MIRA
INFORM REPORT
|
Report Date : |
08.03.2011 |
IDENTIFICATION DETAILS
|
Name : |
AMBIENCE LIMITED |
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Registered
Office : |
L-4, |
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Country : |
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Financials (as
on) : |
31.03.2010 |
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Date of
Incorporation : |
14.04.1986 |
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Com. Reg. No.: |
55-23886 |
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CIN No.: [Company Identification
No.] |
U51503DL1986PLC023886 |
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TAN No.: [Tax Deduction & Collection
Account No.] |
DELA12873A |
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PAN No.: [Permanent Account No.] |
AAACA0541K |
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|
Legal Form : |
A closely held public limited liability company. |
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Line of Business
: |
Development, Construction and marketing of Real Estate projects for
Commercial and Residential Use. |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (46) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 15000000 |
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|
Status : |
Satisfactory |
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Payment Behaviour : |
Slow but correct |
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Litigation : |
Clear |
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Comments : |
Subject is an established company having satisfactory track. Trade
relations are reported as fair. Business is active. Payments are reported to
be slow but correct. 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.
ECGC Country Risk Classification List – April 1, 2010
|
Country Name |
Previous Rating (31.12.2009) |
Current Rating (01.04.2010) |
|
|
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
|
Off-credit |
D |
INFORMATION DECLINED BY
Management Non Cooperative
LOCATIONS
|
Registered Office : |
L-4, |
|
Tel. No.: |
91-22-26195042/ 26196284/ 6194021/66308890 |
|
Fax No.: |
91-22-26164757 |
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E-Mail : |
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Website : |
DIRECTORS
As on 30.09.2010
|
Name : |
Mr. Raj Singh Gehlot |
|
Designation : |
Chairman cum Managing Director |
|
Address : |
A-4 and 5, |
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Date of Birth/Age : |
07.02.1959 |
|
Date of Appointment : |
24.08.2005 |
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|
Name : |
Mr. Dayanand Singh |
|
Designation : |
Whole time Director |
|
Address : |
F-6B, 3rd Floor, Hauz Khas Enclave, New Delhi-110 016, |
|
Date of Birth/Age : |
29.09.1961 |
|
Date of Appointment : |
15.07.2000 |
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|
|
|
Name : |
Mr. Aman Singh Gehlot |
|
Designation : |
Director |
|
Address : |
1/7, Sarvapriya Vihar, New Delhi-110 017, |
|
Date of Birth/Age : |
11.02.1986 |
|
Date of Appointment : |
28.06.2007 |
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|
|
|
Name : |
Mr. Arjun Singh Gehlot |
|
Designation : |
Director |
|
Address : |
1/7, Sarvapriya Vihar, New Delhi-110 017, |
|
Date of Birth/Age : |
10.11.1989 |
|
Date of Appointment : |
04.09.2010 |
|
|
|
|
Name : |
Mr. Brij Bihari Tondon |
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Designation : |
Director |
|
Address : |
J-238, 1st Floor, Saket, New Delhi-110 017, |
|
Date of Birth/Age : |
30.06.1941 |
|
Date of Appointment : |
11.09.2009 |
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|
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Name : |
Mr. Ramesh Chander Kapoor |
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Designation : |
Director |
|
Address : |
S-384, Top Floor, Panchsheel, New Delhi-110 017, |
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Date of Birth/Age : |
07.10.1944 |
|
Date of Appointment : |
11.09.2009 |
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|
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|
Name : |
Mr. Samsher Singh Kanwar |
|
Designation : |
Director |
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Address : |
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Date of Birth/Age : |
07.10.1944 |
|
Date of Appointment : |
11.09.2009 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 30.09.2010
|
Names of Shareholders |
|
No. of Shares |
|
Raj Singh Gehlot |
|
33704167 |
|
Sheela Gehlot |
|
33704167 |
|
Aman Singh Gehlot |
|
33620833 |
|
Arjun Singh Gehlot |
|
33620833 |
|
Aman holdings Private Limited, |
|
33620833 |
|
Aman Growth Funds Private Limited, |
|
27564083 |
|
Nutan Growth Funds Private Limited, |
|
27564083 |
|
Raj Sheela Growth Funds Private Limited, |
|
27564083 |
|
Raj Singh and Sons (HUF), Idnia |
|
33704168 |
|
Goodworth Infracon Private Limited, |
|
18170250 |
|
Total |
|
302837500 |
As on 30.09.2010
|
Category |
Percentage |
|
Bodies corporate |
44.41 |
|
Directors or relatives of Directors |
55.59 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Development, Construction and marketing of Real Estate projects for
Commercial and Residential Use. |
GENERAL INFORMATION
|
No. of Employees : |
Not Divulged by the management |
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Bankers : |
ICICI Bank Limited, Bhishma Pitamah Marg, Pragati Vihar, New Delhi-110
003, |
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Facilities : |
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Banking
Relations : |
- |
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Auditors : |
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|
Name : |
Binda Lal Yadav Chartered Accountants |
|
Address : |
C-23, LGF, Hauz Khas, New Delhi-110 016, |
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Tel. No.: |
91-11-42654533/26528982/26529500 |
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Fax No.: |
91-11-41831139 |
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E-Mail : |
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Group Companies: |
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Subsidiaries : |
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CAPITAL STRUCTURE
As on 30.09.2010
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 |
|
302837500 |
Equity Shares |
Rs.10/- Each |
Rs.3028.375
Millions |
Note:
Of the above shares 297928500 Equity Shares
have been allotted as fully paid up Bonus Shares by Capitalisation of profits
and Share premium Account.
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
3028.375 |
1817.025 |
1806.225 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
793.546 |
1643.126 |
224.030 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
3821.921 |
3460.151 |
2030.255 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
6744.285 |
6571.139 |
6070.117 |
|
|
2] Unsecured Loans |
601.000 |
450.100 |
450.100 |
|
|
TOTAL BORROWING |
7345.285 |
7021.239 |
6520.217 |
|
|
DEFERRED TAX LIABILITIES |
11.891 |
10.063 |
6.502 |
|
|
|
|
|
|
|
|
TOTAL |
11179.097 |
10491.453 |
8556.974 |
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|
|
|
|
|
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APPLICATION OF FUNDS |
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|
|
|
|
|
|
|
|
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|
FIXED ASSETS [Net Block] |
173.310 |
135.730 |
107.643 |
|
|
Capital work-in-progress |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
INVESTMENT |
2138.798 |
2124.406 |
2110.769 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
10818.294
|
10920.081 |
9655.733 |
|
|
Sundry Debtors |
1444.466
|
180.539 |
0.000 |
|
|
Cash & Bank Balances |
173.861
|
80.750 |
177.034 |
|
|
Other Current Assets |
0.000 |
0.000 |
0.000 |
|
|
Loans & Advances |
1294.150
|
1280.527 |
622.661 |
|
Total
Current Assets |
13730.771
|
12461.897 |
10455.428 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
142.760
|
103.195 |
296.306 |
|
|
Other Current Liabilities |
3870.797
|
3429.143 |
3303.704 |
|
|
Provisions |
889.794
|
705.262 |
526.736 |
|
Total
Current Liabilities |
4903.351
|
4237.600 |
4126.746 |
|
|
Net Current Assets |
8872.420
|
8224.297 |
6328.682 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
39.570 |
7.020 |
9.880 |
|
|
|
|
|
|
|
|
TOTAL |
11179.097 |
10491.453 |
8556.974 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
|
|
SALES |
|
|
|
|
|
|
|
Operating and Other Income |
3723.614 |
3687.027 |
5271.486 |
|
|
|
TOTAL (A) |
3723.614 |
3687.027 |
5271.486 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of Operation |
2463.246 |
2376.751 |
|
|
|
|
Establishment Expenses |
39.534 |
42.992 |
4015.709 |
|
|
|
Administrative and Other Expenses |
48.770 |
55.032 |
|
|
|
|
TOTAL (B) |
2551.550 |
2474.775 |
4015.709 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
1172.064 |
1212.252 |
1255.777 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
607.446 |
671.386 |
284.001 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
564.618 |
540.866 |
971.776 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
12.526 |
8.883 |
5.483 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
552.092 |
531.983 |
966.293 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
188.129 |
182.087 |
327.920 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
363.963 |
349.896 |
638.373 |
|
|
|
|
|
|
|
|
|
|
Adjustment for earlier year Items |
(2.193) |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
555.215 |
205.319 |
13.051 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Issue of Bonus Shares |
123.439 |
0.000 |
448.106 |
|
|
BALANCE CARRIED
TO THE B/S |
793.546 |
555.215 |
205.319 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
1.21 |
1.16 |
- |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
9.77
|
9.49 |
12.11 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
3.97
|
4.22 |
9.15 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.14
|
0.05 |
0.48 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
3.20
|
3.25 |
5.24 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
2.80
|
2.94 |
2.53 |
LOCAL AGENCY FURTHER INFORMATION
Details of Sundry Creditors:
|
Particulars |
31.03.2010 (Rs. in millions) |
31.03.2009 (Rs. in millions) |
31.03.2008 (Rs. in millions) |
|
Sundry Creditors |
142.760
|
103.195 |
296.306 |
Bankers Charges
Report as per Registry
|
Corporate
identity number of the company |
U51503DL1986PLC023886 |
|
Name of the
company |
AMBIENCE LIMITED |
|
Address of the
registered office or of the principal place of business in |
L-4, |
|
This form is for |
Creation of
charge |
|
Type of charge |
Book Debts |
|
Particular of charge
holder |
ICICI Bank Limited, Bhishma Pitamah Marg, Pragati Vihar, New Delhi-110
003, |
|
Nature of
description of the instrument creating or modifying the charge |
Deed of Hypothecation
dated September 27, 2010 for an amount of Rs.1500.000 millions (Out of
sanctioned limit of Rs.6250.000 millions) to Ambience Hotels & Resorts
Limited ("AHRL"). |
|
Date of
instrument Creating the charge |
27.09.2010 |
|
Amount secured by
the charge |
Rs.1500.000
Millions |
|
Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest Rate of Interest
charged to AHRL shall be 11.00% p.a (sum of I-Base and spread per annum) with
monthly rests. The current I-Base is 7.50% p.a and spread is 3.50% p.a. Terms of
Repayment AHRL would repay
the amount of Rs.1500.000 Millions in 4 equal monthly installments of
Rs.375.000 Millions each commencing from September, 2013. Margin NIL Extent and
Operation of the charge The Loan of
Rs.1500.000 Millions sanctioned to AHRL is secured by - Second Charge
on the Receivables of the proposed commercial office complex at Ambience
Island, NH-8, Gurgaon. |
|
Short particulars
of the property charged |
Second Charge on
the Receivables of the proposed commercial office complex at Ambience Island,
NH-8, Gurgaon. |
Fixed Assets:
·
Plant and Machinery
·
Generators
·
Motor Vehicles
·
Scooter
·
Truck
·
Computers
·
Bus
·
Office Equipments
·
Furniture and Fixture
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 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.45.13 |
|
|
1 |
Rs.73.36 |
|
Euro |
1 |
Rs.63.06 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
4 |
|
--CREDIT LINES |
1~10 |
5 |
|
--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 |
|
46 |
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.