MIRA
INFORM REPORT
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Report Date : |
04.06.2011 |
IDENTIFICATION DETAILS
|
Name : |
INDIABULLS INFRASTRUCTURE COMPANY LIMITED (w.e.f. 29.03.2010 |
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Formerly Known
As : |
INDIABULLS INFRASTRUCTURE COMPANY PRIVATE LIMITED |
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Registered
Office : |
1A, |
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Country : |
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Financials (as
on) : |
31.03.2010 |
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Date of
Incorporation : |
11.03.2010 |
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Com. Reg. No.: |
55 – 199960 |
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Capital
Investment / Paid-up Capital : |
Rs. 15.500 Millions |
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CIN No.: [Company Identification
No.] |
U70200DL2010PLC199960 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
DELI07791A |
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PAN No.: [Permanent Account No.] |
AACCI2448B |
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Legal Form : |
A Closely Held Public Limited Liability Company |
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Line of Business
: |
The Company is in the business of purchasing, selling, developing, constructing,
hiring or otherwise acquire and deal in all real or personal estate/
properties and construct, acquire hold/sell properties, buildings, farms,
land tenements and to act as real estate agent and all other related and
ancillary objects. |
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No. of Employees
: |
Information Not Divulged by Management |
RATING & COMMENTS
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MIRA’s Rating : |
B (31) |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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Maximum Credit Limit : |
USD 6254000 |
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Status : |
New Company |
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Payment Behaviour : |
Usually Correct |
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Litigation : |
Clear |
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Comments : |
Subject is a new company establishing itself gradually. The company
achieve sizable turnover in its very first year of operations. Trade
relations are reported as fair. Business is active. Payments are reported to
be usually correct and as per commitments. The company can be considered normal for business dealings at usual
trade terms and conditions. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
INFORMATION PARTED BY
|
Name : |
Ms. Sarita |
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Designation : |
H.R. |
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Contact No.: |
91-22-30439668 |
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Date : |
03.06.2011 |
LOCATIONS
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Registered Office : |
1A, |
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E-Mail : |
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Corporate Office : |
One |
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Tel. No.: |
91-22-30491400 |
DIRECTORS
As on 31.12.2010
|
Name : |
Mr. Ashok Kumar Sharma |
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Designation : |
Director |
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Address : |
III, F- 50, Nehru Nagar, |
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Date of Birth/Age : |
06.12.1969 |
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Date of Appointment : |
20.03.2010 |
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DIN No.: |
00010912 |
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Name : |
Mr.Suresh Kumar Jain |
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Designation : |
Director |
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Address : |
B-201, Vastu Park, Near Ryan International School, Evershine Nagar,
Malad (W), Mumbai – 400064, Maharashtra, India |
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Date of Birth/Age : |
09.09.1965 |
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Date of Appointment : |
20.03.2010 |
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DIN No.: |
00061282 |
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Name : |
Mr. Hitnder Kumar |
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Designation : |
Director |
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Address : |
MIG, Flat No. 552, 4th Floor, Pocket – 2, Sector -19,
Dwarka Resdl. Scheme, |
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Date of Birth/Age : |
27.10.1975 |
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Date of Appointment : |
27.03.2010 |
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DIN No.: |
02349392 |
KEY EXECUTIVES
|
Name : |
Ms. Sarita |
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Designation : |
H.R. |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 31.12.2010
|
Names of Shareholders |
|
No. of Shares |
|
Sameer Gehlaut |
|
24998 |
|
Rajiv Rattan |
|
12499 |
|
Saurabh K Mittal |
|
12499 |
|
Suresh Kumar Jain |
|
1 |
|
Ashok Kumar Sharma |
|
1 |
|
Hitendra Kumar |
|
1 |
|
Satish chand |
|
1 |
|
Inuus Infrastructure Private Limited, |
|
1250000 |
|
Hespera Realty Private Limited, |
|
625000 |
|
Priapus Developers Private Limited, |
|
625000 |
|
Total |
|
2550000 |
As on 31.12.2010
Equity Share Break up (Percentage of Total Equity)
|
Category |
Percentage |
|
Bodies corporate |
98.03 |
|
Other top fifty shareholders |
1.97 |
|
Total |
100.00 |
BUSINESS DETAILS
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Line of Business : |
The Company is in the business of purchasing, selling, developing,
constructing, hiring or otherwise acquire and deal in all real or personal estate/
properties and construct, acquire hold/sell properties, buildings, farms,
land tenements and to act as real estate agent and all other related and
ancillary objects. |
GENERAL INFORMATION
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No. of Employees : |
Information Not Divulged by Management |
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Bankers : |
Not Available |
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Facilities : |
-- |
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Banking
Relations : |
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Auditors : |
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Name : |
A Sardana and Company Chartered Accountant |
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Address : |
D-118, Saket, |
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Tel. No.: |
91-11-32564949/ 32460780/ 40524636 |
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Mobile No.: |
91-9312014225 |
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Fax No.: |
91-11-41663630 |
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PAN.: |
AAOFA8241R |
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Associates/Subsidiaries : |
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CAPITAL STRUCTURE
As on 31.12.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
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3500000 |
Equity Shares |
Rs.10/- each |
Rs. 35.000 Millions |
|
100000 |
Preferance Share |
Rs.10/- each |
Rs. 1.000 Million |
|
|
Total |
|
Rs. 36.000 Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
2550000 |
Equity Shares |
Rs.10/- each |
Rs. 25.500 Millions |
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As on 31.03.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
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|
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|
2500000 |
Equity Shares |
Rs.10/- each |
Rs. 25.000 Millions |
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Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
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|
|
|
|
|
1550000 |
Equity Shares |
Rs.10/- each |
Rs. 15.500 Millions |
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FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
|
|
31.03.2010 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
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|
15.500 |
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2] Share Application Money |
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|
0.000 |
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3] Reserves & Surplus |
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|
1548.105 |
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4] (Accumulated Losses) |
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|
0.000 |
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NETWORTH |
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1563.605 |
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LOAN FUNDS |
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1] Secured Loans |
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|
0.000 |
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2] Unsecured Loans |
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|
0.000 |
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TOTAL BORROWING |
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|
0.000 |
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DEFERRED TAX LIABILITIES |
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|
0.000 |
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TOTAL |
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1563.605 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
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0.000 |
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Capital work-in-progress |
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|
0.0000 |
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INVESTMENT |
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|
1500.040 |
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DEFERREX TAX ASSETS |
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|
0.032 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
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|
0.000 |
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Sundry Debtors |
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|
32.263 |
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Cash & Bank Balances |
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|
69.003 |
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Other Current Assets |
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|
0.000 |
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Loans & Advances |
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|
0.005 |
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Total
Current Assets |
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|
101.271 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Sundry Creditors |
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|
0.000 |
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Other Current Liabilities |
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|
16.486 |
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Provisions |
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|
21.252 |
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Total
Current Liabilities |
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37.738 |
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Net Current Assets |
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|
63.533 |
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MISCELLANEOUS EXPENSES |
|
|
0.000 |
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TOTAL |
|
|
1563.605 |
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PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
|
|
31.03.2010 |
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SALES |
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Revenue From Operations |
|
|
385.716 |
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Other Income |
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|
0.000 |
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TOTAL |
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385.716 |
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Less |
EXPENSES |
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Operating Expenses |
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289.698 |
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Administrative and Other Expenses |
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|
0.317 |
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TOTAL |
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290.015 |
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PROFIT BEFORE
TAX |
|
|
95.701 |
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Less |
TAX |
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32.596 |
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PROFIT AFTER TAX
|
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63.105 |
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BALANCE CARRIED
TO THE B/S |
|
|
63.105 |
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Earnings Per
Share (Rs.) |
|
|
40.71 |
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KEY RATIOS
|
PARTICULARS |
|
|
|
31.03.2010 |
|
PAT / Total Income |
(%) |
|
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16.36 |
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Net Profit Margin (PBT/Sales) |
(%) |
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24.81 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
|
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94.50 |
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Return on Investment (ROI) (PBT/Networth) |
|
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|
0.06 |
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Debt Equity Ratio (Total Liability/Networth) |
|
|
|
0.02 |
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Current Ratio (Current Asset/Current Liability) |
|
|
|
2.68 |
LOCAL AGENCY FURTHER INFORMATION
Sundry Creditors
are not available
Change of Address:
Registered office of the company has been shifted from E-29, First
Floor,
Overview:
Subject was incorporated on March 11, 2010 as Indiabulls Infrastructure
Company Private Limited. The Company is in the business of purchasing, selling,
developing, constructing, hiring or otherwise acquire and deal in all real or
personal estate/ properties and construct, acquire hold/sell properties,
buildings, farms, land tenements and to act as real estate agent and all other
related and ancillary objects.
In accordance with the provisions of Section 44 and other applicable
provisions of the Companies Act, 1956, the members of the company at their
Extraordinary General Meeting held on March 29, 2010, accorded their approval
to change the status of the Company from a private limited company to a public
limited company. The Company has since received a fresh certificate of
incorporation consequent upon change of name on conversion to a public limited
company from the Registrar of Companies, National Capital Territory of Delhi
and Haryana dated May 05, 2010, in respect of the said change. Accordingly, the
name of the Company was changed from Indiabults Infrastructure Company Private
Limited to Indiabulls Infrastructure Company Limited.
Review of
Operations:
The company earned net profit of Rs. 63.105
Millions
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts,
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.44.85 |
|
|
1 |
Rs.73.29 |
|
Euro |
1 |
Rs.64.89 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
3 |
|
PAID-UP CAPITAL |
1~10 |
4 |
|
OPERATING SCALE |
1~10 |
4 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
4 |
|
--PROFITABILIRY |
1~10 |
3 |
|
--LIQUIDITY |
1~10 |
4 |
|
--LEVERAGE |
1~10 |
3 |
|
--RESERVES |
1~10 |
3 |
|
--CREDIT LINES |
1~10 |
3 |
|
--MARGINS |
-5~5 |
-- |
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DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
NO |
|
--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 |
|
31 |
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 |
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 |
|
- |
NB |
New Business |
- |
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.