi, Jakarta – 10220, Indonesia |
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Date of Birth/Age : |
28.04.1960 |
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Date of Appointment : |
12.04.2006 |
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Name : |
Mr. Ajay Chandra |
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Designation : |
Director |
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Address : |
C-41, Mayfair Garden, New Delhi – 110016, India |
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Date of Birth/Age : |
11.12.1967 |
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Date of Appointment : |
20.01.2005 |
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|
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Name : |
Mr. Sanjay Chandra |
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Designation : |
Director |
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Address : |
C-41, Mayfair Garden, New Delhi – 110016, India |
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Date of Birth/Age : |
07.09.1972 |
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Date of Appointment : |
04.04.2005 |
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|
|
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Name : |
Mr. Sameer Bahri |
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Designation : |
Director |
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Address : |
12C, Camac Street,
Flat No.2B, Kolkata, West Bengal, India |
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Date of Birth/Age : |
27.01.1968 |
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Date of Appointment : |
24.05.2005 |
KEY EXECUTIVES
|
Name : |
K.K. Singh and
Associates |
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Designation : |
Company Secretary |
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Address : |
211 F, Housing Board, Sector – 40, Gurgaon 122001, India |
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Tel No.: |
91-124-2384371 |
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Fax No.: |
91-124-4370002 |
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Email : |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
(As on 31.03.2007)
|
Names of Shareholders |
|
No. of Shares |
|
|
|
|
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Unitech Limited |
|
899940 |
|
Unitech
Industries Limited |
|
10 |
|
Unitech Builders
Limited |
|
10 |
|
Ruhi Construction
Company Limited |
|
10 |
|
New India
Construction Company Limited |
|
10 |
|
Supernal
Corrugation India Limited |
|
10 |
|
Unitech Business
Parks Limited |
|
10 |
|
Prasoon Mukherjee |
|
50000 |
|
Subhalaxmi Mukherjee |
|
50000 |
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|
|
|
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Total |
|
1000000 |
(As on 31.3.2007)
|
Category |
|
Percentage |
|
|
|
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Foreign holdings [Foreign institutional investors, Foreign Companies, Foreign Financial Institutions, Non-resident Indian or Overseas corporate bodies or others] |
|
10.00 |
|
Bodies
corporate |
|
90.00 |
|
|
|
|
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Total |
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Infrastructure Development |
GENERAL
INFORMATION
|
Bankers : |
Ramon House 169 Backbay Reclamation, H T Parekh Marg, Mumbai – 400020, Maharashtra, India
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
Goel Garg and Company Chartered Accountants |
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Address : |
102, E-588, Greater Kailash – II, New Delhi – 110048, India |
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|
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Holding Company : |
Unitech Limited L74899DL1979PLC009720 South City – I, NH
– 8, Gurgaon – 122001, Haryana, India Tel No.:
91-124-4082020 / 4086677 / 2383536 Fax No.:
91-124-4083355 Email : marketing@unitechgroup.com Marketing Office Located at Kolkata Sales Office Located at Noida Overseas Office Located at - Dubai |
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Associates/Subsidiaries : |
Bengal Universal
Consultants Private Limited Unitesh Hi-Tech
Structures Limited Unitech Build-Tech
Limited Unitech Real
Estate Builders Limited Unitech Real
Estate Developers Limited Unitech Holding
Company Unitech Infra
Properties Limited Unitech Landmark
Developers Limited Bengal Unitech
Universal Siliguri Projects Limited U70101DL2005PLC136113 |
CAPITAL STRUCTURE
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
2500000 |
Equity Shares |
Rs.10/- each |
Rs.25.000
Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
1000000 |
Equity Shares |
Rs.10/- each |
Rs.10.000
Millions |
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|
|
|
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2007 |
31.03.2006 |
31.03.2005 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
10.000 |
0.500 |
0.500 |
|
|
2] Share Application Money |
0.000 |
1.000 |
0.000 |
|
|
3] Reserves & Surplus |
110.741 |
1.698 |
0.000 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
[0.031] |
|
|
NETWORTH |
120.741 |
3.198 |
0.469 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
4501.170 |
1122.054 |
600.000 |
|
|
2] Unsecured Loans |
0.000 |
3.921 |
258.528 |
|
|
TOTAL BORROWING |
4501.170 |
1125.975 |
858.528 |
|
|
DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
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TOTAL |
4621.911 |
1129.173 |
858.997 |
|
|
|
|
|
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APPLICATION OF FUNDS |
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|
|
|
|
|
|
|
|
|
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FIXED ASSETS [Net Block] |
1208.535 |
16.364 |
6.315 |
|
|
Capital work-in-progress |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
INVESTMENT |
414.688 |
62.600 |
0.000 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
0.000 |
0.000 |
0.000 |
|
|
Sundry Debtors |
72.581 |
0.000 |
0.000 |
|
|
Cash & Bank Balances |
73.011 |
1003.287 |
3.000 |
|
|
Other Current Assets |
4020.387 |
2319.703 |
852.053 |
|
|
Loans & Advances |
4689.537 |
26.183 |
3.393 |
|
Total
Current Assets |
8855.516
|
3349.173 |
858.446 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Current Liabilities |
5804.243 |
2298.980 |
5.784 |
|
|
Provisions |
52.585
|
0.000 |
0.000 |
|
Total
Current Liabilities |
5856.828 |
2298.980
|
5.784 |
|
|
Net Current Assets |
2998.688 |
1050.193 |
852.662 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.016 |
0.020 |
|
|
|
|
|
|
|
|
TOTAL |
4621.911 |
1129.173 |
858.997 |
|
PROFIT & LOSS
ACCOUNT
|
PARTICULARS |
|
31.03.2007 |
31.03.2006 |
|
|
|
|
|
|
Sales Turnover |
|
6510.465 |
2324.231 |
|
Other Income |
|
0.000 |
0.000 |
|
Total Income |
|
6510.465 |
2324.231 |
|
|
|
|
|
|
Profit/(Loss) Before Tax |
|
158.998 |
4.529 |
|
Provision for Taxation |
|
49.785 |
2.800 |
|
Profit/(Loss) After Tax |
|
109.213 |
1.729 |
|
|
|
|
|
|
Import Value |
|
NA |
1.387 |
|
|
|
|
|
|
Total Expenditure |
|
6351.467 |
2319.702 |
KEY RATIOS
|
PARTICULARS |
|
31.03.2007 |
31.03.2006 |
31.03.2005 |
|
PAT / Total Income |
(%) |
1.68 |
0.07 |
NA |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
2.44 |
0.19 |
NA |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
0.15 |
0.13 |
NA |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
1.32 |
1.42 |
NA |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
85.78 |
1070.97 |
1842.88 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.51 |
1.46 |
148.42 |
LOCAL AGENCY
FURTHER INFORMATION
Form 8: Bankers
Charges Report as per Registry
|
Name of the
company |
BENGAL UNITECH UNIVERSAL INFRASTRUCTURE PRIVATE LIMITED |
|
Presented By |
Mr. Sanjay
Chandra, Director |
|
1) Date and description of instrument creating the change |
Charge created
vide Loan agreement dated 12.01.2006 executed between the Shantiniketan Buildwell
Limited, Unitech Limited and HDFC Limited
|
|
2) Amount secured by the charge/amount owing on the securities of charge |
Loan of Rs. 1100
Millions availed by Shantiniketan Buildwell Limited, Unitech Limited and HDFC
Limited |
|
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 |
Extension of
mortgage of the immovable property of the company adm. 6535740 sq.ft.
comprising of an area of 4357160 sq.ft. for residential purposes and as area
of 2178580 sq.ft. for IT Park situated at New Town Rajrhat, Kolkata with
construction thereon both present and future, which has been already
mortgaged in favour of HDFC Limited for availing a loan of Rs. 1500 Millions
by the Company. |
|
4) Gist of the terms and conditions and extent and operation of the charge. |
Rate of interest Applicable rate
of interest 9.25 % p.a. Applicable rate
of interest shall be linked to HDFC’s RPLR and shall always be at a spread of
150 basis points lesser than the prevailing RPLR. The current applicable rate
of interest shall be 10.75 % p.a. Interest payable
at applicable rate of interest on the principal amount outstanding on a
monthly basis at the end of each calendar month. Term of Loan The principal
amount will be repaid in 33 months from date of first disbursement. |
|
5) Name and Address and description of the person entitled to the charge. |
HDFC Limited Regd. off : Ramon House, 169
Backbay Reclamation, Bombay – 400020 |
|
6) Date and brief description of instrument modifying the charge |
Not Applicable |
|
7) Particulars of modifications specifying the terms and conditions or the extent of operations of the charge in which modification is made and the details of the modification. |
Not Applicable |
|
This form is for |
Modification of
charge |
|
Charge
identification number of the modified
|
90039768 |
|
Corporate
identity number of the company |
U45201DL1996PTC080900 |
|
Name of the
company |
BENGAL UNITECH UNIVERSAL INFRASTRUCTURE PRIVATE LIMITED |
|
Address of the
registered office or of the principal place of business in India of the company |
6
Community Centre, Saket, New Delhi - 17, India |
|
Type of charge |
|
|
Particular of
charge holder |
Housing Development Finance Corporation Limited Ramon House 169 Backbay Reclamation, H T Parekh Marg, Mumbai – 400020, Maharashtra, India |
|
Nature of
description of the instrument creating or modifying the charge |
Supplementary
Agreement Dated 30.03.2007 between the company, HDFC Limited and Unitech
Limited |
|
Date of
instrument Creating the charge |
30.03.2007 |
|
Amount secured by
the charge |
Rs. 4500.000
Millions |
|
Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest For Tranche I and
II – HDFC’s CPLR – 75 basis point presently 11.50 % p.a. For Tranche III –
HDFC’s CPLR + NIL basis point, presently 12.25 % p.a. Terms of
Repayment The term of the
entire loan shall be 48 months from January 2007. the same would be repayable
as pr the agreement. Margin As per the
agreement Extent and Operation
of the charge The charge
operates on the property [Land] of the Company adm 4357160 sq. ft. for
residential purposes situated at New Town, Rajarhat, Kolkata with
construction thereon, both present and future. All the present and future
receivable of the company from the said residential project are also charged
in favour of HDFC. |
|
Short particulars
of the property charged |
Land adm. 4357160
sq. ft. situated at New Town, Rajarhat, Near Salt Lake City, Kolkata |
|
Date of latest modification
prior to the present modification |
18.01.2007 |
|
Particulars of
the present modification |
The Charge now
operates for the increased Loan of Rs.4500 Millions |
AS PER WEBSITE
Bengal
Unitech plans real estate projects worth Rs.30000 Millions
Bureau
Kolkata , July 17
BENGAL Unitech Universal Private Limtied has unveiled two real estate projects in New Town Rajarhat near Kolkata, the implementation of which is estimated to entail an investment of Rs.30000 Millions.
Spread over 150 acres of land, the project would comprise an IT Park christened Infospace and a multi-residential project called Uniworld City.
The multi-residential facility would be spread across 100 acres of land and have 8.5 million sq.ft of area while the IT Park would be spaced over 50 acres of land and have 4.5 million sq. ft of area, Mr. Prasoon Mukherjee, Director of Bengal Unitech Universal, told a press conference here.
The residential project would entail an investment of Rs.18000 Millions while the IT Park would necessitate an investment of Rs.12000 Millions.
Mr. Mukherjee said RMJM of Scotland has been selected as the architectural consultants for the proposed projects, which are expected to provide a fillip to infrastructure at Kolkata's satellite township of New Town Rajarhat. While the IT park would have IT firms, software development centres and call centres, the residential facility would have 82 apartment blocks ranging from nine stories to 27 stories. It would also have other lifestyle facilities for meeting health, education and sporting needs.
Mr. Goutam Deb, West Bengal's Minister for Housing, said the demand for land in New Town Rajarhat was on the rise. The State Government would soon allot land in Rajarhat to 42 IT and ITES companies that have, over the years, contributed to the development of the IT sector in West Bengal. He said a proposal has been received for the setting up of one five-star hotel and one three-star hotel in Rajarhat as well.
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.42.79 |
|
UK Pound |
1 |
Rs.85.04 |
|
Euro |
1 |
Rs.67.34 |
SCORE & RATING
EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
7 |
|
PAID-UP CAPITAL |
1~10 |
7 |
|
OPERATING SCALE |
1~10 |
7 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
9 |
|
--PROFITABILIRY |
1~10 |
6 |
|
--LIQUIDITY |
1~10 |
7 |
|
--LEVERAGE |
1~10 |
7 |
|
--RESERVES |
1~10 |
7 |
|
--CREDIT LINES |
1~10 |
7 |
|
--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 |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
63 |
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 |
|