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MIRA
INFORM REPORT
|
Report Date : |
22.03.2011 |
DENTIFICATION DETAILS
|
Name : |
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Registered
Office : |
6-3-1089/G/10 and 11, Gulmohar Avanue, |
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Country : |
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Financials (as
on) : |
31.03.2010 |
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Date of
Incorporation : |
11.03.2004 |
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Com. Reg. No.: |
01-042855 |
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CIN No.: [Company Identification
No.] |
U24239AP2004PLC042855 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
HYDR02116C |
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PAN No.: [Permanent Account No.] |
AACCR7170F |
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Legal Form : |
A Closely Held Public Limited Liability Company |
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Line of Business
: |
Development of Land and Providing Common Infrastructure Facilities
like Roads, |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (49) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 2634792 |
|
|
|
|
Status : |
Satisfactory |
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Payment Behaviour : |
Usually Correct |
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Litigation : |
Clear |
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Comments : |
Subject is a well established company having satisfactory track. The
company is doing well. 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.
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 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
INFORMATION PARTED BY
|
Name : |
Mr. B Balakrishna |
|
Designation : |
Finance Manager |
|
Contact No.: |
91-9704133340 |
|
Date : |
19.03.2011 |
LOCATIONS
|
Registered Office : |
6-3-1089/G/10 and 11, Gulmohar Avanue, |
|
Tel. No.: |
91-40-23302353 |
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E-Mail : |
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|
Website : |
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|
Admin Office : |
Admin Block, Commercial Hub, Road No. 13, JNPC, Parawada (M),
Vizag, |
|
Tel. No.: |
91-8924-26001 / 018 |
|
Mobile No.: |
91-9704133340 (Mr. B Balakrishna) |
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Fax No.: |
91-8924-236028 |
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E-Mail : |
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|
Location : |
Owned |
DIRECTORS
AS ON 29.09.2010
|
Name : |
Mr. Alla Ayodhya Rami Reddy |
|
Designation : |
Director |
|
Address : |
238-A/C-1, New MLA’s Colony, Road No.12, Banjara Hills, |
|
Date of Birth/Age : |
01.08.1963 |
|
Date of Appointment : |
11.03.2004 |
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|
|
|
Name : |
Mr. Mareddy Goutham Reddy |
|
Designation : |
Director |
|
Address : |
3-6-696, Flat No.104, Raghvendra Royal Fort, Street No.11,
Himayatnagar, Secunderabad – 500029, |
|
Date of Birth/Age : |
01.07.1970 |
|
Date of Appointment : |
05.11.2007 |
|
|
|
|
Name : |
Mr. Katneni Surya Mohan Rao |
|
Designation : |
Director |
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Address : |
18-387, Street No.8, Mallikarjuna Nagar, Malkajgiri, Secunderabad, |
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Date of Birth/Age : |
18.11.1951 |
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Date of Appointment : |
11.03.2004 |
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|
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Name : |
Mr. Dereddy Muralidhar Reddy |
|
Designation : |
Director |
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Address : |
105, Sunshine Residency, HUDA Colony, Chandanagar, |
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Date of Birth/Age : |
01.07.1969 |
|
Date of Appointment : |
23.09.2008 |
KEY EXECUTIVES
|
Name : |
Mr. B Balakrishna |
|
Designation : |
Finance Manager |
|
|
|
|
Name : |
Mr. Bhagwan Prasad |
|
Designation : |
Finance Department – Subordinate |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 29.09.2010
|
Names of Shareholders |
|
No. of Shares |
|
Ramky Infrastructure Limited, |
|
9129000 |
|
Andhra Pradesh Industrial Infrastructure Corporation Limited, |
|
1980000 |
|
Ramky Estates and Farms Limited, |
|
6840000 |
|
Shri A Ayodhya Rami Reddy (Nominee of Ramky Infrastructure Limited)
S/o A Dasharatha Rami Reddy |
|
27000 |
|
Smt. A Dakshayani (Nominee of Ramky Infrastructure Limited) W/o Shri A
Ayodhya Rami Reddy |
|
3000 |
|
Shri P Ponnuraj (Nominee of Ramky Infrastructure Limited) S/o |
|
3000 |
|
Shri Y R Nagaraja (Nominee of Ramky Infrastructure Limited) S/o Y K
Ratnakar |
|
3000 |
|
Smt A Rama Devi (Nominee of Ramky Infrastructure Limited) W/o A Peri
Reddy |
|
3000 |
|
Shri A Peri Reddy (Nominee of Ramky Infrastructure Limited) S/o A Dasaratha
Rami Reddy |
|
3000 |
|
Smt. P Nagamalleswari (Nominee of Ramky Infrastructure Limited) W/o P
Satyanarayana Reddy |
|
3000 |
|
Smt. A Radha Devi (Nominee of Ramky Infrastructure Limited) W/o A
Ramakrishna Reddy |
|
3000 |
|
SMT. M Udaya Kumari (Nominee of Ramky Infrastructure Limited) W/o M
Vasudeva Reddy |
|
3000 |
|
TOTAL |
|
18000000 |
AS ON 29.09.2010
|
Equity Share
Breakup |
|
Percentage of
Holding |
|
Category |
|
|
|
Bodies corporate |
|
100.00 |
|
|
Total
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Development of Land and Providing Common Infrastructure Facilities
like Roads, |
GENERAL INFORMATION
|
Customers : |
Contract with APIIC (Andhra Pradesh Industrial Infrastructure
Corporation) and JNPC ( |
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No. of Employees : |
94 Approximately |
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Bankers : |
Axis Bank, Greenland, |
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Facilities : |
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Banking
Relations : |
-- |
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Auditors : |
|
|
Name : |
Vishweshwar Rao and Associates Chartered Accountant |
|
Address : |
SRI, Plot No. 512A1, Road No. 31, Jubilee Hills, |
|
Tel No.: |
91-40-23546705 |
|
Fax No.: |
91-40-23548003 |
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|
|
|
Holding Company: |
Ramky Infrastructure Limited CIN No: U74210AP1994PLC017356 |
|
|
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|
Associates/Subsidiaries : |
|
CAPITAL STRUCTURE
AS ON 29.09.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
18000000 |
Equity Shares |
Rs. 10 each |
Rs.180.000 millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
18000000 |
Equity Shares |
Rs. 10 each |
Rs.180.000 millions |
|
|
|
|
|
(Of the above 1980000
Equity shares of Rs.10/- each issued for consideration other than cash)
(The company
becomes a Subsidiary company of Ramky Infrastructure Limited during the year
2006-07 and the said Holding company holds 9180000 equity shares)
FINANCIAL DATA
[all figures are
in Rupees Millions]
Expected Sales (2010-2011) : Rs.120.000 Millions
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
180.000 |
180.000 |
180.000 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
478.698 |
257.222 |
153.933 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
658.698 |
437.222 |
333.933 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
303.793 |
300.000 |
139.974 |
|
|
2] Unsecured Loans |
0.000 |
0.000 |
0.000 |
|
|
TOTAL BORROWING |
303.793 |
300.000 |
139.974 |
|
|
DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
962.491 |
737.222 |
473.907 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
68.670 |
68.666 |
22.809 |
|
|
Capital work-in-progress |
936.936 |
922.804 |
541.779 |
|
|
|
|
|
|
|
|
INVESTMENT |
0.000 |
0.000 |
0.000 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
876.706
|
842.072 |
878.791 |
|
|
Sundry Debtors |
388.536
|
122.706 |
68.664 |
|
|
Cash & Bank Balances |
43.355
|
65.496 |
53.202 |
|
|
Other Current Assets |
0.000
|
0.000 |
0.000 |
|
|
Loans & Advances |
118.001
|
117.505 |
270.289 |
|
Total
Current Assets |
1426.598
|
1147.779 |
1270.946 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
534.243
|
379.853 |
231.041 |
|
|
Other Current Liabilities |
928.198
|
1013.494 |
1130.587 |
|
|
Provisions |
7.272
|
9.018 |
0.593 |
|
Total
Current Liabilities |
1469.713
|
1402.365 |
1362.221 |
|
|
Net Current Assets |
(43.115)
|
(254.586) |
(91.275) |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.338 |
0.594 |
|
|
|
|
|
|
|
|
TOTAL |
962.491 |
737.222 |
473.907 |
|
PROFIT & LOSS ACCOUNT
|
|
PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
|
|
SALES |
|
|
|
|
|
|
|
Gross Receipt |
477.406 |
509.041 |
1045.987 |
|
|
|
O and M Income |
196.242 |
86.235 |
6.300 |
|
|
|
Other Income |
14.897 |
19.457 |
8.363 |
|
|
|
TOTAL (A) |
688.545 |
614.733 |
1060.650 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Development Expenses |
280.804 |
434.090 |
872.510 |
|
|
|
O and M Expenses |
134.505 |
38.647 |
3.714 |
|
|
|
Administrative Expenses |
45.560 |
27.493 |
12.653 |
|
|
|
TOTAL (B) |
460.869 |
500.230 |
888.877 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
227.676 |
114.503 |
171.773 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
0.224 |
0.216 |
0.353 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
227.452 |
114.287 |
171.420 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
0.675 |
0.527 |
0.461 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
226.777 |
113.760 |
170.959 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
5.301 |
10.471 |
23.105 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
221.476 |
103.289 |
147.854 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
12.30 |
5.74 |
-- |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
32.16
|
16.80 |
13.94 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
47.50
|
22.35 |
16.34 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
15.17
|
9.35 |
13.21 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.34
|
0.26 |
0.51 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
2.69
|
3.89 |
4.50 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
0.97
|
0.82 |
0.93 |
LOCAL AGENCY FURTHER INFORMATION
SUNDRY CREDITORS
DETAILS
|
Particulars
|
Rs.
In Millions 31.03.2010 |
Rs.
In Millions 31.03.2009 |
Rs.
In Millions 31.03.2008 |
|
Sundry Creditors |
516.049 |
369.183 |
230.276 |
|
Sundry Creditors for Expenses |
18.194 |
10.671 |
0.765 |
FORM 8
|
Corporate
identity number of the company |
U24239AP2004PLC042855 |
|
Name of the
company |
|
|
Address of the
registered office or of the principal place of business in |
6-3-1089/G/10&11, |
|
This form is for |
Modification of
charge |
|
Type of charge |
Any Interest in
Immovable Property Book debts Movable property
(not being pledge) |
|
Particular of
charge holder |
Axis Bank Limited |
|
Nature of
instrument creating charge |
Term Loan
Agreement Supplemental Deed
of Hypothecation Memorandum of
entry Sanction Letter |
|
Date of
instrument Creating the charge |
24/09/2009 |
|
Amount secured by
the charge |
Rs.530.000
millions |
|
Brief of the
principal terms an conditions and extent and operation of the charge |
Rate of interest BPLR-2.75%
presently 12.00% p.a payable monthly Terms of repayment 18 equal Monthly installments
of Rs.10.000 Millions each commencing after 3 Months from the date of first
Disbursement Extent and operation of the charge Extension of
Charge on the following assets currently charged to our bank for the existing
term loan -Exclusive first hypothecation charge on entire current assets,
receivables, P&M & movable fixed assets pertaining to project,
Assignment in favour of bank of all the rights available to the company as
per the project agreement, Charge by way of EM of 47.10 acres under survey
No.12,13,14,20,21,22,23,24,105,106&107 in Lemarthi Revenue village,
Parawada Mandal, Visakhapatnam, AP. |
|
Short particulars
of the property charged (Including location of the property) |
Extension of Charge
on the following assets currently charged to our bank for the existing term
loan Exclusive first hypothecation charge on entire current assets,
receivables, P and M and movable fixed assets pertaining to the project
Assignment in favour of bank of all the rights available to the company as
per the project agreement, Charge by way of EM of 47.10 acres under survey
No.12, 13,14, 20,21, 22, 23, 24,105, 106 and 107 in Lemarthi Revenue village,
Parawada Mandal, Visakhapatnam, AP. Corporate Guarantee of Ramky
Infrastructure Limited |
|
Date of
instrument modifying the charge |
28/06/2008 |
|
Particulars of
the present modification |
Sanction of Term
Loan Limits of Rs. 180.000 Millions and Term Loan -1 of Rs 485.100 Millions ,
Deferred Payment Guarantee (sublimit under Term Loan) - 24 Cr facilities got
liquidated, Hence the present limits of Rs. 530.000 Millions by way of BG -
Rs. 50.000 Millions, Term Loan-2 Rs. 300.000 Millions and Term Loan -3 Rs.
180.000 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 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.45.05 |
|
|
1 |
Rs.73.05 |
|
Euro |
1 |
Rs.63.18 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
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 |
6 |
|
--LEVERAGE |
1~10 |
6 |
|
--RESERVES |
1~10 |
5 |
|
--CREDIT LINES |
1~10 |
6 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
|
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
|
|
--AFFILIATION |
YES/NO |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
49 |
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.