1. Summary Information
|
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|
Country |
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Company Name |
SOBHA DEVELOPERS
LIMITED |
Principal Name 1 |
Mr. R. V. S. Rao |
|
Status |
Good |
Principal Name 2 |
Mr. Anup Shah |
|
|
|
Registration # |
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|
Street Address |
‘SOBHA’, Sarjapur – Marathahalli, Outer Ring Road
(ORR), Devarabisanhalli, Bellandur Post, Bangalore – 560103, Karnataka |
||
|
Established Date |
07.08.1995 |
SIC Code |
-- |
|
Telephone# |
91-80-49320000/
25594139 |
Business Style 1 |
Housing and Real Estate Development |
|
Fax # |
91-80-49320444/ 25594138 |
Business Style 2 |
-- |
|
Homepage |
-- |
Product Name 1 |
-- |
|
# of employees |
2224
(Approximately) |
Product Name 2 |
--- |
|
Paid up capital |
Rs.
980,640,000 |
Product Name 3 |
--- |
|
Shareholders |
Bodies Corporate -857605 |
Banking |
Allahabad Bank |
|
Public Limited Corp. |
-- |
Business Period |
18 years |
|
IPO |
--- |
International Ins. |
- |
|
Public |
--- |
Rating |
A
(62) |
|
Related
Company |
|||
|
Relation
Subsidiaries |
Country
India |
Company
Name |
Sobha Developers (Pune) Private
Limited |
|
Note |
- |
||
2. Summary
Financial Statement
|
Balance Sheet as of |
31.03.2012 |
(Unit: Indian Rs.) |
|
|
Assets |
Liabilities |
||
|
Current Assets |
21,997,780,000 |
Current Liabilities |
18,159,540,000 |
|
Inventories |
14,365,370,000 |
Long-term Liabilities |
2,217,780,000
|
|
Fixed Assets |
2,797,530,000 |
Other Liabilities |
330,370,000 |
|
Deferred Assets |
1,551,880,000 |
Total Liabilities |
20,707,690,000 |
|
Invest& other Assets |
-- |
Retained Earnings |
19,024,230,000 |
|
|
|
Net Worth |
20,004,870,000 |
|
Total Assets |
40,712,560,000 |
Total Liab. & Equity |
40,712,560,000 |
|
Total Assets (Previous Year) |
38,050,280,000 |
|
|
|
P/L Statement as of |
31.03.2012 |
(Unit: Indian Rs.) |
|
|
Sales |
13,965,680,000 |
Net Profit |
2,008,500,000 |
|
Sales(Previous yr) |
13,766,940,000 |
Net Profit(Prev.yr) |
1,824,600,000 |
MIRA
INFORM REPORT
|
Report Date : |
11.03.2013 |
IDENTIFICATION DETAILS
|
Name : |
SOBHA DEVELOPERS LIMITED (w.e.f. 08.05.2006) |
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Formerly Known
As : |
SOBHA DEVELOPERS PRIVATE LIMITED |
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Registered
Office : |
‘SOBHA’, Sarjapur – Marathahalli, Outer Ring Road (ORR),
Devarabisanhalli, Bellandur Post, Bangalore – 560103, Karnataka |
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Country : |
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Financials (as
on) : |
31.03.2012 |
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Date of
Incorporation : |
07.08.1995 |
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Com. Reg. No.: |
08-018475 |
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Capital
Investment / Paid-up Capital : |
Rs. 980.640 millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
L45201KA1995PLC018475 |
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|
TAN No.: [Tax Deduction &
Collection Account No.] |
BLRS03591A |
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PAN No.: [Permanent Account No.] |
AABCS7723E |
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Legal Form : |
A Public Limited Liability Company. The company’s Share are Listed on
the Stock Exchanges. |
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Line of Business
: |
Housing and Real Estate Development |
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No. of Employees
: |
2224 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
A (62) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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 |
|
Maximum Credit Limit : |
USD 80000000 |
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|
|
Status : |
Good |
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|
Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject is a well 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) |
|
|
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
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High |
B2 |
|
Very High |
C1 |
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Restricted |
C2 |
|
Off-credit |
D |
INDIAN ECONOMIC OVERVIEW
|
Source
: CIA |
EXTERNAL AGENCY RATING
|
Rating Agency Name |
ICRA |
|
Rating |
BBB+(Term Loan) |
|
Rating Explanation |
Having moderate degree of safety regarding timely servicing of
financial obligations. It carry moderate credit risk. |
|
Date |
July - 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 1 / Marketing Office 1 : |
‘SOBHA’, Sarjapur – Marathahalli, Outer Ring Road (ORR),
Devarabisanhalli, Bellandur Post, Bangalore – 560103, Karnataka, India |
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Tel. No.: |
91-80-49320000/ 25594139 |
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Fax No.: |
91-80-49320444/ 25594138 |
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E-Mail : |
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Website : |
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Corporate Office 2: |
4, Neeladri Plaza, Raja Ram Mohan Roy Road, Richmond Road
Circle, Bangalore - 560 025, Karnataka, India |
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Tel. No.: |
91-80-22104561/ 2 / 3 / 4 / 5 / 6 |
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Fax No.: |
91-80-22104569/ 22104573 |
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Marketing Office 2: |
368, 7th Cross,
Wilson Garden, |
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Tel. No.: |
91-80-22295936 / 7 / 8 and 22242172 |
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Fax No.: |
91-80-22120852 |
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E-Mail : |
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Finance and
Internal Audit Fees : |
43, 2nd Floor, |
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Tel. No.: |
91-80-25564980 / 81 / 25307244 |
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Fax No.: |
91-80-25304278 |
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Factories : |
Interiors
Division Plot No: 9, KIADB Industrial Area, Jigani Bommasandra Link Road,
Bommasandra, Hennagara Post , Anekal
Taluk, Bangalore - 560 105, Karnataka, India Tel No.: 91-80-22631700 / 27839012/3/4/5 Fax No.: 91-80-27839017 E-mail: retail.sil@sobha.com
Glazing and
Metal Works Division Plot No: 10,
Bommasandra Jigani Link Road, Anekal Taluk, Bommasandra , Bangalore - 560 105
Karnataka, India Tel No.:
91-80-27839018/ 22631702 / 27839019 Fax No.:
91-80-27839021 Concrete
Products Division Plot No: 329, Bommasandra
Jigani Link Road, Industrial Area, Jigani Anekal Taluk, Bangalore - 560 105,
Karnataka, India Tel No.: 91-80-27825177 / 27825220 Fax No.: 91-80-27825777 E-mail: enquiry@sobhaconcreteproducts.com
Restoplus Spring
Mattress Division Plot No. 9, Bommasandra, Jigni Link Road, Industrial Area, Hennagara
Post, Bommasandra, Bangalore, Karnataka, Indai. Fax No.: 91-80-22631710 E-mail: sobha.restoplus@sobha.com
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Branch Office : |
Puzhakkal Padam,
Puzhakkal, Guruvayur Road, Thrissur 680 553, Kerala,
India |
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Regional Office
1 : |
5th Floor, Rider House, Sector 4 136 – P, Gurgaon – 122003,
Haryana, India Tel No.: 0124 – 485555 Email: sales.ncr@sobha.com |
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Regional Office |
Also Located at: ·
Pune ·
Kerala ·
Chennai ·
Coimbatore · Mumbai |
DIRECTORS
As on 31.03.2012
|
Name : |
Mr. R. V. S. Rao |
|
Designation : |
Independent Director |
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|
Name : |
Mr. Anup Shah |
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Designation : |
Independent Director |
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Name : |
Dr. S.K. Gupta |
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Designation : |
Independent Director |
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Name : |
Mr. M. Damodaran |
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Designation : |
Independent Director |
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Name : |
Mr. P.N.C. Menon |
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Designation : |
Chairman |
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Qualification : |
Entrepreneur |
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Date of Appointment : |
07.08.1995 |
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Name : |
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Designation : |
Co-Chairman |
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Date of Birth/Age : |
31 Years |
|
Qualification : |
B.S.C.E. |
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Experience : |
8 years |
|
Date of Appointment : |
06.06.2004 |
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Name : |
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Designation : |
Vice Chairman and Managing Director |
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Date of Birth/Age : |
54 Years |
|
Qualification : |
B.Com, ACA, ACS |
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Experience : |
28 Years |
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Date of Appointment : |
01.06.2001 |
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Last Employment : |
Grasim Industries Limited |
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Name : |
Mr. P. Ramakrishnan |
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Designation : |
Deputy Managing Director |
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Date of Birth/Age : |
49 Years |
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Qualification : |
BE,MBA |
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Experience : |
26 Years |
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Date of Appointment : |
15.03.2007 |
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Last Employment : |
Enares Infranet Private Limited |
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Audit Committee : |
· Mr. R.V.S. Rao (Chairman) · Mr. Anup Shah (Member) · Dr. S.K. Gupta (Member) · Mr. M. Damodaran (Member) ·
Mr. J.C. Sharma (Member) |
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Investors Grievance Committee: |
· Dr. S.K. Gupta (Chairman) · Mr. Ravi Menon (Member) ·
Mr. J.C. Sharma (Member) |
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Nomination,
Remuneration and Governance Committee: |
· Mr. Anup Shah (Chairman) · Mr. R.V. S. Rao (Member) · Mr. J.C. Sharma (Member) |
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Share Transfer
Committee: |
· Mr. J.C. Sharma (Chairman) · Mr. Ravi Menon (Member) · Mr. P. Ramakrishnan (Member) |
KEY EXECUTIVES
|
Name : |
Mr. Kishore Kayarat |
|
Designation : |
Company Secretary and Compliance Officer |
SHAREHOLDING PATTERN
As on 31.12.2012
|
Category of Shareholders |
No. of Shares |
Percentage of
Holding |
|
(A) Shareholding of Promoter and Promoter Group |
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45000 |
0.05 |
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59364300 |
60.54 |
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(B) Public Shareholding |
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|
3571073 |
3.64 |
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|
554919 |
0.57 |
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|
34759 |
0.04 |
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|
31225790 |
31.84 |
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2000 |
0.00 |
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|
857605 |
0.87 |
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|
1813779 |
1.85 |
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|
237504 |
0.24 |
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|
32797 |
0.03 |
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|
21235 |
0.02 |
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11 |
0.00 |
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1905 |
0.00 |
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|
126529 |
0.13 |
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Non
Resident Indians |
174662 |
0.18 |
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(C) Shares held by Custodians and against which Depository Receipts
have been issued |
0 |
0.00 |
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0 |
0.00 |
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0 |
0.00 |
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Total |
98,063,868 |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Housing and Real Estate Development |
GENERAL INFORMATION
|
No. of Employees : |
2224 (Approximately) |
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Bankers : |
· Allahabad Bank · Andhra Bank · Axis Bank · ICICI Bank · IDBI Bank · Indian Overseas Bank · Standard Chartered Bank · State Bank of India · State Bank of Travancore · Syndicate Bank ·
United Bank of India |
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Facilities : |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
Chartered Accountants |
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Statutory Auditors : |
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Name : |
S R Batliboi and Associates Chartered Accountants |
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Address : |
UB City, ‘ |
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Tel No.: |
91-80-40275000 |
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Fax No.: |
91-80-22106000 |
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Legal Advisors : |
Anup S. Shah Law Firm |
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Subsidiaries : |
DIRECT SUBSIDIARIES ·
Sobha
City ·
Sobha
Developers (Pune) Private Limited, India [With effect from July 1, 2011 Sobha
Developers (Pune) Private Limited, India has ceased to be an associate of the
Company and has become a subsidiary of the Company.] ·
Sobha
Assets Private Limited, India [Subsidiary incorporated on March 13, 2012] SUBSIDIARIES OF SOBHA CITY ·
Vayaloor
Properties Private Limited, India ·
Vayaloor
Builders Private Limited, India ·
Vayaloor
Developers Private Limited, India ·
Vayaloor
Real Estate Private Limited, India ·
Vayaloor
Realtors Private Limited, India ·
Valasai
Vettikadu Realtors Private Limited, India |
|
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Sobha
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Cyber Real Estates Private Limited, India |
NOTE:
SECURED LOANS
i)12 % redeemable non-convertible debentures
were redeemable at par in three installments of Rs. 250 million on June 11,
2011, September 11, 2011 and December 11, 2011 and have been redeemed
accordingly. The debentures were secured by equitable mortgage of certain lands
of the Company.
ii) Secured term
loans
(Rs.
in millions)
|
Particulars |
Amount
Outstanding |
Interest Rate |
Security details |
Repayment terms |
|
|
|
31.03.2012 |
31.03.2011 |
|
|
|
|
FROM BANKS |
|
|
|
|
|
|
Term Loan |
- |
410.000 |
12%-13% |
Secured by equitable mortgage of certain land and
building of the Company. Further, the loan has been guaranteed by the
personal guarantee of chairman of the Company. |
Two equal installments due on February 1, 2011 and May 1,
2011. |
|
Term Loan |
- |
333.500 |
13%-15% |
Secured by equitable mortgage of certain land of
the Company. Further, the loan has been guaranteed by the personal guarantee
of chairman of the Company |
Six equal quarterly installments of Rs. 166.67
million commencing from May 31, 2010. |
|
Term Loan |
- |
157.500 |
14%-15% |
Secured by equitable mortgage of certain project
specific inventory and receivables and certain lands of the Company. |
Five equal quarterly installments of `80 million commencing
from August 2, 2010 and two equal quarterly Rs. installments of `90 million
commencing from February 21 , 2010 |
|
Term Loan |
- |
1500.000 |
14%-16% |
Secured by equitable mortgage of certain land of
the Company. |
Three equal monthly installments of Rs. 500
million commencing from November 30, 2011 |
|
Term Loan |
- |
87.470 |
10%-12 % |
Secured by equitable mortgage of certain project
specific inventory and receivables and certain lands of the Company. Further,
the loan has been guaranteed by the personal guarantee of chairman of the
Company. |
Twelve equal monthly installments of Rs. 29.16 million commencing
from July 31, 2010. |
|
Term Loan |
- |
1000.000 |
10%-12 % |
Secured by equitable mortgage of certain project
specific inventory and land of the Company. Further, the loan has been
guaranteed by the personal guarantee of chairman of the Company |
Fourteen equal monthly installments of Rs. 83.330
million commencing from January 31, 2011 and last installment of Rs. 83.380
million due on March 31, 2012. |
|
Term Loan |
510.000 |
505.000 |
13%-15% |
Secured by equitable mortgage of certain project
specific inventory and receivables and certain lands of the Company. Further,
the loan has been guaranteed by way of corporate guarantee given by certain
group Companies. |
Three equal monthly installments of Rs. 60
million from January 31, 2011 to March 31, 2011, three equal
monthly installments of Rs.30.000 million from April 30, 2011 to June 30,
2011, three equal monthly installments of Rs. 50 million from April 30, 2012
to June 30, 2012 and six equal monthly installments of Rs. 60.000 million
commencing from July 31, 2012. |
|
Term Loan |
- |
85.000 |
13%-15% |
Secured by equitable mortgage of certain project
specific inventory under joint development and receivables of the Company.
Further, the loan has been guaranteed by the personal guarantee of chairman
and relative of such chairman of the Company. |
Four equal quarterly installments of Rs. 42.500
million commencing from October 31, 2010 |
|
Term Loan |
957.360 |
1240.450 |
12 %-14% |
Secured by equitable mortgage of certain project
specific inventory and hypothecation of project specific receivables and
maintaining of Debt Service Reserve account equal to three months interest. Further, the loan has been guaranteed by the
personal guarantee of chairman of the Company. |
Twenty five monthly installments in accordance
with repayment schedule mentioned by the bank commencing from March 15, 2011
. |
|
Term Loan |
280.000 |
130.000 |
13%-15% |
Secured by equitable mortgage of certain project specific
inventory. Further, the loan has been guaranteed by way of corporate
guarantee given by certain group Companies. |
Four equal quarterly installments of `50 million
commencing from December 31, 2012 and last installment of Rs. 80 million due
on December 31, 2013. |
|
Term Loan |
255.000 |
105.000 |
13%-15% |
Secured by equitable mortgage of certain project
specific inventory and receivables of the Company. |
Two half yearly installments of Rs. 145.000
million commencing from February 14, 2014. |
|
Term Loan |
619.000 |
- |
13%-14% |
Secured by equitable mortgage of certain project specific inventory under joint development and receivables of the Company and maintaining of
Debt Service Reserve account equal to three months
interest. Further, the loan has been guaranteed by the personal guarantee of
chairman of the Company. |
Quarterly installments of amounts as mentioned in
the repayment schedule commencing from eleven month from the date of
disbursement of loan. |
|
Term Loan |
770.000 |
- |
14%-15% |
Secured by equitable mortgage of certain land,
building, project specific inventory and receivables of the Company and
maintaining of Debt Service Reserve account equal to three months interest. Further, the loan has been guaranteed by the
personal guarantee of chairman of the Company. |
Eleven equal monthly installments of Rs. 50.000
million commencing from January 15, 2013 and ten monthly installments of Rs.
25.000 million commencing from July 15, 2013. |
|
Term Loan |
350.000 |
- |
13%-15% |
Secured by equitable mortgage of certain land of
the Company. |
One single installment within 12 months from the
date of first availment. |
|
Term Loan |
741.000 |
- |
13%-14% |
Secured by equitable mortgage of certain project
specific inventory under joint
development and receivables of the Company. Further, the loan has been
guaranteed by the personal guarantee of chairman of the Company. |
Quarterly installments of amounts as mentioned in
the repayment schedule commencing from two years from the date of
disbursement of loan. |
|
Term Loan |
1000.000 |
- |
14%-15% |
Secured by equitable mortgage of certain land and
inventory of the Company. Further, the loan has been guaranteed by the
personal guarantee of chairman of the Company. |
Secured by equitable mortgage of certain land and
inventory of the Company. Further, the loan has been guaranteed by the personal guarantee of chairman
of the Company. |
|
Term Loan |
970.000 |
- |
12 %-15% |
Secured by equitable mortgage of certain project
specific inventory of the Company. Further, the loan has been guaranteed by the
personal guarantee of chairman and relative of such chairman of the Company. |
Eight equal quarterly installments of Rs. 12.500
million commencing from September 30, 2013. |
|
FROM FINANCIAL INSTITUTIONS |
|||||
|
Term Loan |
1680.000 |
2000.340 |
12 %-14% |
Secured by equitable mortgage of certain
leasehold land and project land and building of the Company. Further, the
loan has been guaranteed by the personal guarantee of chairman of the
Company. |
Twelve quarterly installments of Rs.160.000
million commencing from October, 2011 and last
installment of Rs. 80.000 million due in October 2014 |
|
Term Loan |
- |
281.500 |
13%-15% |
Secured by equitable mortgage of certain land of
the Company. |
Monthly installments from May 30, 2010 to March
31, 2012. |
|
Term Loan |
- |
244.500 |
13%-15% |
Secured by equitable mortgage of certain land of
the Company. Further, the loan has been guaranteed by the personal guarantee of chairman and relative
of such chairman of the Company |
Twenty one equal monthly installments of
Rs.20.500 million starting from June 15, 2010 to February
15, 2010 and last installment due on
March 15, 2012. |
|
Term Loan |
500.000 |
- |
15%-16% |
Secured by equitable mortgage of certain land of
the Company. Further, the loan has been guaranteed by
the personal guarantee of chairman of the Company. |
Twenty five equal monthly installments of Rs.20.000 million starting from
April 15, 2012. |
|
Term Loan |
243.750 |
- |
13%-14% |
Secured by equitable mortgage of certain project
specific inventory under joint development and receivables of the Company. |
Quarterly installments of amounts as mentioned in
the repayment schedule commencing from eleven month from the date of
disbursement of loan. |
iii) Other secured
loans
|
Finance lease obligations |
376.540 |
- |
13%-15% |
Secured by hypothecation of plant and machinery
taken on lease. |
Thirty five monthly installments commencing from the
month the loan is availed. |
|
Equipment loan |
31.670 |
28.320 |
13%-15% |
Hypothecation against specific
equipment |
Thirty five monthly installments commencing from
the month the loan is availed. |
iv) Details of collateral
securities offered by related Companies in respect of loans availed by the
Company
(Rs. in millions)
|
Nature of Loan |
Amount
outstanding |
Name of the company |
Name of Security |
|
|
|
31.03.2012 |
31.03.2011 |
|
|
|
Term Loan |
- |
410.000 |
Sobha Glazing and Metal Works
Private Limited, India |
Equitable mortgage of leasehold rights in respect of factory, land and
building |
|
Term Loan |
1680.000 |
2000.34 |
Vayaloor Properties Private
Limited, India |
Equitable mortgage of land |
|
Term Loan |
1680.000 |
2000.34 |
Vayaloor Builders Private
Limited, India |
Equitable mortgage of land |
|
Term Loan |
1680.000 |
2000.34 |
Vayaloor Developers Private
Limited, India |
Equitable mortgage of land |
|
Term Loan |
1680.000 |
2000.34 |
Vayaloor Real Estate Private
Limited, India |
Equitable mortgage of land |
|
Term Loan |
1680.000 |
2000.34 |
Valasai Vettikadu Realtors
Private Limited, India |
Equitable mortgage of land |
|
Term Loan |
510.000 |
505.000 |
Megatech Software Private Limited,
India |
Equitable mortgage of land |
|
Term Loan |
510.000 |
505.000 |
Tirur Cyber City Developers
Private Limited, India |
Equitable mortgage of land |
|
Term Loan |
510.000 |
505.000 |
Thakazhi Developers Private
Limited, India |
Equitable mortgage of land |
|
Term Loan |
280.000 |
1437.790 |
Sri Kanakadurga Property
Developers Private Limited, India |
Equitable mortgage of land |
|
Term Loan |
280.000 |
130.000 |
Sri Durga Devi Property
Management Private Limited, India |
Equitable mortgage of land |
UNSECURED LOANS
(Rs. in millions)
|
Particulars |
Amount
Outstanding |
Interest Rate |
Security details |
Repayment terms |
|
|
|
31.03.2012 |
31.03.2011 |
|
|
Repayable
on demand |
|
Cash credit |
23.850 |
499.370 |
12 %-15% |
Secured by way of equitable mortgage of certain
land and project specific receivables of the Company. Further, the facility
has been guaranteed by the personal guarantee of chairman and relative of
such chairman of the Company. |
Repayable
on demand |
|
Cash credit |
230.620 |
619.490 |
13%-15% |
Secured by charge on specific project inventory,
current assets and receivables of the Company. Further, the facility has been
guaranteed by the personal guarantee of chairman and relative of such
chairman of the Company and by way of corporate guarantee given by certain
group Companies. |
Repayable
on demand |
|
Cash credit |
1480.390 |
1393.300 |
13%-14% |
Secured
by equitable mortgage of certain land, project specific inventory and
receivables of the Company and hypothecation of movable fixed assets of the
Company. Further, the loan has been guaranteed by the personal guarantee of
chairman and relative of such chairman of the Company. |
Repayable
on demand |
|
Cash credit |
6.540 |
396.400 |
13%-15% |
Secured by equitable mortgage of certain project
specific inventory and receivables and certain lands of the Company. Further,
the facility has been guaranteed by the personal guarantee of chairman and relative
of such chairman of the Company and by way of corporate guarantee given by
certain group Companies. |
Repayable
on demand |
|
Cash credit |
12.740 |
3.520 |
13%-15% |
Secured by lien on fixed
deposits of the Company. |
Repayable
on demand |
|
Cash credit |
116.910 |
- |
13%-15% |
Secured by equitable mortgage of certain project
specific inventory under joint development and
receivables of the Company |
Repayable
on demand |
|
Cash credit |
- |
220.320 |
13%-15% |
Secured by equitable mortgage of certain project
specific inventory of the Company. |
Repayable
on demand |
|
Cash credit |
7.470 |
8.910 |
13%-15% |
Secured by charge on specific project inventory, current
assets and receivables of the Company. Further, the facility has been
guaranteed by the personal guarantee of chairman and relative of
such chairman of the Company. |
Repayable
on demand |
|
Cash credit |
13.80 |
10.240 |
13%-15% |
Secured by charge on specific project inventory,
current assets and receivables of the Company. Further, the facility has been
guaranteed by the personal guarantee of chairman and relative of such
chairman of the Company and by way of corporate guarantee given by certain
group Companies. |
Repayable
on demand |
|
Cash credit |
4.330 |
9.550 |
13%-15% |
Secured by charge on specific project inventory,
current assets and receivables of the Company. Further, the facility has been
guaranteed by the personal guarantee of chairman and relative of such
chairman of the Company and by way of corporate guarantee given by certain
group Companies. |
Repayable
on demand |
|
Cash credit |
3.12 |
- |
13-15% |
Secured by lien on fixed
deposits of the Company. |
Repayable
on demand |
|
Cash credit |
3.610 |
6.590 |
13%-15% |
Secured by charge on specific project inventory,
current assets and receivables of the Company. Further, it has been
guaranteed by the personal guarantee of chairman and relative of such chairman
of the Company. |
Repayable
on demand |
Details of
collateral securities offered by related companies in respect of loans availed
by the Company
(Rs. in millions)
|
Nature of Loan |
Amount outstanding |
Name of the
company |
Name of Security |
|
|
|
31.03.2012 |
31.03.2011 |
|
|
|
Cash credit |
23.840 |
499.370 |
Sobha
Innercity Technopolis Private Limited, India |
Equitable
mortgage of land & building |
|
Cash credit |
258.100 |
949.000 |
Allapuzha
Fine Real Estate Private Limited, India |
Equitable
mortgage of land |
|
Cash credit |
258.100 |
949.000 |
Rusoh
Modern Properties Private Limited, India |
Equitable
mortgage of land |
|
Cash credit |
258.100 |
949.000 |
Mapedu
Realtors Private Limited, India |
Equitable
mortgage of land |
|
Cash credit |
258.100 |
949.000 |
Chikmangaloor
Properties Private Limited, India |
Equitable
mortgage of land |
|
Cash credit |
258.100 |
949.000 |
Rusoh
Marina Properties Private Limited, India |
Equitable
mortgage of land |
|
Cash credit |
258.100 |
949.000 |
Mapedu
Real Estates Private Limited, India |
Equitable
mortgage of land |
|
Cash credit |
258.100 |
949.000 |
Chikmangaloor
Realtors Private Limited, India |
Equitable
mortgage of land |
|
Cash credit |
258.100 |
949.000 |
Rusoh
Fine Builders Private Limited, India |
Equitable
mortgage of land |
|
Cash credit |
258.100 |
949.000 |
Mannur
Real Estate Private Limited, India |
Equitable
mortgage of land |
|
Cash credit |
258.100 |
949.000 |
Kilai
Builders Private Limited, India |
Equitable
mortgage of land |
|
Cash credit |
258.100 |
949.000 |
Kilai
Properties Private Limited, India |
Equitable
mortgage of land |
|
Cash credit |
258.100 |
949.000 |
Thirur
Cyber Real Estates Private Limited, India |
Equitable
mortgage of land |
|
Cash credit |
258.100 |
949.000 |
Thakazhi
Realtors Private Limited, India |
Equitable
mortgage of land |
|
Cash credit |
258.100 |
949.000 |
Kilai
Super Developers Private Limited, India |
Equitable
mortgage of land |
|
Cash credit |
258.100 |
949.000 |
Thakazhi
Developers Private Limited, India |
Equitable
mortgage of land |
CAPITAL STRUCTURE
As on 31.03.2012
Authorized Capital:
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
150000000 |
Equity Shares |
Rs. 10/- each |
Rs. 1500.000 millions |
|
5000000 |
Redeemable Preference Shares |
Rs. 100/-each |
Rs. 500.000 millions |
|
|
|
|
|
|
|
TOTAL |
|
Rs. 2000.000
millions |
Issued, Subscribed & Paid-up Capital:
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
98063868 |
Equity Shares |
Rs. 10/- each |
Rs. 980.640
millions |
|
|
|
|
|
NOTES:
(a) Reconciliation
of the shares outstanding at the beginning and end of the reporting year
|
Particulars |
No of Shares |
Rs. in million |
|
|
(31.03.2012) |
|
|
Equity shares |
|
|
|
At the beginning of the year |
98,063,868 |
980.64 |
|
Issued during the year |
- |
- |
|
Outstanding at the end of the
year |
98,063,868 |
980.64 |
|
|
|
|
(b) Terms/ rights attached to equity shares
The Company has only one class of equity shares
having a par value of Rs. 10 per share.
Each holder of equity shares is entitled to one
vote per share. The Company declares and pays dividend in Indian rupees. The
dividend proposed by the Board of directors is subject to the approval of the
shareholders in ensuing Annual General Meeting. In event of liquidation of the
Company, the holders of equity shares would be entitled to receive remaining
assets of the Company, after distribution of all preferential amounts. The
distribution will be in proportion to the number of equity shares held by the
shareholders.
(c) Aggregate
number of bonus shares issued, share issued for consideration other than cash
and shares bought back during the period of five years:
31.03.2011
No of Shares
Equity shares allotted as fully paid bonus shares by capitalization
of --
free reserves in June 2006
(d) Details of shareholders
holding more than 5% shares in the Company
(Rs. in millions)
|
|
No of Shares |
Holding Percentage (%) |
|
|
31.03.2012 |
|
|
Equity shares of Rs.10 each
fully paid up |
|
|
|
Mrs. Sobha Menon |
41.35 |
42.16 |
|
Mr. P.N.C. Menon |
12.49 |
12.74 |
|
Mr. P.N.C. Menon and Mrs. Sobha
Menon (Jointly) |
5.49 |
5.60 |
Note:
As per of the Company, including
its register of shareholders/ members and other declaration received from
shareholders regarding beneficial interest, the above shareholding represent
both legal and beneficial ownership of shares
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 |
980.640 |
980.640 |
980.640 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
19024.230 |
17585.590 |
16104.040 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
20004.870 |
18566.230 |
17084.680 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
2147.780 |
3188.390 |
14465.850 |
|
|
2] Unsecured Loans |
70.000 |
83.480 |
74.500 |
|
|
TOTAL BORROWING |
2217.780 |
3271.870 |
14540.350 |
|
|
DEFERRED TAX LIABILITIES |
330.370 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
22553.020 |
21838.100 |
31625.030 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
2797.530 |
1372.770 |
1429.140 |
|
|
Capital work-in-progress |
12.750 |
646.510 |
631.970 |
|
|
|
|
|
|
|
|
INVESTMENT |
1539.130 |
516.090 |
429.350 |
|
|
DEFERREX TAX ASSETS |
0.000 |
73.790 |
51.520 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
14365.370
|
9726.350 |
10173.940
|
|
|
Sundry Debtors |
1168.440
|
1069.930 |
4165.800
|
|
|
Cash & Bank Balances |
532.950
|
217.020 |
800.360
|
|
|
Other Current Assets |
2141.930
|
2844.000 |
0.000
|
|
|
Non – Current Assets |
78.850 |
58.330 |
0.000 |
|
|
Loans & Advances |
18075.610
|
21525.490 |
20093.230
|
|
Total
Current Assets |
36363.150
|
35441.120 |
35233.330 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
3535.890
|
3019.380 |
866.130
|
|
|
Other Current Liabilities |
13366.700
|
12262.850 |
4747.060
|
|
|
Provisions |
1256.950
|
929.950 |
537.090
|
|
Total
Current Liabilities |
18159.540
|
16212.180 |
6150.280 |
|
|
Net Current Assets |
18203.610
|
19228.940 |
29083.050 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
22553.020 |
21838.100 |
31625.030 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
13965.680 |
13766.940 |
11139.920 |
|
|
|
Other Income |
62.730 |
59.020 |
52.910 |
|
|
|
TOTAL (A) |
14028.410 |
13825.960 |
11192.830 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Land purchase cost |
2586.680 |
1297.290 |
|
|
|
|
Cost of raw material and
components consumed |
1011.010 |
700.670 |
|
|
|
|
(Increase) / decrease in inventories of building materials,
finished goods, stock in trade - flats land stock and work-in-progress |
(4591.010) |
466.260 |
22385.660 |
|
|
|
Purchase of project materials |
2867.090 |
2602.160 |
|
|
|
|
Subcontractor and labour charges |
2803.940 |
2686.110 |
|
|
|
|
Employee benefits expense |
1267.490 |
1035.170 |
|
|
|
|
Other expenses |
3681.360 |
1479.120 |
|
|
|
|
TOTAL (B) |
9626.560 |
10266.780 |
22385.660 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
4401.850 |
3559.180 |
2597.210 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
1061.710 |
845.490 |
671.400 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
3340.140 |
2713.690 |
1925.810 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
387.780 |
277.730 |
323.100 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
2952.360 |
2435.960 |
1602.710 |
|
|
|
|
|
|
|
|
|
Less |
TAX (I) |
943.860 |
611.360 |
236.090 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-I) (J) |
2008.500 |
1824.600 |
1366.620 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Transfer to General Reserve |
NA |
NA |
140.000 |
|
|
|
Dividend |
NA |
NA |
245.160 |
|
|
|
Tax on Dividend |
NA |
NA |
41.650 |
|
|
BALANCE CARRIED
TO THE B/S |
NA |
NA |
939.810 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
104.520 |
107.280 |
58.360 |
|
|
|
Capital Goods |
22.940 |
22.700 |
0.000 |
|
|
TOTAL IMPORTS |
127.460 |
129.980 |
58.360 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
20.48 |
18.61 |
14.91 |
|
QUARTERLY RESULTS
|
PARTICULARS |
30.06.2012 1st Quarter |
30.09.2012 2nd
Quarter |
31.12.2012 3nd Quarter
|
|
Net Sales |
4247.000 |
3948.000 |
4271.000 |
|
Total Expenditure |
3115.000 |
2876.000 |
3023.000 |
|
PBIDT (Excl OI) |
1132.000 |
1072.000 |
1248.000 |
|
Other Income |
15.000 |
11.000 |
26.000 |
|
Operating Profit |
1147.000 |
1083.000 |
1274.000 |
|
Interest |
341.000 |
378.000 |
362.000 |
|
Exceptional Items |
0.000 |
0.000 |
0.000 |
|
PBDT |
806.000 |
705.000 |
912.000 |
|
Depreciation |
126.000 |
138.000 |
145.000 |
|
Profit Before Tax |
680.000 |
567.000 |
767.000 |
|
Tax |
220.000 |
158.000 |
251.000 |
|
Provisions and contingencies |
0.000 |
0.000 |
0.000 |
|
Profit After Tax |
460.000 |
409.000 |
516.000 |
|
Extraordinary Items |
0.000 |
0.000 |
0.000 |
|
Prior Period Expenses |
0.000 |
0.000 |
0.000 |
|
Other Adjustments |
0.000 |
0.000 |
0.000 |
|
Net Profit |
460.000 |
409.000 |
516.000 |
KEY RATIOS
|
PARTICULARS |
|
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
PAT / Total Income |
(%) |
14.31
|
13.19 |
12.20 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
21.14
|
17.69 |
14.31 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
7.54
|
6.62 |
3.87 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.14
|
0.74 |
0.09 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
1.02
|
1.05 |
1.21 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
2.00
|
2.18 |
5.72 |
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) |
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 |
Yes |
NOTE:
Registered address has been shifted to E-106, Sunrise
Chambers, 22, Ulsoor Road Bangalore - , 560042 Karnataka, India to the present
address.
Result of Operations
During the year, the Company has executed and
handed over 9 residential projects covering an area of 3.140 Millions square
feet and 18 contractual projects covering an area of 2.080 Millions square feet
resulting in an aggregate development of 5.220 Millions square feet. The
Company has completed 79 residential projects and 209 contractual projects
covering about 51.800 Millions square feet of area since inception. The Company
currently has 38 ongoing residential projects aggregating to 23.040 Millions square
feet of developable area and 47 ongoing contractual projects aggregating to
10.050 Millions square feet under various stages of construction.
The Company has a geographic presence in 22 cities
and 13 states across India. During the year, the Company has expanded its
operations into three new locations, namely, Gurgaon, Mysore and Chennai.
Contingent
liabilities and commitments (to the extent not provided for)
(Rs. in
millions)
|
Particulars |
31.03.2012 |
31.03.2011 |
|
Guarantees given by the Company |
1715.120 |
1193.390 |
|
Claims against the Company, not
acknowledged as debts * |
846.720 |
846.720 |
|
Income tax matters in dispute |
3.940 |
209.630 |
|
Sales tax matters in dispute |
252.580 |
125.060 |
|
Sales tax matters in dispute |
1182.310 |
1078.060 |
The Company does not expect any reimbursement in
respect of the above contingent liability and it is not practiable to estimate the
timings of the cash outflows, if any, in respect of matters above pending
resolution of the arbitration/ appellate proceedings and it is not probable
that an outflow of resources will be required to settle the above
obligations/claims.
* During the year ended March 31, 2011, a customer
has initiated arbitration proceedings against the Company for Rs. 846.72
million for breach of contractual obligation for which the Company has filed a
statement of objection and counter claim for nonpayment. Based on legal advice
obtained by the management the Company is confident of recovering full dues.
Pending settlement, the claims made against the Company have been disclosed as
contingent liability.
NOTE:
The Company is also involved in certain litigation
for lands acquired by it for construction purposes, either through joint
development agreements or through outright purchases. These cases are pending
with various courts and are scheduled for hearings. After considering the
circumstances and legal advice received, management believes that these cases
will not adversely affect its financial statements.
COMPANY PROFILE:
Sobha Developers Limited a Rs. 15 billion company, is one of
the largest and only backward integrated real estate players in the country.
With three decades of experience in creating resplendent
interiors of palaces and masterpieces in the Middle-East, Mr. PNC Menon founded
Sobha Developers in 1995 with a clear vision to transform the way people
perceive quality in the real estate sector in India.
Since inception the company has always strived for benchmark
quality, customer centric approach, robust engineering, in-house research,
uncompromising business ethics, timeless values and transparency in all spheres
of business conduct, which have contributed in making it a preferred real
estate brand in India. In 2006 The Company went public through its initial
public offering in 2006, an event that created history when the issue got
oversubscribed a record 126 times.
The Company is primarily focused on residential and
contractual projects.
Company's residential projects include presidential
apartments, villas, row houses, super luxury apartments, luxury apartments,
semi-luxury apartments and plotted development along with amenities such as
clubhouse, swimming pool and shopping complex. In all its residential projects
the company lays strong emphasis on environment management, water harvesting
and high safety standards.
On the contractual side, the company has constructed a
variety of structures for corporates including corporate offices, convention
centres, software development blocks, multiplex theatres, hostel facilities,
guest houses, food courts, restaurants, research centres and club houses. Some
of The Company’s prestigious clients include Infosys, Taj Group, DELL, HP,
Timken, Biocon, Institute of Public Enterprises (IPE), Bosch, Hotel Leela
Ventures and others.
The Company’s superior quality execution capability is its
core strength. As of 31 March 2012, in the past 17 years since its inception,
The Company has completed 79 real estate projects and 209 contractual projects
covering about 51.80 Million Square Feet of area. The Company currently has 38
ongoing residential projects aggregating to 23.04 Million Square Feet of
developable area and 16.28 Million Square Feet of Super Built-up area, and 47
ongoing contractual projects aggregating to 10.05 Million Square Feet under
various stages of construction. The Company has made a footprint in 22 cities
and 13 states across India.
The backward integration model is one of the key competitive strengths of the
Company. This literally means that the Company has all the competencies and
in-house resources to deliver a project from conceptualization to completion.
Backward integration includes an interiors division with one of India’s largest
wood working factory, a metal works and glazing factory, and a concrete
products factory.
The company has also set up The Company Academy, a training centre that offers
world-class training in building construction with state-of-the-art facilities.
The Company is a process driven organization where each activity is extensively
detailed. We were one of the first companies in the industry to obtain the ISO
9001 certification. We have also received the OHSAS 18001:2007 and ISO
14001:2004 certifications for our Environmental, Health and Safety Management
System. As a conscious step, in sync with the international initiative, our
future township projects will be designed for accreditation with the Indian
Green Building Council.
The Company believes that for the overall well being of the society, a
comprehensive and sustainable development of rural India is a must. It is in
this context that Graamasobha, a unique social developmental program was
initiated by the company in 2006 in two grama panchayaths in Palakkad district
of Kerala. The program covers key human development verticals like education,
health, employment, water, sanitation and housing besides various social
empowerment measures.
The Company has time and again been acknowledged for the quality of its
projects by various institutions of repute. Some of the prestigious awards
include ‘CNBC Best Executed Project Award’ for The Company Malachite, ‘CNBC
Best Residential Project with more than 0.500 million sq. ft Award’ for The
Company Daffodil, ‘CIDC Best Building Award’ for Infosys Global Education
Center II and ‘India’s Top 10 Builders Award’ by Construction World amongst
others.
The Company is an organization where quality meets excellence, technology meets
aesthetics and passion meets perfection
WEBSITE DETAILS
BOARD OF DIRECTORS
Mr. P.N.C. Menon – Chairman
Mr. P.N.C. Menon, 64, is the founder Chairman of
the Company. He established Sobha Developers Limited, India in 1995 and under
his stewardship the Company has emerged as a reputed brand in the field of
construction and Real Estate and acquired a pan India presence. He was
conferred with the prestigious 'Pravasi Bharatiya Samman Puraskar' by the
President of India, Ms. Prathiba Patil, in 2009.
Mr. Ravi Menon - Co-Chairman
Mr. Ravi Menon, 31, is the Co-Chairman of the
Company. He holds a degree in Bachelor of Science in Civil Engineering from
Purdue University, USA. He primarily focuses on the overall product delivery
function of the Company and supervises the functioning of various departments
in the organization such as Sales and Marketing, Estimation, Cost Audit, Value
Engineering, Landscaping, Human Resources, QST, Purchase, and Architects.
Mr. J.C. Sharma - Vice Chairman and Managing
Director
Mr. J.C. Sharma, 54, is the Vice-Chairman and
Managing Director of the Company. He holds a degree in Bachelor of Commerce
(Honours) from St. Xavier's College, Calcutta. He is a qualified Chartered
Accountant and Company Secretary with over 28 years of experience in
diversified industries. Mr. J.C. Sharma is entrusted with the responsibility of
managing the overall affairs of the Company and is instrumental in spearheading
the growth mantle of Sobha.
Mr. P. Ramakrishnan - Deputy Managing Director
Mr. P. Ramakrishnan, 49, is the Deputy Managing
Director of the Company. He holds a Bachelor's Degree in Technology (Electrical
and Electronics Engineering) from Bharathiyar University and a Master's Degree
in Business Administration from Madurai Kamaraj University. Mr. P. Ramakrishnan
supervises the operations of the Company in Thrissur, Kerala, and is
responsible for overseeing the contractual projects and manufacturing
facilities of the Company.
Mr. R.V.S.
Rao - Independent Director
Mr. R.V.S. Rao, 68, is an Independent Director of
the Company. He holds a Bachelor's Degree in Commerce from the University of
Mysore and a Bachelor's Degree in Law from Bangalore University. He has over 40
years of experience in the areas of banking and finance.
Dr. S.K.
Gupta - Independent Director
Dr. S.K. Gupta, 73, is an Independent Director of
the Company. He is a Metallurgical Engineer with a Ph.D. (Tech.) and D.Sc.
(Tech.) from Moscow. He has over 51 years of experience in the field of
metallurgy, engineering and management in the steel domain. He was the Chairman
of the Government of India task force on steel growth plan till 2010.
Mr. Anup
Shah - Independent Director
Mr. Anup Shah, 55, is an Independent Director of
the Company. He has a Bachelor's Degree in Commerce from HR College, Mumbai,
and a degree in law from Government Law College, Mumbai. He has over 28 years
of experience in the field of law, specifically Real Estate law. He is the
Founder Partner of Anup S Shah Law Firm in Bangalore.
Mr. M.
Damodaran - Independent Director
Mr. Damodaran, 65, is an Independent Director of
the Company. He holds degrees in Economics and Law from the Universities of
Madras and Delhi. He has over 40 years of experience in financial services and
public sector enterprises. He is the former Chairman of Securities and Exchange
Board of India (SEBI) before which he headed the IDBI Bank.
PRESS RELEASE
SOBHA CHARTS
STEADY GROWTH IN Q3-13; TURNS A 20 BILLION BRAND
Key highlights
Crossed
Rs. 15 billion of new sales in 9M-13, a new milestone
Registered
highest-ever new sales value of Rs. 5.33 billion during Q3-13, up 19% YoY
Registered
new sales volume of 0.90 million sq. ft., up by 10.2% YoY
Achieved
average price realisation of Rs. 5,910 per square feet, up 7.9% YoY
Generated
highest ever cash flow of Rs. 5.38 billion from operations in this quarter
Revenues
at Rs. 4.31 billion on a consolidated basis, up 37% YoY
EBITDA
at Rs. 1.39 billion, up 20% YoY
PBT
at Rs. 798 million, up 8% YoY
PAT
at Rs. 526 million, up 7% YoY
Completed
5 projects measuring 0.72 million sq. ft.
Completed
over 300 projects measuring 54.45 million sq. ft. since inception
Bags
9 prestigious honours including the prestigious CNBC “Most Reliable Builder”
2012 Award
Bangalore, January
31, 2013
Realty major Sobha Developers Ltd., on a consolidated basis, registered
a turnover of Rs. 4.31 billion for the third quarter of FY 12-13, which ended
on December 31, 2012.
The EBITDA stood at Rs. 1.39 billion. The profit before tax stood at Rs.
798 million, and the profit after tax came at Rs. 526 million on a consolidated
basis.
The revenue has increased by 37%, EBITDA has increased by 20% and the
PBT and the PAT have also increased by 8% and 7% respectively, YoY.
During the third quarter of fiscal 2013, Sobha sold 0.90 million sq. ft.
of new space valued at Rs. 5.33 billion at an average price realisation of Rs.
5,910 per sq. ft.
Commenting on the Company’s performance, Mr. J.C. Sharma, Vice Chairman
and Managing Director, Sobha Developers Limited, said, “This has been the best
quarter ever in terms of cash realisation from our operations. It further
strengthens our faith that there is a large market for discerning buyers who
appreciate and value a superior, quality-oriented product.”
“On the contracts side, we have completed and handed over projects
measuring 0.26 million sq. ft. during the third quarter of FY 12-13. We have a
clear visibility for the next three years and are positive about having a sound
income from this vertical too,” added Mr. Sharma.
Growth Plans
The improving cash flows have prompted the Company to look for new
opportunities in emerging markets as well as its existing locations. In the
upcoming financial year, Sobha will make a foray into three new geographies -
Kochi, Kozhikode (Calicut) and Noida/Ghaziabad region. Sobha is also exploring
opportunities in the Hyderabad realty market. The Company is also committed to
work within the Debt-
Equity Ratio of 0.6.
“We strongly believe that the market for premium housing is growing at a
healthy pace. And Sobha, with its superior and well-differentiated product
line, is all set to capitalise on the rising demand,” remarked Mr. Sharma.
For the current financial year, the Company is well on its way to
achieve its preset guidance of new sales of 3.75 million sq. ft. valued at Rs.
20 billion.
Sector Outlook
The real estate industry’s dynamics reflect consumers’ expectations of
higher quality with India’s increasing integration with the global economy.
Going forward, strong underlying demand would continue to aid an improvement in
absorption levels in major cities like Bangalore, NCR, Chennai and Pune, which
are the epicentres of progress.
The liquidity situation is also improving. “The RBI’s recent policy of
25 bps reduction in repo rate after a nine-month wait is definitely a key to
boosting the real estate market and is sending out positive signals to
investors. Such growth-oriented monetary measures combined with the
government’s fiscal measures should augur well for the industry and homebuyers
alike,” stated Mr. Sharma.
He added, “The Bangalore realty market has shown tremendous resilience
amid market headwinds and is poised for greater growth and development.”
Impeccable
Execution
Sobha’s superior execution capability is one of its core strengths. The
Company may be the only real estate player in India to have completed over 300
projects measuring about 55 million sq. ft. of space in 22 cities in the last
17 years of its existence. This gives us the confidence that we will continue
to add quality and value to the real
estate landscape of our country.
As of December 31, 2012, Sobha has completed 83 real estate projects and
224 contractual projects covering about 54.45 million sq. ft.
The Company currently has 43 ongoing residential projects aggregating to
24.18 million sq. ft. of developable area and 17.40 million sq. ft. of super
built-up area, and 39 ongoing contractual projects aggregating to 10.06 million
sq. ft. under various stages of construction.
Sobha has made a footprint in 22 cities and 13 states across India. The
Company currently has its real estate presence in seven cities viz. Bangalore, Gurgaon,
Chennai, Pune, Coimbatore, Thrissur and Mysore.
Recognition and
Awards
Several laurels were showered upon Sobha during the third quarter of
fiscal 2013.
The major highlight was when Sobha was awarded as the “Most Reliable
Builder” (voted by consumers) at the national level by CNBC Awaaz Real Estate
Awards 2012. This honour is an endorsement of the Company’s focus on every
minute detail, innovation, fair play, ethics and community care.
CNBC Awaaz also recognised Sobha Elite with the the Best Residential
Project in the mid Segment (Rs 35 lakh – Rs 1 crore) with 70% or more
completion at the city level at its Real Estate Awards 2012.
Construction World conferred Sobha with the coveted ‘Platinum Award for
Excellence’ at the 7th edition of the Construction World Architect and Builder
(CWAB) Awards 2012.
The Company’s self-built corporate office, Sobha, which is an epitome of
excellence, was declared the winner of the “Best Office Space Design” category
at the 5th GIREM Leadership Awards.
Public Relations Society of India (PRSI), one of the apex bodies of
Public Relations professionals in India, honoured Sobha with four awards at the
2012 PRSI awards. They include first prize for ‘Social Media’ and three second
prizes for ‘Best In-house Journal’, ‘Best Special/Prestige Publication’ and
‘Best Public Relations in Action’ respectively.
Sobha bagged the Muthiah Kasi Award 2012 for excellence in Value
Engineering. Receiving the award this year too implies that we are the best
Company in the country practicing Value Engineering.
About Sobha
Developers Ltd.:
Founded in 1995, Sobha Developers Ltd., a Rs. 20 Billion company, is one
of the fastest growing and only backward integrated real estate players in the
country. It means the Company has all the key competencies and in-house
resources to deliver a project from its conceptualisation to completion.
Sobha is primarily focused on residential and contractual projects. The
Company’s residential projects include presidential apartments, villas, row
houses, luxury, super luxury and moderately priced apartments and plotted
development. In all its residential projects the Company lays strong emphasis
on environmental management, water harvesting and high safety standards.
On the contracts side, the Company has constructed a variety of
structures for corporates including offices, convention centres, software
development blocks, multiplex theatres, hostel facilities, guest houses, food
courts, restaurants, research centres, and club houses.
SOBHA POSTS IMPRESSIVE RESULTS FOR Q1 OF FY 2012-13
Mr. P.N.C Menon
appointed as Chairman Emeritus, Mr. Ravi Menon is the new Chairman of Sobha
Developers Limited and Mr. J.C. Sharma has been designated as the Vice Chairman
and Managing Director of the Company
Key highlights
·
Registers new sales
volume of 0.84 million sq. ft., up 25% Yr on Yr
·
Registers new sales value
of Rs. 4.79 Billion, up 58% Yr on Yr
·
Achieved average price
realisation of Rs. 5,737 per square feet, up 26% Yr on Yr
·
Revenues at Rs. 4.35
Billion on a consolidated basis, up 57% Yr on Yr
·
PBT at Rs. 696.000
Million, up 67% Yr on Yr
·
PAT at Rs. 449.000
Million, up 73% Yr on Yr
·
Launched a villa project
at Coimbatore – ‘Sobha West Hill’
·
Debt Equity Ratio at 0.58
on a consolidated basis
·
Completed projects
measuring 1.18 million sq. ft.
·
Conferred with 11
prestigious awards
·
Targets sales value of
Rs. 20 Billion for FY 2012-13
Bangalore, August
7, 2012
Realty major Sobha
Developers Limited, on a consolidated basis, has registered a turnover of Rs.
4.35 Billion for the 1st Quarter of FY 2012-13, which ended on June 30, 2012.
The profit before tax stood at Rs. 696 Million, and the profit after tax came
at Rs. 449.000 Million on a consolidated basis. The revenue has increased by
57% and both the PBT and the PAT have also increased by 67% and 73%
respectively, Yr on Yr.
The Company during
the quarter sold 8,35,600 sq. ft. compared to 6,65,659 sq. ft. in the
corresponding period of last year. The average sales price realisation has also
improved to Rs. 5,737 per sq. ft. as compared to Rs.0.004 Millions in the
year-ago period.
During this
quarter, Sobha has successfully launched a new villa project, Sobha West Hill,
in Coimbatore with a total SBA of 1,47,715 sq. ft.
Commenting on the
current market scenario, Mr. J.C. Sharma, Vice Chairman and Managing
Director, Sobha Developers Limited, India, said, “Although factors like
inflationary pressures, high input costs, the deceleration in the GDP growth,
and challenging macroeconomic environment are hindering the progress of the sector,
we do believe that these headwinds are gradually bottoming out due to the
increase in the disposable incomes of urban Indians and easy availability of
loans. The burgeoning middle class with high aspirations is fuelling the demand
dynamics.”
“On the
contractual side, we have completed and handed over 1.170 million sq. ft.
during the first quarter of FY 2012-13. We have a clear visibility for the next
three years and we hope to maintain the growth momentum in this vertical too,”
added Mr. Sharma.
Speaking about
other financial details, Mr. Sharma stated, “The cash flow from operations
continues to remain positive. During the quarter, the Company generated an
operational cash flow of Rs. 730 Million. We are confident of achieving our
guidance for the current fiscal as well.”
Impeccable
Execution
Sobha’s superior
quality execution capability is its core strength. As of June 30, 2012, in the
past 17 years since its inception, Sobha has completed 80 real estate projects
and 216 contractual projects covering about 52.98 million sq. ft. of area.
The Company
currently has 38 ongoing residential projects aggregating to 23.500 Millions
sq. ft. of developable area and 16.51 Millions sq. ft. of Super Built-up Area,
and 42 ongoing contractual projects aggregating to 9.22 Millions sq. ft. under
various stages of construction.
Sobha has made a
footprint in 22 cities and 13 states across India. The Company has its real
estate presence in seven cities viz. Bangalore, Gurgaon, Chennai, Pune,
Coimbatore, Thrissur and Mysore.
Changes in Board
As part of the
succession plan, Mr. P.N.C. Menon, the founder Chairman of Sobha Developers
Limited, who has led the Company from the front for over 17 years, has been
appointed the Chairman Emeritus. His son, Mr. Ravi Menon, who was the
Co-Chairman, succeeded him as the Chairman of the Company with effect from June
30, 2012.
After his
phenomenal success in the Middle East, Mr. P.N.C. Menon entered the Indian real
estate market which was in dire need of quality construction. He founded Sobha
Developers in 1995 with Bangalore as its headquarters. The Company has built
its foundation on international quality standards and value systems and has
created an unparalleled name in the Indian real estate sector.
Mr. Ravi Menon,
31, graduated with distinction in Civil Engineering from Purdue University,
USA. His primary focus has been to maintain and enhance the overall product
delivery and has been mainly instrumental in making Sobha the most trusted
brand in the Indian real estate and construction industry. In a short span of
eight years, he has contributed immensely to corporate strategy,
diversification of product lines and entry into new territories.
Pursuant to the
aforesaid Board level changes, Sobha Developers Limited, India will now be
under the leadership of Mr. Ravi Menon, Chairman, and Mr. J.C. Sharma, Vice
Chairman and Managing Director, with Mr. P.N.C. Menon, the founder and Chairman
Emeritus, who will provide strategic guidance and support.
Recognition and
Awards
This quarter
brought us a lot of recognition too. We were the proud recipients of 11 awards
from 8 different institutions of repute.
Sobha’s Chairman
Emeritus, Mr. P.N.C. Menon was honoured by Civil-Aid Technoclinic Private
Limited for his dedicated service to Civil Engineering and the construction
industry. He was also bestowed with the Star Realty Extraordinaire title by
Planman Media for his extraordinary contribution to the real estate sector.
Our Chairman, Mr.
Ravi Menon, was bestowed with ‘Star Realty Magnetic Young Icon’ title at
the Star Realty Awards 2012. Sobha was also awarded with the ‘Realty Mogul’
title under the ‘Lords of the Land’ category by Planman Media.
Sobha Developers
has also been awarded with two prestigious awards -- ‘Employer of the Year in
Real Estate’ and ‘Environment Friendly Project of the Year (Residential)’ for
Sobha Forest View by Realty Plus.
In the field of
communications, the Company was honoured at the Public Relations Council of India
(PRCI) Annual Awards 2012 with a Gold Award for the best ‘Corporate Film’ and
two Silver Awards for the best ‘Annual Report’ and ‘PR Case Study’
respectively.
For its devotion
towards CSR, Sobha was conferred with the prestigious Mother Teresa Special
Award for Corporate Citizen - 2011 and the “Rotary Binani Zinc CSR Award” in
the Large Corporate Category in Kerala.
About Sobha
Developers Limited, India:
Founded in 1995,
Sobha Developers Limited, a Rs. 15 Billion company, is one of the fastest growing
and only backward integrated real estate players in the country. It means the
Company has all the key competencies and in-house resources to deliver a
project from its conceptualisation to completion.
Sobha is primarily
focused on residential and contractual projects. The Company’s residential
projects include presidential apartments, villas, row houses, luxury, super
luxury and moderately priced apartments and plotted development. In all its
residential projects the Company lays strong emphasis on environmental
management, water harvesting and high safety standards.
On the contractual
side, the Company has constructed a variety of structures for corporates
including offices, convention centres, software development blocks, multiplex
theatres, hostel facilities, guest houses, food courts, restaurants, research
centres, and club houses.
Sobha
Restoplus launches a comfy combo series of bonded foam mattresses
Bangalore,
July 25, 2012: Sobha Restoplus, the mattress division of realty major
Sobha Developers Limited, India, today unveiled a new series of combo
mattresses in Bangalore.
Sobha
Restoplus is the first retail product of Sobha Developers, which is one of the
fastest growing and only backward integrated real estate players in the country.
It brings to you world-class spring mattresses that redefine the art and
science of sleep.
The
assorted new line of bonded foam mattresses includes the following four
variants with a price range of Rs. 0.009 to Rs.0.053 Millions. They provide ultimate
support and ensure a good night’s sleep, leaving one well rested and relived:
(i)
Star Light:
Bonded foam and flexible PUF combination
Stay
fresh and active with this select offering of mattresses that are replete with
flexible PUF (Poly Urethane Foam). They relax you by providing a firm back
support.
(ii)
Rejuvenation:
Bonded foam and memory foam combination
Rejuvenate
everyday with this classy collection of mattresses which combine the goodness of
bonded foam with high-quality memory foam that increases the viscosity and
density of the mattress. As a result, the foam softens in reaction to body
heat, allowing it to adjust to a warm body within minutes.
(iii)
Natural Support:
Bonded foam with one side latex
Bounce
back to life with this unique range of mattresses, which provide luxurious
comfort and optimum support. The latex layer gives the bouncy feel while the
bonded foam provides the necessary firmness.
(iv)
Resilience:
Bonded foam with one side latex and memory foam
This
all new variety of mattresses is synonymous with comfort. They ensure
flexibility and buoyancy. The superior natural latex helps reduce pressure
points and enhances the quality of sleep.
Talking
about the distinctive new range of mattresses, Mr. Raghav Menon, Executive Vice
President, Sobha Mattress Division, said, “Sobha Restoplus strives to create a
one-stop shopping location for all the mattress needs. Crafted expertly in a
state-of-the-art facility in Bangalore, the mattresses imbibe the most advanced
sleeping technology in India. This new product line not only has a plush
international appeal but also is durable and comfortable.”
If
you're looking to get that good night's rest you have been craving all along,
this new collection of Sobha Restoplus is for you. Supporting every contour of
the body, these unmatched mattresses respond with care and have a luxurious
feel, thanks to the premium fabrics used.
About
Sobha Restoplus
Launched
in August 2007 in Bangalore, Sobha Restoplus has redefined the art of sleeping
with its best-in-class products. Beneath the super-fine finishing,
multi-layered cushioning and the imported springs, is a wealth of technology,
design and engineering.
The
high-quality Sobha Restoplus mattresses are produced on state-of-the-art
machinery of American and European pedigree. These machines are housed in a
special unit, which is located at Jigini Link Road, Bommasandra, Bangalore
Spread over 1,71,000 sq. ft., by far it is the largest plant of spring mattresses
in the country today. More than 27 variants of mattresses are produced by the
division, which has a sustainable run rate of 150 mattresses per day.
All
spring mattresses of Sobha Restoplus are tested under a special Cornell Type
Mattress Tester, which has been imported from Leggett and Platt, USA. It is
touted to be the best and only testing machine in the subcontinent.
All
machines are manned by highly skilled operators trained in all aspects of
mattress manufacturing. Sobha provides prompt delivery of four hours from the
time of order for Bangalore region and a within eight-hour dispatch commitment
for outstation orders.
Statement of
unaudited financial results for the quarter ended on September, 30, 2012
(Rs. in millions)
|
Particulars |
Quarter ended
30.
09. 2012 [Unaudited] |
Preceding Quarter ended 30 06. 2012 [Unaudited] |
Six months Ended
on 30.09.2012
[Unaudited] |
|
Income from operations |
|
|
|
|
(a) Net
sales/ income from operations (net of excise duty) |
3864.000 |
4215.000 |
8079.000 |
|
(b) Shares of profits in a partnership (firm
['Subsidiary'] |
76.000 |
20.000 |
96.000 |
|
(c) Other
operating income |
8.000 |
12.000 |
20.000 |
|
Total operating income |
3948.000 |
4247.000 |
8195.000 |
|
Expenditure |
|
|
|
|
·
(Increase(/decrease
in finished goods, stock in trade and work in |
(741.000) |
71.000 |
(670.000) |
|
·
Land
cost |
463.000 |
1.000 |
464.000 |
|
·
Cost
of materials consumed |
258.000 |
281.000 |
539.000 |
|
·
Purchase
of project materials |
1166.000 |
1006.000 |
2172.000 |
|
·
Subcontractor
and labour charges |
824.000 |
713.000 |
1537.000 |
|
·
License
fees and plan approval charges |
29.000 |
134.000 |
163.000 |
|
·
Umployee
benefit expense |
404.000 |
412.000 |
816.000 |
|
·
Depreciation
and amortization expense |
138.000 |
126.000 |
264.000 |
|
·
Other
expenditure |
473.000 |
497.000 |
970.000 |
|
Total expenses |
3014.000 |
3241.000 |
6255.000 |
|
Profit from operations before oilier income,
finance cost and exceptional items IT
-21 |
934.000 |
1006.000 |
1940.000 |
|
Other income |
11.000 |
15.000 |
26.000 |
|
Profit from operations before finance costs and
exceptional items (3+4) |
945.000 |
1021.000 |
1966.000 |
|
Finance costs |
378.000 |
341.000 |
719.000 |
|
Profit after finance costs but before exceptional
items (5-6) |
567.000 |
680.000 |
1247.000 |
|
Exceptional items |
0.000 |
0.000 |
0.000 |
|
Profit from ordinary activities before tax (7+8) |
567.000 |
680.000 |
1247.000 |
|
Tax expense |
158.000 |
220.000 |
378.000 |
|
Net profit from ordinary activities after
tax (9-10) |
409.000 |
460.000 |
869.000 |
|
extraordinary items (net of tax expenses) |
0.000 |
0.000 |
0.000 |
|
Net profit
for the period (11-12) |
409.000 |
460.000 |
869.000 |
|
Paid-up equity share capital Face value per share –
rs. 10) |
981.000 |
981.000 |
981.000 |
|
Reserves excluding revaluation reserves as per
balance sheet |
|
|
19.893 |
|
Earnings
Per Share (EPS) - |
|
|
|
|
Basic and diluted EPS before extraordinary items |
4.17 |
4.69 |
8.86 |
|
Basic and diluted FPS
after extraordinary items |
4.17 |
4.69 |
8.86 |
|
Particulars |
|
|
|
|
Particulars of Shareholding |
|
|
|
|
Public shareholding |
|
|
|
|
- Number of equity shares |
|
3,687.518 |
38,654.568 |
|
- Percentage of
shareholding |
|
39 45% |
39.42% |
|
Promoters and promoter
group shareholding |
|
|
|
|
a) Pledged/encumbered |
|
|
|
|
- Number of shares |
|
10,700,000 |
10,700,000 |
|
- Percentage of shares (as a %
of the total shareholding of promoter and |
|
18.02% |
18.01% |
|
promoter group) |
|
|
|
|
- Percentage of shares
(as a % of the total share capital of the company) |
|
10 91% |
10.91% |
|
|
|
|
|
|
b) Non – Encumbered |
|
|
|
|
- Number of shares |
|
48,679,350 |
48,709,300 |
|
- Percentage of shares (as a %
of the total shareholding of promoter and promoter group) |
|
81.98% |
81.99% |
|
- Percentage of shares
(as a % of the total share capital of the company) |
|
49.64% |
49.67% |
|
|
|
|
|
|
Particulars |
Quarter ended 30.09.2012 |
|
Investor Complaints |
|
|
Pending at the beginning of the
quarter |
. |
|
Received during the
quarter |
2 |
|
Disposed of during the
quarter |
1 |
|
Remaining unresolved at
the end of the quarter |
1 |
*Resolved subsequent to quarter end
(Rs. in millions)
|
Particulars |
|
As at 30.09.2012 |
|
|
|
|
|
A EQUITY AND LIABILITIES |
|
|
|
1
Shareholders' funds |
|
981.000 |
|
(a) Share capital |
|
19893.000 |
|
(b) Reserves and surplus |
|
20874.000 |
|
Sub-total |
|
|
|
2
Non-current liabilities |
|
|
|
(a) Long term borrowings |
|
291.000 |
|
(b) Deferred tax liabilities (net) |
|
510.000 |
|
(c) Other long term liabilities |
|
178.000 |
|
(d) Long term provisions |
|
14.000 |
|
Sub-total |
|
993.000 |
|
3 Current
liabilities |
|
|
|
(a) Short term borrowings |
|
12461.000 |
|
(b) Trade payables |
|
3201.000 |
|
(c) Other current liabilities |
|
6735.000 |
|
(d) Short term provisions |
|
504.000 |
|
|
|
|
|
Sub-total |
|
22901.000 |
|
Total |
|
44768.000 |
|
B ASSETS |
|
|
|
1
Non-current assets |
|
|
|
(a) Fixed assets |
|
3017.000 |
|
(b) Noncurrent investments |
|
2305.000 |
|
(c) Long term loans and advances |
|
4561.000 |
|
(d) Trade Receivables |
|
46.000 |
|
(e) Other Non-current assets |
|
88.000 |
|
Sub-total |
|
10017.000 |
|
2 Current
assets |
|
|
|
a)
Current investment |
|
0.000 |
|
b)
Inventories |
|
15004.000 |
|
c) Trade receivables |
|
1582.000 |
|
d) Cash, cash equivalent and other bank balance |
|
660.000 |
|
e) Short term loans and advances |
|
13920.000 |
|
f) Other current assets |
|
3585.000 |
|
Sub-total |
|
34751.000 |
|
Total |
|
44768.000 |
CMT REPORT (Corruption, Money Laundering and Terrorism]
The Public Notice information has been collected from various sources
including but not Limited, India 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 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.54.40 |
|
|
1 |
Rs.81.57 |
|
Euro |
1 |
Rs.71.24 |
INFORMATION DETAILS
|
Report Prepared
by : |
SDA |
SCORE and RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
OPERATING SCALE |
1~10 |
8 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
7 |
|
--PROFITABILIRY |
1~10 |
7 |
|
--LIQUIDITY |
1~10 |
7 |
|
--LEVERAGE |
1~10 |
7 |
|
--RESERVES |
1~10 |
7 |
|
--CREDIT LINES |
1~10 |
7 |
|
--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 |
YES |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
62 |
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, India |
|
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 and 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, India 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.