MIRA
INFORM REPORT
|
Report Date : |
12.05.2012 |
IDENTIFICATION DETAILS
|
Name : |
TATA REALTY AND INFRASTRUCTURE LIMITED |
|
|
|
|
Registered
Office : |
|
|
|
|
|
Country : |
|
|
|
|
|
Financials (as
on) : |
31.03.2011 |
|
|
|
|
Date of
Incorporation : |
02.03.2007 |
|
|
|
|
Com. Reg. No.: |
11-168300 |
|
|
|
|
Capital
Investment/ Paid-up Capital: |
Rs.9250.000 Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U70102MH2007PLC168300 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
MUMT13767F |
|
|
|
|
PAN No.: [Permanent Account No.] |
AACCT6242L |
|
|
|
|
Legal Form : |
A Closely Held Public Limited Liability Company |
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|
|
|
Line of Business
: |
Subject is engaged in business of Investment Advisory
Services, Project Management Consultancy Services and Real Estate
Development. |
|
|
|
|
No. of
Employees: |
200 (Approximately) |
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 |
|
Maximum Credit Limit : |
USD 39620000 |
|
|
|
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
Usually Correct |
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|
|
|
Litigation : |
Clear |
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|
Comments : |
Subject is a subsidiary of Tata Sons Limited. It is a well established
and a reputed company having satisfactory track. Trade relations are reported
as fair. Business is active. Payments are reported to be usually correct and
as per commitments. The company can be considered normal for business dealings at usual
trade terms and conditions. |
NOTES:
Any query related to this report can be made
on e-mail: infodept@mirainform.com
while quoting report number, name and date.
INFORMATION PARTED BY
|
Name : |
Mr.Manish |
|
Designation : |
Finance Manager |
|
Contact No.: |
91-22-66294000 |
|
Date : |
10.05.2012 |
LOCATIONS
|
Registered Office : |
|
|
Tel. No.: |
91-22-66294000 |
|
Fax No.: |
Not Available |
|
E-Mail : |
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|
Website : |
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|
Location : |
Owned |
|
|
|
DIRECTORS
As on 28.07.2011
|
Name : |
Mr. |
|
Designation : |
Director |
|
Address : |
213-B
Ncpa Apartments, Nariman Point, Mumbai-400 021, |
|
Date of Birth/Age : |
18.07.1938 |
|
Date of Appointment : |
02.03.2007 |
|
Din No.: |
00027941 |
|
|
|
|
Name : |
Mr. Phillie Dara
Karkaria |
|
Designation : |
Whole
Time Director |
|
Address : |
Sleater House No. 2, Flat No. 1, Naushir Bharucha Road,
Mumbai-400 007, Maharashtra, India |
|
Date of Birth/Age : |
06.11.1948 |
|
Date of Appointment : |
04.05.2007 |
|
Din No.: |
00059397 |
|
|
|
|
Name : |
Mr. Mahalingam Seturaman |
|
Designation : |
Director |
|
Address : |
3, Normandle Co-Opekative Housing Society,
Limited, 25, |
|
Date of Birth/Age : |
10.02.1948 |
|
Date of Appointment : |
14.01.2008 |
|
Din No.: |
00121727 |
|
|
|
|
Name : |
Mr. Mehernosh Sorab Kapadia |
|
Designation : |
Director |
|
Address : |
29, Wodhehouse Apartment, |
|
Date of Birth/Age : |
22.05.1953 |
|
Date of Appointment : |
19.06.2008 |
|
Din No.: |
00050530 |
|
|
|
|
Name : |
Mr. Brotin Subroto Banergee |
|
Designation : |
Director |
|
Address : |
601, Sanghi Residency, 77, Palki Galli, Opposite Twin Towers,
Prabhadevi, Mumbai-400 025, Maharashtra, India |
|
Date of Birth/Age : |
13.04.1973 |
|
Date of Appointment : |
27.08.2008 |
|
Din No.: |
01522816 |
|
|
|
|
Name : |
Mr. Sanjay Ganesh Ubale |
|
Designation : |
Managing
Director and Chief Executive Officer |
|
Address : |
32, Quest End, 47 Cuffe Parade, Mumbai-400 005, |
|
Date of Birth/Age : |
22.08.1961 |
|
Date of Appointment : |
27.08.2011 |
|
Din No.: |
02040738 |
|
|
|
|
Name : |
Mr. Ganesa Iyer Anantharaman |
|
Designation : |
Director |
|
Address : |
The peregrine, Flat No.10-A, 10th Floor, 400 Veer Savarkar
Marg, Prabhadevi, Mumbai-400 025, |
|
Date of Birth/Age : |
21.06.1944 |
|
Date of Appointment : |
10.02.2008 |
|
Din No.: |
02229822 |
|
|
|
|
Name : |
Mr. Sumit Ratnakar Guha |
|
Designation : |
Director |
|
Address : |
Flat No.51, Sainara Apartment, 5th Floor, Cuffe Parade,
Mumbai-400 005, |
|
Date of Birth/Age : |
29.09.1966 |
|
Date of Appointment : |
01.04.2010 |
|
Din No.: |
00492245 |
|
|
|
|
Name : |
Mr. Jimmy Sorabh Bilimoria |
|
Designation : |
Director |
|
Address : |
5, Battery House, 74, Bhulabhai Desia road, Mumbai, |
|
Date of Birth/Age : |
27.01.1947 |
|
Date of Appointment : |
31.05.2010 |
|
Din No.: |
00112654 |
|
|
|
|
Name : |
Mr. Santhanakrishnan Sankaran |
|
Designation : |
Director |
|
Address : |
24, |
|
Date of Birth/Age : |
01.01.1951 |
|
Date of Appointment : |
07.12.2010 |
|
Din No.: |
00032049 |
KEY EXECUTIVES
|
Name : |
Mr. Vinay Sadanand Gaokar |
|
Designation : |
Secretary |
|
Address : |
E -5, Sarswat Colony Sitlaladevi Temple Road, Mahim, Mumabi,
Maharashtra, India |
|
Date of Birth/Age : |
09.11.1959 |
|
Date of Appointment : |
10.12.2008 |
|
Pan No.: |
AADPG7587K |
|
Name : |
Mr. A.
k Sharma |
|
Designation : |
Senior Vice President
Transportation |
|
Qualification : |
B.Sc (Civil
Engineering) |
|
Experience : |
30 Years |
|
Date of Appointment : |
24.05.2008 |
|
|
|
|
Name : |
Mr.
Phillie D. Karkaria |
|
Designation : |
Executive
Director |
|
Qualification : |
B.com, FCMA, AFA |
|
Experience : |
32.Years |
|
Date of Appointment : |
1.05.2007 |
|
|
|
|
Name : |
Mr. Kishore Saletore |
|
Designation : |
Chief Financial
Officer |
|
Qualification : |
CA,MBA |
|
Experience : |
18.Years |
|
Date of Appointment : |
1.05.2007 |
|
|
|
|
Name : |
Mr. Sunil B.Shinde |
|
Designation : |
Vice President – Projects |
|
Qualification : |
BE (Civil) |
|
Experience : |
29 Years |
|
Date of Appointment : |
02.03.2007 |
|
|
|
|
Name : |
Mr. Ratnakar Pramod Mahajan |
|
Designation : |
Senior Vice President
–Business Development |
|
Qualification : |
B Tech (Hons) |
|
Experience : |
37 Years |
|
Date of Appointment : |
01.08.2008 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 28.07.2011
|
Names of Equity Shareholders |
|
No. of Shares |
|
Tata Sons Limited, |
|
724999994 |
|
Tata Sons Limited, |
|
01 |
|
Tata Sons Limited, |
|
01 |
|
Tata Sons Limited, |
|
01 |
|
Tata Sons Limited, |
|
01 |
|
Tata Sons Limited, |
|
01 |
|
Tata Sons Limited, |
|
01 |
|
Total |
|
725000000 |
|
Names of Preference
Shareholders |
|
No. of Shares |
|
Tata Sons Limited, |
|
200000000 |
As on 28.07.2011
Equity Shares Break –up
|
Category |
|
Percentage |
|
|
|
|
|
Bodies corporate |
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Subject is engaged in business of Investment Advisory
Services, Project Management Consultancy Services and Real Estate
Development. |
|
|
|
|
Terms : |
|
|
Selling : |
Cash/Credit |
|
|
|
|
Purchasing : |
Cash/Credit |
GENERAL INFORMATION
|
Customers : |
Trade Consultancy Service |
||||||||||||
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|
||||||||||||
|
No. of Employees : |
200 (Approximately) |
||||||||||||
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|
||||||||||||
|
Bankers : |
·
Axis Bank Limited, Nariman
Point Branch, 309, Atlanta, Nariman Point,, Mumbai – 400 021, Maharashtra,
India ·
ICICI Bank, Nariman Point Branch ·
HDFC Bank |
||||||||||||
|
|
|
||||||||||||
|
Facilities : |
500.000 Millions (Axis Bank Limited,) 500.000 Millions (HDFC
Bank) Rs.
in Millions
|
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
BSR and Associates Chartered Accountants |
|
Address : |
KPMG House, Kamala Mills Compound, 448, Senapati Bapat Marg, Lower
Parel, Mumbai-400 013, Maharashtra, India |
|
Pan No.: |
AADFB6889R |
|
|
|
|
Name : |
PKF Sridhar and Santhanam Chartered Accountants |
|
Address : |
406, |
|
Pan No.: |
AAOFS2783G |
|
|
|
|
Holding Company : |
· TATA SONS LIMITED CIN no.:U99999MH1917PLC000478 |
|
|
|
|
Subsidiaries : |
· Acme Living Solutions Private Limited CIN no.: U45209DL2008PTC178023 · Ahinsa Realtors Private Limited CIN no: U45202MH2007PTC177140 · TRIL Urban Transport Private Limited CIN no: U45400DL2007PTC163100 · Ardent Properties Private Limited · Arrow Infrastructure Private Limited · Gurgaon Constructwell Private Limited · Gurgaon Infratech Private Limited CIN no.:U45200DL2007PTC157572 · Gurgaon Realtech Limited · Landscape Structure Private Limited CIN no.: U70109DL2006PTC156034 · TRIL Roads Private Limited CIN no.: U45400MH2007PTC174567 · Pioneer Infratech Private Limited · TRIF Gandhinagar Infrastructure Private Limited · TRIF Hyderabad Projects Private Limited · TRIF Kolkata Projects Private Limited CIN no.:U45201MH2007PLC171985 · TRIF Property Development Private Limited · TRIF Realty Projects Private Limited · TRIF Trivandrum Projects Private Limited · TRIL Constructions Limited · TRIL Developers Limited CIN no.:U45400MH2007PLC171654 · TRIL Logistics Private Limited · TRIF Structures and Builders Private Limited · TRIF Gurgaon Housing Projects Private Limited CIN no.:U74900DL2009PTC188404 · TRIL Roads Private Limited (formerly known as Navinya Buildcon Private Limited) · TRIF Infrastructure Private Limited · TRIL Highway Projects Limited (earlier known as TRIL Airport Developers Limited) CIN no.:U45200MH2007PLC171687 |
|
|
|
|
Associates |
· TRIL Infopark Limited CIN no.:U45200TN2008PLC066931 |
|
|
|
|
Fellow Subsidiaries |
·
Tata Tele Services ( · Tata Housing Development Company Limited CIN no.: U99999MH1942PLC003573 · Ewart Investments Limited · TRIF Investment Management Limited · Tata AIG General Insurance Limited CIN NO.: U85110MH2000PLC128425 · Tata AIG Life Insurance Limited · Tata Consultancy Services Limited CIN no.L22210MH1995PLC084781 · TCS E-Serve Limited CIN no.: U65990MH1984PLC033929 · TC Travel and Services Limited CIN no.:U63040MH2008PLC187559 · Tata Investment Corporation Limited CIN no.: L67200MH1937PLC002622 · Infiniti Retail Limited ·
TATA TELESERVICES ( CIN no.: L64200MH1995PLC086354 · EWART INVESTMENTS LIMITED CIN no.:U74999MH1922PLC001030 |
|
|
|
|
Others: |
· Tata Advanced Systems Limited CIN no.:U72900MH2006PLC164730 |
CAPITAL STRUCTURE
As on 31.03.2011
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
2000000000 |
Equity Shares |
Rs.10/- Each |
Rs.20000.000 millions |
|
1000000000 |
Preference Shares |
Rs.10/- Each |
Rs.10000.000 millions |
|
|
Total |
|
Rs.30000.000
millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
725000000 |
Equity Shares |
Rs.10/- Each |
Rs.7250.000
millions |
|
200000000 |
Preference Shares |
Rs.10/- Each |
Rs.2000.000
millions |
|
|
Total |
|
Rs.9250 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 |
9250.000 |
9250.000 |
9250.000 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
653.801 |
653.326 |
633.291 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
9903.801 |
9903.326 |
9883.291 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
0.000 |
0.000 |
0.000 |
|
|
2] Unsecured Loans |
3700.000 |
2250.000 |
2250.000 |
|
|
TOTAL BORROWING |
3700.000 |
2250.000 |
2250.000 |
|
|
DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
13603.801 |
12153.326 |
12133.291 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
37.933 |
15.610 |
29.776 |
|
|
Capital work-in-progress |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
INVESTMENT |
|
|
|
|
|
DEFERREX TAX ASSETS |
9780.270 |
9630.079 |
11258.223 |
|
|
|
26.009 |
18.722 |
13.042 |
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
|
0.000 |
0.000 |
|
|
Sundry Debtors |
10.588
|
35.345 |
0.000 |
|
|
Cash & Bank Balances |
510.623
|
227.041
|
661.160 |
|
|
Other Current Assets |
188.741
|
0.000 |
0.000 |
|
|
Loans & Advances |
4149.298
|
3279.581
|
3895.376 |
|
Total
Current Assets |
4859.250
|
3541.967 |
4556.536 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditor |
90.486
|
38.265
|
2514.937 |
|
|
Other Current Liabilities |
834.426
|
756.803
|
555.722 |
|
|
Provisions |
174.749
|
257.984
|
653.627 |
|
Total
Current Liabilities |
1099.661
|
1053.052 |
3724.286 |
|
|
Net Current Assets |
3759.589
|
2488.915 |
832.250 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
13603.801 |
12153.326 |
12133.291 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
625.960 |
405.653 |
243.991 |
|
|
|
Other Income |
275.841 |
431.968 |
2123.167 |
|
|
|
TOTAL (A) |
901.801 |
837.621 |
2367.158 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Manufacturing Service Cost |
17.851 |
14.674 |
|
|
|
|
Employee Related Expense |
255.030 |
163.750 |
|
|
|
|
Administrative Selling Other Expenses |
190.780 |
122.390 |
|
|
|
|
TOTAL (B) |
463.661 |
300.814 |
516.133 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
438.140 |
536.807 |
Including
Finance and Deprecation expenses |
|
|
|
|
|
|
||
|
Less |
FINANCIAL
EXPENSES (D) |
269.075 |
182.388 |
||
|
|
|
|
|
||
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
169.065 |
354.419 |
|
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
5.655 |
15.913 |
|
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
163.410 |
338.506 |
1851.026 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
46.713 |
117.321 |
534.785 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
116.697 |
221.185 |
1316.240 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
653.326 |
633.291 |
(141.47) |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Dividend on |
|
100.000 |
100.000 |
|
|
|
Dividend on Equity Shares |
116.222 |
72.500 |
362.500 |
|
|
|
Tax on Dividend |
|
28.650 |
78.602 |
|
|
BALANCE CARRIED
TO THE B/S |
653.801 |
653.326 |
633.291 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
193.374 |
250.654 |
|
|
|
|
Earnings Per
Share (Rs.) |
0.13 |
0.14 |
1.65 |
|
|
Particulars |
|
|
31.03.2012 |
|
Sales Turnover |
|
|
1100.000 |
|
|
|
|
|
Expected Sales (2012-2013) : Rs.2090.000 Millions
The above information has been parted by Mr.Manish
KEY RATIOS
|
PARTICULARS |
|
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
PAT / Total Income |
(%) |
12.94
|
26.41
|
55.60 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
26.11
|
83.45
|
758.64 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
14.36
|
9.52
|
40.36 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.02
|
0.03
|
0.18 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
0.48
|
0.33
|
0.61 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
4.42
|
3.36
|
1.22 |
LOCAL AGENCY FURTHER INFORMATION
|
Available
in Report [Yes/No] |
|
|
Year
of Establishment |
Yes |
|
Locality
of the Firm |
Yes |
|
Construction
of the firm |
Yes |
|
Premises
details |
No |
|
Type
of Business |
Yes |
|
Line
of Business |
Yes |
|
Promoters
background |
Yes |
|
No.
of Employees |
Yes |
|
Name
of Person Contacted |
Yes |
|
Designation
of contact person |
Yes |
|
Turnover
of firm for last three years |
Yes |
|
Profitability
for last three years |
Yes |
|
Reasons
for variation <> 20% |
- |
|
Estimation
for coming financial year |
Yes |
|
Capital
the business |
Yes |
|
Details
of sister concerns |
Yes |
|
Major
Suppliers |
No |
|
Major
Customers |
Yes |
|
Payment
Terms |
Yes |
|
Export
/ Import Details [If Applicable] |
Yes |
|
Market
Information |
- |
|
Litigations
that the firm / promoter involved in |
- |
|
Banking
Details |
Yes |
|
Banking
Facility Details |
Yes |
|
Conduct
of the banking account |
- |
|
Buyer
visit details |
- |
|
Financials,
if provided |
Yes |
|
Incorporation
details, if applicable |
Yes |
|
Last
accounts filed at ROC |
Yes |
|
Major
Shareholders, if applicable |
Yes |
SUNDRY CREDITIORS DETAILS:
Rs. in Millions
|
Particular |
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
Creditors due to others |
90.486 |
38.265 |
2500.000 |
|
Due to micro small and medium eanteprises |
0.000 |
0.000 |
14.937 |
|
Total |
90.486 |
38.265 |
2514.937 |
Bankers Charges
Report as per Registry
|
Corporate
identity number of the company |
U70102MH2007PLC168300 |
|
Name of the company
|
Tata Realty and
Infrastructure Limited. |
|
Address of the
registered office or of the principal place of business in |
Email: trilsec@tata.com |
|
This form is for |
Modification of
charge |
|
Charge
identification number of the modified |
10157090 |
|
Type of charge |
Book Debts Movable Property |
|
Particular of
charge holder |
Axis Bank Limited, Nariman Point Branch, 309, Atlanta,
Nariman Point,, Mumbai – 400 021, Maharashtra, India |
|
Nature of
description of the instrument creating or modifying the charge |
Link Document for
earmarking of Limit dated 30.06.2010 |
|
Date of instrument
Creating the charge |
30.06.2010 |
|
Amount secured by
the charge |
Rs.1000.000
millions |
|
Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest : As per Sanction Letter
or as stipulated by the Bank from time to time. Terms of Repayment : As per Sanction
Letter or as stipulated by the Bank from time to time. Margin : As per Sanction
Letter or as stipulated by the Bank from time to time. Extent and
Operation of the charge Out of the total
BG limit of Rs.1000 millions. at the request of the Company, the Bank
permitted Bank Guarantee facility upto Rs.73.450 millions to M/s. Gurgaon
Infratech Private Limited. by earmarking unutilised portion of BG limits of
Rs.1000 millions. The overall amount secured by the Charge remains at Rs.1000
millions. Security of assets given shall continue to secure BG permitted to
M/s. Gurgaon Infratech Private Limited. |
|
Short particulars
of the property charged |
1st charge on all
receivables of Company including those SPV's floated for execution of
projects |
|
Date of latest
modification prior to the present modification |
30.06.2010 |
|
Particulars of
the present modification |
Now vide this
modification, Out of the total BG limit of Rs.1000 millions. at the request
of the Company, the Bank permitted Bank Guarantee facility upto Rs.73.450
millions to M/s. Gurgaon Infratech Private Limited. by earmarking unutilised
portion of BG limits of Rs.1000 millions. The overall amount secured by the
Charge remains at Rs.1000 millions. Security of assets given shall continue
to secure BG permitted to M/s. Gurgaon Infratech Private Limited. |
OPERATIONS OVERVIEW:
Despite being a difficult year for the commercial markets in
On the acquisition front, the Company added a high-quality commercial asset, located in suburban Mumbai, to its portfolio. The asset currently houses high-quality tenants such as AIG, Accenture and BNP Paribas. The Company is now looking to rebrand and relaunch the property and is confident that the asset will yield handsome returns in the years to come. Post this acquisition, the rentals in the area have already increased by about [15%] and this augurs well for the timing and acquisition strategy of the Company. In fact, post acquisition, one of the vacant spaces has successfully been leased out at above market rentals.
During the year 2011, the Company made significant progress in all its real estate and infrastructure ventures. Despite a soft recovery in the commercial markets, they were able to successfully close leasing transactions with world-class tenants such as HP, Infosys BPO, Sitel and Cognisant, at their flagship project, TRIL Infopark, in Chennai. It is to be noted that the Company has been able to win these clients in the face of stiff competition offered by other developers. Moreover, in several cases, they have been able to command a premium of about 25% over prevailing market rates due to successful marketing and value addition efforts of their team. It maybe noted that today there is no available space in TRIL Infopark to lease and the availability of further space will happen only a year from now.
The retail mall - Trilium,
On the residential front, the Company had an excellent launch
both in the
The Company has also identified 3 other assets for acquisition and these are currently pending due diligence and regulatory approvals. The Company expects to conclude these during the current year.
On the infrastructure front, the Company bid for 3 road projects being awarded by the NHAI. However, the currently over-aggressive bidding which is being witnessed in this sector, resulted in these projects being awarded to competition. While the Company believes in being aggressive, they abstain from making unrealistic bids which are difficult to sustain in the long-run. Their focus has been on protecting and enhancing shareholder value, rather than merely increasing the order size of the business. In wake of the over-aggressive bidding currently being witnessed in the roads sector, the Company is also considering an acquisition strategy to supplement its primary business line.
They believe that the next few months will witness several key infrastructure projects such as the Navi Mumbai airport, the Mumbai Trans-Harbour link and other major projects being put up by the Government for bids via the PPP route. The Company is gearing up to conduct all the necessary due diligence required to put in a competitive bid as and when these projects are offered
FINANCIAL RESULTS:
The Management Team has continued to focus on mopping up opportunities in the Real Estate and Infrastructure sectors and has secured new projects and continued to develop existing projects under difficult market conditions.
The Company has, during the year earned Project Management Development Fees of Rs.430.000 Millions as against Rs.155.000 Millions (previous year) which is a reflection of the heightened construction activity in respect of the projects handled by it. As against a total income of Rs.90.000 Millions the total expenditure is Rs.74.000 Millions, resulting in profit before tax of Rs.163.400 Millions. There is an increase in the operating expenditure
aggregating 48% over the previous year which is mainly due to increase in the interest expenditure as also recruitment in the Company to augment its present manpower resources to supplement the activities of the Company.
Some of the significant developments during the year are summarized as under
Realty Segment
Development:
I. Ramanujan IT City,
Chennai:
At the Special Economic Zone (SEZ) for IT and ITES being developed at Chennai, the construction and fit-out works
are in full swing in the processing zone. The first office block is expected to be ready for occupancy by September 2011, while the second block by December 2011. The office area in both blocks, admeasuring ~ 1.18 mn. sq. ft., have been fully leased. The concept design for the non-processing zone has been finalized and construction is expected to commence in July 2011 after approvals from the relevant authorities.
II. Trilium,
The retail mall - Trilium, admeasuring approx. 7 lacs
sq.ft., located in the heart of
the largest and finest mall in
III. Tritvam,
This 12 lacs sq.ft. high-end water-front residential project
on
the city's Central Business District (CBD) and enjoys excellent connectivity and proximity to the economic centers of the city. It offers panoramic water-front views as well as boasts an adjacent bird sanctuary. The property will also have large landscaped green areas which would be the key differentiator vis-a-vis competition. The development has been pre-launched early this year and the response has been quite encouraging. Over 50 apartments have been booked on account of innovative marketing efforts during this phase by both local and NRI groups. There will be a focused international sales effort to ensure that Non-Resident populations from South
East Asia and
IV.
citizens with an incomparable experience. This prestigious property features modern aesthetics and design and is in close vicinity of schools, transport hubs, retail and hospitals. Contemporary architectural aesthetics like the use of a podium style development will elevate the property and give it a modern and exceptional look. The property will encompass landscaped green areas, elder friendly fittings, elaborate parking and security features and an array of leisure activities - all to offer occupiers a high quality of life. The development has been pre-launched and 90 apartments have been blocked since pre-launch. This has gone a long way towards building the right excitement and buzz towards this project and the initial marketing effort has been well rewarded. An exhaustive brand building and creative expression exercise is currently underway. The proposed retail development has also been well received with several Anchor brands coming and conducting site inspections.
V.
During the year under review, the Company acquired 6.67% equity stake in Peepul Tree Properties Private. Limited.
(PTPPL). PTPPL is primarily engaged in the business of
owning, operating and licensing of real estate properties or part thereof. PTPPL
owns Building No. 4 which is located in
leased to an existing tenant at rentals above the market rate.
VI. TCS projects:
The Company is currently implementing three projects for Tata Consultancy Services Limited. (TCS) as 'Owner's
Representative'. The three IT SEZs of total built-up area of
~ 7 mn sqft are being developed at Hinjewadi in
Agreement with TCS for developing their facility at
Rajarhat, Kolkata at a total cost of approx Rs.919.000 Millions. The Company is
expected to earn about Rs.370.000 Millions over the project completion cycle of
44 months. Discussions are also at an advanced stage with TCS for appointing
the Company as Owner's Representative for two new projects located at
VII Gopalpur
The Company is presently assisting Tata Steel Limited (TSL) as the Development Manager for TSL's project of
development of a 2500 acre Multiproduct Special Economic
Zone located at Gopalpur coastal town located at 180 km from Bhubaneshwar, in
Orissa. The project is on Bhubaneshwar-Vishakhapatnam portion of the
Infrastructure
Segment Development:
The construction work for Four Laning of Pune-Solapur Section of National Highway, NH-9, is in full pace.
Approximately 37 km out of 110 km of the newly constructed road, is opened to traffic. The project is slotted for beginning of commercial operation in May 2012. There is delay in land acquisition by National Highways Authority India (NHAI). NHAI and State authorities are trying to resolve the issues. Further delay in acquisition of land by NHAI, may affect the targeted completion.
II. New Road
Projects:
The Road Project Holding company, TRIL Roads Private Limited (TRPL), has submitted qualification proposals for various Road projects of National Highways Authority of India (NHAI) and has been qualified for submitting the financial bid. The Company would be participating in more Road projects and target to win / acquire at least three projects in the current financial year.
III. Logistics
Infrastructure Business:
The Company is exploring available opportunities in the
Logistic Infrastructure business in cities like Chennai Pune, National Capital
Region, Kolkatta and Guwahati. As the preferred location, the process of
acquiring land parcels in Chennai and
IV. Airports:
The Company is evaluating the option of entering in to
development of
Discussions are on with technical partners for metro
airports and non-metro airports. In respect of the proposed Navi Mumbai
airport the Management is studying the
conditions imposed by the Government while granting the environmental clearance
for the project. The Company, along with Tata Steel Limited (TSL), is also exploring
the opportunity of developing a new
and the surrounding real estate.
Fixed Assets:
·
Leasehold Improvement
·
Furniture and fixture
·
Computer
·
Office Equipment
·
Motor Vehicle
AS PER WEBSITE
DETAILS:
Press Release
Tata Realty and Infrastructure Limited (TRIL) acquires Peepul Tree
Properties Private Limited
~TRIL forays into Commercial/IT space in Mumbai
with a strategic
investment of Rs. 5,250 million~
Mumbai, March 7, 2011: Tata Realty and Infrastructure Limited (TRIL) and Tata Realty Initiatives Fund 1 (TRIF 1) today announced the acquisition of ‘Peepul Tree Properties Private Limited’ (Peepul Tree Properties) from Kotak India Real Estate Fund I for an enterprise value of Rs 5,250 million (US$ 117 million). The average
rental yield in this property is approximately 14% taking into account the price and the current rentals prevailing in the market.
Peepul Tree Properties owns an IT/ITes Park in the Mumbai suburb of Malad East, which has been fully leased to excellent grade-A tenants such as Accenture, Tata AIG, Mphasis, BNP Paribas, Integreon and Prana Studios
Speaking on the development, Mr.
Sanjay Ubale, Managing Director, TRIL said, “This acquisition is a step
forward in implementing the company’s strategy to have a national presence in
the commercial/ IT space. With this strategic investment, we have established
our presence in Mumbai with an existing, operational asset. We are confident
that the development is in sync with our overall growth strategy and we expect
a significant growth in this business. TRIL stands well poised to meet its
ambition of becoming a significant player in the real estate sector in the
times to come.”
About Tata Realty and
Infrastructure Limited
Tata Realty and Infrastructure Limited (TRIL) is currently focused on long term infrastructure projects of national significance, as well as large scale integrated developments and retail and commercial projects in the real estate sector.
As is with all Tata companies, selection of projects is a
specialized process, with the eventual selection list scoring high not only on
business objectives, but also on the guiding Tata values and policies.
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.53.64 |
|
|
1 |
Rs.86.42 |
|
Euro |
1 |
Rs.69.28 |
INFORMATION DETAILS
|
Information
Gathered by : |
PJA |
|
|
|
|
Report Prepared
by : |
BYI |
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.