MIRA INFORM REPORT
|
Report Date : |
10.06.2013 |
IDENTIFICATION DETAILS
|
Name : |
IBROX REAL ESTATE DEVELOPMENT PRIVATE LIMITED |
|
|
|
|
Registered
Office : |
Essar House, 11, K.K. Marg, Mahalaxmi, Mumbai – 400034, Maharashtra |
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|
Country : |
India |
|
|
|
|
Financials (as
on) : |
31.03.2012 |
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|
Date of
Incorporation : |
19.04.2010 |
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Com. Reg. No.: |
11-202190 |
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Capital
Investment / Paid-up Capital : |
Rs. 10.135 Millions |
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|
|
|
CIN No.: [Company Identification
No.] |
U70102MH2010PTC202190 |
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|
|
|
Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Builders and Developers |
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No. of Employees
: |
Information declined by the management |
RATING & COMMENTS
|
MIRA’s Rating : |
Ca (18) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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 |
|
Status : |
Moderate |
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Payment Behaviour : |
Slow |
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Litigation : |
Clear |
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Comments : |
Subject is an established company having a moderate track record.
There appears huge external borrowing. There seems unfavorable market condition for real estate sector. However, business is active. Payment terms are slow. The company can be considered for business dealing on a safe and
secured trade terms and condition. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
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.
INFORMATION DECLINED
Management Non - Cooperative (91-22-612125300/61215195)
LOCATIONS
|
Registered Office : |
Essar House, 11, K.K. Marg, Mahalaxmi, Mumbai – 400034, Maharashtra,
India |
|
Tel. No.: |
Not Available |
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Fax No.: |
Not Available |
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E-Mail : |
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Branch : |
5th Floor, Tower 1, Equinox Business Park (Peninsula Techno
Park), Off Bandra Kurla Complex, L.B.S Marg, Kurla (West), Mumbai – 400070,
Maharashtra, India |
|
Tel. No.: |
91-22-61215300 |
|
Fax No.: |
91-22-61215195 |
DIRECTORS
As on 28.09.2012
|
Name : |
Mr. Madan Mohan Mundhra |
|
Designation : |
Director |
|
Address : |
2nd Floor, Pleasant Park, J B Nagar, Andheri (East), Mumbai
– 400059, Maharashtra, India |
|
Date of Birth/Age : |
15.01.1964 |
|
Date of Appointment : |
19.04.2010 |
|
DIN No.: |
00055981 |
|
|
|
|
Name : |
Mr. Girish Anant Patkar |
|
Designation : |
Director |
|
Address : |
C-15/52, Textile Technicians – Co op Housing Society, Veera Desai
Raod, Andheri West, Mumbai – 400053, Maharashtra, India |
|
Date of Birth/Age : |
10.03.1956 |
|
Date of Appointment : |
02.05.2012 |
|
DIN No.: |
02933890 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 28.09.2012
|
Names of Shareholders |
|
No. of Shares |
|
Equinox Realty Holding Limited, Mauritius |
|
1013474 |
|
Girish Anant Patkar |
|
1 |
|
|
|
|
|
Total |
|
1013475 |
Equity Share Break up (Percentage of Total Equity)
As on 28.09.2012
|
Category |
Percentage |
|
Foreign holdings( Foreign institutional investor(s),
Foreign companie(s) Foreign financial institution(s), Non-resident Indian(s)
or Overseas Corporate bodies or Others |
100.00 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Builders and Developers |
GENERAL INFORMATION
|
No. of Employees : |
Information declined by the management |
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Bankers : |
HDFC bank Limited |
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Facilities : |
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Banking
Relations : |
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Financial Institutional: |
Housing Development Finance Corporation Limited, Ramon House 169 Backbay
Reclamation, H T Parekh Marg, Mumbai – 400020, Maharashtra, India |
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|
|
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Auditors : |
|
|
Name : |
Deloitte Haskins and Sells Chartered Accountants |
|
Address : |
Heritage, 3rd Floor, Near Gujarat Vidhyapth, Off Ashram Raod,
Ahmedabad – 380014, Gujarat, India |
|
PAN No.: |
AABFD7919A |
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Ultimate Holding
Company: |
Essar Global Limited, Cayman Island |
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Holding Company: |
Equinox Realty Holding Limited, Mauritius |
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Subsidiaries : |
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Other Related Parties: |
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CAPITAL STRUCTURE
As on 31.03.2012
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
1500000 |
Equity Shares |
Rs.10/- each |
Rs. 15.000 Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
1013475 |
Equity Shares |
Rs.10/- each |
Rs. 10.135
Millions |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE SHEET
|
SOURCES OF FUNDS |
|
31.03.2012 |
31.03.2011 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
|
10.135 |
10.135 |
|
|
2] Share Application Money |
|
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
|
2.940 |
0.016 |
|
|
4] (Accumulated Losses) |
|
0.000 |
0.000 |
|
|
NETWORTH |
|
13.075 |
10.151 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
|
1200.000 |
299.999 |
|
|
2] Unsecured Loans |
|
967.298 |
967.298 |
|
|
TOTAL BORROWING |
|
2167.298 |
1234.297 |
|
|
DEFERRED TAX LIABILITIES |
|
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
|
2180.373 |
1244.448 |
|
|
|
|
|
|
|
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APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
|
0.000 |
0.000 |
|
|
Capital work-in-progress |
|
0.000 |
1295.050 |
|
|
|
|
|
|
|
|
INVESTMENT |
|
0.100 |
188.570 |
|
|
DEFERRED TAX ASSETS |
|
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
|
2219.098
|
0.000 |
|
|
Sundry Debtors |
|
0.000
|
0.000 |
|
|
Cash & Bank Balances |
|
40.650
|
38.536 |
|
|
Other Current Assets |
|
0.513
|
24.584 |
|
|
Loans & Advances |
|
16.002
|
307.255 |
|
Total
Current Assets |
|
2276.263
|
370.375 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
|
23.566
|
7.220 |
|
|
Other Current Liabilities |
|
72.424
|
602.327 |
|
|
Provisions |
|
0.000
|
0.000 |
|
Total
Current Liabilities |
|
95.990
|
609.547 |
|
|
Net Current Assets |
|
2180.273
|
(239.172) |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
|
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
|
2180.373 |
1244.448 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
|
31.03.2012 |
31.03.2011 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
|
0.000 |
0.000 |
|
|
|
Other Income |
|
7.050 |
0.576 |
|
|
|
TOTAL |
|
7.050 |
0.576 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Transferred from capital with work in progress |
|
1295.051 |
|
|
|
|
Land and transferred development rights |
|
558.342 |
|
|
|
|
Constriction Expenses |
|
187.356 |
|
|
|
|
Change in Inventories |
|
(2219.098) |
|
|
|
|
Other Expenses |
|
4.034 |
|
|
|
|
TOTAL |
|
(174.315) |
(32.211) |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION |
|
181.365 |
32.787 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES |
|
178.441 |
32.771 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX |
|
2.924 |
0.016 |
|
|
|
|
|
|
|
|
|
Less |
TAX |
|
0.000 |
0.000 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
|
|
2.924 |
0.016 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
|
0.016 |
0.000 |
|
|
|
|
|
|
|
|
|
|
BALANCE CARRIED
TO THE B/S |
|
2.940 |
0.016 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
|
|
|
|
|
|
Basic |
|
2.85 |
0.14 |
|
|
|
Diluted |
|
0.09 |
0.00 |
|
KEY RATIOS
|
PARTICULARS |
|
|
31.03.2012 |
31.03.2011 |
|
PAT / Total Income |
(%) |
|
41.48
|
2.78 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
|
0.00 |
0.00 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
|
0.13 |
0.00 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
|
0.22 |
0.00 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
|
165.76 |
121.59 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
|
23.71 |
0.61 |
LOCAL AGENCY FURTHER INFORMATION
SUNDRY CREDITORS
DETAILS:
|
Particulars |
|
31.03.2012 |
31.03.2011 |
|
|
(Rs. In Millions) |
||
|
Sundry Creditors |
|
23.566
|
7.220 |
|
|
|
|
|
|
Total |
|
23.566
|
7.220 |
|
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 |
No |
|
9] |
Name of person contacted |
No |
|
10] |
Designation of contact
person |
No |
|
11] |
Turnover of firm for last
two years |
Yes |
|
12] |
Profitability for last
two 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) |
No |
|
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 |
Yes |
|
31] |
Date of Birth of
Proprietor/Partner/Director, if available |
Yes |
|
32] |
PAN of
Proprietor/Partner/Director, if available |
No |
|
33] |
Voter ID No of
Proprietor/Partner/Director, if available |
No |
|
34] |
External Agency Rating,
if available |
No |
FINANCIAL RESULTS
The company recorded total revenue of Rs.7.050 Millions FY 2012 as
compared to Rs.0.576 Millions in FY 2011. There was a profit of Rs.2.924
Millions as compared to profit of Rs.0.016 Millions for the previous year. The
increase in total revenue is largely due to increase in other income viz.
dividend and interest income.
OPERATIONS:
The work on Company’s residential project via. Waters Edge, Located at
Bangalore in the State of Karnataka has started, M/S. Larsen and Toubro Limited.
Have been appointed as GCC Contractors.
FUTURE OUTLOOK:
The Company expects the business Sentiment to improve in next few
quarters as far as residential market is concerned.
UNSECURED LOAN
|
PARTICULARS |
31.03.2012 (Rs.
in Millions) |
31.03.2011 (Rs.
in Millions) |
|
Debenture |
789.298 |
789.298 |
|
Inter Corporate deposits from related parties |
178.000 |
145.000 |
|
|
|
|
|
Total |
967.298 |
967.298 |
BANKERS CHARGES
REPORT AS PER REGISTRY
|
Corporate identity
number of the company |
U70102MH2010PTC202190 |
|
Name of the
company |
IBROX REAL ESTATE
DEVELOPMENT PRIVATE LIMITED |
|
Address of the
registered office or of the principal place of business in |
Essar House, 11, K.K. Marg, Mahalaxmi, Mumbai – 400034, Maharashtra,
India Email: equinoxcs@essar.com |
|
This form is for |
Modification of charge |
|
Charge
identification (ID) number of the charge to be modified |
10327677 |
|
Type of charge |
·
Immovable
property ·
Any interest in
immovable property ·
Book debts ·
Receivables,
escrow, designated A/c, insur. proc, |
|
Particular of
charge holder |
(CIN: L70100MH1977PLC019916) Housing Development Finance Corporation Limited, Ramon House 169
Backbay Reclamation, H T Parekh Marg, Mumbai – 400020, Maharashtra, India Email: investorcare@hdfc.com
|
|
Nature of
instrument creating charge |
Registered
Memorandum of Entry dated 03.08.2012, Registered Declaration dated
03.08.2012, Deed of Hypothecation dated 03.08.2012. |
|
Date of
instrument Creating the charge |
03.08.2012 |
|
Amount secured by
the charge |
Rs.1950.000
Millions |
|
Brief of the
principal terms an conditions and extent and operation of the charge |
Rate of Interest Rate of Interest
linked to HDFC Corporate Prime Lending Rate (CPLR) as applicable from time to
time plus/minus spread. Terms of
Repayment Repayment to be
done within 48 months from the day of first disbursement. Extent and
Operation of the charge The charge shall
operate exclusively on the properties of the company mentioned in point no 15
hereto to secure Term Loan of Rs.450.000 Millions availed/ to be availed, in
addition to earlier loan of Rs.1500.000 Millions availed by the Company from
the Lender i.e. Housing Development Finance Corporation Limited. |
|
Short particulars
of the property or asset(s) charged (including complete address and location
of the property) |
All that piece
and parcel of the residentially converted land totally admeasuring 6 acres
and 14 guntas i.e. 2,76,606 sq.ft., presently bearing BBMP Khata No.53/1,
54/1-55 (earlier bearing survey nos.53/1, 54/1 and 55) and Survey No.56
situated at Nagavara Village, Kasaba Hobli, Bangalore, North Taluk as more
specifically mentioned in Schedule - I of the Declaration dated August 3,
2012 and Memorandum of Entry dated
August 3, 2012 Hypothecation of
/ Charge on Receivables and Charge on Escrow Account, Designated Account,
Insurance Policies, Obligor Contracts etc. as more particularly described in
the Deed of Hypothecation dated August 3, 2012. |
|
Particulars of
the present modification |
This Charge is
modified in view of increase of term loan from Rs.1500.000 Millions to Rs.
1950.000 Millions. |
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 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.56.74 |
|
|
1 |
Rs.88.53 |
|
Euro |
1 |
Rs.75.20 |
INFORMATION DETAILS
|
Information
Gathered by : |
PDT |
|
|
|
|
Report Prepared
by : |
KVT |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
2 |
|
PAID-UP CAPITAL |
1~10 |
2 |
|
OPERATING SCALE |
1~10 |
2 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
2 |
|
--PROFITABILIRY |
1~10 |
2 |
|
--LIQUIDITY |
1~10 |
2 |
|
--LEVERAGE |
1~10 |
2 |
|
--RESERVES |
1~10 |
2 |
|
--CREDIT LINES |
1~10 |
2 |
|
--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 |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
18 |
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.