MIRA
INFORM REPORT
|
Report Date : |
13.11.2008 |
IDENTIFICATION
DETAILS
|
Name : |
LANCO HILLS TECHNOLOGY PARK PRIVATE LIMITED |
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Registered Office : |
Plot No. 565, Road No. 92, Phase III, Jubilee Hills, Hyderabad – 500
033, Andhra Pradesh |
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Country : |
India |
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Financials (as on) : |
31.03.2008 |
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Date of Incorporation : |
07.09.2004 |
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Com. Reg. No.: |
01-44097 |
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CIN No.: [Company
Identification No.] |
U72200AP2004PTC044097 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
HYDL01343G |
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PAN No.: [Permanent
Account No.] |
AABCL1228R |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Real Estate Developers |
RATING &
COMMENTS
|
MIRA’s Rating : |
B |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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26-40 |
B |
Unfavourable & favourable factors carry similar weight in credit consideration.
Capability to overcome financial difficulties seems comparatively below
average. |
Small |
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Maximum Credit Limit : |
USD 8600000 |
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Status : |
Moderate |
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Payment Behaviour : |
No Complaints |
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Litigation : |
Clear |
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Comments : |
Subject is a 4 years old company having moderate track. Trade
relations are fair. The company’s current and future performance is expected
to be affected due to the global meltdown and recession in the industry. It may
ultimately effect the payment behaviour of the subject resulting in to delay. The company can be considered for small to mediocre business
dealings. |
LOCATIONS
|
Registered Office : |
Plot No. 565, Road No. 92, Phase III, Jubilee Hills, Hyderabad – 500
033, Andhra Pradesh, India |
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Tel. No.: |
91-40-23557272 / 23557282 / 23557273 (Alternate Phone) |
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Mobile No.: |
91-9701777277 |
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Fax No.: |
91-40-23555214 |
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E-Mail : |
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Website : |
DIRECTORS
|
Name : |
Mr. Manjunath Tayur Venkatasubbaiah |
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Designation : |
Director |
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Address : |
No. 39, 2nd Cross, 2nd Main, Bandappa Lay Out,
Gokul Extension, Bangalore – 560 054, Karnataka, India |
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Date of Birth/Age : |
08.05.1960 |
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Date of Appointment : |
20.12.2005 |
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Name : |
Mr. Madhusudhan Rao Lagadapati
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Designation : |
Director |
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Address : |
Plot No. 1277, Road No. 63A, Jubilee Hills, Hyderabad – 500 033,
Andhra Pradesh, India |
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Date of Birth/Age : |
08.01.1966 |
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Date of Appointment : |
20.12.2005 |
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Name : |
Mr. Venkatesh Babu Gangarap |
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Designation : |
Director |
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Address : |
Flat No. 66 and 68, Ashwani Layout, Hallmark Hills, View Road, # 78,
Jubilee Hills, Hyderabad – 500 033, Andhra Pradesh, India |
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Date of Birth/Age : |
03.07.1968 |
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Date of Appointment : |
20.12.2005 |
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Name : |
Mr. Narasa Reddy Donti Reddy |
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Designation : |
Director |
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Address : |
Flat No. 2B, Sri Pushpa Doyen Dacha, Plot No. 68, Near Post Office, Sri
Nagara Colony, Hyderabad – 500 073, Andhra Pradesh, India |
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Date of Birth/Age : |
01.07.1959 |
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Date of Appointment : |
17.03.2006 |
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Name : |
Mr. Pochender Shenigarapu |
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Designation : |
Whole Time Director |
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Address : |
Plot No. 178, Road No. 2th, Ravi Society, Mahendra Hills, Secunderabad
– 500 026, Andhra Pradesh, India |
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Date of Birth/Age : |
08.10.1960 |
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Date of Appointment : |
16.12.2006 |
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Name : |
Mr. Sushil Pandurang Mantri |
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Designation : |
Director |
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Address : |
Mantri House, 41 Vittal Malya Road, Bangalore – 560 001, Karnataka,
India |
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Date of Birth/Age : |
07.02.1963 |
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Date of Appointment : |
20.12.2005 |
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Date of Ceasing : |
19.05.2008 |
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Name : |
Mr. Bhaskara Rao G |
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Designation : |
Director |
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Address : |
Plot No. 42, Type – A, Road No. 6, Film Nagar, Jubilee Hills,
Hyderabad - 500 033, Andhra Pradesh, India |
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Date of Birth/Age : |
01.06.1954 |
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Date of Appointment : |
07.09.2004 |
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Name : |
Mr. Prakash G Hegde |
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Designation : |
Director |
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Address : |
1915, (53/B) 10-B-Cross, Rajaji Nagar, Bangalore – 560 010, Karnataka,
India |
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Date of Birth/Age : |
08.06.1958 |
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Date of Appointment : |
20.05.2008 |
KEY EXECUTIVES
|
Name : |
Mr. Yogender Surender |
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Designation : |
Secretary |
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Address : |
4-4-556, Sultan Bazar, Hyderabad – 500 095, Andhra Pradesh, India |
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Date of Birth/Age : |
30.08.1977 |
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Date of Appointment : |
02.05.2007 |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
(As on 30.04.2007)
|
Names of Shareholders |
No. of Shares |
|
G Bhaskara Rao |
50 |
|
L Sridhar |
50 |
|
Lanco Infratech Limited |
166499900 |
|
Brahmagiri Realtors Private Limited |
58500000 |
List of Allotment (As on 20.05.2008)
|
Names of Allottees |
No. of Shares |
|
Lanco Infratech Limited |
55500000 |
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Brahmagiri Realtors Private Limited |
19500000 |
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Total |
75000000 |
Equity shares Breakup (percentage of total equity)
(As on 30.09.2008)
|
Category |
Percentage |
|
Bodies corporate |
100.00 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Real Estate Developers |
GENERAL
INFORMATION
|
Bankers : |
Punjab National Bank # 781-785, Rayala Towers, 3rd Floor, Anna Salai, Chennai –
600 002, Tamilnadu, India |
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Facilities : |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
·
Price Water House Chartered Accountants Address 1 : #
8-2-293/82/A/1131A, Road No. 36, Jubilee Hills, Hyderabad – 500 034, Andhra
Pradesh, India Tel. No.: 91-40-66246600 Fax No.: 91-40-66246400 Address 2 : 6-3-550, IInd Floor, L B Bhavan, Somajiguda, Hyderabad – 500 082,
Andhra Pradesh, India |
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Holding Company : |
Lanco Infratech Limited |
CAPITAL STRUCTURE
(As on 30.09.2008)
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
400000000 |
Equity Shares |
Rs.10/- each |
Rs.4000.000 millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
400000000 |
Equity Shares |
Rs.10/- each |
Rs.4000.000 millions |
(As on 31.03.2008)
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
150000000 |
Equity Shares |
Rs.10/- each |
Rs.1500.000 millions |
(110999900 Shares are held by Lanco Infratech
Limited the holding company)
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
|
31.03.2008 |
31.03.2007 |
|
|
SHAREHOLDERS FUNDS |
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|
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|
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1] Share Capital |
|
1500.000 |
875.000 |
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2] Share Application Money |
|
0.000 |
95.000 |
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3] Reserves & Surplus |
|
225.240 |
0.000 |
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4] (Accumulated Losses) |
|
0.000 |
(23.230) |
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NETWORTH |
|
1725.240 |
946.770 |
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LOAN FUNDS |
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1] Secured Loans |
|
3365.000 |
2066.224 |
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2] Unsecured Loans |
|
000.000 |
0.000 |
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TOTAL BORROWING |
|
3365.000 |
2066.224 |
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DEFERRED TAX LIABILITIES |
|
1.353 |
0.437 |
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TOTAL |
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5091.593 |
3013.431 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
|
1427.914 |
1321.370 |
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Capital work-in-progress |
|
370.243 |
142.480 |
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Expenditure during construction, pending allocation (net) |
|
995.021 |
0.000 |
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INVESTMENT |
|
0.389 |
0.366 |
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DEFERREX TAX ASSETS |
|
0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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|
|
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Inventories |
|
4427.566
|
3545.135 |
|
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Sundry Debtors |
|
84.004
|
0.000 |
|
|
Cash & Bank Balances |
|
137.682
|
257.713 |
|
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Other Current Assets |
|
0.932 |
0.331 |
|
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Loans & Advances |
|
893.236
|
64.058 |
|
Total
Current Assets |
|
5543.420
|
3867.237 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
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Current Liabilities |
|
3119.093
|
2315.324 |
|
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Provisions |
|
126.301
|
2.698 |
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Total
Current Liabilities |
|
3245.394
|
2318.022 |
|
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Net Current Assets |
|
2298.026
|
1549.215 |
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|
MISCELLANEOUS EXPENSES |
|
0.000 |
0.000 |
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|
|
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TOTAL |
|
5091.593 |
3013.431 |
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PROFIT & LOSS
ACCOUNT
|
PARTICULARS |
|
31.03.2008 |
31.03.2007 |
|
|
Revenue from Property Development |
|
1288.298 |
0.000 |
|
|
Other Income |
|
38.855 |
4.485 |
|
|
Increase in work in progress |
|
1065.713 |
3502.468 |
|
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Total Income |
|
2392.866 |
3506.953 |
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|
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|
Profit/(Loss) Before Tax |
|
373.903 |
(21.106) |
|
|
Provision for Taxation |
|
125.433 |
0.693 |
|
|
Profit/(Loss) After Tax |
|
248.470 |
(21.799) |
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Expenditures : |
|
|
|
|
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|
Development Cost |
|
1838.359 |
3502.468 |
|
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Personnel and Administrative Expenses |
|
163.802 |
22.690 |
|
|
Interest and Finance Charges |
|
2.494 |
0.269 |
|
|
Depreciation & Amortization |
|
14.308 |
2.632 |
|
Total Expenditure |
|
2018.963 |
3528.059 |
|
KEY RATIOS
|
PARTICULARS |
|
|
31.03.2008 |
31.03.2007 |
|
PAT / Total Income |
(%) |
|
10.38 |
(0.62) |
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|
Net Profit Margin (PBT/Sales) |
(%) |
|
29.02 |
0.00 |
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|
Return on Total Assets (PBT/Total Assets} |
(%) |
|
5.36 |
(0.41) |
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Return on Investment (ROI) (PBT/Networth) |
|
|
0.22 |
(0.02) |
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|
Debt Equity Ratio (Total Liability/Networth) |
|
|
3.83 |
4.63 |
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|
Current Ratio (Current Asset/Current Liability) |
|
|
1.71 |
1.67 |
LOCAL AGENCY
FURTHER INFORMATION
Note
The Registered Office of the company has been shifted from Lanco House,
141 Avenue 8, Road 2, Banjara Hills, Hyderabad, Andhra Pradesh India to the
present address w.e.f. 23.01.2008.
Form No. 8
|
Corporate identity
number of the company |
U72200AP2004PTC044097 |
|
Name of the
company |
LANCO HILLS TECHNOLOGY PARK PRIVATE LIMITED |
|
Address of the
registered office or of the principal place of business in India of the company |
Plot No. 565, Road No. 92, Phase III, Jubilee Hills, Hyderabad – 500
033, Andhra Pradesh, India |
|
This form is for |
Creation of
charge |
|
Type of charge |
·
Immovable
property ·
Movable
property (not being pledge) |
|
Particular of
charge holder |
Punjab National Bank # 781-785, Rayala Towers, 3rd Floor, Anna Salai, Chennai –
600 002, Tamilnadu, India |
|
Nature of
instrument creating charge |
·
Deed of
Hypothecation to Secure ILC/FLC on DA/DP ·
Counter
guarantee to Secure ILG/FLG Facility ·
Supplementary
Agreement |
|
Date of
instrument Creating the charge |
26.05.2008 |
|
Amount secured by
the charge |
Rs.3300.000
millions |
|
Brief of the
principal terms an conditions and extent and operation of the charge |
·
Rate of
interest 4% over prevailing BPLR presently @ 16.50% p.a. as applicable to clean
Advances per annum with monthly on LC Amount in default. ·
Terms of
repayment Nil ·
Margin 100% ·
Extant and
operation of the charge Nil |
Development During
the Year
The Company has begun construction of residential towers. The company
has completed excavation work for IT9 and 77% of excavation has been completed
in IT areas. The contract for civil and structural works for IT9 has been
awarded
Design concept for infrastructure for the project has been finalized.
The structural and MEP consultants have been appointed for the Retail and
Hospitality area.
The company has made a payment of Rs.970 millions to APIIC during the
year for acquiring 27.29 acres of land out of balance 50 acres.
Fixed Assets
·
Land
·
Buildings
·
Office equipment
·
Furniture and Fixtures
·
Vehicles
·
Plant and Machinery
·
Electrical Fittings
Web Details
Profile
A new dimension in urban
living
A new world takes shape that is all set to redefine contemporary urban living.
A world where the finest lifestyle features, international facilities and
amenities come together to add an entirely new dimension to luxury, comfort,
aesthetics and functionality.
Subject is one of the world's largest mixed development projects.
Designed to change the very skyline of Hyderabad, Subject spreads across
awe-inspiring acres of pristine land with world-class facilities and
contemporary architecture. This Rs. 55000 millions mega project offers a rich
blend of experiences that encompass every conceivable need for modern day
living.
Subject will be a unique world within, with convenient access to homes, premium
office spaces, entertainment, hotels, leisure and shopping at one place. With
the world's tallest residential tower as a signature landmark and one of the
best Clubhouses in the country, Subject will be an address to be aspired for.
Breathtaking vistas, landscaped gardens and high-rise living combine to create
an experience that is unique and spectacular.
Lanco
Group
Lanco
Infratech Limited, established in 1993 in India, is one of the organizations in
Power Generation, Infrastructure development, Construction, EPC and Property
Development. Lanco has 23 subsidiary companies with a market capitalization of
around US$ 4 billion.
Lanco
has a power generation capacity of 518 MW and is constructing power projects of
upto 7,500 MW. Lanco is in the process of developing Infrastructure including
Roads, Transmission Lines, Sea Ports and Airports. The Construction and EPC
division at present has an order book of INR 110000 millions.
Associates
Subject
is committed to provide the best to its valued customers and has engaged the
best of architects, consultants, equipment suppliers and professional service
providers from around 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 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.48.79 |
|
UK Pound |
1 |
Rs.75.41 |
|
Euro |
1 |
Rs.61.48 |
SCORE & RATING
EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
3 |
|
PAID-UP CAPITAL |
1~10 |
4 |
|
OPERATING SCALE |
1~10 |
3 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
--PROFITABILIRY |
1~10 |
2 |
|
--LIQUIDITY |
1~10 |
4 |
|
--LEVERAGE |
1~10 |
4 |
|
--RESERVES |
1~10 |
4 |
|
--CREDIT LINES |
1~10 |
3 |
|
--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 |
|
32 |
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 |
|