MIRA
INFORM REPORT
|
Report Date : |
17.01.2012 |
IDENTIFICATION DETAILS
|
Name : |
PLAMA DEVELOPERS LIMITED |
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Registered
Office : |
21/8, Craig Park, |
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Country : |
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Financials (as
on) : |
31.03.2011 |
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Date of
Incorporation : |
06.03.2006 |
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Com. Reg. No.: |
08-38670 |
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Capital
Investment / Paid-up Capital : |
Rs.91.798 millions |
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CIN No.: [Company Identification
No.] |
U70101KA2006PLC038670 |
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|
|
Legal Form : |
A Closely Held Public Limited Liability Company |
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Line of Business
: |
The company is engaged in the business of Real Estate and Property
Development. |
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|
No. of Employees
: |
Not Available |
RATING & COMMENTS
|
MIRA’s Rating : |
B (30) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Maximum Credit Limit : |
USD 640000 |
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|
Status : |
Moderate |
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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 moderate track. Financial
position of the company is improving. Trade relations are reported as fair.
Business is active. Payments are reported to be slow but correct. The company can be considered for small to mediocre business dealings
with slight caution. |
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 |
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Moderate |
B1 |
|
High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
|
Off-credit |
D |
LOCATIONS
|
Registered Office : |
21/8, Craig Park, |
|
Tel. No.: |
91-80-25584654 / 41169841 |
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Fax No.: |
Not Available |
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E-Mail : |
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Website : |
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Site/Marketing Office : |
Plama Heights, Hennur Main Road, Next to
Hennur Police Station, Kalyan Nagar post, Bangalore – 560 043, Karnataka,
India |
|
Tel. No.: |
91-80-25440969 / 42126196 |
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Fax No.: |
Not Available |
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|
Branch Office : |
Located at ·
Mangalore ·
Trichur ·
|
DIRECTORS
As on 30.09.2011
|
Name : |
Mr. P. M. A. Razak |
|
Designation : |
Managing Director |
|
Address : |
HC-12 His Grace Apartments, Hathill, Mangalore – 575 006, |
|
Date of Appointment : |
06.03.2006 |
|
PAN No.: |
ABYPR9231M |
|
DIN No.: |
00758952 |
Other Directorship
|
S.No. |
CIN |
Name of the
Company |
Current
designation of the director |
Date of
appointment at current designation |
Original date of
appointment |
Date of cessation |
Company Status |
Defaulting
status |
|
1 |
U21022KA1998PTC023701 |
Plama Boards
Private Limited |
Managing
director |
05-05-98 |
05-05-98 |
- |
Active |
NO |
|
2 |
U70101KA1998PTC023748 |
Plama
International ( |
Managing
director |
18-05-98 |
18-05-98 |
- |
Active |
NO |
|
3 |
U70101KA2006PLC038670 |
Plama Developers
Limited |
Managing
director |
06-03-06 |
06-03-06 |
- |
Active |
NO |
|
4 |
U45209KA2007PTC044541 |
Lotus Shopping
Centres Private Limited |
Managing
director |
01-07-10 |
30-11-07 |
07-05-11 |
Active |
NO |
|
|
|
|
Name : |
Mrs. Fathima Janifer Razak |
|
Designation : |
Director |
|
Address : |
HC-12 His Grace Apartments, Hathill, Mangalore – 575 006, |
|
Date of Appointment : |
06.03.2006 |
|
PAN No.: |
ABUPJ4544K |
|
DIN No.: |
00340517 |
Other Directorship
|
S.No. |
CIN |
Name of the
Company |
Current
designation of the director |
Date of
appointment at current designation |
Original date of
appointment |
Date of
cessation |
Company Status |
Defaulting
status |
|
1 |
U21022KA1998PTC023701 |
Plama Boards
Private Limited |
Director |
05-05-98 |
05-05-98 |
- |
Active |
NO |
|
2 |
U70101KA1998PTC023748 |
Plama
International ( |
Director |
18-05-98 |
18-05-98 |
- |
Active |
NO |
|
3 |
U70101KA2006PLC038670 |
Plama Developers
Limited |
Director |
06-03-06 |
06-03-06 |
- |
Active |
NO |
|
4 |
U45209KA2007PTC044541 |
Lotus Shopping
Centres Private Limited |
Director |
30-11-07 |
30-11-07 |
04-02-11 |
Active |
NO |
|
|
|
|
Name : |
Mr. P. M. Mohammed |
|
Designation : |
Director |
|
Address : |
Flat No. 502, Plama Diamond, |
|
Date of Appointment : |
06.03.2006 |
|
PAN No.: |
AHWPM9690B |
|
DIN No.: |
00101730 |
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|
|
|
Name : |
Mr. B. N. Bindumadhava |
|
Designation : |
Director |
|
Address : |
B10/1, Vijaykiran, |
|
Date of Appointment : |
30.08.2007 |
|
PAN No.: |
AFSPB2212E |
|
DIN No.: |
01966418 |
KEY EXECUTIVES
|
Name : |
Sravanthi Koduri |
|
Designation : |
Secretary |
|
Date of Appointment : |
17.04.2010 |
|
PAN No.: |
ADFPK2443R |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 30.09.2011
|
Names of Shareholders |
|
No. of Shares |
|
P. M. A. Razak |
|
46241 |
|
Fathima Janifer |
|
35210 |
|
Plama Boards Private Limited |
|
9800 |
|
Ramachandran |
|
500 |
|
P. M. Mohammed |
|
19 |
|
Akbar Ali |
|
10 |
|
Fathima Suhana |
|
18 |
|
Total |
|
91798 |
As on 30.09.2011
|
Equity Share Breakup |
|
Percentage of Holding |
|
Category |
|
|
|
Bodies
corporate |
|
10.68 |
|
Directors
or relatives of directors |
|
88.78 |
|
Other
top fifty shareholders |
|
0.54 |
|
Total |
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
The company is engaged in the business of Real Estate and Property
Development. |
GENERAL INFORMATION
|
No. of Employees : |
Not Available |
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Bankers : |
State Bank of Commercial
Branch, PB No. 701, Kodialbail, Mangalore – 575 003, |
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Facilities : |
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Banking
Relations : |
-- |
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Auditors : |
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|
Name : |
Sriramulu Naidu and Company Chartered Accountants |
|
Address : |
G-8, H Block, Golden Orchids, |
|
PAN No.: |
AAOFS3877R |
CAPITAL STRUCTURE
As on 30.09.2011
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
150000 |
Equity Shares |
Rs.1000/- each |
Rs.150.000 millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
91798 |
Equity Shares |
Rs.1000/- each |
Rs.91.798
millions |
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 |
91.798 |
91.798 |
91.798 |
|
|
2] Share Application Money |
30.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
39.274 |
2.877 |
1.509 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
161.072 |
94.675 |
93.307 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
1.553 |
24.580 |
27.189 |
|
|
2] Unsecured Loans |
36.845 |
29.070 |
3.324 |
|
|
TOTAL BORROWING |
38.398 |
53.650 |
30.513 |
|
|
DEFERRED TAX LIABILITIES |
0.000 |
0.287 |
0.242 |
|
|
|
|
|
|
|
|
TOTAL |
199.470 |
148.612 |
124.062 |
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|
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|
|
|
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|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
7.336 |
7.951 |
6.978 |
|
|
Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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|
|
|
|
|
|
|
INVESTMENT |
1.000 |
1.075 |
0.475 |
|
|
DEFERREX TAX ASSETS |
0.422 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
208.640
|
156.818 |
94.198 |
|
|
Sundry Debtors |
1.347
|
1.753 |
0.000 |
|
|
Cash & Bank Balances |
20.595
|
6.889 |
0.503 |
|
|
Other Current Assets |
11.307
|
6.363 |
36.657 |
|
|
Loans & Advances |
603.133
|
250.316 |
101.513 |
|
Total
Current Assets |
845.022
|
422.139 |
232.871 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
16.469
|
12.289 |
0.288 |
|
|
Other Current Liabilities |
617.962
|
267.603 |
114.930 |
|
|
Provisions |
19.879
|
2.661 |
1.044 |
|
Total
Current Liabilities |
654.310
|
282.553 |
116.262 |
|
|
Net Current Assets |
190.712
|
139.586 |
116.609 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
199.470 |
148.612 |
124.062 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
|
|
SALES |
|
|
|
|
|
|
|
Operating revenue, net |
352.455 |
129.462 |
57.432 |
|
|
|
Other Income |
10.552 |
0.027 |
0.081 |
|
|
|
TOTAL (A) |
363.007 |
129.489 |
57.513 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Manufacturing service costs |
280.882 |
111.853 |
51.849 |
|
|
|
Employee related expenses |
9.732 |
3.832 |
|
|
|
|
Administrative selling other expenses
|
7.780 |
5.025 |
|
|
|
|
TOTAL (B) |
298.394 |
120.710 |
51.849 |
|
|
|
|
|
|
|
|
Less |
PROFIT/(LOSS)
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
64.613 |
8.779 |
5.664 |
|
|
|
|
|
|
|
|
|
Less |
INTEREST
FINANCIAL CHARGES (D) |
5.199 |
2.471 |
2.568 |
|
|
|
|
|
|
|
|
|
|
PROFIT/(LOSS)
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
59.414 |
6.308 |
3.096 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
0.859 |
0.916 |
0.248 |
|
|
|
|
|
|
|
|
|
|
PROFIT/(LOSS)
BEFORE TAX (E-F) (G) |
58.555 |
5.392 |
2.848 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
(17.862) |
(1.875) |
1.023 |
|
|
|
|
|
|
|
|
|
|
PROFIT/(LOSS)
AFTER TAX (G-H) (I) |
76.417 |
7.267 |
1.825 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
832.45 |
79.16 |
19.88 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
PAT / Total Income |
(%) |
21.05
|
5.61 |
3.17 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
16.61
|
4.16 |
4.96 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
6.87
|
1.25 |
1.19 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.36
|
0.06 |
0.03 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
4.30
|
3.55 |
1.57 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.29
|
1.49 |
2.00 |
LOCAL AGENCY FURTHER INFORMATION
NOTE
The Registered Office of the company has been shifted from II Floor,
312, 40th Cross, I Main, 8th Block, Jayanagar,
FUTURE EXPANSION
The Management of
the Company is planning to take up projects to fuel its growth and continue its
journey of creating homes.
The status of the
projects reported planned in the previous annual report :
1.
2.
3.
Falnir,Mangalore - Still under negotiation
4.
Trichur - JDA Signed. Submitted plans for approval
– PLAMA Springs
New Projects taken
up for development during the year, in addition to the above projects:
STATUS OF THE
ONGOING PROJECTS
PROJECT NAME PRESENT STATUS
1. Plama Icon,
Mangalore Completed
in June, 2010 and Handed Over
2. Plama Oceanic,
Mangalore Expected
Completion - November, 2011
3.
4. Plama Habitat,
Mangalore Work in
Progress
5. Plama Nest,
Mangalore Work in
Progress
6. Plama Citius,
Mangalore Work in
Progress
FORM 8
|
Corporate
identity number of the company |
U70101KA2006PLC038670 |
|
Name of the
company |
PLAMA DEVELOPERS LIMITED |
|
Address of the
registered office or of the principal place of business in |
II Floor, 312, 40th Cross, I Main, 8th Block, Jayanagar, |
|
This form is for |
Creation of charge |
|
Type of charge |
·
Book debts ·
Movable property (not being pledge) ·
Floating charge |
|
Particular of
charge holder |
State Bank of Commercial Branch, PB No. 701, Kodialbail, Mangalore – 575 003, E-Mail : surevict@gmail.com |
|
Nature of
instrument creating charge |
Agreement of hypothecation of goods and assets form C-2 and letter
regarding the grant of individual limits within the overall limit form C-5
(both pertain to the same charge) |
|
Date of
instrument Creating the charge |
26.09.2008 |
|
Amount secured by
the charge |
Rs.35.000 millions |
|
Brief of the
principal terms an conditions and extent and operation of the charge |
Rate of Interest Rate: FBWC- at 2.00% above SBAR with a minimum of 15.75% p.a. rising or
falling therewith, on daily products with monthly rests. present effective
rate 15.75% per annum. Penal interest for non compliance of terms of sanction: max 2% per
annum over the normal rate. prepayment penalty as per terms of sanction Terms of Repayment WCL - On demand. advance is for a period of 12 months and subject to
review as per sanction Margin Working Capital - 50% Extent and Operation of the charge Exclusive first charge on the assets of the company and to the full
extent. Others Cash credit of Rs.35.000 millions. |
|
Short particulars
of the property or asset(s) charged (including complete address and location
of the property) |
Hypothecation of company's present and future movable fixed assets and
current assets like stocks, raw materials, semi finished and finished goods,
book debts, receivables, outstanding monies, bills, rights, stores,
components, furniture and fittings; other movables, plant and machinery,
vehicles and assets to be purchased out of bank finance |
FIXED ASSETS
·
Electrical Installation
·
Furniture and Fixtures
·
Office Equipments
·
Computers
·
Motor Vehicles
WEB DETAILS
PROFILE
Subject
is an integrated real estate developer focused on premium developments across South
India with its head quarters in
Plama
group currently manages a portfolio spanning across residential, office space,
retail, hospitality and social infrastructure in
Plama
pays as much attention to what the resident will not see as to the exteriors
that they will enjoy. From the concrete in the foundation to the wiring hidden
in the walls every component meets executive specifications before the property
is released. Although one may never see these time consuming process, they see
the results-homes that are not only beautiful but safe, quite and energy
efficient.
Plama’s
core values of Transparency, Clear Titles and Ethical Business Practices has
set the company apart. A strict adherence to statutory compliance has earned Plama
admiration from all its delighted customers.
Founder and Chairman
P M A Razak, Founder and Chairman of subject. began his professional career as an industrialist and has
subsequently incorporated several companies. An entrepreneur, he was also the
Founder Chairman of Plama
Laboratories Limited, a listed company. He has more than 25 years of experience
in the field of Construction, Real Estate and other Industries.
Under his management, he has introduced international Quality Standard
and Process in construction activities. He solely believes in Quality,
Transparency and Innovation.
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.51.65 |
|
|
1 |
Rs.79.10 |
|
Euro |
1 |
Rs.65.32 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
4 |
|
PAID-UP CAPITAL |
1~10 |
4 |
|
OPERATING SCALE |
1~10 |
4 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
3 |
|
--PROFITABILIRY |
1~10 |
3 |
|
--LIQUIDITY |
1~10 |
3 |
|
--LEVERAGE |
1~10 |
3 |
|
--RESERVES |
1~10 |
3 |
|
--CREDIT LINES |
1~10 |
3 |
|
--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 |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
30 |
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.