1. Summary Information
|
|
|
Country |
|
|
Company Name |
Sobha Developers Limited |
Principal Name 1 |
Mr. P.N.C. Menon |
|
Status |
Good |
Principal Name 2 |
|
|
|
|
Registration # |
08-18475 |
|
Street Address |
‘SOBHA’, Sarjapur – Marathahalli, Outer Ring Road (ORR), Devarabisanhalli,
Bellandur Post, |
||
|
Established Date |
07.08.1995 |
SIC Code |
-- |
|
Telephone# |
91-80-49320000/ 25594139 |
Business Style 1 |
Housing and Real Estate Development. |
|
Fax # |
91-80-49320444/ 25594138 |
Business Style 2 |
-- |
|
Homepage |
Product Name 1 |
-- |
|
|
# of employees |
2224 (Approximately) |
Product Name 2 |
-- |
|
Paid up capital |
Shareholding of
Promoter and Promoter Group- 60.55%, Public Shareholding - 39.45% |
Product Name 3 |
-- |
|
Shareholders |
Rs.980,638,680/- |
Banking |
Andhra Bank |
|
Public Limited Corp. |
No |
Business Period |
17 years |
|
IPO |
No |
International Ins. |
-- |
|
Public |
No |
Rating |
A
(62) |
|
Related
Company |
|||
|
Relation
|
Country
|
Company
Name |
CEO |
|
Subsidiary |
-- |
Sobha
City |
-- |
|
Note |
-- |
||
4
2. Summary
Financial Statement
|
Balance Sheet as of |
31.03.2011 |
(Unit: Indian Rs.) |
|
|
Assets |
Liabilities |
||
|
Current Assets |
25,705,880,000 |
Current Liabilities |
6,455,310,000 |
|
Inventories |
9,726,350,000 |
Long-term Liabilities |
12,109,650,000 |
|
Fixed Assets |
1,372,770,000 |
Other Liabilities |
931,700,000 |
|
Deferred Assets |
73,790,000 |
Total Liabilities |
19,496,660,000 |
|
Invest& other Assets |
1,184,100,000 |
Retained Earnings |
17,585,590,000 |
|
|
|
Net Worth |
18,566,230,000 |
|
Total Assets |
38,062,890,000 |
Total Liab. & Equity |
38,062,890,000 |
|
Total Assets (Previous Year) |
37,775,310,000 |
|
|
|
P/L Statement as of |
31.03.2011 |
(Unit: Indian Rs.) |
|
|
Sales |
14,560,890,000 |
Net Profit |
1,824,600,000 |
|
Sales(Previous yr) |
11,139,920,000 |
Net Profit(Prev.yr) |
1,366,620,000 |
MIRA
INFORM REPORT
|
Report Date : |
09.04.2012 |
IDENTIFICATION DETAILS
|
Name : |
SOBHA DEVELOPERS LIMITED |
|
|
|
|
Registered
Office : |
‘SOBHA’, Sarjapur – Marathahalli, Outer Ring Road (ORR), Devarabisanhalli,
Bellandur Post, Bangalore – 560103, Karnataka |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as
on) : |
31.03.2011 |
|
|
|
|
Date of
Incorporation : |
07.08.1995 |
|
|
|
|
Com. Reg. No.: |
08-18475 |
|
|
|
|
Capital Investment
/ Paid-up Capital : |
Rs.980.640
Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
L45201KA1995PLC018475 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
BLRS03591A |
|
|
|
|
PAN No.: [Permanent Account No.] |
AABCS7723E |
|
|
|
|
Legal Form : |
A Public Limited Liability Company. The Company’s Shares are Listed on
the Stock Exchange. |
|
|
|
|
Line of Business
: |
Housing and Real Estate Development. |
|
|
|
|
No. of Employees
: |
2224 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
A (62) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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 |
|
Maximum Credit Limit : |
USD 74300000 |
|
|
|
|
Status : |
Good |
|
|
|
|
Payment Behaviour : |
Regular |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is a well established company
having fine track. Financial position of the company appears to be sound.
Trade relations are reported as fair. Business is active. Payments are
reported to be regular and as per commitments. The company can be considered good for
normal 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) |
|
|
A1 |
A1 |
|
|
|
|
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
LOCATIONS
|
Registered/ Corporate Office 1: |
‘SOBHA’, Sarjapur – Marathahalli, Outer Ring Road (ORR), Devarabisanhalli,
Bellandur Post, Bangalore – 560103, Karnataka, India |
|
Tel. No.: |
91-80-49320000/ 25594139 |
|
Fax No.: |
91-80-49320444/ 25594138 |
|
E-Mail : |
|
|
Website : |
|
|
|
|
|
Corporate Office 2: |
4, Neeladri Plaza, Raja Ram Mohan Roy Road, Richmond Road
Circle, Bangalore - 560 025, Karnataka, India |
|
Tel. No.: |
91-80-22104561/ 2 / 3 / 4 / 5 / 6 |
|
Fax No.: |
91-80-22104569/ 22104573 |
|
|
|
|
Marketing Office: |
368, 7th Cross,
Wilson Garden, |
|
Tel. No.: |
91-80-22295936 / 7 / 8 and 22242172 |
|
Fax No.: |
91-80-22120852 |
|
E-Mail : |
|
|
|
|
|
Finance and
Internal Audit Fees : |
43, 2nd Floor, |
|
Tel. No.: |
91-80-25564980 / 81 / 25307244 |
|
Fax No.: |
91-80-25304278 |
|
|
|
|
Manufacturing
Units : |
Interiors
Division Plot No: 9, JBLR Industrial Area, Anekal Taluk, Hennagara P O,
Bommasandra, Bangalore, Karnataka, India - 560 105 Tel No.: 91-80-27831412 / 13 / 14 / 15/ 22631700 Fax No.: 91-80-27839017 Glazing and
Metal Works Division Plot No: 10,
Bommasandra Industrial Area, Bommasandra - Jigani Link Road, Anekal Taluk,
Hennagara P O, Bommasandra , Bangalore - 560 105 Karnataka, India Tel No.:
91-80-27839018/ 20 Fax No.:
91-80-27839021 Concrete
Products Division Plot No: 329,
Bommasandra Industrial Area, Bommasandra - Jigani Link Road, Anekal Taluk,
Hennagara P O, Bommasandra, Bangalore - 560 105, Karnataka, India Tel No.: 91-80-27825177 / 27825220 Fax No.: 91-80-27825777 |
|
|
|
|
Branches : |
Located at: ·
Gurgaon ·
Pune ·
Chennai ·
Thrissur ·
Coimbatore |
|
|
|
|
Regional Offices : |
Located at: ·
Haryana ·
Pune ·
Kerala ·
Chennai ·
Coimbatore ·
Mumbai |
DIRECTORS
(AS ON 31.03.2011)
|
Name : |
Mr. P.N.C. Menon |
|
Designation : |
Chairman |
|
Qualification : |
Entrepreneur |
|
Date of Appointment : |
07.08.1995 |
|
|
|
|
Name : |
|
|
Designation : |
Vice Chairman |
|
Qualification : |
B.S.C.E. |
|
Date of Appointment : |
06.06.2004 |
|
|
|
|
Name : |
|
|
Designation : |
Managing Director |
|
Qualification : |
B.Com, ACA, ACS |
|
Date of Appointment : |
01.06.2001 |
|
Last Employment : |
Grasim Industries Limited |
|
|
|
|
Name : |
Mr. P. Ramakrishnan |
|
Designation : |
Deputy Managing Director |
|
|
|
|
Name : |
Mr. R. V. S. Rao |
|
Designation : |
Independent Director |
|
|
|
|
Name : |
Mr. Anup Shah |
|
Designation : |
Independent Director |
|
|
|
|
Name : |
|
|
Designation : |
|
|
|
|
|
Name : |
Mr. M. Damodaran |
|
Designation : |
|
|
|
|
|
Audit Committee : |
· Mr. R.V.S. Rao (Chairman) · Mr. Anup Shah (Member) · Dr. S.K. Gupta (Member) · Mr. M. Damodaran (Member) ·
Mr. J.C. Sharma (Member) |
|
|
|
|
Investors Grievance Committee: |
· Dr. S.K. Gupta (Chairman) · Mr. Ravi Menon (Member) ·
Mr. J.C. Sharma (Member) |
|
|
|
|
Executive Selection and Remuneration Committee: |
· Mr. Anup Shah (Chairman) · Mr. R.V. S. Rao (Member) ·
Mr. J.C. Sharma (Member) |
|
|
|
|
Share Transfer Committee: |
· Mr. J.C. Sharma (Chairman) · Mr. P. N.C. Menon (Member) ·
Mr. Ravi Menon (Member) |
KEY EXECUTIVES
|
Name : |
Mr. Kishore Kayarat |
|
Designation : |
Company Secretary and Compliance Officer |
|
|
|
|
Name : |
Mr. Shine V Nair |
|
Designation : |
Key Management Personnel |
|
|
|
|
Name : |
Mr. P.N. Haridas |
|
Designation : |
Key Management Personnel |
|
|
|
|
Name : |
Mr. P.N.K. Mani |
|
Designation : |
Key Management Personnel |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
(AS ON 31.12.2011)
|
Names of Shareholders |
No. of Shares |
Percentage of
Holding |
|
|
|
|
|
(A) Shareholding
of Promoter and Promoter Group |
|
|
|
|
|
|
|
|
45,000 |
0.05 |
|
|
45,000 |
0.05 |
|
|
45,000 |
0.05 |
|
|
|
|
|
|
|
|
|
|
59,331,350 |
60.50 |
|
|
59,331,350 |
60.50 |
|
|
|
|
|
Total
shareholding of Promoter and Promoter Group (A) |
59,376,350 |
60.55 |
|
|
|
|
|
(B) Public
Shareholding |
|
|
|
|
|
|
|
|
1,261,576 |
1.29 |
|
|
555,189 |
0.57 |
|
|
34,759 |
0.04 |
|
|
31,599,481 |
32.22 |
|
|
2,000 |
- |
|
|
33,453,005 |
34.11 |
|
|
|
|
|
|
|
|
|
|
1,339,875 |
1.37 |
|
|
|
|
|
|
|
|
|
|
2,179,624 |
2.22 |
|
|
425,384 |
0.43 |
|
|
|
|
|
|
1,289,630 |
1.32 |
|
|
959,331 |
0.98 |
|
|
21,235 |
0.02 |
|
|
199,214 |
0.20 |
|
|
11 |
- |
|
|
1,740 |
- |
|
|
108,099 |
0.11 |
|
|
5,234,513 |
5.34 |
|
|
|
|
|
Total Public shareholding
(B) |
38,687,518 |
39.45 |
|
|
|
|
|
Total (A)+(B) |
98,063,868 |
100.00 |
|
|
|
|
|
(C) Shares held
by Custodians and against which Depository Receipts have been issued |
- |
- |
|
|
- |
- |
|
|
- |
- |
|
|
- |
- |
|
|
|
|
|
Total
(A)+(B)+(C) |
98,063,868 |
100.00 |
(1) Indian
Any Others (Specify)
Directors/Promoters & their Relatives
& FriendsBUSINESS DETAILS
|
Line of Business : |
Housing and Real Estate Development. |
GENERAL INFORMATION
|
No. of Employees : |
2224 (Approximately) |
||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
|
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Bankers : |
· Allahabad Bank · Andhra Bank · Axis Bank · ICICI Bank · IDBI Bank · Indian Overseas Bank · Standard Chartered Bank · State Bank of India · State Bank of Travancore · Syndicate Bank · United Bank of India |
||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
|
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Facilities : |
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
Chartered Accountants |
|
|
|
|
Statutory Auditors : |
|
|
Name : |
S R Batliboi and Associates Chartered Accountants |
|
Address : |
UB City, ‘ |
|
|
|
|
Legal Advisors : |
Anup S. Shah Law Firm |
|
|
|
|
Related Parties: |
· Al Barakah Financial Services Limited · Allapuzha Fine Real Estate Private Limited · Architectural Metal Works FZCO · Bikasa Properties Private Limited · Bikasa Realtors Private Limited · Chauma Properties and Construction Private Limited · Chikmangaloor Realtors Private Limited · Chimangaloor Properties Private Limited · Cochin Cyber City Private Limited · Cochin Cyber Golden Properties Private Limited · Cochin Cyber Value Added Properties Private Limited · Cochin Super City Developers Private Limited · Daram Cyber Developers Private Limited · Daram Cyber Properties Private Limited · Daram Land Real Estate Private Limited · Greater Cochin Cyber City Private Limited · Greater Cochin Developers Private Limited · Greater Cochin Properties Private Limited · Greater Cochin Realtors Private Limited · HBR Consultants Private Limited · Hill and Menon Securities Private Limited · Kilai Builders Private Limited · Kilai Properties Private Limited · Kilai Super Developers Private Limited · Kuthavakkam Developers Private Limited · Kuthavakkam Properties Private Limited · Mannur Real Estate Private Limited · Mapedu Realtors Private Limited · Megatech Software Private Limited · Mepedu Real Estates Private Limited · Moolamcode Traders Private Limited · Oman Builders Private Limited · Padmalochana Enterprises Private Limited · Pallavur Projects Private Limited · Perambakkam Builders Private Limited · PNC Technologies Private Limited · Punkunnam Builders and Developers Private Limited · Puzhakkal Developers Private Limited · Red Lotus Realtors Private Limited · Royal Interiors Private Limited · Rusoh Fine Builders Private Limited · Rusoh Marina Properties Private Limited · Rusoh Modern Properties Private Limited · SBG Housing Private Limited · Sengadu Builders Private Limited · Sengadu Developers Private Limited · Sengadu Properties Private Limited · Services and Trading Company LLC · Sobha Aviation and Engineering Services Private Limited · Sobha Contracting LLC (Dubai) · Sobha Developers (Pune) Private Limited (An associate of the Company under AS 18) · Sobha Electro Mechanical Private Limited · Sobha Glazing and Metal Works Private Limited · Sobha Innercity Technopolis Private Limited · Sobha Interiors Private Limited · Sobha Jewellery Private Limited · Sobha Projects and Trade Private Limited · Sobha Puravankara Aviation Private Limited · Sobha Renaissance Information Technology Private Limited · Sobha Space Private Limited · Sobha Technocity Private Limited · Sri Durga Devi Property Management Private Limited · Sri Kanakadurga Property Developers Private Limited · Sri Kurumba Trust · Sunbeam Projects Private Limited · Technobuild Developers Private Limited · Thakazhi Developers Private Limited · Thakazhi Realtors Private Limited · Tirur Cyber City Developers Private Limited ·
Tirur Cyber Real Estates Private Limited |
|
|
|
|
Subsidiaries : |
·
|
|
|
|
|
Subsidiaries of |
·
Vayaloor
Properties Private Limited ·
Vayaloor
Builders Private Limited ·
Vayaloor
Developers Private Limited ·
Vayaloor
Real Estate Private Limited ·
Vayaloor
Realtors Private Limited ·
Valasai
Vettikadu Realtors Private Limited |
CAPITAL STRUCTURE
(AS ON 31.03.2011)
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
150000000 |
Equity Shares |
Rs.10/-each |
Rs.1500.000 Millions |
|
5000000 |
7% Redeemable Preference Shares |
Rs.100/-each |
Rs.500.000 Millions |
|
|
|
|
|
|
|
Total |
|
Rs.2000.000
Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
98063868 |
Equity Shares |
Rs.10/- each |
Rs.980.640
Millions |
|
|
|
|
|
NOTE:
Of the above:
· 42280960 Equity Shares of Rs.10/- each, were allotted as fully paid-up bonus shares by capitalisation of reserves of accumulated profits.
· 583468 Equity Shares of Rs.10/- each, were issued as fully paid-up shares by pre initial public offering (‘IPO’) placement
· 8896825 Equity Shares of Rs.10/- each, were issued as fully paid-up shares by IPO
· 25162135 Equity Shares of Rs.10 each were issued as fully paid up shares to qualified institutional buyers [QIB].
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
980.640 |
980.640 |
729.020 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
17585.590 |
16104.040 |
10165.910 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
18566.230 |
17084.680 |
10894.930 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
12026.170 |
14465.850 |
18783.390 |
|
|
2] Unsecured Loans |
83.480 |
74.500 |
338.390 |
|
|
TOTAL BORROWING |
12109.650 |
14540.350 |
19121.780 |
|
|
DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
30675.880 |
31625.030 |
30016.710 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
1372.770 |
1429.140 |
1732.200 |
|
|
Capital work-in-progress |
668.010 |
631.970 |
515.640 |
|
|
|
|
|
|
|
|
INVESTMENT |
516.090 |
429.350 |
361.620 |
|
|
DEFERREX TAX ASSETS |
73.790 |
51.520 |
30.690 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
9726.350
|
10173.940
|
10491.940
|
|
|
Sundry Debtors |
3913.930
|
4165.800
|
3553.240
|
|
|
Cash & Bank Balances |
275.350
|
800.360
|
210.510
|
|
|
Other Current Assets |
0.000
|
0.000
|
0.000
|
|
|
Loans & Advances |
21516.600
|
20093.230
|
18956.300
|
|
Total
Current Assets |
35432.230
|
35233.330
|
33211.990
|
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditor |
1039.840
|
866.130
|
|
|
|
Other Current Liabilities |
5415.470
|
4747.060
|
|
|
|
Provisions |
931.700
|
537.090
|
279.850
|
|
Total
Current Liabilities |
7387.010
|
6150.280
|
5835.430
|
|
|
Net Current Assets |
28045.220
|
29083.050
|
27376.560
|
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
30675.880 |
31625.030 |
30016.710 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
14560.890 |
11139.920 |
9747.400 |
|
|
|
Other Income |
82.260 |
52.910 |
169.650 |
|
|
|
TOTAL (A) |
14643.150 |
11192.830 |
9917.050 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of Sales |
8607.760 |
6324.630 |
4503.700 |
|
|
|
Personnel Expenses |
1035.170 |
768.270 |
1008.640 |
|
|
|
Operating and Other Expenses |
1857.200 |
1502.720 |
1537.010 |
|
|
|
TOTAL (B) |
11500.130 |
8595.620 |
7049.350 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
3143.020 |
2597.210 |
2867.700 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
429.330 |
671.400 |
1052.140 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
2713.690 |
1925.810 |
1815.560 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
277.730 |
323.100 |
360.330 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
2435.960 |
1602.710 |
1455.230 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
611.360 |
236.090 |
358.450 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
1824.600 |
1366.620 |
1096.780 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Transfer to General Reserve |
183.000 |
140.000 |
NA |
|
|
|
Proposed final Dividend |
294.190 |
245.160 |
NA |
|
|
|
Tax on Dividend |
48.860 |
41.650 |
NA |
|
|
BALANCE CARRIED
TO THE B/S |
1298.550 |
939.810 |
NA |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
107.280 |
58.360 |
77.610 |
|
|
|
Capital Goods |
22.700 |
0.000 |
7.880 |
|
|
TOTAL IMPORTS |
129.980 |
58.360 |
85.490 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
18.61 |
14.91 |
15.04 |
|
QUARTERLY RESULTS
|
PARTICULARS |
30.06.2010 |
30.09.2010 |
31.12.2010 |
|
Type |
1st
Quarter |
2nd
Quarter |
3rd
Quarter |
|
Net Sales |
3179.000 |
3294.000 |
3137.000 |
|
Total Expenditure |
2556.000 |
2539.000 |
2384.000 |
|
PBIDT (Excl OI) |
623.000 |
755.000 |
753.000 |
|
Other Income |
5.000 |
9.000 |
23.000 |
|
Operating Profit |
628.000 |
764.000 |
776.000 |
|
Interest |
101.000 |
81.000 |
93.000 |
|
Exceptional Items |
0.000 |
0.000 |
0.000 |
|
PBDT |
527.000 |
683.000 |
683.000 |
|
Depreciation |
74.000 |
91.000 |
106.000 |
|
Profit Before Tax |
453.000 |
592.000 |
577.000 |
|
Tax |
144.000 |
183.000 |
176.000 |
|
Provisions and contingencies |
0.000 |
0.000 |
0.000 |
|
Profit After Tax |
309.000 |
409.000 |
401.000 |
|
Extraordinary Items |
0.000 |
0.000 |
0.000 |
|
Prior Period Expenses |
0.000 |
0.000 |
0.000 |
|
Other Adjustments |
0.000 |
0.000 |
0.000 |
|
Net Profit |
309.000 |
409.000 |
401.000 |
KEY RATIOS
|
PARTICULARS |
|
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
PAT / Total Income |
(%) |
12.46
|
12.20 |
11.06 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
16.73
|
14.31 |
14.93 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
6.62
|
3.87 |
4.16 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.13
|
0.09 |
0.13 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
1.05
|
1.21 |
2.29 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
4.80
|
5.72 |
5.69 |
LOCAL AGENCY FURTHER INFORMATION
|
Check list by info
Agents |
Available in Report (Yes/ No) |
|
|
|
|
Year of Establishment |
Yes |
|
Locality of the Firm |
Yes |
|
Constitution of the Firm |
Yes |
|
Premises details |
No |
|
Type of Business |
Yes |
|
Line of Business |
Yes |
|
Promoter’s Background |
No |
|
No. of Employees |
Yes |
|
Name of Person Contacted |
No |
|
Designation of Contact person |
No |
|
Turnover of Firm for last three years |
Yes |
|
Profitability for last three years |
Yes |
|
Reasons for variation <> 20% |
----- |
|
Estimation for coming financial year |
No |
|
Capital in the business |
Yes |
|
Details of sister concerns |
Yes |
|
Major Suppliers |
No |
|
Major Customers |
No |
|
Payments Terms |
No |
|
Export/ Imports Details (If applicable) |
No |
|
Market Information |
----- |
|
Litigations that the firm/ Promoters Involved in |
----- |
|
Banking details |
Yes |
|
Banking Facility Details |
Yes |
|
Conduct of the Banking Account |
----- |
|
Buyer visit details |
----- |
|
Financials, if provided |
Yes |
|
Incorporation details is applicable |
Yes |
|
Last Accounts filed at ROC |
Yes |
|
Major Shareholders, if available |
No |
RESULT OF OPERATIONS:
The Company has
executed and handed over 11 residential projects covering an area of 4.12
million square feet and 25 contractual projects covering an area of 2.20
million square feet resulting in an aggregate development of 6.32 million
square feet. Since inception, the Company has completed 71 residential projects
and 191 contractual projects covering about 42.68 million square feet of area.
The Company currently has 23 ongoing residential projects aggregating to 6.99
million square feet and 38 ongoing contractual projects aggregating to 7.42
million square feet under various stages of construction. The company has a
geographic presence in 20 cities and 12 states across India.
MANAGEMENT
DISCUSSION AND ANALYSIS:
A. GENERAL
ECONOMIC SCENARIO
Global Economy
The global economic
growth started to accelerate on a broad front in the year 2010 and this growth
is expected to continue into 2011 and 2012. Middle East and North Africa
continue to influence the global economies, with oil prices moving higher on
the back of events in Libya (WTI breached $100/bbl) and the dollar price of
internationally traded food commodities (World Bank index) increasing to 2.9%
in February, coming to match its June 2008 peak. Higher fuel and food prices
and capacity constraints in a number of developing countries are contributing
to rising inflation and a tightening of monetary policies. Domestic food prices
in developing countries, the key driver for current inflation, are up 8% since
June 2010. It is predicted that the recovery will be uneven in global context
for some more time.
According to Global
Investment Atlas, Global investment rose 42% in 2010 to USD 564 billion (Euro
430 billion), the third highest in the past ten years. As against expectations,
the recovery in the world economy gathered pace in the second half of 2010
despite more hesitant economic mood reflecting higher liquidity and more
disposable incomes apart from high growth trajectory.
The Indian Economic environment
Despite a slow
recovery in the world economies, it is heartening to see that India has
recorded admirable growth post recession. India has moved up to fifth position
in a list ranking the governments of 112 countries in terms of their ability to
project the economy into the international sphere, As per the Economic Survey
2010-11, in the year 2000, the country was ranked 10th in the Index of
Government Economic Power (IGEP). As per the IGEP, the Survey said India was
among the best performers on the globe in terms of its ability to raise
resources, credit-worthiness and credibility in international financial
markets.
The Indian economy
has shown remarkable resilience to both external and domestic shocks. It not
only recovered rapidly from the global economic downturn, but also took the
monsoon failure last year in its stride and is now showing robust growth. If
services and agriculture pick up, the economy will perform much better than
expected in the year ahead.
Going by simple
macro economic data a reasonable forecast for the year 2010-11 is that the
economy will improve its GDP growth by around 1 percentage point from that
witnessed in 2009-10. Thus, allowing for factors beyond the reach of domestic
policymakers such as the performance of the monsoon and the rate of recovery of
the global economy, the Indian GDP can reasonably be expected to grow around
8.5 +/- 0.25 per cent, with a full recovery, breaching the 9 per cent mark in
2011-12.
Real Estate Sector
The real estate
sector in India involves the development of residential housing, commercial
buildings and office space, industrial facilities, warehouses, hotels and other
commercial spaces, purchase and sale of land and its development rights.
Historically, the real estate sector in India has been highly unorganized and
characterized by various factors that impeded organized dealing such as, an
absence of centralized title registry providing title guarantee, lack of
uniformity in local laws, non-availability of bank finance, high interest rates
and taxes, lack of transparency in transactions etc. In recent years, however,
the real estate sector has exhibited greater maturity and value due to economic
compulsions, regulatory reforms and active consumerism. This trend has made it
possible for the sector to obtain organized investments by both private and
public financial institutions thus improving its liquidity and planned
investments. Demand for residential, commercial and retail real estate
increased throughout India until first half of 2008, accompanied by an
increased demand for hotels and infrastructure projects. Thereafter, there was
a lull in the market due to the ill effects of the worst ever recession. The
demand started picking up again in the course of 2010. The growth witnessed in
real estate business in India has essentially been due to high GDP growth in
the economy, increased urbanization, increasing number of nuclear families,
higher disposable family income, good growth in sectors such as IT, ITES,
retail, consumer durables, automobiles, telecommunication, infrastructure,
banking, insurance, tourism, entertainment and hospitality. Indian real estate
has always been one of the mainstays of the country’s economy. Construction
sector is also the second largest employer after agriculture, employing about
25 million people. Construction Industry’s contribution to GDP’s growth is
around 2-3 percentage points.
B. THE COMPANY AND ITS BUSINESS ENVIRONMENT
Subject is one of
the real estate and construction majors in India with a unique business model
and delivery mechanism. The Company is built on rock solid values, benchmark
quality standards, uncompromising business ethos, focused customer centric
approach, robust engineering and in house research and development, which have
all contributed to making it a strong brand in both real estate and contractual
segments. The company has created an enviable brand in all the segments and
regions of its operations and the brand is synonymous with high quality
products and transparency in dealing with its customers.
The Company has a
strong business presence in South India particularly in Bangalore. Bangalore
residential real estate is largely dependent on the performance of the IT/ITES
sector which was severely impacted by the global economic slowdown. However, with
the gradual recovery in the economy in general and real estate sector in
particular, the demand for real estate has increased substantially during
calendar year 2010, one can now see a greater optimism, higher employment
opportunities and improvement in investor confidence. CRISIL Research expects
capital values in real estate to rise by 5-8% in calendar year 2011. So far as
Bangalore is concerned, city centers are fully congested and suburban areas
have great demand potential. Development of projects in these areas will not
only reduce the burden on main cities but also ease traffic, pollution and
overcrowding. Better connectivity such as signal-free outer ring roads, wider,
multi-lane arterial roads, express highways, Metro Rail covering main hubs in the
city, have all given a major thrust to housing demand in Bangalore. The buyer
in Bangalore has also become very selective in his choice and looks for
standard features such as social, recreational, shopping and other facilities
in a safe and peaceful environment. They are also environment sensitive and
look for complexes which are eco-friendly with proper waste management,
plantation, energy conservation and rain water harvesting.
Demand for houses in
Bangalore is likely to increase in all the segments such as luxury, semi
luxury, villas, townhouses and plotted developments. The company has presence
in all these segments. Affordable housing segment is also growing with more
public and private partnerships in its development. Price is expected to remain
stable, given the
developers focus on volumes. Long term investors will return to real estate
sector soon. This trend is seen not only in Bangalore but also in other centers
where the Company plans to grow such as in NCR, Chennai, Coimbatore and Pune as
these are turning out to be high growth centres. On the whole, the demand is
back in the real estate sector in Bangalore and else where. This business is
poised for a better growth with a greater focus on organized and quality
development.
The Delivery Experience
The Company has
achieved a phenomenal growth since inception compared to its peers. It has
entered the league of companies with 50 million square feet of delivery in just
15 years of existence. It has so far delivered projects covering across 20
cities in India, aggregating more than 42 million square feet. Currently, over
14 million square feet of space is under execution in 10 cities both in real
estate and contractual projects. It has forthcoming projects of over 16 million
square feet under various geographical and business areas. Company’s major
strength has been in residential segment and its delivery excellence in this
segment over the period is as given:
The Company has
completed and handed over 13.94 million square feet of area in the first 11
years of its existence until the year 2006-07, whereas it has completed and
handed over 28.74 million square feet of area in next 5 years from the year
2007-08 to 2010-11, thus showing a phenomenal growth in development and
delivery of projects in latter period as compared to the previous 11 years
since inception. This also shows that the Company is well focused on its
execution and delivery capabilities.
Its sales revenue
during the year under review crossed the Rs.10 billion mark from real estate
development with an average realization of about Rs.4000/ - per square foot. In
the real estate space, it is primarily focused on middle to high end
residential housing in Tier I and Tier II cities. The residential projects
developed by it primarily comprise of a wide range of luxury apartment
complexes, lifestyle villas and row houses with world class infrastructure and
best-in-class amenities. One of the most outstanding features of Company’s
sales performance has been that there has been a faster movement of high end
products in the real estate segment.
In the contracting
segment, the Company is the largest developer of Grade A commercial office
space in India through mega scale campuses built for Infosys Technologies
Limited, one of the leading IT companies in India. In addition, it has
undertaken and completed contractual projects for other corporate giants such
as Hewlett Packard, Dell, Timken, Mico-Bosch, HCL, Bharat Forge, Bayer, Taj
Hotels and ITC Group of Hotels. The Company bagged contractual orders worth
over ` 1.32 Billion during the current year from other prestigious clients like
Biocon, Institute of Public Enterprises( IPE), GMR, Hotel Leela Venture, Blue
Horizon Hotel and many others.
RECOGNITION AND
REWARDS
The Company has received
numerous awards for its exceptional achievements and have been duly recognized
by prestigious institutions, some of which are:
• India’s Most
Admired Company Award by Construction World - NICMAR
• Architect and
Builder’s Award by Construction World, for being among India’s top ten builders
• Best Developer
From South India by Real Estate Observer
• Best Executed
Project in India Award for residential project Sobha Malachite at Jakkur,
Bangalore jointly by CNBC, ICICI and CRISIL
• ‘Best of the Best’
Award for Employee Care Centre (ECC), built for Infosys, Pune
C. Business Model and Delivery Mechanism
The Company has
developed a unique business model in the Indian Real Estate and Construction
industry. It’s primary business is development of own real estate spaces.
However, it has successfully leveraged its construction expertise to grow into
other associated business segments – Contracting, Manufacturing and Services
catering to third party customers as well. This unique business model has
proved to be very successful and is characterized by the following features:
• Superior control
over the delivery time and quality
• Continuous
enhancement of construction expertise through adoption of market
• Innovations and
best practices
• Stable source of revenue
• Flexibility to
grow into associated businesses in future
D. INTEGRATED DELIVERY AND SUPPORT MECHANISM
The Company’s
philosophy is to continuously strive towards enhancing customer value by delivery
of high quality products at the best prices, understanding the customers’
changing needs and catering to them in the best possible manner. Customer
satisfaction is the primary motto in its philosophy. Over the years, the
Company’s “Backward-integrated Delivery Model” has helped immensely to achieve
this objective due to better control on quality, cost and delivery. The Company
has a great potential to optimize its manufacturing capacity to increase its
scale and margins in the coming years.
The Company has
developed in-house expertise in the entire gamut of construction activity space
– including design (through a design studio of architectural, structural and
MEP), planning and estimation, project execution (civil, mechanical,
electrical, infrastructure, metal works, interiors) and integrated project
management. Additionally, it has set up a separate quality and safety
department, headed by German master masons, which ensures the best quality
product for the customers.
Sobha Training
Academy supports the execution team by providing intensive in-house training to
technicians. So far, over 6,500 technicians have undergone training in the
Academy.
The Customer
Relationship Management department, first of its kind in Indian real estate
industry, assists customers in the purchase and possession process and works
towards enhancing customer satisfaction. The Company has set up and implemented
a model in which a strong in-house expertise is developed for the entire range
of activities in real estate and construction.
OPERATIONAL REVIEW
The Company has
taken several initiatives during the year to make it more lean, operationally
efficient and innovative. Some of the initiatives are as follows:
• Continued focus on
innovation, quality, execution, cost control and delivery
• Selective
monetization of land bank and sale of developed plots
• Aggressive
marketing strategy
• Rationalization to
reduce costs
EMERGING TRENDS AND FUTURE OUTLOOK
Improved demand for housing
space during 2010 was witnessed across most residential markets, mainly driven
by economic recovery and positive market sentiments. Chennai witnessed the
highest rental and capital value appreciation during the year compared to other
major cities in the country mainly due to improved quality of new projects.
The residential
segment in select micro markets of NCR witnessed growth during the year with
significant increase in rental and capital values, says a Cushman and Wakefield
report.
CONTINGENT LIABILITIES NOT PROVIDED FOR
|
Particulars |
31.03.2011 |
31.03.2010 |
|
|
(Rs. In
Millions) |
|
|
|
|
|
|
Guarantees and counter guarantees given by the Company |
1193.390 |
677.090 |
|
Claims against the Company, not acknowledged as debts* |
846.720 |
0.000 |
|
Income tax matters in dispute |
209.630 |
226.940 |
|
Sales tax matters in dispute |
125.060 |
60.510 |
|
Service tax matters in dispute |
1078.060 |
939.590 |
* During the year,
a customer has initiated arbitration proceedings against the Company for
Rs.846.72 million for breach of contractual obligation for which the Company
has filed a statement of objection and counter claim for non payment. Based on
legal advice obtained by the management, the Company is confident of recovering
full dues. Pending settlement, the claims made against the Company have been
disclosed as contingent liability.
Note:
The Company is
also involved in certain litigation for lands acquired by it for construction
purposes, either through joint development agreements or through outright
purchases. These cases are pending with various courts and are scheduled for
hearings. After considering the circumstances and legal advice received,
management believes that these cases will not adversely effect its financial
statements.
FIXED ASSETS
·
·
·
Factory Buildings
·
Other Buildings
·
Plant and Machinery
·
Scaffolding items
·
Furniture and Fixtures
·
Computers
·
Office Equipments
·
Vehicles
WEBSITE DETAILS:
COMPANY PROFILE:
SOBHA spearheading a revolution in Real Estate in
- Over a decade
of quality focused best practices for building world class products have
helped them enhance quality of life and delight customers.
- Over a decade
of engineering excellence and unique initiative towards Backward
Integration that has helped them control costs, and deliver on time, every
time.
- Over a decade
of passion in every detail of work, at every level, driving continuous
innovation; has resulted in making Sobha a preferred real-estate brand in
- Over a decade
of rock-solid values, uncompromising business ethos, and transparency in
all transactions; have contributed to their earning the trust of all their
stakeholders.
It was in the year 1995 that Mr. P N C Menon founded Sobha developers
with the clear vision to "transform
the way people perceive quality" in the real estate industry
returned home from the Middle east where he was acclaimed for quality interiors
and construction since 1977. His intuition and business sense buttressed with
the exhilaration of returning to his homeland led him to believe that he could
make Quality the key differentiator between his proposed venture and other
construction companies. Over the intervening years this vision continues to be
the bedrock of all endeavours.
Today Subject a Rs. 10 billion plus company is one of the largest and
only backward integrated company in the construction arena. Since its inception
Subject's reputation is built on rock solid values, benchmark quality
standards, uncompromising business ethos, focused customer centric approach,
robust engineering, in-house Research and development and transparency in all
spheres of conducting business, which have contributed in making Subject a
preferred real estate brand in both residential and commercial segments. This
was emphatically endorsed during its IPO in 2006 when the issue was
oversubscribed by 126 times that created history, being the first event of its
kind in Indian capital markets.
The company has gone from strength to strength completing 30.76 million
square feet of area as of
April 2009, 50 completed residential/ commercial in house projects, 31 ongoing
residential/ commercial projects and 140 contractual projects, 34 ongoing
contractual projects beginning with the first residential project in
The who’s who of Corporate India form the client list including
stalwarts like Infosys Technologies, Hewlett Packard, dell, the Taj Group,
Mico, Timken and others. Residential projects include premium apartments,
villas and row houses with amenities like club houses, shopping centres and
swimming pools as a value addition to the
Sobha lifestyle that the company brings home to all its clients.
PRESS RELEASE
Sobha launches
Bangalore’s first smart homes
Bangalore, March
16, 2012: Bangalore-headquartered realty major Sobha Developers launched the
much-awaited first smart home project – Sobha Habitech – in Bangalore today.
All apartments in this first-of-its-kind gated residential community in
Whitefield, the IT hub of Bangalore, will be equipped with a patented smart
home automation technology. These homes aim to provide a safer, more energy
efficient and a more convenient environment to live in.
Technology has already changed the way we connect and communicate but
now is changing the way we live too. These smart homes can sense your mood and
customize the lighting, fans and AC to your liking, will show at your touch pad
or smart phone who is at the door and will also alarm you in case of any gas
leakage in the kitchen. The bathrooms will be lit up sensing your arrival and
the boom barrier at the apartment’s entrance will open automatically sensing
the presence of your car. Also, your elderly folks just need to press a soft
panic button in the house, in case of any emergency, to reach you or others for
help. Mothers busy in household chores or working in their office would be able
to watch their kids play safely in the garden on their smart phone as there is
video surveillance at all the common areas at Habitech.
“Sobha Habitech is just the beginning of a series of landmark projects
planned this year by Sobha Developers in Bangalore. It caters to the need of
the houses of the future. Till now, these features were only available in bits
and pieces in the living spaces of the tech-friendly lot but for the first
time, Bangalore will have a whole residential community equipped with these
features. Backed by the undeterred reputation for quality, reliability of
delivery and a keen anticipation for this project, we feel assured that Sobha
Habitech will be one of the most successful projects of Sobha,” said an upbeat
Mr. J.C. Sharma, Managing Director, Sobha Developers Limited.
The project, spread over four and a half acres in the heart of
Whitefield, will have as many as five towers comprising 318 super luxury
apartments including 2 BHK, 3 BHK as well as 4 BHKduplex penthouses.
There will also be a luxurious ground and a three storied clubhouse
along with all the desirable amenities and 72% open space that would appeal the
well travelled and ever-alive IT crowd of Bangalore. Amenities like children’s
play area, swimming pool, steam-sauna and jacuzzi, gymnasium, badminton court,
cricket pitch etc., are also part of the development. Located merely two
kilometers from ITPL, Sobha Habitech will be the third project of the company
in Whitefield after the runaway success of Sobha Rose and Sobha Amethyst.
Whitefield is Bangalore’s original IT hub which houses some of the biggest
names of India’s technology companies as well as world renowned MNCs that sparked
the IT revolution at the dawn of 21st century and put the city proudly on the
global map. It still contributes to more than 50% of the total software exports
from Bangalore.
More than a hundred thousand professionals work in blue chip companies
located in some of south India’s biggest technology parks including the
prestigious ITBP (erstwhile ITPL). It is home to techies from around the world
and brings the cosmopolitan facelift to Bangalore that is visibly represented
in demographic profile of the Whitefield area. You can find the best of schools
for your kids like Ryan International and TISB as well as the hippest shopping
destinations, malls and multiplexes for recreation including Phoenix Market
City and Forum Value Mall. Specialty hospitals and prestigious hotels like Taj
Vivanta, build by Sobha Developers, are also present in the area.
“Whitefield has gradually but systematically grown to be one of the
preferred residential areas for the tech-savvy, well-travelled and elite class
of IT professionals who now can get a taste of high-tech living in these smart
homes of Sobha Habitech project,” said Mr. J.C. Sharma.
Sobha Habitech will also have a rainwater harvesting system, sewage
treatment plant, organic waste converter and other leading innovative green
design concepts. Quality oriented vitrified tiles add subtlety to the flooring
and skirting in bedrooms, living rooms and the dining area. Plastic emulsion
paint adds durability to the walls and ceiling. Like all other projects, each
floor comes with a mandatory fire exit zone. The four 14 storied and one 15
storied RCC framed sturdy structures will be built with concrete block masonry
walls. Spaciously planned car parks will be available for the residents and
visitors.
Sobha is the most preferred real estate brand among discerning home
buyers in Bangalore, the Silicon Valley of India and formally recognized as the
“Best Indian city to live in” on all parameters.
Over the past 16
years, Sobha Developers Limited has delivered over 50 million square feet of
hallmark properties. In the fiscal year 2010-11 alone, Sobha has registered an
impressive turnover of INR 1,0000.000 Millions in residential space alone.
This, in itself, is testimony to the brand equity of Sobha Developers Limited
-- an INR 15 billion real estate company listed on the BSE and NSE. Sobha
Habitech will herald a new era of smart living in Bangalore.
About Sobha
Developers Limited: A Truly Global
Indian Company
Founded in 1995,
Sobha Developers Limited is one of the largest and the only backward integrated
real estate player in the country. Sobha is primarily focused on residential
and contractual projects. The company’s residential projects include
presidential apartments, villas, row houses, super luxury apartments, luxury
apartments, moderately priced apartments, and plotted development. In all its
residential projects, the company lays strong emphasis on environment
management, water harvesting and high safety standards.
On the contractual
side, the company has constructed a variety of structures for corporates
including corporate offices, convention centres, software development blocks,
multiplex theatres, hostel facilities, guest houses, food courts, restaurants,
research centres and club houses. As of December 31, 2011, Sobha has completed
77 Real Estate projects and 202 Contractual projects covering a total Super
Built-up Area (SBA) of 44.81 million sq. ft. and a total developed area of
49.57 million sq. ft. The company currently has 37 ongoing Real Estate projects
in 6 cities across India aggregating to 14.98 million sq. ft. and 39
Contractual projects aggregating to 8.50 million sq. ft. which are under
various stages of construction. Sobha has made a footprint in 21 cities and 11
states across India.
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.51.05 |
|
|
1 |
Rs.81.09 |
|
Euro |
1 |
Rs.67.39 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
OPERATING SCALE |
1~10 |
8 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
7 |
|
--PROFITABILIRY |
1~10 |
7 |
|
--LIQUIDITY |
1~10 |
7 |
|
--LEVERAGE |
1~10 |
7 |
|
--RESERVES |
1~10 |
7 |
|
--CREDIT LINES |
1~10 |
7 |
|
--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 |
YES |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
62 |
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.