MIRA
INFORM REPORT
|
Report Date : |
19.05.2008 |
IDENTIFICATION
DETAILS
|
Name : |
GOLDEN GATE PROPERTIES LIMITED |
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Registered Office : |
Golden House, 820 Soft Road, 80 Feet Road, 20th Main, 8th
Block, Kormangalam, Bangalore 560 095, Karnataka |
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Country : |
India |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
28.09.1995 |
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Com. Reg. No.: |
18889 |
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CIN No.: [Company
Identification No.] |
U70102KA1995PLC018889 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
BLRG00737C |
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|
Legal Form : |
A Closely Held Public Limited Liability Company |
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Line of Business : |
Subject is engaged in the business of Real Estate and Property
Development in any part of India and Abroad. |
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 1900000 |
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Status : |
Good |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject is a well established and reputed company having fine track.
General financial position is good. Payments are reported as usually correct and
as per commitments. The company can be considered good for normal business dealings. Mr. Meghnat (Finance Manager) declined to part with any details. |
LOCATIONS
|
Registered Office : |
Golden House, 820 Soft Road, 80 Feet Road, 20th Main, 8th
Block, Kormangalam, Bangalore 560 095, Karnataka, India |
|
Tel. No.: |
91-80-25705000/
25705555 |
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Fax No.: |
91-80-25704455 |
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E-Mail : |
mohan@ggproperties.com
(Properties) karlekar@ggproperties.com
(Finance) customarcare@ggproperties.com
(Customer Service) paul@ggproperties.com
(Business Opportunities) |
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Website : |
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Correspondent Office : |
#308, 3rd Floor, V V Vintage Boulevard,
Above CAFE Coffeeday, Rajbhavan Road, Somajiguda, Hyderabad - 500 082, Andhra
Pradesh, India |
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Tel. No.: |
91-40-23314800/ 32902427 |
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Fax No.: |
91-40-23395887 |
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E-Mail : |
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Site Project Contacts : |
GOLDEN GRAND jagdishraj@ggproperties.com GOLDEN PALMS venkatesh@ggproperties.com GOLDEN BLOSSOM menon@ggproperties.com GOLDEN HOMES GOLDEN WOODS GOLDEN COUNTY |
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Overseas Office : |
Nalit Patel, 355 Eisenhower Parkway, Suite 210, Livingston, NJ -
07039. |
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Tel. No.: |
973-535-9100 |
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Mobile No.: |
908-296-9018 |
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Fax No.: |
973-535-2894 |
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E-Mail : |
DIRECTORS
|
Name : |
Mr. Pratap Sathyanarayana Kunda |
|
Designation : |
Managing Director |
|
Address : |
8-2-703/ 4/ P, Street No. 2, Avenue 1, Near Kerala Ayurvedic Lane, Road,
No. 12, Banjara Hills, Hyderabad 500 034, Andhra Pradesh, India |
|
Date of Birth/Age : |
17.01.1967 |
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Date of Appointment : |
28.09.1995 |
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|
Name : |
Mr. B. Ramkrishna |
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Designation : |
Director |
|
Address : |
204, Krishna Teja Apartments, Bagh Amberpet, Hyderabad, Andhra
Pradesh, India |
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Date of Birth/Age : |
22.01.1965 |
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Date of Appointment : |
28.09.1995 |
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Name : |
Mr. Sanjay Raj Condati Devraj |
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Designation : |
Director |
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Address : |
4, Benson Town, Bangalore 560 046, Karnataka, India |
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Date of Birth/Age : |
28.02.1975 |
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Date of Appointment : |
16.04.2001 |
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Name : |
Mr. Amarnath Prabhakar Chetty Devki |
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Designation : |
Director |
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Address : |
B-5, Banjara Gardens, Road No. 12, Banjara Hills, Hyderabad 500 034,
Andhra Pradesh, India |
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Date of Birth/Age : |
04.05.1976 |
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Date of Appointment : |
29.12.2002 |
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Name : |
Mr. Babu Rao J. M. |
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Designation : |
Director |
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Address : |
Nav Ratna Motilal Nagar, Begumpet, Hyderabad, Andhra Pradesh, India |
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Date of Birth/Age : |
12.01.1961 |
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Date of Appointment : |
28.09.1995 |
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Date of Ceasing : |
25.08.2002 |
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|
Name : |
Mr. Kurt William Roeloffs Junior |
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Designation : |
Additional Director |
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Address : |
77A, Grange Road, Singapore 249 582 |
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Date of Birth/Age : |
20.07.1961 |
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Date of Appointment : |
17.12.2007 |
KEY EXECUTIVES
|
Name : |
Mr. Giriraju |
|
Designation : |
Company Secretary |
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|
Name : |
Mr. G S V Rao |
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Designation : |
Vice President(Operations) |
|
Profile : |
Qualified Civil Engineer and a PGDM in Management, worked in senior positions
with eminent organizations of National and International Repute, viz. SAIL,
BHPV, Satyam computers and Maytas Infra - has more than 29 years of exposure
and experience in diverse aspects of Management, General Administration,
Engineering and Construction works and has the credit of executing several
large scale housing and infrastructural projects across India. Very recently,
he was closely involved in the construction and scheduled completion of 2.8
million sft of the prestigious, Singapore Class Township, near Hyderabad,
designed by CESMA International (Singapore). |
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|
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|
Name : |
Mr. K. Muralidhar |
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Designation : |
General Manager (Finance) |
|
Profile : |
A graduate in commerce, he has 15 plus years of experience and was associated
with a leading real estate developer of Bangalore, for 10 years, before
joining Golden Gate. |
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|
Name : |
Mr. K V S Rammohan Gupta |
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Designation : |
Chief Controller of Accounts |
|
Profile : |
A Qualified Fellow Member of Institute of Chartered Accountants of
India, has also completed his post qualification course in “Information
Systems Audit” organized by Institute of Chartered Accountants of India. He
has vast experience in the field of Corporate Accounting as he was into
profession of Accountancy for Seven years as a partner in one of the
Bangalore based Audit firm and dealt with many corporate clientele, with
diversified sectors. Presently he is heading entire Accounts wing of the
company and taking care of implementation of best practices in the Accounting
System and internal controls. |
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|
Name : |
Mr. Mayuresh. Karlekar |
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Designation : |
Deputy General Manager (Finance) |
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Profile : |
A post-graduate has more than 15 years experience in the Banking and
Finance fields handles corporate finance of the company. |
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|
Name : |
Mr. Paul Raj |
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Designation : |
Deputy General Manager(Sales) |
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Profile : |
A post graduate in Marketing Management, with overseas training at
Matsushita Electric-Japan and Singapore, Mr.Menon is a Hands-on sales
professional. He has handled large sales teams,established nation-wide
distribution channels and lead succesful sales campaigns for several leading
and highly visible consumer durable brands. |
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Name : |
Mr. P V S Bhanu Murthy |
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Designation : |
Deputy General Manager(Sales) |
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Profile : |
Post graduate in Business Administration, has over 20 years of experience
in Sales and Marketing in various organizations of National and International
repute. He has lead successful sales campaigns of consumer durable products
of National/Panasonic in the south and eastern India, and quite a few other
consumer products, besides his earlier association with UNDP at New Delhi. He
also has good exposure to creating effective ad-campaigns. |
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Name : |
Mr. K. Prabhakar |
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Designation : |
Senior General Manager (Projects) |
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Profile : |
Qualified Civil Engineer and Fellow of Institution of Valuers, has
more than 28 years of experience in all the facets of Project Management. He
worked in senior positions for reputed builders, public sector and other
institutions. Has handled several prestigious projects which include ,to name
a few, like a Software Development project in Chennai, Copper clad laminate,
photovoltaic cell manufacturing unit, multi storied complex like UB City,
Amalgamated Bean Company and high rise residential projects of Mantri, Adarsh
etc., from concept to finish with widespread exposure in construction project
management. |
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|
Name : |
Mr. Chandra Kumar |
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Designation : |
Deputy General Manager(Projects) |
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Profile : |
Qualified Civil Engineer and Post Graduate in Business Management, has
more than 15 years of experience in all the facets of Project Management. His
expertise covers wide-ranging issues such as Project feasibility studies,
budgeting, planning, monitoring and control of all construction operations,
quality assurance, coordination with architects and local authorities &
agencies concerned with the projects. |
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Name : |
Mr. T R Murthy |
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Designation : |
Deputy General Manager (Projects) |
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Profile : |
Qualified civil engineer over 28yrs of experience in township
developments, steel plants and petrochemicals. TISCO Township, IPCL Baroda,
IPCL township Surat, SPIC Chennai ,Suryanagar of KHB etc. are a few to
mention. |
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Name : |
Mr. N. S. Seshraju |
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Designation : |
Deputy General Manager(Projects) |
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Profile : |
Qualified Civil engineer with over 22 yrs of experience in all types
of buildings and infrastructure works. Had stints in Public and private
sector undertaking like National Building Construction Corporation, with wide
exposure in modern techniques of construction and project management. Major
projects include LIC housing scheme in Bangalore, polytechnic building in
Pondicherry, National Games Village in Hyderabad to name a few. |
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|
Name : |
Mr. V M Ramesh |
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Designation : |
Deputy General Manager(Projects) |
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Profile : |
Qualified Civil engineer with over 17yrs of experience in all types of
buildings and infrastructure works. |
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|
Name : |
Mr. M. Gangadhar |
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Designation : |
HOD (Quality) |
|
Profile : |
A Post Graduate in Civil Engineering from JNTU Hyderabad, has an
experience of 14 yrs in buildings and infrastructure. He was involved in
Singapore with Singapore Ministry of National development for over 4 years in
all aspects of building construction. Constructed buildings for various
public sectors like BHEL, HAL and NTPC. Heading the quality division of the
company. |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
As on 30.09.2007
|
Names of Shareholders |
|
Percentage of
Holding |
|
|
|
|
|
Directors or Relatives of Directors |
|
98.58 |
|
Other Top Fifty (50) Shareholders |
|
1.42 |
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Total |
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Subject is engaged in the business of Real Estate and Property
Development in any part of India and Abroad. |
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|
Products : |
Real Estate and Property Development |
GENERAL
INFORMATION
|
Bankers : |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
Pradeep Narain Chartered Accountants |
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Address : |
1-3-29/ 4/ A, Street No. 4, Habsiguda, Hyderabad 500 007, Andhra Pradesh,
India |
CAPITAL STRUCTURE
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
50,000,000 |
Equity Shares |
Rs. 10/- each |
Rs. 500.000 millions |
As
on 31.03.2007
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
15,000,000 |
Equity Shares |
Rs. 10/- each |
Rs. 150.000 millions |
As
on 30.09.2007
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
28,000,000 |
Equity Shares |
Rs. 10/- each |
Rs. 280.000 millions |
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
|
31.03.2007 |
31.03.2006 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
|
150.000 |
100.000 |
|
|
2] Share Application Money |
|
142.500 |
50.000 |
|
|
3] Reserves & Surplus |
|
172.429 |
80.452 |
|
|
4] (Accumulated Losses) |
|
0.000 |
0.000 |
|
|
NETWORTH |
|
464.929 |
230.452 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
|
1473.860 |
921.861 |
|
|
2] Unsecured Loans |
|
463.044 |
312.007 |
|
|
TOTAL BORROWING |
|
1936.904 |
1233.868 |
|
|
DEFERRED TAX LIABILITIES |
|
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
|
2401.833 |
1464.320 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
|
83.354 |
60.862 |
|
|
Capital work-in-progress |
|
0.000 |
0.000 |
|
|
|
|
|
|
|
|
INVESTMENT |
|
84.426 |
84.726 |
|
|
DEFERREX TAX ASSETS |
|
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
|
2470.843 |
1138.995 |
|
|
Sundry Debtors |
|
14.706 |
24.328 |
|
|
Cash & Bank Balances |
|
169.308 |
33.591 |
|
|
Other Current Assets |
|
0.000 |
0.000 |
|
|
Loans & Advances |
|
1256.174 |
769.607 |
|
Total
Current Assets |
|
3911.031 |
1966.521 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Current Liabilities |
|
1649.679 |
633.390 |
|
|
Provisions |
|
27.299 |
14.399 |
|
Total
Current Liabilities |
|
1676.978 |
647.789 |
|
|
Net Current Assets |
|
2234.053 |
1318.732 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
|
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
|
2401.833 |
1464.320 |
|
PROFIT & LOSS
ACCOUNT
|
PARTICULARS |
|
31.03.2007 |
31.03.2006 |
|
|
Sales Turnover |
|
542.866 |
471.476 |
|
|
Other Income |
|
12.510 |
10.319 |
|
|
Total Income |
|
555.376 |
481.795 |
|
|
|
|
|
|
|
|
Profit/(Loss) Before Tax |
|
105.720 |
40.937 |
|
|
Provision for Taxation |
|
0.000 |
0.000 |
|
|
Profit/(Loss) After Tax |
|
105.720 |
40.937 |
|
|
|
|
|
|
|
|
Expenditures : |
|
|
|
|
|
|
Increase/(Decrease) in Finished Goods |
|
(2470.843) |
(996.919) |
|
|
Salaries, Wages, Bonus, etc. |
|
28.919 |
25.027 |
|
|
Managerial Remuneration |
|
6.000 |
2.400 |
|
|
Payment to Auditors |
|
0.112 |
0.018 |
|
|
Interest |
|
113.029 |
45.126 |
|
|
Insurance Expenses |
|
0.274 |
1.342 |
|
|
Power & Fuel |
|
1.217 |
1.054 |
|
|
Depreciation & Amortization |
|
8.791 |
4.967 |
|
|
Other Expenditure |
|
2762.157 |
1357.843 |
|
Total Expenditure |
|
449.656 |
440.858 |
|
KEY RATIOS
|
PARTICULARS |
|
|
31.03.2007 |
31.03.2006 |
|
PAT / Total Income |
(%) |
|
19.03 |
8.49 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
|
19.03 |
8.49 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
|
2.59 |
1.94 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
|
0.22 |
0.17 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
|
8.77 |
9.16 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
|
2.33 |
3.03 |
LOCAL AGENCY
FURTHER INFORMATION
The Registered Office of the Company has been shifted from 96, 16 Main,
4th B Block, Koramangala Extension, Bangalore 560 034, Karnataka,
India to the present w. e. f. 21.07.2006.
FORM 8
|
Name of the company |
GOLDEN GATE PROPERTIES LIMITED |
|
Presented By |
Mr. Giriraju, Company Secretary |
|
1) Date and description of instrument creating the change |
Deed of hypothecation dated 22.12.2005 |
|
2) Amount secured by the charge/amount owing on the securities of charge |
Rs. 2.100 millions |
|
3) Short particular of the property charged. If the property acquired is subject to charge, date of the acquired of the property should be given |
Construction Equipments: Manufactured by – Ajax Flori Engineering Private Limited Model – ARA MB 750 as noted in the schedule. Located at our project Golden Blossom Site Sy. No. 267/1 and 267/2. |
|
4) Gist of the terms and conditions and extent and operation of the charge. |
Rate of Interest bearing 4.25% p.a. |
|
5) Name and Address and description of the person entitled to the charge. |
Kotak Mahindra Bank Limited # 501/ 2, Raheja Complex, 26/ 27, M G Road, Bangalore 560 001, Karnataka, India |
|
6) Date and brief description of instrument modifying the charge |
NA |
|
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. |
NA |
|
Name of the company |
GOLDEN GATE PROPERTIES LIMITED |
|
Presented By |
Syndicate Bank, Gandhinagar, Bangalore, Karnataka, India |
|
1) Date and description of instrument creating the change |
Dated 28.12.2005 Composite hypothecation agreement |
|
2) Amount secured by the charge/amount owing on the securities of charge |
Rs. 2.500 millions |
|
3) Short particular of the property charged. If the property acquired is subject to charge, date of the acquired of the property should be given |
Charge by the way of hypothecation of : All the new vehicles to be purchased out of the term loan as specified in the part B of the schedule III of the composite hypothecation agreement. Viz. Maruti Omni (2 Nos.), Tata Sumo (Victa) 2 Nos., Maruti Versa (2 Nos.) |
|
4) Gist of the terms and conditions and extent and operation of the charge. |
Interest and Margin as applicable from time to time Term Loan Repayable in 58 EMI of Rs. 0.057 million. Starting from 28.02.2006 and last installment is due on 30.11.2010 |
|
5) Name and Address and description of the person entitled to the charge. |
Syndicate Bank Gandhinagar, Bangalore, Karnataka, India |
|
6) Date and brief description of instrument modifying the charge |
NA |
|
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. |
NA |
|
This form is for |
Modification of
charge |
|
Whether charge is modified in favour of asset reconstruction company (ARC) of assignee |
No |
|
Charge Identification (ID) number of the charge to be modified |
80005614 |
|
Corporation identity number (CIN) or foreign company registrations number of the company |
U70102KA1995PLC018889 |
|
Name of the company |
GOLDEN GATE PROPERTIES LIMITED |
|
Address |
Golden House, 820 Soft Road, 80 Feet Road, 20th Main, 8th
Block, Kormangalam, Bangalore 560 095, Karnataka |
|
Type of Charges |
Immovable property, movable property, floating charge |
|
Whether consortium finance is involved |
No |
|
Whether joint charge involved |
No |
|
Number of charge holder(s) |
1 |
|
Particular of the charge holder |
State Bank of Bikaner and Jaipur R P Road Branch, R P Road, Hyderabad 500 003, Andhra Pradesh, India |
|
Nature or description of the instrument creating or modifying the charge |
Memorandum for recording extension of mortgage by deposit of title deeds covering enhanced limits and / or creation of Equitable Mortgage on additional properties for existing limits and enhanced limits and additional facilities |
|
Date of the instrument creating charge |
28.03.2008 |
|
Whether charge created or modified outside India |
No |
|
Amount Secure by the charge |
Rs.
100.000 millions |
|
Brief particulars of the principal terms and conditions and extent and operation of the charge |
Rate of Interest: There is no change in the terms and conditions. Creation of Equitable Mortgage on the additional immovable properties. Terms of repayment: There is no change in the terms and conditions. Creation of Equitable Mortgage on the additional immovable properties. Margin: There is no change in the terms and conditions. Creation of Equitable Mortgage on the additional immovable properties. Extent and operation of the charge: The charge operates as security, inter alia, for the due repayment by the company to the State Bank of Bikaner and Jaipur, R P Road Branch, Secunderabad, Andhra Pradesh, India, for its limits sanctioned to the extent of Rs. 100.000 millions, together with interest, additional interest, liquidated damages, commitment charges, premia on prepayment or on redemption, costs, charges, expenses and all other monies payable by the company to State Bank of Bikaner and Jaipur, R P Road Branch, Secunderabad, Andhra Pradesh, India. |
|
Short particulars of the Property charged |
There is no change in the security offered and registered. Creation of equitable mortgage on the following properties to cover the limit of Rs. 100.000 millions. Equitable Mortgage on the entire property having aggregate area of 12 acres and 23 guntas spread over 11 surveys 103, 108, 111, 113, 112/1, 109, 129/1 and 128 (three documents) situated at Sompura Village, Sarjapurahobli, Anekal Taluk, Bangalore standing in the name of the company |
|
Whether any of the property or interest therein under reference is not registered in the name of the company |
No |
|
Date of latest modification prior to the present modification |
31.05.2006 |
|
Particulars of the present modification |
There is no change in the existing limits of Rs. 100.000 millions. Creation of Equitable Mortgage on the company’s immovable properties to cover as security. |
AS PER WEB:
Subject is a Bangalore based Public Limited Company started its operations in 1997. In a short period of time it has emerged as one of the leading developers in South India with its excellent projects of outstanding quality, reliability, affordability and efficient after sales service. The Company is having 7 ongoing projects worth Rs.15000.000 millions and poised to launch 10 different Projects, at strategic locations of Bangalore, Chennai and Hyderabad. These projects will have total inventory of 10,000 units. In the current financial year two SEZ s with proposed built-up area of 6 million sq. ft are also planned.
The company engages various national and international architects (like HOK,
USA) for its projects. It has its own team of construction and for mega
projects it utilizes the services of renowned construction agencies.
Future Strategy is to develop
- State-of-the-art IT Parks/SEZ's
- Self contained township projects
- Forays into other cities like Chennai, Vizag, Coimbatore, Mysore.
The Company has a strong team of dedicated and highly experienced professionals, in the fields of Engineering, Management and Marketing, which has been relentlessly striving to ensure a “Golden Future” for one and all associated with the Company.
To sum up, the mission of the Company is,
"No Customer Shall Remain Dissatisfied".
Press
Releases
The Hindu, Hyderabad
26th January, 2008
Fs
Hyderabad
After making its presence felt in Bangalore, Golden Gate Properties has
just completed a project at Madhapur and is in the process of initiating two
more in the city. The company received a shot in the arm recently with a
Deutsche Bank wing making its first real estate investment in the country with
it.
“We are focusing on township projects that will come with all necessary
amenities and ensure that a resident has to go out only for his job,” says
K.Pratap, Golden Gate Managing Director in a chat with T.Lalith Singh. On
Golden Gate Properties projects having started in 1997 in Bangalore, we have
completed 10 projects and currently another 10 projects are going on there.
Each year, we add three to four projects to our credit and are starting a villa
project in Mysore. We are also looking at Chennai and Pune for projects.
On projects in the city We have just completed Golden Habitat at
Madhapur which is an apartment block of 60. We are planning 2,000 apartment
venture at Tellapur on 40 acre land which will commence in six months time. At
Shameerpet, we are going to have one project on 20 acre site and we are also
exploring Shamshabad too. Our development comes with all amenities to ensure
hassle free living. Except for job, one need not go out of the campus. Adequate
sports facilities are added and they are more practical in nature than just
equipping with some fancy stuff.
On Deutsche Bank joining hands The real-estate arm of the bank is
partnering and initially around Rs.275 crore is being put in. This is the first
time in the country that they are partnering. Depending on future projects, the
association might go up.
On real estate boom in city and its sustainability The boom picked up
here in 2003,some eight years after Bangalore. The prices have become very
speculative and customer affordability is not being paid the attention it
deserves to be. The industry should understand the paying capacity of customer
and then build accordingly. Too many fancy notions on part of developers will
not work. One high priced project might sell but its success cannot be
replicated too much also. There can be one Benz but against it, 10,000 Marutis
are sold. This mismatch between customer need and what is being offered should
be addressed.
On real estate market slowing down The market will evolve and people are
learning it the hard way. It’s learning curve for developers also. The boom
happened for the first time and threw up lot of uncertainty. Now, the market is
realigning and I hope it will stabilise in next 12 to 18 months time.
On influence of Telangana issue on real estate Investors and speculators
will be affected and they might move out. It is good since the process will
free the land that is being held back. Land is raw material for a developer and
it becomes available in the process. Land at many places such as Tellapur has
been heavily blocked and in a way, it is blocking the city’s development.
The
Economic Times, Hyderabad
26th Monday, 2007
Golden Gate set to raise Rs 900 crore
In Talks With European Banks, Blackstone
BANGALORE – based Golden Gate Properties is understood
to be in advanced talks with two leading European banks, apart from the
Blackstone Group, to raise close to $200 million (Rs 900 crore). A company
announcement on the same is expected shortly. Headquartered in Bangalore,
Golden Gate Properties controls a sizeable land bank of close to 350 acres in
and around Bangalore. It currently has over 11 million sq ft of land under
development in the city. Mr Sanjay Raj, executive director, Golden Gate Properties
confirmed that the company is open to a private equity placement but refused to
divulge details.
ET had reported a
few months ago that the company was in talks with the New York-based Blackstone
Group to raise $100 million, apart from an additional $30 million that it was
looking to raise from other private equity firms.
“The time is right
for real estate developers to go in for a private equity placement. Each
interest rate hike would see companies spend more on clearing debts, which
would decrease corporate profitability. The faster a company closes a deal, the
larger would be its valuation,” said an industry analyst.
Golden Gate
currently has seven ongoing projects worth Rs 1,500 crore and is planning to launch
10 different projects in the southern metros of Bangalore, Chennai and
Hyderabad, These projects would have a total inventory of 10,000 units, The
company also has the approval to develop one SEZ at Devanahalli in Bangalore,
while it is awaiting the approvals to kick-off a second SEZ project on Mysore
Road. Both SEZ put together constitute an approximate built-up area of six
million sq ft.
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.42.64 |
|
UK Pound |
1 |
Rs.83.00 |
|
Euro |
1 |
Rs.66.00 |
SCORE & RATING
EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
7 |
|
PAID-UP CAPITAL |
1~10 |
8 |
|
OPERATING SCALE |
1~10 |
8 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
9 |
|
--PROFITABILIRY |
1~10 |
7 |
|
--LIQUIDITY |
1~10 |
8 |
|
--LEVERAGE |
1~10 |
8 |
|
--RESERVES |
1~10 |
8 |
|
--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 |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
70 |
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 |
|