MIRA
INFORM REPORT
|
Report Date : |
31.10.2011 |
IDENTIFICATION DETAILS
|
Name : |
HINDUSTHAN INFRASTRUCTURE PROJECTS AND ENGINEERING PRIVATE LIMITED [w.e.f. 20.10.2003] |
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Formerly Known
As : |
RAG CONSTRUCTION AND REAL ESTATE PRIVATE LIMITED |
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Registered
Office : |
No. 54, Richmond Road, Bangalore-560025, Karnataka |
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Country : |
India |
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Financials (as on)
: |
31.03.2010 |
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Date of
Incorporation : |
21.10.1993 |
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Com. Reg. No.: |
08-014830 |
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Capital
Investment / Paid-up Capital : |
Rs.249.960
Millions |
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CIN No.: [Company Identification
No.] |
U70109KA1993PTC014830 |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Real Estate and Construction. |
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No. of Employees
: |
Not Available |
RATING & COMMENTS
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MIRA’s Rating : |
Ba (46) |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Maximum Credit Limit : |
USD 7900000 |
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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 – September 30, 2011
|
Country Name |
Previous Rating (30.06.2011) |
Current Rating (30.09.2011) |
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A1 |
A1 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
LOCATIONS
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Registered Office : |
No. 54, Richmond Road, Bangalore-560025, Karnataka, India |
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Tel. No.: |
91-80-25594911 |
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Fax No.: |
91-80-25323488 |
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E-Mail : |
DIRECTORS
As on 30.09.2010
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Name : |
Mr. Sudhakar Gande |
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Designation : |
Director |
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Address : |
802, 8th Floor, Atur Terraces, Cuffe Parade, Mumbai-400005,
Maharashtra, India |
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Date of Birth/Age : |
03.09.1957 |
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Date of Appointment : |
08.01.2008 |
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Din No.: |
00987566 |
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Other Directorship:
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Name : |
Mr. Mathevam Pillai SivRam |
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Designation : |
Director |
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Address : |
206, Phase 1, Palm Meadows, Whitefield Main Road, Bangalore-560047,
Karnataka, India |
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Date of Birth/Age : |
10.06.1959 |
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Date of Appointment : |
01.09.2008 |
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Din No.: |
01163624 |
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Other Directorship:
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Name : |
Mr. M. K. Chandrasekhar |
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Designation : |
Director |
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Address : |
No. 59, 100 Feet, Indiranagar, Bangalore-560047, Karnataka, India |
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Date of Birth/Age : |
08.11.193 |
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Date of Appointment : |
01.09.2008 |
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Din No.: |
00291616 |
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Other Directorship:
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KEY EXECUTIVES
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Name : |
K. Madhavi |
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Designation : |
Secretary |
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Address : |
B 301, Mantri Sarovar, Opposite Agara Lake, HSR Layout,
Bangalore-560102, Karnataka, India |
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Date of Birth/Age : |
07.01.1963 |
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Date of Appointment : |
09.10.2006 |
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Pan No.: |
ACEPM1477H |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 30.09.2010
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Names of Shareholders |
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No. of Shares |
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Jupiter Capital Private Limited, India |
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24995900 |
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Anil Bhandary |
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100 |
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Total |
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24996000 |
As on 30.09.2010
|
Equity Share Breakup |
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Percentage of Holding |
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Category |
|
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Bodies
corporate |
|
100.00 |
BUSINESS DETAILS
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Line of Business : |
Real Estate and Construction. |
GENERAL INFORMATION
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Bankers : |
Yes Bank Limited, 9th Floor, Nehru Centre, Discovery of
India, Dr. Annie Besant Road, Worli, Mumbai-400018, Maharashtra, India |
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Facilities : |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
Kumbhat and Company Chartered Accountants |
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Address : |
No. 10, 6th Cross, Victoria Layout, Bangalore-560047,
Karnataka, India |
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Tel. No.: |
91-80-25569444/25569555 |
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Fax No.: |
91-80-41129866 |
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E-Mail : |
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Pan No.: |
AAAFK5509L |
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Holding Company: |
Jupiter Capital Private Limited, India [U67120KA2004PTC033653] |
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Subsidiaries: |
·
Kochi Property Developers Private Limited
[U70102KL2005PTC018958] ·
Bharat Media Publication Private Limited
[U22300KA2005PTC035592] ·
Hipe Transportation Infrastructure Ventures
Private Limited [U63031KA2006PTC040981] ·
Vijaydurg Ports Private Limited
[U45208MH2007PTC174780] ·
Crystal Resorts Private Limited
[U55102KL1995PTC008962] ·
Nahal Property Developers Private Limited
[U70102KL2008PTC021686] ·
PVK Shelters (India) Private Limited
[U45201KA2005PTC037793] ·
Suryasamudra Retreats Kovalam Private Limited
[U55102KL1986PTC004465] ·
Suryasamudra Hohilday Resorts (Maharashtra)
Private Limited [U55101KA2003PTC032481] ·
Microcon International Limited
[U85110KA1996PLC020130] ·
Vidhyacom Technologies Private Limited
[U72200KA1998PTC024303] |
CAPITAL STRUCTURE
As on 31.03.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
25000000 |
Equity Shares |
Rs.10/- each |
Rs.250.000 Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
24996000 |
Equity Shares |
Rs.10/- each |
Rs.249.960
Millions |
Note: Of above, 24995900 no. of equity shares held
by Jupiter Capital Private Limited, the holding company.
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 |
|
|
|
|
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1] Share Capital |
249.960 |
249.960 |
248.832 |
|
|
2] Share Application Money |
200.000 |
0.000 |
0.000 |
|
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3] Reserves & Surplus |
1527.251 |
1396.001 |
1245.860 |
|
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
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NETWORTH |
1977.211 |
1645.961 |
1494.692 |
|
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LOAN FUNDS |
|
|
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1] Secured Loans |
0.000 |
0.000 |
0.000 |
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2] Unsecured Loans |
346.450 |
500.809 |
317.569 |
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TOTAL BORROWING |
346.450 |
500.809 |
317.569 |
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DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
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TOTAL |
2323.661 |
2146.770 |
1812.261 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
1039.720 |
432.616 |
416.522 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENT |
1793.132 |
856.505 |
964.739 |
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DEFERREX TAX ASSETS |
32.217 |
31.321 |
0.467 |
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CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
0.000
|
0.000 |
0.000 |
|
|
Sundry Debtors |
10.967
|
59.528 |
50.955 |
|
|
Cash & Bank Balances |
67.110
|
579.320 |
124.044 |
|
|
Other Current Assets |
0.000
|
0.000 |
0.000 |
|
|
Loans & Advances |
1029.912
|
1050.079 |
1045.366 |
|
Total
Current Assets |
1107.989
|
1688.927 |
1220.365 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
37.710
|
17.560 |
19.322 |
|
|
Other Current Liabilities |
1610.508
|
843.745 |
769.785 |
|
|
Provisions |
1.179
|
1.294 |
0.725 |
|
Total
Current Liabilities |
1649.397
|
862.599 |
789.832 |
|
|
Net Current Assets |
(541.408)
|
826.328 |
430.533 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
2323.661 |
2146.770 |
1812.261 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
335.437 |
365.617 |
291.129 |
|
|
|
Other Income |
177.168 |
82.413 |
173.795 |
|
|
|
TOTAL (A) |
512.605 |
448.030 |
464.924 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Administrative Expenses |
238.319 |
216.588 |
231.532 |
|
|
|
Other Expenses |
34.116 |
75.165 |
107.736 |
|
|
|
TOTAL (B) |
272.435 |
291.753 |
339.268 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
240.170 |
156.277 |
125.656 |
|
|
|
|
|
|
|
|
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Less |
FINANCIAL
EXPENSES (D) |
7.752 |
30.702 |
5.044 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
232.418 |
125.575 |
120.612 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
47.682 |
40.578 |
36.885 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
184.736 |
84.997 |
83.727 |
|
|
|
|
|
|
|
|
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Less |
TAX (H) |
53.486 |
12.688 |
29.356 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
131.250 |
72.309 |
54.371 |
|
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|
|
|
|
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|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
113.029 |
40.720 |
(13.651) |
|
|
|
|
|
|
|
|
|
|
BALANCE CARRIED
TO THE B/S |
244.279 |
113.029 |
40.720 |
|
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|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
5.25 |
2.89 |
2.19 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
25.60
|
16.14 |
11.69 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
55.07
|
23.25 |
28.76 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
8.60
|
4.00 |
5.12 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.09
|
0.05 |
0.05 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
1.00
|
0.83 |
0.74 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
0.67
|
1.95 |
1.55 |
LOCAL AGENCY FURTHER INFORMATION
OPERATIONS:
The Company has
achieved growth in highly competitive market, by continuously focusing on
enhancing its operational competence and reduction of cost.
Government of Karnataka
has accorded approval to set up a Super Speciality Medical Complex and Skill
development at a cost of Rs 3000.000 Millions in Bangalore suburb. Government
order is received to this effect and 20 acres of land allotted in Harohalli
Phase Ill, Kanakapura Taluka. The Government of Karnataka is in the process of
acquiring land for the project.
Government of
Karnataka has accorded approval to develop Golf Village, Mall, Convention
Center, Hospitality & Super Speciality Medical Complex at Hassan. Government
order is received to this effect and 350 acres of land is approved for the
project of which 178 acres
is in the final stage of acquisition process.
Set up Reality
Subsidiary and is looking at select project.
FUTURE OUTLOOK:
Keeping in mind the
rapid growth of Indian economy, coupled with the growth factors fuelled by
spiraling demand and the opportunities as offered, the Company has plans to
foray into projects in the Areas of Transportation and
Logistics, Realty
Development, Hospitality and Infrastructure Projects.
BANKERS CHARGES
REPORT AS PER REGISTRY
|
This form is for |
Modification of charge |
|
Charge identification number of the
modified |
10297416 |
|
Corporate identity number of the company |
U70109KA1993PTC014830 |
|
Name of the company |
HINDUSTHAN INFRASTRUCTURE PROJECTS AND
ENGINEERING PRIVATE LIMITED |
|
Address of the registered office or of the
principal place of business in |
No. 54, Richmond Road, Bangalore-560025, Karnataka, India |
|
Type of charge |
Immovable Property Any Interest in Immovable Property |
|
Particular of charge holder |
Yes Bank Limited, 9th Floor, Nehru Centre, Discovery of
India, Dr. Annie Besant Road, Worli, Mumbai-400018, Maharashtra, India |
|
Email |
|
|
Nature of description of the instrument
creating or modifying the charge |
Suppl. MOE date 17-08-2011 |
|
Date of instrument Creating the charge |
17.08.2011 |
|
Amount secured by the charge |
Rs.350.000 Millions |
|
Brief particulars of the principal terms
an conditions and extent and operation of the charge |
Rate of Interest TL - 2.75% p.a. above YBL Base Rate prevailing
from time to time, plus applicable tax or other statutory levy, Current YBL
Base Rate is 10.25%. Hence effective interest rate is 13.00% p.a. Terms of Repayment Term Loan (TL) tenor - Door to Door tenor
of 60 months Repayment - Moratorium period of 12 months
followed by 16 equal quarterly installments Margin a) Exclusive charge over HIPE's immovable
fixed assets in New Delhi / Coimbatore / any other location to the
satisfaction of YBL b) Exclusive charge on all moveable fixed
assets of the Company (YBL Facility to have min. asset cover of
1.25x cumulatively under securities mentioned in points (a) & (b)
above. Of which (a) should be at least
1x) Extent and Operation of the charge Exclusive charge on all immovable fixed
assets of the borrower located at World Trade Centre, Mumbai. |
|
Short particulars of the property charged |
I) Exclusive charge on all immoveable fixed assets of the borrower situated at Office Premises admeasuring 8172.75 Sq. Ft. equivalent to 759.66 Sq. Mt. or thereabouts super built up area, on the southern II) Side on the 27th Floor, together with exclusive right touse 4 reserved parking spaces in the compound of the Building Centre - 1, situate at World Trade Centre, Cuffe Parade, Colaba, Mumbai, III) Side on the 27th Floor, together with exclusive right touse 4 reserved parking spaces in the compound of the Building Centre - 1, situate at World Trade Centre, Cuffe Parade, Colaba, Mumbai, |
|
Date of latest modification prior to the present
modification |
30.06.2011 |
|
Particulars of the present
modification |
The modification of Charge is to provide
additional security by way of including immovable property along with the
movable fixed asset and receivables already charged. |
FIXED ASSETS:
·
Leasehold Land
·
Leasehold Land Rights
·
Land
·
Buildings
·
Office Equipments
·
Vehicles
·
Furniture and Fixtures
·
Computer and Printer
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.48.82 |
|
|
1 |
Rs.78.57 |
|
Euro |
1 |
Rs.69.29 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
5 |
|
--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.