MIRA
INFORM REPORT
|
Report Date : |
18.04.2013 |
IDENTIFICATION DETAILS
|
Name : |
PRESTIGE ESTATES PROJECTS LIMITED [w.e.f. 10.11.2009] |
|
|
|
|
Formerly Known
As : |
PRESTIGE ESTATES PROJECTS PRIVATE LIMITED |
|
|
|
|
Registered
Office : |
The Falcon House, No. 1m Main Guard Cross Road, Bangalore-560001,
Karnataka |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as
on) : |
31.03.2012 |
|
|
|
|
Date of
Incorporation : |
04.06.1997 |
|
|
|
|
Com. Reg. No.: |
08-022322 |
|
|
|
|
Capital Investment
/ Paid-up Capital : |
Rs.3280.700
Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
L07010KA1997PLC022322 |
|
|
|
|
Legal Form : |
A Public Limited Liability Company. The Company’s Shares are Listed on The Stock Exchanges. |
|
|
|
|
Line of Business
: |
Real Estate Development and Construction. |
|
|
|
|
No. of Employees
: |
429 [Approximately] |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (54) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 85000000 |
|
|
|
|
Status : |
Good |
|
|
|
|
Payment Behaviour : |
Regular |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is an established company having fine track record. 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 – June 30, 2012
|
Country Name |
Previous Rating (31.03.2012) |
Current Rating (30.06.2012) |
|
India |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
EXTERNAL AGENCY RATING
|
Rating Agency Name |
CRISIL |
|
Rating |
DA1 [Upgraded From DA2+] |
|
Rating Explanation |
This rating indicates that the developer’s ability to execute real
estate project as per specified quality level and within the stipulated time
schedule and its ability to transfer a clean title is excellent. |
|
Date |
28.03.2012 |
RBI DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available RBI Defaulters’ list.
EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter in
the publicly available EPF (Employee Provident Fund) Defaulters’ list as of
31-03-2012.
LOCATIONS
|
Registered / Corporate Office : |
The Falcon House, No. 1m Main Guard Cross Road, Bangalore-560001, |
|
Tel. No.: |
91-80-25591080 |
|
Mobile No.: |
91-80-25591945 |
|
E-Mail : |
|
|
Website : |
|
|
|
|
|
Branch Office : |
Located At: ·
Chennai ·
Hyderabad ·
Kochi |
DIRECTORS
AS ON 06.09.2012
|
Name : |
Mr. Irfan Razack |
|
Designation : |
Chairman cum Managing Director |
|
Address : |
21/22-23, Craig Park, Layout, M G Road, Bangalore-560001, Karnataka,
India |
|
Date of Birth/Age : |
30.10.1953 |
|
Date of Appointment : |
04.06.1997 |
|
Din No.: |
00209022 |
|
|
|
|
Name : |
Mr. Rezwan Razack |
|
Designation : |
Joint Managing Director |
|
Address : |
12, |
|
Date of Birth/Age : |
10.02.1955 |
|
Date of Appointment : |
04.06.1997 |
|
Din No.: |
00209060 |
|
|
|
|
Name : |
Mr. Noman Razack |
|
Designation : |
Whole Time Director |
|
Address : |
21/22-25, Craig Park Layout, M |
|
Date of Birth/Age : |
14.12.1957 |
|
Date of Appointment : |
04.06.1997 |
|
Din No.: |
00189329 |
|
|
|
|
Name : |
Nor Ahmed Jaffer |
|
Designation : |
Director |
|
Address : |
No. 3, I Cross, 8th Main, 4th Block,
Koramangala, Bangalore-560034, Karnataka, India |
|
Date of Birth/Age : |
12.11.1949 |
|
Date of Appointment : |
24.11.2009 |
|
Din No.: |
00027646 |
|
|
|
|
Name : |
Mr. Jagdeesh Reddy Koti |
|
Designation : |
Director |
|
Address : |
Flat No. B 1, Chartered, Court, Rathna Avenue, 51/B, Richmond Road,
Bangalore-560025, Karnataka, India |
|
Date of Birth/Age : |
06.11.1967 |
|
Date of Appointment : |
10.11.2009 |
|
Din No.: |
00220785 |
|
|
|
|
Name : |
Biji George Koshy |
|
Designation : |
Director |
|
Address : |
No. 14, Versova Layout, 1st Cross, Kaggadasa Pura Road,
C.V. Raman Nagar, Bangalore-560093, Karnataka, India |
|
Date of Birth/Age : |
27.07.1945 |
|
Date of Appointment : |
10.11.2009 |
|
Din No.: |
01651513 |
|
|
|
|
Name : |
Dr. Pangal Ranganath Nayak |
|
Designation : |
Director |
|
Address : |
141, 18th Main, 6th Block, Koramangala, Bangalore-560095,
Karnataka, India |
|
Date of Birth/Age : |
25.10.1957 |
|
Date of Appointment : |
24.11.2009 |
|
Din No.: |
01507096 |
KEY EXECUTIVES
|
Name : |
Lalitha Kini |
|
Designation : |
Secretary |
|
Address : |
Door No. 48, 4th East Main, ITI Layout, BSK II Stage,
Bangalore-560085, Karnataka, India |
|
Date of Birth/Age : |
04.12.1977 |
|
Date of Appointment : |
14.11.2009 |
|
Pan No.: |
AKOPK7213P |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 31.12.2012
|
Category of Shareholder |
Total No. of Shares |
Total Shareholding as a % of Total No. of Shares |
|
(A) Shareholding of Promoter and Promoter Group |
|
|
|
|
|
|
|
|
196875000 |
60.01 |
|
|
65625000 |
20.00 |
|
|
65625000 |
20.00 |
|
|
262500000 |
80.01 |
|
|
|
|
|
Total shareholding of Promoter and Promoter Group (A) |
262500000 |
80.01 |
|
(B) Public Shareholding |
|
|
|
|
|
|
|
|
21972529 |
6.70 |
|
|
9000 |
0.00 |
|
|
36026085 |
10.98 |
|
|
58007614 |
17.68 |
|
|
|
|
|
|
5275220 |
1.61 |
|
|
|
|
|
|
1251844 |
0.38 |
|
|
423252 |
0.13 |
|
|
615840 |
0.19 |
|
|
552676 |
0.17 |
|
|
55964 |
0.02 |
|
|
7200 |
0.00 |
|
|
7566156 |
2.31 |
|
Total Public shareholding (B) |
65573770 |
19.99 |
|
Total (A)+(B) |
328073770 |
100.00 |
|
(C) Shares held by Custodians and against which Depository Receipts
have been issued |
0 |
0.00 |
|
|
0 |
0.00 |
|
|
0 |
0.00 |
|
|
0 |
0.00 |
|
Total (A)+(B)+(C) |
328073770 |
0.00 |
BUSINESS DETAILS
|
Line of Business : |
Real Estate Development and Construction. |
GENERAL INFORMATION
|
No. of Employees : |
429 [Approximately] |
||||||||||||||||||
|
|
|
||||||||||||||||||
|
Bankers : |
·
Andhra
Bank, 2/3, Raja Building, N.R Road Branch, Bangalore-560002, Karnataka, India
·
Punjab National Bank ·
YES Bank Limited ·
The Jammu and Kashmir Bank Limited ·
Axis Bank Limited ·
State Bank of India ·
State Bank of Hyderabad |
||||||||||||||||||
|
|
|
||||||||||||||||||
|
Facilities : |
|
|
|
|
|
Financial Institution : |
Housing Development Finance Corporation Limited |
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
Deloitte Haskins and Sells Chartered Accountant |
|
Address : |
Deloitte Centre, Anchorage II, 100/2, Richmond Road, Bangalore-560025,
Karnataka, India |
|
Tel. No.: |
91-80-66276000 |
|
Fax No.: |
91-80-66276011 |
|
PAN No: |
AACFD3771D |
|
|
|
|
Solicitors: |
|
|
Name : |
·
Kusuma Associates ·
Nandi Law Chambers ·
Anup S Shah Law Firm |
|
|
|
|
Subsidiaries : |
·
Prestige Leisure Resorts Private Limited ·
ICBI (India) Private Limited ·
Prestige Valley View Estates Private Limited ·
Prestige Bidadi Holdings Private Limited ·
Village-De-Nandi Private Limited ·
Pennar Hotels and Resorts Private Limited ·
Down Hills Holiday Resorts Private Limited ·
Foothills Resorts Private Limited ·
Prestige Construction Ventures Private Limited ·
Prestige Mangalore Retail Ventures Private
Limited ·
Prestige Mysore Retail Ventures Private Limited ·
Prestige Whitefield Investment and Developers
Private Limited ·
ValdelXtent Outsourcing Solutions Private Limited ·
K2K Infrastructure (India) Private Limited
(formerly known as Team United Engineers (India) Private Limited ) ·
Prestige Shantiniketan Leisures Private Limited ·
Northland Holding Company Private Limited ·
West Palm Developments Private Limited ·
Cessna Garden Developers Private Limited (w.e.f
12th April 2010) ·
Villaland Developers Private Limited (w.e.f 31st
August 2010) ·
Prestige Amusements Private Limited (w.e.f 31st
March, 2012) |
|
|
|
|
Other Parties: |
|
|
(i) Associate companies where there is significant influence: |
·
Prestige Amusements Private Limited (Upto 30th
March, 2012) ·
Prestige Garden Constructions Private Limited ·
Babji Realtors Private Limited ·
City Properties Maintenance Company Bangalore
Limited ·
Prestige Projects Private Limited ·
CapitaLand Prestige Mall Management Private
Limited (Joint venture w.e.f 1st January 2010) ·
Prestige Garden Resorts Private Limited ·
Exora Business Parks Private Limited (subsidiary
upto 30th December 2010) ·
Vijaya Productions Private Limited ( (Joint
Venture w.e.f December 12, 2011) |
|
|
|
|
(ii) Company in which the directors are interested: |
·
Thomsun Realtors Private Limited ·
Prestige Fashions Private Limited ·
Dollar Constructions and Engineers Private
Limited ·
Prestige Home Finance Limited (Dissolved on 25th
February 2011) ·
Prestige Garden Estates Private Limited ·
Prestige Golf Resorts Private Limited ·
Kandid Marketing Services Private Limited
(Dissolved on 16th March 2011) |
|
|
|
|
(iii) Associates, Partnership firms and Trusts in which some of the
directors and relatives are interested: |
·
Brunton Developers (Upto 1st Sept 2011) ·
Castlewood Investments ·
Colonial Estates ·
Educate India Foundation ·
Educate India Trust ·
Prestige Hi-Tech Projects (formerly known as Hi-Tech
Properties) ·
Prestige Constructions ·
Prestige Property Management and Services ·
Prestige Whitefield Developers ·
Prestige Notting Hill Investments ·
Morph ·
Eden Investments ·
Prestige Ozone Properties ·
RRR Investments (Joint Venture upto March 31st,
2012) ·
Sublime ·
Prestige KRPL Techpark ·
Prestige Realty Ventures ·
Window Care ·
Morph Design Company ·
Albert Properties ·
Prestige Interiors ·
Silveroak Projects ·
Silverline Estates ·
Nebulla Investments ·
Prestige Southcity Holdings ·
Spring Green ·
Prestige Cuisine ·
The Good Food Co. |
CAPITAL STRUCTURE
AS ON 31.03.2012
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
400000000 |
Equity Shares |
Rs.10/- each |
Rs.4000.000 Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
328073770 |
Equity Shares |
Rs.10/- each
|
Rs.3280.700
Millions |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
3280.700 |
3280.700 |
2625.000 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
17989.500 |
17156.600 |
3651.165 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
21270.200 |
20437.300 |
6276.165 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
11007.300 |
9176.700 |
12048.495 |
|
|
2] Unsecured Loans |
161.100 |
214.600 |
610.576 |
|
|
TOTAL BORROWING |
11168.400 |
9391.300 |
12659.071 |
|
|
DEFERRED TAX LIABILITIES |
125.300 |
81.500 |
4.352 |
|
|
|
|
|
|
|
|
TOTAL |
32563.900 |
29910.100 |
18939.588 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
4288.800 |
4229.200 |
4457.951 |
|
|
Capital work-in-progress |
1263.500 |
1011.700 |
571.622 |
|
|
|
|
|
|
|
|
INVESTMENT |
7287.600 |
7102.900 |
5176.998 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
12004.100
|
8644.300 |
7891.423 |
|
|
Sundry Debtors |
8313.200
|
10113.400 |
3947.470 |
|
|
Cash & Bank Balances |
1173.600
|
2873.600 |
1361.090 |
|
|
Other Current Assets |
294.200
|
290.600 |
2.613 |
|
|
Loans & Advances |
12395.400
|
7250.900 |
5074.930 |
|
Total
Current Assets |
34180.500
|
29172.800 |
18277.526 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
2025.100
|
1825.700 |
1571.115 |
|
|
Other Current Liabilities |
10433.400
|
6166.900 |
7376.386 |
|
|
Provisions |
1998.000
|
3613.900 |
597.008 |
|
Total
Current Liabilities |
14456.500
|
11606.500 |
9544.509 |
|
|
Net Current Assets |
19724.000
|
17566.300 |
8733.017 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
32563.900 |
29910.100 |
18939.588 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
7454.700 |
13850.000 |
9496.669 |
|
|
|
Other Income |
537.600 |
764.800 |
434.981 |
|
|
|
TOTAL (A) |
7992.300 |
14614.800 |
9931.650 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Purchases of stock-in-trade |
53.500 |
34.800 |
|
|
|
|
Changes in
inventories of finished goods, work-in-progress and stock-in-trade |
3365.400 |
9181.800 |
7314.102 |
|
|
|
Employee benefit expense |
456.400 |
390.600 |
|
|
|
|
Other expenses |
1210.500 |
1004.900 |
|
|
|
|
TOTAL (B) |
5085.800 |
10612.100 |
7314.102 |
|
|
|
|
|
|
|
|
Less |
PROFIT
/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
2906.500 |
4002.700 |
2617.548 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
765.100 |
787.200 |
660.785 |
|
|
|
|
|
|
|
|
|
|
PROFIT
/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
2141.400 |
3215.500 |
1956.763 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
324.500 |
332.300 |
349.330 |
|
|
|
|
|
|
|
|
|
|
PROFIT / (LOSS) BEFORE
TAX (E-F) (G) |
1816.900 |
2883.200 |
1607.433 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
526.200 |
847.700 |
190.177 |
|
|
|
|
|
|
|
|
|
|
PROFIT / (LOSS)
AFTER TAX (G-H) (I) |
1290.700 |
2035.500 |
1417.256 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
NA |
1476.605 |
2440.136 |
|
|
|
|
|
|
|
|
|
Less |
ADJUSTED
AGAINST ISSUE OF BONUS SHARE |
NA |
0.000 |
2380.787 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Transfer to General Reserve |
32.300 |
50.885 |
0.000 |
|
|
|
Proposed Dividend |
393.700 |
393.689 |
0.000 |
|
|
|
Tax on Dividend |
64.100 |
62.090 |
0.000 |
|
|
BALANCE CARRIED
TO THE B/S |
800.600 |
3005.441 |
1476.605 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Earnings in foreign exchange against domestic sales |
23.800 |
27.700 |
29.873 |
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Components for projects |
169.800 |
145.700 |
164.223 |
|
|
|
Capital Goods |
0.000 |
0.000 |
0.000 |
|
|
TOTAL IMPORTS |
169.800 |
145.700 |
164.223 |
|
|
|
|
|
|
|
|
|
|
Earnings /
(Loss) Per Share (Rs.) |
|
|
|
|
|
|
Basic |
3.93 |
6.98 |
5.40 |
|
|
|
Diluted |
3.93 |
6.98 |
5.40 |
|
QUARTERLY RESULTS
|
PARTICULARS |
30.06.2012 |
30.09.2012 |
31.12.2012 |
|
Type |
1st
Quarter |
2nd
Quarter |
3rd
Quarter |
|
Net Sales |
2191.800 |
2414.100 |
4920.700 |
|
Total Expenditure |
1488.200 |
1689.100 |
3496.700 |
|
PBIDT (Excl OI) |
703.600 |
725.000 |
1424.000 |
|
Other Income |
271.800 |
194.900 |
195.000 |
|
Operating Profit |
975.400 |
919.900 |
1619.000 |
|
Interest |
239.800 |
190.700 |
208.800 |
|
PBDT |
735.600 |
729.200 |
1410.200 |
|
Depreciation |
77.000 |
82.600 |
82.600 |
|
Profit Before Tax |
658.600 |
646.600 |
1327.600 |
|
Tax |
165.800 |
189.700 |
407.100 |
|
Profit After Tax |
492.800 |
456.900 |
920.500 |
|
Other Adjustments |
0.000 |
0.000 |
0.000 |
|
Net Profit |
492.800 |
456.900 |
920.500 |
KEY RATIOS
|
PARTICULARS |
|
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
PAT / Total Income |
(%) |
16.15
|
13.93 |
14.27 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
24.37
|
20.82 |
16.93 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
4.72
|
8.63 |
7.07 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.09
|
0.14 |
0.25 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
0.53
|
0.45 |
2.02 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
2.36
|
2.51 |
1.91 |
LOCAL AGENCY FURTHER INFORMATION
|
Sr. No. |
Check List by
Info Agents |
Available in
Report (Yes / No) |
|
1] |
Year of Establishment |
Yes |
|
2] |
Locality of the firm |
Yes |
|
3] |
Constitutions of the firm |
Yes |
|
4] |
Premises details |
No |
|
5] |
Type of Business |
Yes |
|
6] |
Line of Business |
Yes |
|
7] |
Promoter's background |
Yes |
|
8] |
No. of employees |
Yes |
|
9] |
Name of person contacted |
No |
|
10] |
Designation of contact person |
No |
|
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 |
|
18] |
Major customers |
No |
|
19] |
Payments terms |
No |
|
20] |
Export / Import details (if applicable) |
|
|
21] |
Market information |
-- |
|
22] |
Litigations that the firm / promoter involved in |
-- |
|
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 |
No |
|
31] |
PAN of Proprietor/Partner/Director, if available |
No |
|
32] |
Date
of Birth of Proprietor/Partner/Director, if available |
Yes |
|
33] |
Voter ID No of Proprietor/Partner/Director, if available |
No |
|
34] |
External Agency Rating, if available |
Yes |
FINANCIAL
PERFORMANCE:
STANDALONE RESULTS:
During the year,
the Company has achieved a total income of Rs. 7992.300 Millions and Profit
After Tax (PAT) of Rs. 1290.700 Millions for the year ended March 31, 2012
against the total income of Rs. 14614.800 Millions and Profit After Tax of Rs.2035.500
Millions for the previous financial year ended March 31, 2011. The total income
reduced by 45% and PAT by 37%. The EBITDA for the current year stands at Rs.
2906.500 Millions as compared to Rs.4002.700 Millions for the previous year.
The decline is primarily on account of lower recognition as per accounting
guideline. The expenses reduced from Rs. 11731.600 Millions to Rs.6175.400
Millions in the current financial year due to reduction in recognition of
revenues from ongoing projects. As a percentage of total income, it is
decreased from 80% to 77%.
REVIEW OF
OPERATIONS:
During the year,
the Company has been successful in maintaining the tempo of growth. Two
residential projects comprising of 19.37 Lakh square feet and four commercial
projects consisting of 9.50 Lakh square feet and one hospitality project of
1.57 Lakh square feet were completed and delivered.
The Prestige
Neptune’s Courtyard is a marina condominium development on Marina Drive, Kochi,
designed with modern architectural techniques, have unique features like ‘Sky
Club’ on the 13th floor of each of the 7 towers, housing a lounge, party hall
and small theatre.
Prestige
Southridge is a residential project spread over 9.60 acres of land at South
Bangalore, with an exceptional feature of using only 14% of land for
construction and the balance area being used for landscaping.
SUBSIDIARIES:
The Company has
also subscribed for 25,39,980 Optionally Fully Convertible, Non-cumulative,
Redeemable Preference Shares (OFCNRPS) of Rs.10 each of Prestige Leisure
Resorts Private Limited at a premium of Rs.72.68 per share. Further, in one of
the associate company, namely Vijaya Productions Private Limited, the Company
has increased its stake by 2.30% i.e. from 47.70% to 50% as per the Agreement
entered by the Company in 2006. As per the General Circular No. 2/2011 dated
February 8, 2011, issued by Ministry of Corporate Affairs, the Balance Sheet,
Profit and Loss Account Statement and other such documents of the subsidiaries
are not being attached to the Balance Sheet of the Parent Company. However, as
per the Circular, the consolidated financials of the Company and its
subsidiaries have been inserted as part of the Annual Report. Further,
statement pursuant to Section 212 of the Companies Act, 1956, relating to
Subsidiary Companies. The annual accounts of the subsidiary companies are kept
open for inspection by any shareholder in the Registered Office of the Company.
The Company shall provide a copy of annual accounts of subsidiaries to the
shareholder on demand.
MANAGEMENT
DISCUSSION AND ANALYSIS:
ECONOMY REVIEW:
Global: The global economy
grew 3.9% in 2011 following a setback during the first half of the year; the US
economy strengthened during the second half of 2011 with better policies in the
Euro area. This growth was primarily led by a 7.8% growth in the developing
Asian region. The global growth is expected to subdue in 2012 to 3.5% over
concerns of recession in the Euro region.
India: The Indian economy
growth slowed from 8.4% in 2010-11 to 6.5% in 2011-12, largely due to a global
economic slowdown, inflation, high debt cost, depreciating rupee and rising
fuel prices. The slowdown was evident across all sectors – the country’s
agricultural sector grew 2.8% compared with 7% in 2010-11, industrial sector
grew 3.4% compared with 6.8% in 2010-11 and the services sector grew 8.9%
compared to 8.7% in 2010-11. The average WPI inflation during the year was 8.8%
and fiscal deficit rose to 5.7% of GDP.
Trade deficit in
India grew from USD 118.7 billion (bn) in 2010-11 to USD 184.9 bn in 2011-12.
Exports grew 20.9% to USD 303.7 bn in 2011-12 against a growth of 32.1% in
imports to USD 488.6 bn in 2011-12 (Source: RBI Bulletin, June 2012). The
cumulative Foreign Direct Investments into the country was USD 36.50 bn in
2011-12, which was positive for the country’s industrial sector.
The retail sector
in India is growing at a phenomenal pace leading to job opportunities in
different areas. According to the Global Retail Development Index 2012, India
ranks fifth among the top 30 emerging markets for retail. The recent
announcement by the Indian government with Foreign Direct Investment (FDI) in
retail, especially proposing to allow 100% FDI in single brands and multi-brand
FDI has created positive sentiments in the retail sector. Opening up the retail
sector will bring in much-needed investments and spruce up the supply chain. It
will also unfold immense employment opportunities.
Bangalore: Bangalore has a
population of 90 lakh with a GDP of Rs. 30,000 bn and per capita income of Rs.
3.25 lakhs. It is the largest and most important IT destination in India,
accounting for 35% of India’s software exports estimated at Rs. 1,350 bn in
fiscal 2012. The IT sector in Bangalore employs over 800,000 professionals. It
is also the third-largest centre in terms of passenger flights going outside
India, and in terms of bank deposits. The city has 14,000 residing PhDs and
comprises the largest bio-technology hub in India with the largest number of
MNC R and D centres.
Chennai: The real estate
market in Chennai is currently witnessing an upsurge with a forecast of a
continuous growth in the forthcoming years. As per census of 2011, Chennai has
a population of 46.81 lakh with a population growth rate of 7.77% and a density
of 26,903 per sq.km. The Realty market is driven by a healthy mix of IT/ITES,
manufacturing and logistics industries. The city is on a growth trend as there
is a huge untapped market for quality developments in the Real Estate sector.
REAL ESTATE
INDUSTRY OVERVIEW:
India: India’s real
estate industry is an economic growth driver, contributing nearly 5% to the
country’s GDP. The sector grew at a CAGR of 10% during 2008-2011 to an estimated
USD 66.8 bn and is expected to reach USD 180 bn by 2020. The real estate sector
comprises residential, commercial, retail and hospitality segments. The sector
emerged as a preferred destination for private equity (PE) funds in 2011 with
an investment of USD 1,700 mn. FDI inflows in the sector between April to
January 2011-12 stood at USD 492.50 mn.
The Indian
government permitted FDI up to 100% under the automatic route in townships,
housing, built-up infrastructure and construction development projects. In the
Union Budget 2012-13, the government emphasized infrastructure investment,
critical for accelerating national growth. Efforts to attract private
investment into infrastructure through the Public-Private Partnership (PPP)
route were met with success at the central and state government levels.
South India: South India
accounted for 20% of the country’s population and 22% of the country’s GDP.
South India, with 140 million square feet (msf), accounts for almost 45% of the
country’s office space and about 64% of IT-SEZs in the country. The south
zone’s vacancy rate is expected to be 16% by end 2012 compared with 20%
all-India. The real estate market is expected to grow significantly in this
region with retail space increasing from 1.6 msf in 2003 to 13.2 msf in Q1FY12
to 40 msf by 2016, accounting for 36% of the retail space in India compared
with 20% in 2011. The stock of office space in this region is expected to grow
at a CAGR of 8% during 2012-16 compared with 11% all-India – which is still
higher given the high base. The Indian Real Estate Transparency Index 2011
ranks Karnataka sixth in terms of sectoral transparency.
Bangalore: Bangalore absorbed
10-11 mn sq ft of Grade-A office space annually in the past 10 years, the
largest such absorption globally. It led property absorption in India during
2011 with 49 msf of residential property -- 4% and 40% higher than NCR and
Mumbai respectively. The commercial space absorption in the city increased 15%
in 2011 compared with an 8% increase in NCR and a 9% decline in Mumbai. This
growth was primarily driven by the IT/ITeS sector in Bangalore. A joint report
by Urban Land Institute (ULI) and PwC (covering 21 markets across the
Asia-Pacific), ranked Bangalore as the tenth-most preferred investment destination
in Asia-Pacific’s real estate space ahead of Delhi and Mumbai which were rated
12th and 15th in 2011 respectively.
Chennai: Contributors for
realty sector growth:
• Geographical
Attributes - Chennai city has extensive network of transport facilities including
air travel, close proximity to sea and highly diversified railways network.
Among 4 metropolitan cities in India, Chennai has emerged as most prioritized
city for industrialization in the survey called “Location Ranking Survey”.
• Demographic Attributes
- The demographic attributes such as:
(a) Strong
economic base diversified into various industrial sectors comprising of
financial services, automobile manufacturing, logistic industries, IT/ITES,
etc.
(b) The rapidly
developing IT sector
(c) Growth of organized retailing
• Infrastructure
Projects –
(a) The Chennai
port – Madhuravoyal express way is a proposed 19km elevated expressway aimed at
improving connectivity between Chennai City and port, which is likely to be
completed by 2013.
(b) The Chennai
–Ennore Port road connectivity is in progress, aimed at upgrading the city
roads, connecting the Port to the hinterland and thereby improve the efficiency
of cargo evacuation. The project is likely to be completed by 2013.
Chennai Residential
Market - Chennai is primarily an end-user market. The investor participation is
long-term in nature, thereby mitigate a speculative market scenario. North
Chennai is dotted with locomotive workshops and port related industries. The
existing smaller projects in the micro-markets are expected to sustain
absorption level in the region. Southern part of Chennai is driven by the
IT/ITES segment. Peripheral regions in the micro-markets are witnessing
moderation in sales. The Central Business District and surrounding catchments
command a premium due to lack of quality supply and inherent demand for plots
and bungalows in the region.
Chennai Commercial
Market - Commercial spaces in SEZs and quality commercial developments continue
to attract clients. There remains an inherent demand for smaller office spaces
in the CBD and Off Central Business District regions.
Chennai Retail
Market – The retail market in Chennai comprises of organized retailing
including development of malls in and around Chennai. Retail market is spread
across the city, mainly constituting high streets. Due to the concentration of
residential development and strong presence of IT/ ITES sector, micro markets
in South and West Chennai is preferred destinations for organized malls.
BUSINESS OVERVIEW:
Residential: The Company
develops a range of residential projects that include luxury apartments,
villas, townships and plotted development (internal roads, sanitation
facilities, water supply and electricity supply). As on 31.03.2012, the Company
developed a cumulative 26.59 msf of residential space, has 13 on-going projects
with 18.27 msf space and 19 forthcoming projects with 9.75 msf space. The major
projects completed by the Company during 2011-12 included Prestige South Ridge
and Prestige Neptune’s Courtyard.
Commercial: The Company
develops a range of commercial spaces that include corporate office space,
special economic zones, technology parks and built-to-suit facilities (sale or
lease). As on 31.03.2012, the Company developed a cumulative 18.28 msf of
commercial space. It had 11 on-going projects with a developable area of 11.25
msf and eight forthcoming projects with a developable area of 4.49 msf. The
major projects developed during the year include Prestige Atrium, Prestige
Palladium and Dynasty II.
Hospitality: The Company
develops hotels, resorts, spas and serviced accommodation in association with
leading brands like Hilton, Marriott, Starwood and Banyan Tree Hotel and
Resorts. As on 31.03.2012, the Company developed four hospitality projects with
an area of 0.71 msf. It had four ongoing hospitality projects with an area of
1.68 msf and one forthcoming project with an area of 0.55 msf. The major
project developed during the year included Prestige Golf shire clubhouse and
spa.
Retail: The Company
develops retail malls under this segment. As on 31.03.2012, the Company had
three operational malls with an area of 1.38 msf. It had five on-going projects
with an area of 5.18 msf and three forthcoming projects with an area of 1.42
msf.
BANKERS CHARGES
REPORT AS PER REGISTRY
|
This form is for |
Modification of
charge |
|
Charge
identification number of the modified |
10403215 |
|
Corporate
identity number of the company |
L07010KA1997PLC022322 |
|
Name of the
company |
PRESTIGE ESTATES
PROJECTS LIMITED |
|
Address of the
registered office or of the principal place of business in |
The Falcon House, No. 1m Main Guard Cross Road, Bangalore-560001, |
|
Type of charge |
Book Debts Movable Property
[not being pledge] Immovable
Property |
|
Particular of
charge holder |
Andhra Bank, 2/3,
Raja Building, N.R Road Branch, Bangalore-560002, Karnataka, India Email: bmblr392@andhrabank.co.in
|
|
Nature of
description of the instrument creating or modifying the charge |
Memorandum of
deposit of title deeds |
|
Date of
instrument Creating the charge |
08.01.2013 |
|
Amount secured by
the charge |
Rs.1500.000
Millions |
|
Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest Andhra Bank-
BR+4% +0.25%=15% p.a (presently), with monthly rests. Interest to be paid as
and when debited SBT- 4.50% above
SBT BR effective rate of 15% pa monthly rests. Terms of Repayment Andhra
Bank-Repayable in 21 equal monthly installments after a moratorium period of
22 months from the date of first disbursement. SBT- Repayable in
6 equal quarterly installments of Rs 125.000 Millions each commencing from the
quarter Oct-Dec 2012. Margin SBT- 50% of the
gap after reducing from the total requirement of funds, the advance received
from the buyers of the flat, credit from suppliers, statutory dues, etc. Extent and Operation of the charge Charge will cover
term loan amount, interest thereon, other costs and expenses payable by the
company under the term loan agreement Others 1. Charge shall
be first charge on pari passu basis between Andhra Bank and State Bank of
Travancore. 2. Term loan is
additionally secured by personal guarantees of Mr. Irfan Razack, Mr. Rezwan
Razack and Mr. Noaman Razack, directors |
|
Short particulars
of the property charged |
1. Equitable
Mortgage by way of Pari passu first charge on immovable property being
converted land bearing Sy. No. 193, 194, 195, 196 and 152 measuring 5 acres,
5 acres 16 guntas, 5 acres 1 gunta, 8 acres 17 guntas, 14 acres 28 guntas
respectively, in total 38 acres 22 guntas situated at Bommanahalli Village,
Bidarahalli Hobli, Bangalore East Taluk, Bangalore of Memorandum of Deposit
of Title Deeds dated 8 January 2013 2. Movable
properties like plant and machinery, machinery spares, tools and accessories
and other movables, both present and future, whether in the possession or
under the control of the company or not located at the company's present project site of
the project "Prestige Tranquility" 3. All bank
accounts, moneys, claims, including cash flows and receivables and proceeds
arising from/in connection with project "Prestige Tranquility" |
|
Particulars of
the present modification |
The existing
facility of Rs. 150.000 Millions is additionally secured by way of mortgage
of property described in column 15 (i) (ii) and (iii) above all other terms
and conditions remaining same. |
|
Unsecured Loan |
As
on 31.03.2012 [Rs.
in Millions] |
As
on 31.03.2011 [Rs.
in Millions] |
|
Loans and advances from others |
158.700 |
105.000 |
|
Loans and advances from directors |
2.400 |
109.600 |
|
TOTAL
|
161.100 |
214.600 |
FIXED ASSETS:
·
·
·
·
Building
·
·
Plant and Machinery
·
Leasehold improvement Plant and Machinery
·
Furniture and Fixture
·
Leasehold improvement furniture and Fixtures
·
Vehicles
·
Computers and Accessories.
STANDALONE UNAUDITED
FINANCIAL RESULTS FOR THE QUARTER AND NINE MONTHS ENDED DECEMBER 31, 2012
Rs. in Million
|
Sr. No. |
Particular |
Quarter Ended |
Nine Months Ended |
|
|
|
|
31.12.2012 (Unaudited) |
30.09.2012 (Unaudited) |
31.12.2012 (Unaudited) |
|
|
|
|
|
|
|
1. |
Sale of Projects
and Property Income (net) |
4876.700 |
2232.900 |
9277.200 |
|
|
Other Operating Income |
44.000 |
181.200 |
249.400 |
|
|
Total Income From Operations (Net) |
4920.700 |
2414.100 |
9526.600 |
|
|
|
|
|
|
|
2. |
Expenditure |
|
|
|
|
|
Cost of projects and Other operating expenses |
2917.400 |
2619.800 |
8426.100 |
|
|
Employee benefits expenses |
149.500 |
164.500 |
460.400 |
|
|
Depreciation and amortization expense |
82.600 |
82.600 |
242.200 |
|
|
Other expenses |
139.300 |
120.300 |
383.400 |
|
|
(Increase)/Decrease
of units in completed projects/Work in progress projects |
290.500 |
(1215.500) |
(2596.300) |
|
|
Total Expenses |
3579.300 |
1771.700 |
6916.000 |
|
|
|
|
|
|
|
3. |
Profit
From Operations before Other Income, Interest and Exceptional Items (1-2) |
1341.400 |
642.400 |
2610.600 |
|
|
|
|
|
|
|
4. |
Other
Income |
195.000 |
194.900 |
661.700 |
|
|
|
|
|
|
|
5. |
Profit
Before Interest and Exceptional Items (3+4) |
1536.400 |
837.300 |
3272.300 |
|
|
|
|
|
|
|
6. |
Interest |
208.800 |
190.700 |
639.300 |
|
|
|
|
|
|
|
7. |
Profit
After Interest but before Exceptional Items (5-6) |
1327.600 |
646.600 |
2633.000 |
|
|
|
|
|
|
|
8. |
Exceptional
Items |
-- |
-- |
-- |
|
|
|
|
|
|
|
9. |
Profit
from Ordinary Activities before Tax (7+8) |
1327.600 |
646.600 |
2633.000 |
|
|
|
|
|
|
|
10. |
Tax
Expense |
407.100 |
189.700 |
762.600 |
|
|
|
|
|
|
|
11. |
Net
Profit from Ordinary Activities after Tax (9-10) |
920.500 |
456.900 |
1870.400 |
|
|
|
|
|
|
|
12. |
Extraordinary
Item (net of expense) |
-- |
-- |
-- |
|
|
|
|
|
|
|
13. |
Net
Profit for the period (11-12) |
920.500 |
456.900 |
1870.400 |
|
|
|
|
|
|
|
14. |
Paid-up
Equity Share Capital (Face Value of Rs.10/- Each) |
3280.700 |
3280.700 |
3280.700 |
|
|
|
|
|
|
|
15. |
Reserves
Excluding Revaluation Reserve |
-- |
-- |
-- |
|
|
|
|
|
|
|
16. |
Basic and Diluted Earning Per
Share (EPS) (Rs.)-Not Annualised |
|
|
|
|
|
a)
Basic and diluted EPS before extraordinary items |
2.81 |
1.39 |
5.70 |
|
|
b)
Basic and diluted EPS after extraordinary items |
2.81 |
1.39 |
5.70 |
|
|
|
|
|
|
|
17. |
Public Shareholding |
|
|
|
|
|
-Number
of Shares |
65573770 |
65573770 |
65573770 |
|
|
-
Percentage of Shareholding |
20.00 |
20.00 |
20.00 |
|
|
|
|
|
|
|
18. |
Promoters and Promoter Group
Shareholding |
|
|
|
|
|
a) Pledged/Encumbered |
|
|
|
|
|
-
Number of Shares |
Nil |
Nil |
Nil |
|
|
-
Percentage of Shares (as a % of the Total Shareholding of promoter and
promoter group) |
Nil |
Nil |
Nil |
|
|
-
Percentage of Shares (as a % of the Total Share Capital of the Company) |
Nil |
Nil |
Nil |
|
|
|
|
|
|
|
|
b) Non Encumbered |
|
|
|
|
|
-
Number of Shares |
262500000 |
262500000 |
262500000 |
|
|
-
Percentage of Shares (as a % of the Total Shareholding of Promoter and
Promoter Group) |
100% |
100% |
100% |
|
|
-
Percentage of Shares (as a % of the Total Share Capital of the Company) |
80% |
80% |
80% |
|
Particulars |
Quarter Ended 31.12.2012 |
|
Pending at the beginning of the quarter |
Nil |
|
Received during the quarter |
Nil |
|
Disposed of during the quarter |
Nil |
|
Remaining unresolved at the end of the
quarter |
Nil |
NOTES:
1.
The above unaudited results for the quarter and
nine months ended December 31, 2012 have been reviewed by the Audit Committee
and approved by the Board of Directors at its meeting held on February 12,
2013.
2.
Segmental information
The company operates within a single business segment which constitutes
real estate development and letting out of developed properties. The Company
operates only in India and hence there is no other geographical segment. Hence
the disclosure of segment information as per Accounting Standard-17 is not
applicable.
3.
The figures of the previous year/ period have been
regrouped/reclassified, wherever necessary to conform to the current period
classification
4.
Subsequent to quarter and nine months ended
December 31, 2012, the Company successfully completed an Institutional Private
Placement under Chapter VIII-A of Securities and Exchange Board of India (Issue
of Capital and Disclosure Requirements) Regulations, 2009, as amended, which
opened on January 23, 2013 and closed on the same date, pursuant to which
21,926,230 equity shares of Rs. 10 each at a premium of Rs. 156 per share were
allotted on January 29, 2013.
NEWS:
PRESTIGE
ESTATES SPIKES 5% ON CLSA BUY REPORT
14.03.2013
Bangalore-based real estate firm Prestige Estates Projects rose
more than 5 percent intraday on Thursday after the foreign research house CLSA
has recommended buying the stock.
The target price for the stock is Rs 218 a share, according to the
report.
"Steady execution and high visibility on sales and rentals imply
that the profit surge in the third quarter will sustain," CLSA reasoned.
Net profit of the company jumped 2.56 times year-on-year to Rs 1619.000
Millions in the quarter ended December 31, 2012 and revenues shot up 3 times to
Rs 4920.700 Millions during the same period.
Last week in an interview with CNBC-TV18, Param Desai of Nirmal Bang
said the broking firm continues to remain positive on the Bangalore market as
the absorption remains pretty strong.
"There is a good visibility on new launches with the company. They
have done good amount of pre-sales over the last six-nine months which will
start flowing in the P and L going forward," he added.
At 13:31 hours IST, shares went up 4.46 percent to Rs 171 on Bombay
Stock Exchange.
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 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 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 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.53.94 |
|
|
1 |
Rs.82.77 |
|
Euro |
1 |
Rs.71.05 |
INFORMATION DETAILS
|
Report Prepared
by : |
TPT |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
7 |
|
--PROFITABILIRY |
1~10 |
6 |
|
--LIQUIDITY |
1~10 |
6 |
|
--LEVERAGE |
1~10 |
6 |
|
--RESERVES |
1~10 |
6 |
|
--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 |
YES |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
YES |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
54 |
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.