|
Report Date : |
20.06.2013 |
IDENTIFICATION DETAILS
|
Name : |
VGN DEVELOPERS PRIVATE LIMITED |
|
|
|
|
Registered
Office : |
15, Wallace Garden, |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as
on) : |
31.03.2011 |
|
|
|
|
Date of
Incorporation : |
13.03.2008 |
|
|
|
|
Com. Reg. No.: |
18-066788 |
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|
|
|
Capital
Investment / Paid-up Capital : |
Rs. 600.000 Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U70102TN2008PTC066788 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
CHEV09067C |
|
|
|
|
PAN No.: [Permanent Account No.] |
AACCV7450L |
|
|
|
|
Legal Form : |
Private Limited Liability Company |
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|
|
|
Line of Business
: |
Subject is engaged in business of construction of residential,
commercial and developing real estate projects. |
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|
|
|
No. of Employees
: |
Not Available |
RATING & COMMENTS
|
MIRA’s Rating : |
B (27) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 2821000 |
|
|
|
|
Status : |
Moderate |
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|
|
|
Payment Behaviour : |
Unknown |
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|
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|
Litigation : |
Clear |
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|
|
Comments : |
Subject is an established company having a moderate track record. The
latest financial are not available. As per the financial of 2011 the company has performed well. Trade relations
are reported to be fair. Business is active. Payments are reported to be
unknown. The company can be considered for business dealings with some caution.
|
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – March 31st, 2013
|
Country Name |
Previous Rating (31.12.2012) |
Current Rating (31.03.2013) |
|
|
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
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 Office : |
15, Wallace Garden, |
|
Tel. No.: |
91-44-43439900/9999 |
|
Fax No.: |
91-44-43439988 |
|
E-Mail : |
|
|
Website : |
DIRECTORS
As on 28.09.2012
|
Name : |
Mr. Haree Amilneni Madhavan |
|
Designation : |
Director |
|
Address : |
Flat No. 3, 4th Floor, Leo Block, VGN-Zodiac Ville, |
|
Date of Birth/Age : |
29.05.1972 |
|
Date of Appointment : |
09.11.2011 |
|
DIN No.: |
05116777 |
|
|
|
|
Name : |
Mr. Sendhil Kumar |
|
Designation : |
Director |
|
Address : |
Flat No. 1, Ground Floor, NO. 16, Kathuri Bai Street, Sreevari
Enclave, Brindavan Colony, Chullaimedu, Chennai – 600094, Tamilnadu, India |
|
Date of Birth/Age : |
28.05.1979 |
|
Date of Appointment : |
30.07.2012 |
|
DIN No.: |
05203883 |
MAJOR SHAREHOLDERS
As on 28.09.2012
|
Names of Shareholders |
|
No. of Shares |
|
D. Pratish |
|
19200000 |
|
D. Padma |
|
1800000 |
|
Divya Pratish |
|
3600000 |
|
VGN One Holdings Private Limited |
|
35400000 |
|
Total |
|
60000000 |
Equity Share Break up (Percentage of Total Equity)
As on 28.09.2012
|
Category |
Percentage |
|
Bodies corporate |
59.00 |
|
Directors or relatives of Directors |
41.00 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Subject is engaged in business of construction of residential,
commercial and developing real estate projects. |
GENERAL INFORMATION
|
No. of Employees : |
Not Available |
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Bankers : |
ICICI Bank
Limited, |
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Facilities : |
Rs.
In Millions
|
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Financial
Institutions : |
|
|
|
|
|
Auditors : |
|
|
Name : |
M. Gopal and Company Chartered Accountants |
|
Address : |
43, |
|
PAN No.: |
AACPG7210L |
|
|
|
|
Holding company
: |
VGN One Holdings Private Limited, CIN No.: U67190TN2009PTC072158 |
|
|
|
|
Associates / Enterprises / Joint Ventures over
which Key management personnel have
significant influence : |
CIN No.: U70102TN2009PTC073680
CIN No.: U74900TN2009PTC072149
|
CAPITAL STRUCTURE
As on 28.09.2012
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
60000000 |
Equity Shares |
Rs. 10/- each |
Rs. 600.000 Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
60000000 |
Equity Shares |
Rs. 10/- each |
Rs. 600.000 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 |
600.000 |
200.000 |
53.000 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
105.202 |
23.569 |
0.193 |
|
|
4] (Accumulated Losses) |
0.000 |
0.00 |
0.000 |
|
|
NETWORTH |
705.202 |
223.569 |
53.193 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
683.203 |
5.746 |
0.000 |
|
|
2] Unsecured Loans |
18.396 |
231.552 |
0.861 |
|
|
TOTAL BORROWING |
701.599 |
237.298 |
0.861 |
|
|
DEFERRED TAX LIABILITIES |
0.646 |
0.330 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
1407.447 |
461.197 |
54.054 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
25.033 |
15.286 |
9.289 |
|
|
Capital work-in-progress |
10.721 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
INVESTMENT |
125.265 |
53.085 |
0.000 |
|
|
DEFERRED TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
1911.946
|
296.524 |
304.166 |
|
|
Sundry Debtors |
65.800
|
10.147 |
0.000 |
|
|
Cash & Bank Balances |
161.009
|
487.066 |
12.113 |
|
|
Other Current Assets |
7.724
|
0.014 |
0.000 |
|
|
Loans & Advances |
353.063
|
224.134 |
100.819 |
|
Total
Current Assets |
2499.542
|
1017.885 |
417.098 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
45.455
|
16.914 |
54.471 |
|
|
Other Current Liabilities |
1171.937
|
595.083 |
317.813 |
|
|
Provisions |
35.722
|
13.062 |
0.049 |
|
Total
Current Liabilities |
1253.114
|
625.059 |
372.333 |
|
|
Net Current Assets |
1246.428
|
392.826 |
44.765 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
1407.447 |
461.197 |
54.054 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
|
|
|
|
|
|
|
TOTAL INCOME |
1036.351 |
690.163 |
0.279 |
|
|
|
|
|
|
|
Less |
TOTAL EXPENSES |
832.124 |
648.822 |
0.000 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION |
204.227 |
41.341 |
0.279 |
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES |
80.431 |
0.456 |
0.000 |
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION |
123.796 |
40.885 |
0.279 |
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION |
6.125 |
4.153 |
0.000 |
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX |
117.671 |
36.732 |
0.279 |
|
|
|
|
|
|
|
Less |
TAX |
36.038 |
13.355 |
0.087 |
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
|
81.633 |
23.377 |
0.192 |
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
23.569 |
0.192 |
0.000 |
|
|
|
|
|
|
|
|
BALANCE CARRIED
TO THE B/S |
105.202 |
23.569 |
0.192 |
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
1.36 |
1.17 |
NA |
KEY RATIOS
|
PARTICULARS |
|
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
PAT / Total Income |
(%) |
7.88
|
3.39 |
68.82 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
4.66
|
3.56 |
0.07 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.17
|
0.16 |
0.01 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
0.99
|
1.06 |
0.02 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.99
|
1.63 |
1.12 |
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 |
No |
|
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) |
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 |
No |
|
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 |
NOTE: Registered
office of the company has been shifted from “Hameedia Centre” 3rd Floor, No.43/14, Haddows, Nungambakkam, Chennai – 600034,
UNSECURED LOANS:
|
Particulars |
31.03.2012 Rs. In Millions |
31.03.2011 Rs. In Millions |
|
Loans from
directors |
18.396 |
231.552 |
|
Total |
18.396 |
231.552 |
FINANCIAL
HIGHLIGHTS:
The year has been
generally good. The company had made investment of Rs. 26.600 Millions in Fixed
Assets and Rs. 77.440 Millions in the equity shares of VGN Pragnya Realty
Private Limited. The Company registered its growth both in monetary terms and
in the services to the clients/customers.
PERFORMANCE FOR THE YEAR:
The company has
earned a total income of Rs: 1036.400 Millions and a profit after tax of Rs:
81.600 Millions thus an earning of Rs 1.36 per share (Outstanding shares being
60.000 Millions). During the year the companys maiden residential project of
VGN Minerva has progressed well in the construction recording a completion of
89 % and VGN Ferndale showed a completion of 21% and qualifying for revenue
recognition as per the percentage completion method adopted by the company. The
income earned by the company also includes sale of layout plots in
PROSPECTS FOR THE FUTURE:
During the year
the company achieved target revenue of Rs 1030.000 Millions. Companys maiden
project VGN Minervas handover ceremony was fixed and which is done at May 2011.
VGN Ferndale achieved the position of revenue recognition stage by completion
of 21% as per percentage completion method. This year the company acquired a
land at Gergumbakkam and started construction and received a good response from
the public by way of bookings. The company is also acquired land at
Thirumalavoyil, Velachery and Jayaram Nagar during the year. Sale of Plot at
The company would
like to extend their operations in abroad also. Hence, the company put a stall
in property fair held at
BANKERS CHARGES
REPORT AS PER REGISTRY
|
Corporate
identity number of the company |
U70102TN2008PTC066788 |
|
Name of the
company |
VGN DEVELOPERS PRIVATE LIMITED |
|
Address of the
registered office or of the principal place of business in |
15, Wallace Garden, Email ID: durgaprasad.t@vgndevelopers.com |
|
This form is for |
Creation of charge |
|
Type of charge |
Immovable property Book debts Floating charge Others (Exclusive charge on lands, escrow account and scheme) |
|
Particular of
charge holder |
ICICI Bank Limited, Email ID: naresh.kumart@icicibank.com |
|
Nature of
instrument creating charge |
Exclusive charge on the all that piece and parcel of land comprised in
Sy Nos. 251/1,251/2 and 252 at Gerugambakkam Village, Sriperumbudur Taluk,
Kancheepuram District admeasuring
approximately 60130 sqft and the buildings and structure (present and future)
by way of deposit of title deeds.Exclusive charge on the all that piece and
parcel of land comprised in Sy Nos. 101 and 102 at Thiruverkkadu Village,
Poonamallee Taluk, Thiruvallur District, ad measuring approximately 4.24 acres and the buildings and structure. |
|
Date of
instrument Creating the charge |
15.03.2013 |
|
Amount secured by
the charge |
Rs. 900.000 Millions |
|
Brief of the
principal terms an conditions and extent and operation of the charge |
Rate of Interest Rate of interest stipulated shall be I-Base plus spread. As on date
I-Base is 9.75% and spread is 4.25%. As such interest rate is 14.50%. Terms of Repayment RTL I to be repaid in 15 monthly installments commencing 15.06.2014.
RTL II to be repaid in 15 monthly installments commencing 14.12.2014. Margin Nil Extent and Operation of the charge The charge operates for all the monies due by the borrower including
additional interest, penal interest, and compound interest. |
|
Short particulars
of the property or asset(s) charged (including complete address and location
of the property) |
Exclusive charge on the all that piece and parcel of land comprised in
Sy Nos. 251/1,251/2 and 252 at Gerugambakkam Village, Sriperumbudur Taluk,
Kancheepuram District admeasuring
approx 60130 sqft an Exclusive charge on the all that piece and parcel of land
comprised in Sy Nos. 101 and 102 at Thiruverkkadu Village, Poonamallee Taluk,
Thiruvallur District, ad measuring approx. 4.24 acres and the bui Exclusive
charge on the Escrow account , DSR account and Scheduled receivables from the
projects viz. VGN Krona Phase II at Gerugambakkam, Project at
Thiruverkkaduand VGN Brixton Phase I and II |
FIXED ASSETS:
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. 58.74 |
|
|
1 |
Rs. 91.99 |
|
Euro |
1 |
Rs. 78.69 |
INFORMATION DETAILS
|
Report Prepared
by : |
VNT |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
3 |
|
PAID-UP CAPITAL |
1~10 |
3 |
|
OPERATING SCALE |
1~10 |
3 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
3 |
|
--PROFITABILIRY |
1~10 |
3 |
|
--LIQUIDITY |
1~10 |
3 |
|
--LEVERAGE |
1~10 |
3 |
|
--RESERVES |
1~10 |
3 |
|
--CREDIT LINES |
1~10 |
3 |
|
--MARGINS |
-5~5 |
- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
NO |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
27 |
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.