|
Report Date : |
21.03.2013 |
IDENTIFICATION DETAILS
|
Name : |
EMBASSY PROPERTY DEVELOPMENTS PRIVATE LIMITED (w.e.f. 19.01.2013) |
|
|
|
|
Formerly Known
As : |
EMBASSY PROPERTY DEVELOPMENTS LIMITED |
|
|
|
|
Registered
Office : |
1st Floor, Embassy
Point, #150, Infantry Road, Bangalore-560001, Karnataka |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as
on) : |
31.03.2011 |
|
|
|
|
Date of
Incorporation : |
30.07.1996 |
|
|
|
|
Com. Reg. No.: |
08-020897 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs. 9749.790 millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U85110KA1996PLC020897 |
|
|
|
|
PAN No.: [Permanent Account No.] |
AAACD6927A |
|
|
|
|
Legal Form : |
Private Limited Liability Company |
|
|
|
|
Line of Business
: |
The Company is in the business of leasing and development of commercial properties. |
|
|
|
|
No. of Employees
: |
Not Available |
RATING & COMMENTS
|
MIRA’s Rating : |
B (33) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Maximum Credit Limit : |
USD 55000000 |
|
|
|
|
Status : |
Moderate |
|
|
|
|
Payment Behaviour : |
Unknown |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is an established company having a moderate track record. The
management of the company has failed to file its financials with the government
department for the year 2012. As per previous year’s record, the profitability of the company
appeared low. However, trade relations are reported as fair. Business is active.
Payment terms are 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 – June 30, 2012
|
Country Name |
Previous Rating (31.03.2012) |
Current Rating (30.06.2012) |
|
India |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
INDIAN ECONOMIC OVERVIEW
India is developing into an open-market economy, yet traces
of its past autarkic policies remain. Economic liberalization, including
industrial deregulation, privatization of state-owned enterprises, and reduced
controls on foreign trade and investment, began in the early 1990s and has
served to accelerate the country's growth, which has averaged more than 7% per
year since 1997. India's diverse economy encompasses traditional village
farming, modern agriculture, handicrafts, a wide range of modern industries,
and a multitude of services. Slightly more than half of the work force is in
agriculture, but services are the major source of economic growth, accounting
for more than half of India's output, with only one-third of its labor force.
India has capitalized on its large educated English-speaking population to
become a major exporter of information technology services and software
workers. In 2010, the Indian economy rebounded robustly from the global financial
crisis - in large part because of strong domestic demand - and growth exceeded
8% year-on-year in real terms. However, India's economic growth in 2011 slowed
because of persistently high inflation and interest rates and little progress
on economic reforms. High international crude prices have exacerbated the
government's fuel subsidy expenditures contributing to a higher fiscal deficit,
and a worsening current account deficit. Little economic reform took place in
2011 largely due to corruption scandals that have slowed legislative work.
India's medium-term growth outlook is positive due to a young population and
corresponding low dependency ratio, healthy savings and investment rates, and
increasing integration into the global economy. India has many long-term
challenges that it has not yet fully addressed, including widespread poverty,
inadequate physical and social infrastructure, limited non-agricultural
employment opportunities, scarce access to quality basic and higher education,
and accommodating rural-to-urban migration.
|
Source
: CIA |
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 : |
1st Floor, Embassy Point,
#150, Infantry Road, Bangalore-560001, Karnataka, India |
|
Tel. No.: |
91-80-41799999 / 41799888 |
|
Fax No.: |
91-80-22286912 / 41799955 |
|
E-Mail : |
|
|
Website : |
DIRECTORS
As on 14.09.2011
|
Name : |
Mr. Jitendra Virwani |
|
Designation : |
Managing director |
|
Address : |
#341, Embassy Woods, 6A, Cunningham Road, Bangalore – 560052, Karnataka, India |
|
Date of Birth/Age : |
18.02.1966 |
|
Date of Appointment : |
31.07.1996 |
|
PAN No.: |
AAVPV0738P |
|
DIN No.: |
00027674 |
|
|
|
|
Name : |
Mr. Narpat Singh Choraria |
|
Designation : |
Whole-time director |
|
Address : |
Flat No. 603, Embassy Orchid, 6th Floor, No. 57/38, 8th Main Road, RMV Etn, Sadashivanagar. Bangalore - 560080, Karnataka, India |
|
Date of Birth/Age : |
04.09.1953 |
|
Date of Appointment : |
20.01.2001 |
|
DIN No.: |
00027580 |
|
|
|
|
Name : |
Mr. Kunju Yesodharan Gopikrishnan |
|
Designation : |
Whole-time director |
|
Address : |
# 402, Embassy Tranquil, No. 22, 8th Main Road, 3rd Block, Koramangala, Bangalore - 560034, Karnataka, India |
|
Date of Birth/Age : |
05.04.1966 |
|
Date of Appointment : |
01.04.2002 |
|
DIN No.: |
00056536 |
|
|
|
|
Name : |
Mr. Vaidyanathan Panchapagesan |
|
Designation : |
Director |
|
Address : |
7AB, Kences Enclave, Block III, No.1 Ramakrishna Street, T.Nagar, Chennai-600017, Tamilnadu, India |
|
Date of Birth/Age : |
29.10.1947 |
|
Date of Appointment : |
02.06.2010 |
|
DIN No.: |
00029503 |
|
|
|
|
Name : |
Mr. Chandra Das Sitaram |
|
Designation : |
Director |
|
Address : |
No.28, Casia Drive, Singapore 289721 |
|
Date of Birth/Age : |
19.10.1939 |
|
Date of Appointment : |
02.06.2010 |
|
DIN No.: |
00304798 |
|
|
|
|
Name : |
Mr. Kishore Laxminarayan Biyani |
|
Designation : |
Director |
|
Address : |
406, Jeevan Vihar, Mandir Road, Malabhar Hill, Mumbai - 400006, Maharashtra, India |
|
Date of Birth/Age : |
09.08.1960 |
|
Date of Appointment : |
02.06.2010 |
|
DIN No.: |
00005740 |
KEY EXECUTIVES
|
Name : |
Mr. Veerraju J |
|
Designation : |
Secretary |
|
Address : |
Flat No.G-1, Taskar Park, Taskar Street, Park Street, Bangalore-560052, Karnataka, India |
|
Date of Birth/Age : |
05.06.1972 |
|
Date of Appointment : |
28.04.2010 |
|
PAN No.: |
AESPJ5820K |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 14.09.2011
|
Names of Shareholders |
|
No. of Shares |
|
J V Holding Private Limited, India |
|
896167095 |
|
Jitendra Virwani, Trustee, JV Family Trust |
|
75000000 |
|
Jitendra Virwani |
|
3810000 |
|
Jitendra Virwani jointly with Rajesh Bajaj |
|
381 |
|
Jitendra Virwani jointly with P.R. Ramakrishnan |
|
381 |
|
Jitendra Virwani jointly with Narpat Singh Choraria |
|
381 |
|
Jitendra Virwani jointly with K. Y. Gopikrishnan |
|
381 |
|
Jitendra Virwani jointly with A. T. Gopinath |
|
381 |
|
Total |
|
974979000 |
Equity Share Break up (Percentage of Total Equity)
As on 14.09.2011
|
Category |
Percentage |
|
Bodies corporate |
91.92 |
|
Directors or relatives of Directors |
0.39 |
|
Other top fifty shareholders |
7.69 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
The Company is in the business of leasing and development
of commercial properties. |
GENERAL INFORMATION
|
No. of Employees : |
Not Available |
|||||||||||||||||||||
|
|
|
|||||||||||||||||||||
|
Bankers : |
ICICI Bank Limited, Landmarkrace Cource Circle, Alkapuri, Baroda-390015,
Gujarat, India |
|||||||||||||||||||||
|
|
|
|||||||||||||||||||||
|
Facilities : |
|
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Financial Institution: |
3i Infotech Trusteeship Services Limited, 3rd to 6th floor, International Infotech Park, Tower No.5, Vashi Railway Station Complex, Vashi, Navi Mumbai-400703, Maharashtra, India |
|
|
|
|
Auditors : |
|
|
Name : |
BSR and Company Chartered Accountants |
|
Address : |
Bangalore, Karnataka, India |
|
PAN No.: |
AAIFB4734C |
|
|
|
|
Holding company : |
JV Holding Private Limited CIN No.: U65993KA2008PTC04509 |
|
|
|
|
Joint venture : |
CIN No.: U85110KA1994PTC016609
CIN No.: U70102KA2007PTC041347
CIN No.: U70101KA2007PTC041383
CIN No.: U70102KA2000PTC027477
CIN No.: U45201KA2007PTC041384
CIN No.: U45309KA2000PTC028147
CIN No.: U85110KA1995PTC018596 |
|
|
|
|
Enterprises which
are owned, or have significant influence of or are
partners with Key management personnel and their
relatives : |
CIN No.: U67120KA1995PTC035122
CIN No.: U45202TN2006PTC060010
CIN No.: U45201KA1995PTC017952
CIN No.: U85110KA1994PTC016010
CIN No.: U85110KA1995PTC018887
CIN No.: U65993KA1994PTC015983
CIN No.: U70101KL1995PTC008794
CIN No.: U45200KA2008PTC045124
CIN No.: U70200KA2008PTC047769
CIN No.: U85110KA1995PTC017630
CIN No.: U00500KA1996PTC020896
CIN No.: U85110KA1995PTC017560
CIN No.: U85110KA1995PTC019123
CIN No.: U70102KA2006PTC038332
CIN No.: U70200KA2008PTC047748
CIN No.: U85110KA1995PTC016930
CIN No.: U45201KA2007PTC041379
CIN No.: U45201KA2001PTC029834
CIN No.: U45201KA2007PTC042356
CIN No.: U85110KA1995PTC018594 |
|
|
|
|
Subsidiary company
: |
CIN No.: U70101KA1994PTC016356
CIN No.: U70200KA2011PTC057054
CIN No.: U45201KA2007PTC042777
CIN No.: U70200KA2008PTC047822
CIN No.: U85110KA1995PTC017950
CIN No.: U85110KA1995PTC017949
CIN No.: U70102KA2007PTC041412
CIN No.: U51101KA1973PTC002298 |
|
|
|
|
Associate : |
RGE Constructions And Development Private Limited, India CIN No.: U70101TN2007PTC064100 |
CAPITAL STRUCTURE
As on 31.03.2011
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
1300000000 |
Equity Shares |
Rs.10/- each |
Rs. 13000.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
974979000 |
Equity Shares |
Rs.10/- each |
Rs. 9749.790 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 |
9749.790 |
25.590 |
25.590 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
4080.533 |
13791.085 |
902.991 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
13830.323 |
13816.675 |
928.581 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
5289.325 |
1731.653 |
2190.252 |
|
|
2] Unsecured Loans |
3991.342 |
2597.224 |
743.522 |
|
|
TOTAL BORROWING |
9280.667 |
4328.877 |
2933.774 |
|
|
DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
23110.990 |
18145.552 |
3862.355 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
1412.920 |
1288.091 |
952.156 |
|
|
Capital work-in-progress |
319.459 |
271.627 |
874.617 |
|
|
|
|
|
|
|
|
INVESTMENT |
15193.304 |
13462.114 |
624.120 |
|
|
DEFERRED TAX ASSETS |
28.459 |
24.323 |
29.436 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
3316.139
|
2231.788 |
337.780 |
|
|
Sundry Debtors |
277.315
|
128.150 |
151.126 |
|
|
Cash & Bank Balances |
925.041
|
154.272 |
218.772 |
|
|
Other Current Assets |
1217.103
|
381.710 |
1238.470 |
|
|
Loans & Advances |
4842.566
|
3198.246 |
4094.963 |
|
Total
Current Assets |
10578.164
|
6094.166 |
6041.111 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
1441.700
|
1082.805 |
1569.577 |
|
|
Other Current Liabilities |
2934.138
|
1903.726 |
2989.841 |
|
|
Provisions |
45.478
|
8.238 |
99.667 |
|
Total
Current Liabilities |
4421.316
|
2994.769 |
4659.085 |
|
|
Net Current Assets |
6156.848
|
3099.397 |
1382.026 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
23110.990 |
18145.552 |
3862.355 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
2097.650 |
1250.227 |
1493.029 |
|
|
|
Other Income |
119.203 |
14.883 |
123.631 |
|
|
|
TOTAL (A) |
2216.853 |
1265.110 |
1616.660 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Consumption materials changes inventories |
687.428 |
166.467 |
75.421 |
|
|
|
Administrative selling other expenses |
502.839 |
613.465 |
709.012 |
|
|
|
Prior Period (expense)/ Income, net |
0.000 |
0.000 |
34.617 |
|
|
|
TOTAL (B) |
1190.267 |
779.932 |
819.050 |
|
|
|
|
|
|
|
|
Less |
PROFIT/
(LOSS) BEFORE INTEREST, TAX,
DEPRECIATION AND AMORTISATION (A-B) (C) |
1026.586 |
485.178 |
797.610 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
901.598 |
369.048 |
202.500 |
|
|
|
|
|
|
|
|
|
|
PROFIT
/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
124.988 |
116.130 |
595.110 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
33.075 |
14.242 |
24.861 |
|
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE TAX (E-F)
(G) |
91.913 |
101.888 |
570.249 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
78.265 |
50.143 |
407.118 |
|
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) AFTER TAX (G-H) (I) |
13.648 |
51.745 |
163.131 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
NA |
NA |
495.873 |
|
|
|
|
|
|
|
|
|
|
BALANCE CARRIED
TO THE B/S |
NA |
NA |
902.991 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
0.000 |
99.194 |
0.00 |
|
|
|
|
|
|
|
|
|
|
Earnings /
(Loss) Per Share (Rs.) |
0.01 |
0.05 |
159.09 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
PAT / Total Income |
(%) |
0.62
|
4.09 |
10.09 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
4.38
|
8.15 |
38.19 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
0.77
|
1.38 |
8.15 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.01
|
0.01 |
0.61 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
0.67
|
0.31 |
3.16 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
2.39
|
2.03 |
1.30 |
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 |
Yes |
|
33] |
Voter ID No of
Proprietor/Partner/Director, if available |
No |
|
34] |
External Agency Rating,
if available |
No |
OPERATIONAL REVIEW
AND FUTURE:
The company continue with its pristine track record and completes 28.5 m sq ft of residential and commercial development . It delivered 4.6 m sq ft in projects across Bangalore, Pune and Malaysia. Its commercial business has been strong and more than 95% of business has came through repeat clients in this year. It maintains its top position in commercial market in Bangalore with 35% market share.
In the commercial segment, Embassy completed its last commercial project Cinabar Hill in Embassy Golf Links Business Park which is total of 6.33 m sq ft. The company’s vision of holdings in projects in Business Park has paid off with rentals for the place which is higher than that of CBD. The company has completed 8.5 m sft developable area across 20 projects in Manyata Embassy Business Park. IBM is the largest occupier in the park followed by Nokia Siemens, Cognizant, ANZ, Target, etc. [In Jan, Company leased 1 m sq ft of space with Cognizant. This was the largest transaction carried out in the country. This demonstrates the management expertise in leasing in the commercial market.
Outside Bangalore, the company has completed 2.53 m sq ft with 6 projects in Embassy TechZone, Pune. The company now has 26% market share in Pune’s commercial market in its sixth year of operation. In its joint venture with Emkay group in Malaysia it has completed 2.2 m sq ft across 7 projects in MKN Embassy TechZone. The Company’s strategy is to sell the assets in Malaysia. It has sold 1.4 m sq ft and in process of negotiating for the balance.
In the residential segment, Embassy launched its maiden project in Chennai in August 2010. Embassy Residency, is the first integrated township project in Chennai and located at Perumbakkam. It is 2 BR/3 BR apartments with developable are of 2.7 m sq ft. In the first phase launch of 550 apts, it has pre-sold around 170 apts. The company plans to complete this project by 2013.
Embassy has been known for its upper end residential segment. Its marquee projects like Embassy Woods and Embassy Tranquil has been the land marks of the city. The company is in process of launching new residential projects in Bangalore. Embassy Pristine will be luxury apartments, located off Sajapur Road facing Belandur lake. It is a joint development project with Venkat Reddy with area sharing of 67% to the company and balance to the land lord. The project will be 428 units comprising of 3 BR/4BR/5R with all modern amenities and club house. The company is waiting for final approval before launching it next year. The Company bought 51 acres of land off main airport road and will be launching project Embassy Boulevard. It will be premium villa project consisting of 171 villa ranging from 4000 sq ft to 8000 sq ft. The land comes with all approvals. This signifies the management expertise in land acquisition to identify land which can be immediately monetized.
OUTLOOK OF THE
COMPANY FOR THE UPCOMING YEAR
The company will continue to maintains it dominant position in the Commercial market. It will continue to develop at same run rate of 4.5 m sq ft across projects in Bangalore, Pune, and Malaysia. Embassy will be launching its first hospitality project Hilton Residency in later part of the year. This will be 250 serviced apartment with benefit of all day dining room restaurants, Irish style pub, meeting rooms, retail space, swimming pool, spa etc. Hilton International will be providing the operational and managerial service for this project
It will also be launching residential projects of 5 m sq ft in Bangalore across Embassy Pristine, Embassy Boulevard, Embassy Lakeside and Embassy Grove. It will be launching Embassy Residency Chennai Phase 2 in July. It will also breaking ground on project in Embassy TechZone, Serbia – Phase 1 of 250,000 sq ft.
STATUS OF IPO
The Company filed its DRHP with SEBI on 12th July, 2010 and received the observations of Securities and Exchange Board of India (SEBI) on 7th March, 2011 and is in the process of updating the offer document. The Company is in discussions with the BRLMs on the timing and timelines of the issue.
SUBSIDIARY COMPANIES
There are 19 subsidiary companies as on March 31, 2011. The financial details of the subsidiary companies as well as the extent of holdings therein are provided in a separate section of the Annual Report.
JOINT VENTURES
There are 12 Joint Venture companies as on March 31, 2011. The details of the same are covered in the financials.
HOLDING COMPANY
The Company is subsidiary of M/s. JV Holding Private Limited, Bangalore.
UNSECURED LOAN
|
Unsecured Loan |
31.03.2011 (Rs.
in Millions) |
31.03.2010 (Rs.
In Millions) |
|
Non-convertible debentures unsecured |
1000.000 |
0.000 |
|
Working capital loans banks unsecured |
174.123 |
137.764 |
|
Working capital loans others unsecured |
263.493 |
273.742 |
|
Loans directors unsecured |
131.154 |
31.165 |
|
Loans subsidiaries unsecured |
2062.112 |
1119.312 |
|
Loans directors unsecured |
360.460 |
526.251 |
|
Total |
3991.342 |
2088.234 |
BANKERS CHARGES
REPORT AS PER REGISTRY
|
Corporate identity number of the company |
U85110KA1996PLC020897 |
|
Name of the company |
EMBASSY PROPERTY DEVELOPMENTS LIMITED |
|
Address of the registered office or of the principal place of business in India of the company |
1st Floor, Embassy Point, #150, Infantry Road, Bangalore-560001, Karnataka, India Email: veerraju.j@embassyindia.com |
|
This form is for |
Modification of charge |
|
Charge identification (ID) number of the charge to be modified |
10384916 |
|
Type of charge |
Immovable property |
|
Particular of charge holder |
3i Infotech Trusteeship Services Limited, 3rd to 6th floor, International Infotech Park, Tower No.5, Vashi Railway Station Complex, Vashi, Navi Mumbai-400703, Maharashtra, India Email: mahalingam.s@3i-itsl.com |
|
Nature of instrument creating charge |
Registered mortgage Deed No:2606/2012 -13 of SRO Ulsoor,dated 02/11/2012 ,recording the simple mortgage of developers share in the land and building from the project Embassy Galaxy. |
|
Date of instrument Creating the charge |
02.11.2012 |
|
Amount secured by the charge |
Rs. 420.000 Millions |
|
Brief of the principal terms an conditions and extent and operation of the charge |
Rate of Interest Floating rate of 15.40 percentage per annum payable monthly. Linked to Project LHPLR with current Project LHPLR at 15.40 percentage per annum. Terms of Repayment Repayment of principal after 12 months from the date of first disbursement, principal repayment to be made by a bullet payment either by their own funds. Margin Not applicable Extent and Operation of the charge Exclusive Charge |
|
Short particulars of the property or asset(s) charged (including complete address and location of the property) |
All amounts owing to, and received and/or receivable by, the Hypothecator and/or any person on its behalf, all book debts,all cash flows and receivables and proceeds arising from / in connection with Share of the Developer of the Project Documents in respect of the project of Embassy Galaxy situated at Property No.43 and 43/1, Residency Road, Ward No.76, Bangalore. and all rights, title, interest, benefits, claims and demands whatsoever of the Hypothecator in, to or in respect of all the aforesaid assets including but not limited to the cash in hand, both present and future |
|
Particulars of the present modification |
The existing facility is additionally secured by way of simple registered Mortgage of developers share in the land and building, i.e. 40 percent of the share in the super built up area of Ground Floor, First Floor, Second Floor and third Floor and entire Fourth Floor totally measuring 51,997 sq. ft. and proportionate undivided share in land area bearing Property No. 43 and 43/1, Residency Road, Ward No.76, Bangalore admeasuring 48025 sq. |
CONTINGENT
LIABILITIES:
(Rs. in millions)
|
PARTICULARS |
31.03.2011 |
|
Estimated amount of contracts remaining to be executed on capital account (net of advances) and not provided For |
903.098 |
|
Corporate guarantee for loans taken by group companies |
3216.990 |
|
Corporate guarantee for loans taken by a vendor |
0.000 |
|
Corporate guarantee for loan taken by a director |
27.990 |
|
Commitment for purchase of shares in companies |
2300.445 |
|
Income tax matters |
17.452 |
|
Service tax matters |
27.545 |
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.54.38 |
|
|
1 |
Rs.82.07 |
|
Euro |
1 |
Rs.70.04 |
INFORMATION DETAILS
|
Report Prepared
by : |
MRI |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
4 |
|
PAID-UP CAPITAL |
1~10 |
4 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
--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 |
|
33 |
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.