MIRA
INFORM REPORT
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Report Date : |
30.04.2012 |
IDENTIFICATION DETAILS
|
Name : |
EQUINOX BUSINESS PARKS PRIVATE LIMITED (w.e.f.13.04.2010) |
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Formerly Known
As : |
ESSAR TECHNOLOGY PARK BKC PRIVATE LIMITED |
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Registered
Office : |
Essar House, 11, K.K. Marg, Mahalaxmi, Mumbai-400034, |
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Country : |
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Financials (as
on) : |
31.03.2011 |
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Date of
Incorporation : |
08.08.2007 |
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Com. Reg. No.: |
11-172950 |
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Capital
Investment / Paid-up Capital : |
Rs. 9.000 Millions |
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CIN No.: [Company Identification
No.] |
U70102MH2007PTC172950 |
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|
TAN No.: [Tax Deduction &
Collection Account No.] |
MUMY01961B |
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PAN No.: [Permanent Account No.] |
AAACY3095Q |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Real Estate Developers. |
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No. of Employees
: |
Information not given by the management |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (45) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Maximum Credit Limit : |
USD 7000000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Usually Correct |
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Litigation : |
Clear |
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Comments : |
Subject is an established company having satisfactory track records.
There appears some accumulated losses recorded by the company. However, trade
relations are reported as fair. Business is active. Payments are reported to be
usually correct and as per commitments. In view of strong holding the company can be considered normal for
business dealings at usual trade terms and conditions. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
INFORMATION DECLINED BY
|
Name : |
Mr. Vivek |
|
Designation : |
Sales Manager |
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Contact No.: |
91-9819731856 |
|
Date : |
28.04.2012 |
LOCATIONS
|
Registered Office : |
Essar House, 11, K.K. Marg, Mahalaxmi, Mumbai-400034, Maharashtra,
India |
|
Tel. No.: |
91-22-61215300 |
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Mobile No.: |
91-9819731856 (Mr. Vivek) |
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Fax No.: |
91-22-61215195 |
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E-Mail : |
DIRECTORS
AS ON 10.08.2011
|
Name : |
Mr. Devdas Lakkanna Shetty |
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Designation : |
Director |
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Address : |
205, Raj Sarovar, Bhakti Complex, IC Extension, Link Road, Dahisar
(West), Mumbai-400068, Maharashtra, India |
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Date of Birth/Age : |
26.02.1959 |
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Date of Appointment : |
11.08.2007 |
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DIN No.: |
00546573 |
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Name : |
Mr. Cherag Suchindram Ramakrishnan |
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Designation : |
Director |
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Address : |
14F B1, Harbour Heights, N.A. Sawant MArg, Colaba, Mumbai-400005,
Maharashtra, India |
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Date of Birth/Age : |
08.05.1970 |
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Date of Appointment : |
15.09.2009 |
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DIN No.: |
01631134 |
KEY EXECUTIVES
|
Name : |
Mr. Vivek |
|
Designation : |
Sales Manager |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 10.08.2011
|
Names of Shareholders |
No. of Shares |
|
Equinox Business Parks Limited, Mauritius |
899996 |
|
Girish Patkar- Nominee of Equinox Business Parks Limited, Mauritius |
1 |
|
Total |
899997 |
AS ON 10.08.2011
|
Equity Shares
Break Up |
Percentage |
|
Foreign holdings( Foreign institutional investor(s),
Foreign companie(s) Foreign financial institution(s), Non-resident Indian(s)
or Overseas Corporate bodies or Others |
100.00 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Real Estate Developers. |
GENERAL INFORMATION
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No. of Employees : |
Information not given by the management |
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Bankers : |
Not Available |
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Facilities : |
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Banking
Relations : |
-- |
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Financial Institution : |
·
Housing Development Finance Corporation Limited,
Ramon House, 169 Backbay Reclamation, H T Parekh Marg, Mumbai-400020,
Maharashtra, India |
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Auditors : |
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|
Name : |
Deloitte Haskins and Sells Chartered Accountant |
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Address : |
Heritage, 3rd Floor, Near Gujarat Vidhyapith, Off Ashram
Road, Ahmedabad-380014, Gujarat, India |
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Pan No.: |
AABFD7919A |
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Holding Company : |
Equinox Business Parks Limited, Mauritius |
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Ultimate Holding Company : |
Essar Global Limited, Cayman Island |
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Fellow Subsidiaries : |
·
Equiox Realty and Infrastructure Private Limited ·
Equinox Parks Limited ·
Ibrox Real Estate Development Private Limited ·
Equinox Estates and Facility Management Private
Limited |
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|
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|
Enterprises commonly controlled or influenced by major shareholders /
directors of the company |
·
Essar Properties Limited ·
Essar Information Technology Limited ·
Essar Investments Limited ·
Aegis Limited ·
Aegis Tech Limited ·
Essar Infrastructure Services Limited ·
Futura Travels Limited ·
Kirti Realties and Farms Private Limited ·
Trikaya Cultivations Private Limited ·
Vadinar Properties Limited ·
Bhargava Agro Foods Private Limited ·
Bhargava Properties Private Limited ·
Dwarka Farms Private Limited ·
AGC Networks Limited ·
Prajesh Marketing Limited ·
Dwarka Farms Private Limited |
CAPITAL STRUCTURE
AS ON 31.03.2011
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
2000000 |
Equity Shares |
Rs.10/- each |
Rs. 20.000 Millions |
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Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
899997 |
Equity Shares |
Rs.10/- each |
Rs. 9.000
Millions |
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|
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|
Note: All the shares are held by Equinox Business
Parks Limited, Mauritius and its nominees
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 |
9.000 |
9.000 |
9.000 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
1771.094 |
1771.094 |
1771.094 |
|
|
4] (Accumulated Losses) |
(5.124) |
(78.548) |
(58.102) |
|
|
NETWORTH |
1774.970 |
1701.546 |
1721.992 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
5210.540 |
2595.397 |
2620.997 |
|
|
2] Unsecured Loans |
3168.796 |
1757.114 |
1712.924 |
|
|
TOTAL BORROWING |
8379.336 |
4352.511 |
4333.921 |
|
|
DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
10154.306 |
6054.057 |
6055.913 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
4989.817 |
4998.063 |
5014.962 |
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Capital work-in-progress |
6094.089 |
2372.742 |
1193.992 |
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|
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INVESTMENT |
0.000 |
0.000 |
0.000 |
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DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
0.000
|
0.000 |
0.000 |
|
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Sundry Debtors |
39.531
|
0.000 |
0.000 |
|
|
Cash & Bank Balances |
1.913
|
61.378 |
1.987 |
|
|
Other Current Assets |
103.319
|
24.260 |
40.278 |
|
|
Loans & Advances |
13.732
|
90.740 |
90.553 |
|
Total
Current Assets |
158.495
|
176.378 |
132.818 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
30.447 |
3.913 |
5.438 |
|
|
Other Current Liabilities |
1057.648
|
1489.213 |
280.421 |
|
|
Provisions |
0.000
|
0.000 |
0.000 |
|
Total
Current Liabilities |
1088.095
|
1493.126 |
285.859 |
|
|
Net Current Assets |
(929.600)
|
(1316.748) |
(153.041) |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
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|
|
|
|
|
|
TOTAL |
10154.306 |
6054.057 |
6055.913 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
|
|
SALES |
|
|
|
|
|
|
|
Lease Income |
|
424.710 |
247.748 |
|
|
|
Interest Income |
|
0.208 |
2.671 |
|
|
|
Miscellaneous Income |
|
0.001 |
0.001 |
|
|
|
TOTAL (A) |
572.269 |
424.919 |
250.420 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Project management consultancy charges |
|
0.000 |
5.000 |
|
|
|
Rent, rates and taxes |
|
16.968 |
14.884 |
|
|
|
General and administrative expenses |
|
17.668 |
5.974 |
|
|
|
TOTAL (B) |
52.856 |
34.636 |
25.858 |
|
|
|
|
|
|
|
|
Less |
PROFIT
/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
519.413 |
390.283 |
224.562 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
401.372 |
375.207 |
261.020 |
|
|
|
|
|
|
|
|
|
|
PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND
AMORTISATION (C-D) (E) |
118.041 |
15.076 |
(36.458) |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
35.421 |
35.522 |
21.623 |
|
|
|
|
|
|
|
|
|
|
PROFIT /
(LOSS) BEFORE TAX (E-F)
(G) |
82.620 |
(20.446) |
(58.081) |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
9.196 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
|
|
PROFIT / (LOSS)
AFTER TAX (G-H) (I) |
73.424 |
(20.446) |
(58.081) |
|
|
|
|
|
|
|
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|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
(78.548) |
(58.102) |
(0.021) |
|
|
|
|
|
|
|
|
|
|
BALANCE CARRIED
TO THE B/S |
(5.124) |
(78.548) |
(58.102) |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
81.58 |
(22.72) |
(250.47) |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
PAT / Total Income |
(%) |
12.83
|
(4.81) |
(23.19) |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
NA
|
(4.81) |
(23.44) |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
1.60
|
(0.40) |
(1.13) |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.05
|
(0.01) |
(0.03) |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
5.33
|
3.44 |
2.68 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
0.15
|
0.12 |
0.46 |
LOCAL AGENCY FURTHER INFORMATION
|
Check List by Info Agents |
Available in Report (Yes / No) |
|
1. Year of Establishment |
Yes |
|
2. Locality of the firm |
Yes |
|
3. Constructions of the firm |
Yes |
|
4. Premises details |
Yes |
|
5. Type of Business |
Yes |
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6. Line of Business |
Yes |
|
7. Promoter’s background |
Yes |
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8. No. of Employees |
Yes |
|
9. Name of person contacted |
Yes |
|
10. Designation of contact person |
Yes |
|
11. Turnover of firm for last three years |
Yes |
|
12. Profitability for last three years |
Yes |
|
13. Reasons for variation <> 20% |
------- |
|
14. Estimation for coming financial year |
No |
|
15. Capital in the business |
Yes |
|
16. Details of sister concerns |
Yes |
|
17. Major suppliers |
No |
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18. Major customers |
No |
|
19. Payments terms |
No |
|
20. Export / Import details |
No |
|
21. Market information |
------ |
|
22. Litigations that the firm / promoter involved |
------ |
|
23. Banking Details |
Yes |
|
24. Banking facility details |
Yes |
|
25. Conduct of the banking account |
------ |
|
26. Buyer visit details |
------ |
|
27. Financials, if provided |
Yes |
|
28. Incorporation details, if applicable |
Yes |
|
29. Last accounts filed at ROC |
Yes |
|
30. Major Shareholders, if available |
Yes |
SUNDRY CREDITORS
DETAILS
(Rs.
In Millions)
|
Particulars |
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
Sundry Creditors
|
|
|
|
|
-
Due to micro and small enterprises |
0.000 |
0.000 |
0.000 |
|
-
Others |
30.447 |
3.913 |
5.438 |
|
Total |
30.447 |
3.913 |
5.438 |
FORM 8
|
Corporate identity
number of the company |
U70102MH2007PTC172950 |
|
Name of the
company |
EQUINOX BUSINESS
PARKS PRIVATE LIMITED |
|
Address of the
registered office or of the principal place of business in |
Essar House, 11, K.K. Marg, Mahalaxmi, Mumbai-400034, Maharashtra, India |
|
This form is for |
Creation of
charge |
|
Type of charge |
Immovable
property Any interest in
immovable property Movable property
(not being pledge) Others |
|
Particular of
charge holder |
Housing Development Finance Corporation Limited, Ramon House, 169 Backbay Reclamation, H T Parekh Marg, Mumbai-400020, Maharashtra, India |
|
Nature of
instrument creating charge |
Memorandum of Entry
(MOE) dated 26th August, 2011 and Deed of Hypothecation dated 26th August,
2011. |
|
Date of
instrument Creating the charge |
26.08.2011 |
|
Amount secured by
the charge |
Rs. 2000.000
Millions |
|
Brief of the principal
terms an conditions and extent and operation of the charge |
Rate of interest Interest at the
rate HDFC CPLR which is 17.75% p.a. less 450 basis points i.e. 13.25% p.a. Terms of repayment Terms of
Repayment of Loan - Maximum 120 months Margin As per Master
Facility Agreement dated 26.08.2011 Extent and operation of the charge The Charge shall
operate exclusively on the property mentioned in Point No:15 hereto more
fully described in the MOE and Hypothecation Deed attached herewith in favour
of Housing Development Finance Corporation Limited ("the Lender")
for securing Term Loan of Rs.2000.000 Millions availed by the Company from
the Lender. |
|
Short particulars
of the property charged (Including location of the property) |
Extension of
Mortgage on Building 'A', Building 'B'
and Building 'C' in Equinox Business Park (Peninsula Techno Park) bearing CTS
No. 83, 83/1 to 19 situated at LBS Marg, Kurla (W), Mumbai - 400 070 (as more
particularly specified in First Schedule of MOE dt.26.8.2011 attached to this
Form); and Charge on all receivables from Building 'B' by way of an Escrow in favour of HDFC
Limited Extension of
charge on all receivables from
Building 'A' and Building 'C' by way of an Escrow in favour of HDFC
Limited; and Charge on Escrow Account. |
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] 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. 52.68 |
|
|
1 |
Rs. 85.12 |
|
Euro |
1 |
Rs. 69.38 |
INFORMATION DETAILS
|
Information
Gathered by : |
PJA |
|
|
|
|
Report Prepared
by : |
DPT |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
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 |
|
45 |
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.