MIRA
INFORM REPORT
|
Report Date : |
10.02.2014 |
IDENTIFICATION DETAILS
|
Name : |
GARNET CONSTRUCTION LIMITED |
|
|
|
|
Registered
Office : |
501 / 531, Laxmi Mall, Laxmi Industrial Estate, Above Axis
Bank, Andheri Link Road, Andheri (West),
Mumbai – 400053, Maharashtra |
|
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|
Country : |
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|
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Financials (as
on) : |
31.03.2013 |
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|
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Date of
Incorporation : |
15.10.1992 |
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Com. Reg. No.: |
11-069044 |
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Capital
Investment / Paid-up Capital : |
Rs. 139.022 Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
L45200MH1992PLC069044 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
MUMG08994G |
|
|
|
|
PAN No.: [Permanent Account No.] |
AAACG1328C |
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Legal Form : |
A Public Limited Liability Company. The Company’s Shares are Listed on
the Stock Exchanges. |
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Line of Business
: |
Real Estate Development. |
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|
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|
No. of Employees
: |
Not Divulged |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (45) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 2478000 |
|
|
|
|
Status : |
Satisfactory |
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|
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Payment Behaviour : |
Usually correct |
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Litigation : |
Clear |
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Comments : |
Subject is an established company having satisfactory track record. General financial position of the company seems to be sound and
healthy. Trade realations are fair. Business is active. Payment terms are reported
to be usually correct. The company can be considered for business dealings at usual trade
terms and condition. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – December 1, 2013
|
Country Name |
Previous Rating (30.09.2013) |
Current Rating (01.12.2013) |
|
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
The services sector, the largest contributor to India’s GDP, contracted for
the sixth consecutive month in December, as orders dipped. However, hiring has
risen. Direct tax collections rose 12.3 % during the April – December
period of the current financial year. The government has decided to
retain 100 per cent foreign direct investment in both greenfield (new) and
brown field (existing) pharmaceutical companies, despite concerns over genetic
drugs going out of production, if multi-national companies take over domestic
ones. In M&A deals, a non compete clause would not be allowed, except in
special circumstances. The Department of Industrial Policy and Promotion plans
to release the next edition of its consolidated foreign direct investment
policy document on March 31, incorporating changes made in the past year. DIPP
compiles all policies related to India’s FDI regime into a single document to
make it easy for investors to understand. 185 million estimated number of
mobile internet users in India by June 2014, according to a report by the
Internet & Mobile Association of India and IMRB International. India
had 110 million mobile internet users with 25 million in rural areas. $3.77 tn
estimated global IT spending in 2014, according to research firm Gartner Inc.
The growth forecast for this year is cut to 3.1 %from the earlier estimate of
3.5 %. The spending growth forecast for telecom services – a segment that
accounts for more than 40 % at total IT spending – from 1.9 per cent to 1.2 per
cent is the main reason for this overall IT cut. A Reserve Bank of India
committee has recommended setting up a special category of lenders who would
cater to small businesses and households, to expand the number of customers
with access to banking services. These banks would focus on providing payment
services and deposit products. Indian banks want the free use of
automated teller machines to be capped at five transactions in a month
including that of the bank in which the account is active. This follows state
government order to banks to install security guards at ATM booths after a
woman banker was assaulted in Bangalore. The government is likely to present a
vote on Account in mid-February. The annual Economic Survey will be tabled
later in Parliament along with the full Budget. A full Budget for 2014/15 is
likely to be present in July by the new government formed after the General
Election. The government will soon launch an internet spy system, called Netra,
to detect malafide messages. Security agency will deploy the system to capture
dubious voice traffic on applications such as Skype and Google Talk, as well as
tweeters.
RBI DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available RBI Defaulters’ list.
EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of
31-03-2012.
INFORMATION DECLINED
MANAGEMENT NON-COOPERATIVE (Tel. No.: 91-22-42578500)
LOCATIONS
|
Registered Office : |
501 / 531, Laxmi Mall, Laxmi Industrial Estate, Above Axis
Bank, Andheri Link Road, Andheri (West),
Mumbai – 400053, Maharashtra, India |
|
Tel. No. : |
91-22-42578500 |
|
Fax No. : |
91-22-42578522 |
|
E-Mail : |
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|
Website : |
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Corporate Office : |
401, Laxmi Mall, Laxmi Industrial Estate, Above Axis Bank,
Andheri Link Road, Andheri (West),
Mumbai – 400053, Maharashtra, India |
|
Tel. No. : |
91-22-42578500 |
|
Fax No. : |
91-22-42578522 |
|
E-Mail : |
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Factories: |
· Honad, Khalapur, District Raigad, Maharashtra, India Dheku, Khalapur, District Raigad, Maharashtra, India Kumbhivali, Khalapur, District Raigad, Maharashtra, India Dhamni, Khalapur, District Raigad, Maharashtra, India Ambivali, Khalapur, District Raigad, Maharashtra, India Karla, Maval, District Pune, Maharashtra, India |
|
|
|
|
U.S. Office |
161-08, Cross Bay Blvd, Howard Beach, New York 11414 |
|
Tel. No. : |
(718) 529-5100 |
|
Fax No. : |
(718) 529-5101 |
|
E-Mail : |
DIRECTORS
As on 31.03.2013
|
Name : |
Mr. Kishan Kumar Kedia |
|
Designation : |
Chairman and Managing Director |
|
|
|
|
Name : |
Mr. Arun Kumar Kedia |
|
Designation : |
Marketing Director |
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|
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|
Name : |
Mr. Sanjay Kumar Kedia |
|
Designation : |
Finance Director |
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|
|
|
Name : |
Mr. Shiromani Chauhan |
|
Designation : |
Director |
|
Date of Birth/Age : |
79 Years |
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Qualification : |
Graduate |
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Experience: |
Over four decade of experience in Corporate Advisory Services. |
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|
|
|
Name : |
Mr. Santosh Ginoria |
|
Designation : |
Director |
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|
|
|
Name : |
Mrs. Seema Bhattar |
|
Designation : |
Director |
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Date of Birth/Age : |
36 Years |
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Qualification : |
Graduate |
|
Experience: |
Over 10 years of experience in Marketing and Administration |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 31.12.2013
|
Category of
Shareholder |
No. of Shares |
Percentage of Holding |
|
(A) Shareholding of Promoter and Promoter Group |
|
|
|
|
|
|
|
|
5678123 |
40.84 |
|
|
5678123 |
40.84 |
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|
|
|
|
Total shareholding of Promoter and Promoter Group (A) |
5678123 |
40.84 |
|
(B) Public Shareholding |
|
|
|
|
|
|
|
|
|
|
|
|
4012464 |
28.86 |
|
|
|
|
|
|
2072782 |
14.91 |
|
|
1986200 |
14.29 |
|
|
152631 |
1.10 |
|
|
24779 |
0.18 |
|
|
127852 |
0.92 |
|
|
8224077 |
59.16 |
|
Total Public shareholding (B) |
8224077 |
59.16 |
|
Total (A)+(B) |
13902200 |
100.00 |
|
(C) Shares held by Custodians and against which Depository Receipts have
been issued |
|
|
|
|
0 |
0.00 |
|
|
0 |
0.00 |
|
|
0 |
0.00 |
|
Total (A)+(B)+(C) |
13902200 |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Real Estate Development. |
GENERAL INFORMATION
|
No. of Employees : |
Not Divulged |
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Bankers : |
· Axis Bank Limited, S. V. Road, Kandivali (West), Mumbai - 400067, Maharashtra, India Allahabad Bank, S. V. Road, Andheri (West), Mumbai –
400058, Maharashtra, India · Union Bank of India, Charkop Branch, Kandivali (West), Mumbai – 400067, Maharashtra, India |
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Facilities : |
NOTE SICOM Limited - Rs. 140.000 Millions Secured by way of first charge on piece or parcel of land admeasuring 06,907.68 square metres located at Village Honad and 33,913.60 square metres located at Village lsambe, Taluka Khalapur and hypothecation and escrow of the lease rent receivable. The rate of interest is Medium Term Reference Rate + 2% p.a. SICOM Limited - Rs. 250.000 Millions Secured by way of first charge on piece or parcel of land admeasuring 53 acres located at Village Honad and 39 acres located at Village Isambe, Taluka Khalapur, hypothecation and escrow of identified cash flows of receivable of Project Magic Hills and irrecoveable joint and several personal guarantees of three directors. The rate of interest is Medium Term Reference Rate + 2.75%p.a. SICOM Limited - Rs. 200.000 Millions Secured by way of first charge on piece or parcel of land admeasuring 53 acres located at Village Honad and 39 acres located at Village Isambe, Taluka Khalapur and hypothecation and escrow of identified cash flows of receivable of Project Magic Hills. The rate of interest is Medium Term Reference Rate +2%p.a. India Infoline Finance Limited - Rs.
35.000 Millions Secured against premises situated at Laxmi Industrial Estate. The rate of interest is 18%p.a. Allahabad Bank (Overdraft Facility) - Rs.
50.000 Millions Secured against plot at Village Dindoshi, Goregaon East and irrecoverable joint and several personal guarantees of two directors. The rate of interest is BPLR + 1.5%p.a. United Bank of India (Overdraft Facility)
- Rs. 32.500 Millions Secured against premises situated at 11-B Lothse, Juhu. The rate of interest is Base Rate +5.5% p.a. |
|
Banking
Relations : |
-- |
|
|
|
|
Financial Institution: |
· India Infoline Finance Limited, IIFL House, Sun Infotech Park, Road No. 16V, Plot No.B-23, Thane Industrial Area, Wagle Estate, Thane - 400604, Maharashtra, India Sicom Limited, Solitaire Corporate Park, Building No. 4,
Guru, H Argovindji Road, Andheri (East), Mumbai - 400093, Maharashtra, India |
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|
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|
Auditors : |
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|
Name : |
Shankarlal Jain and Associates Chartered Accountants |
|
Address : |
12, Engineer Building, 265, Pribncess Street, Mumbai – 400002, Maharashtra, India |
|
Tel. No. : |
91-22-22036623/ 22065739 |
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Mobile No. : |
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Fax No. : |
91-22-22086269 |
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E-Mail : |
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Website: |
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Income-tax
PAN of auditor or auditor's firm : |
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Subsidiary Company: |
Callista Realty Private Limited |
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|
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|
Associate Concern: |
· S.K.Investment J.S.Realty Private Limited Neelkant Industrial Estate Panchsheel Industrial Estate Aditya Industrial Estate Panchdeep Industrial Estate Kedia Industrial Development Corporation |
CAPITAL STRUCTURE
As on 31.03.2013
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
58,000,000 |
Equity Shares |
Rs.10/- each |
Rs. 580.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
13,902,200 |
Equity Shares |
Rs.10/- each |
Rs. 139.022 Millions |
|
|
|
|
|
NOTE
a. Reconciliation of share
outstanding at the beginning and at the end of year
|
Equity shares of Rs. 10 each |
As at 31st
March, 2013 Number of Shares |
|
Outstanding at the beginning of the year |
1,39,02,200 |
|
Issued during the year |
-- |
|
Bought back during the year |
-- |
|
Outstanding at the
end of the year |
1,39,02,200 |
b. Terms/rights
attachments to equity shares
The Company has only class of Equity Share having value of Rs. 10 each with an entitlement of one vote per share. In the event of company declares and pays dividends in Indian rupees, the dividend proposed by the Board of Directors are subject to the Board of Directors are subject to the approval of the shareholders in the ensuing Annual General Meeting.
In the even of Iiquidation of the Company, the holder of equity shares will be entitled to receive any of the 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. Details of
shareholders holding more than 5% shares in the company
|
Equity
shares of Rs. 10 each fully paid |
As at 31st
March, 2013 Number of shares |
% of holding shares |
|
Kusumdevi Kedia |
15,03,380 |
10.81% |
|
Sanjay Kumar Kedia |
14,76,426 |
10.62% |
|
Arun Kumar Kedia |
13,89,117 |
9.99% |
|
Kishan Kumar Kedia |
13,09,100 |
9.42% |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
I.
EQUITY
AND LIABILITIES |
|
|
|
|
(1)Shareholders'
Funds |
|
|
|
|
(a) Share Capital |
139.022 |
139.022 |
139.022 |
|
(b) Reserves & Surplus |
480.564 |
469.669 |
456.553 |
|
(c) Money
received against share warrants |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
(2)
Share Application money pending allotment |
0.000 |
0.000 |
0.000 |
|
Total
Shareholders’ Funds (1) + (2) |
619.586 |
608.691 |
595.575 |
|
|
|
|
|
|
(3) Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
127.757 |
120.949 |
130.263 |
|
(b) Deferred tax liabilities (Net) |
0.000 |
0.000 |
0.000 |
|
(c) Other long term liabilities |
6.723 |
6.723 |
6.723 |
|
(d) long-term provisions |
0.000 |
0.000 |
0.000 |
|
Total Non-current Liabilities (3) |
134.480 |
127.672 |
136.986 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
276.915 |
299.803 |
46.445 |
|
(b) Trade payables |
36.045 |
31.937 |
27.552 |
|
(c) Other current
liabilities |
895.673 |
649.792 |
475.210 |
|
(d) Short-term provisions |
0.711 |
197.361 |
414.128 |
|
Total Current Liabilities (4) |
1209.344 |
1178.893 |
963.335 |
|
|
|
|
|
|
TOTAL |
1963.410 |
1915.256 |
1695.896 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
70.053 |
68.691 |
33.822 |
|
(ii) Intangible Assets |
0.000 |
0.000 |
0.000 |
|
(iii) Capital
work-in-progress |
9.828 |
1.484 |
0.000 |
|
(iv)
Intangible assets under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current Investments |
30.531 |
90.022 |
30.337 |
|
(c) Deferred tax assets (net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
17.841 |
22.024 |
2.354 |
|
(e) Other Non-current assets |
0.000 |
0.000 |
0.000 |
|
Total Non-Current Assets |
128.253 |
182.221 |
66.513 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
0.000 |
0.000 |
0.000 |
|
(b) Inventories |
926.573 |
847.302 |
571.559 |
|
(c) Trade receivables |
519.661 |
453.275 |
554.944 |
|
(d) Cash and cash
equivalents |
20.266 |
59.120 |
99.602 |
|
(e) Short-term loans and
advances |
368.561 |
373.189 |
402.335 |
|
(f) Other current assets |
0.096 |
0.149 |
0.943 |
|
Total Current Assets |
1835.157 |
1733.035 |
1629.383 |
|
|
|
|
|
|
TOTAL |
1963.410 |
1915.256 |
1695.896 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
|
|
SALES |
|
|
|
|
|
|
|
Revenue from operations |
210.213 |
81.870 |
16.805 |
|
|
|
Other Income |
1.059 |
0.759 |
20.061 |
|
|
|
TOTAL (A) |
211.272 |
82.629 |
36.866 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Operating costs |
140.321 |
|
|
|
|
|
Employee benefits expense |
13.419 |
15.246 |
|
|
|
|
Other expenses |
17.622 |
22.807 |
|
|
|
|
TOTAL (B) |
171.362 |
44.755 |
36.090 |
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE INTEREST, TAX,
DEPRECIATION AND AMORTISATION (A-B) (C) |
39.910 |
37.874 |
0.776 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
22.604 |
19.800 |
14.706 |
|
|
|
|
|
|
|
|
|
|
PROFIT
/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
17.306 |
18.074 |
(13.930) |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
3.711 |
3.293 |
2.539 |
|
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE TAX (E-F) (G) |
13.595 |
14.781 |
(16.469) |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
2.700 |
1.665 |
6.208 |
|
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) AFTER TAX (G-H) (I) |
10.895 |
13.116 |
(22.677) |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
36.669 |
23.553 |
46.230 |
|
|
|
|
|
|
|
|
|
|
BALANCE CARRIED
TO THE B/S |
47.564 |
36.669 |
23.553 |
|
|
|
|
|
|
|
|
|
|
Earnings / (Loss)
Per Share (Rs.) |
0.78 |
0.94 |
(1.63) |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
PAT / Total Income |
(%) |
5.16
|
15.87 |
(61.51) |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
6.47
|
18.05 |
(98.00) |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
0.71
|
0.81 |
(0.99) |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.02
|
0.02 |
(0.03) |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
0.65
|
0.69 |
0.30 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.52
|
1.47 |
1.69 |
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 |
Yes |
|
30] |
Major Shareholders, if
available |
Yes |
|
31] |
Date of Birth of
Proprietor/Partner/Director, if available |
Yes |
|
32] |
PAN of
Proprietor/Partner/Director, if available |
No |
|
33] |
Voter ID No of
Proprietor/Partner/Director, if available |
No |
|
34] |
External Agency Rating,
if available |
No |
INDEX OF CHARGES
|
S.NO. |
CHARGE ID |
DATE OF CHARGE CREATION/MODIFICATION |
CHARGE AMOUNT SECURED |
CHARGE HOLDER |
ADDRESS |
SERVICE REQUEST NUMBER (SRN) |
|
1 |
10386797 |
29/09/2012 |
35,000,000.00 |
INDIA INFOLINE FINANCE LIMITED |
IIFL HOUSE, SUN INFOTECH PARK, ROAD NO. 16V, PLOT NO.B-23, THANE INDUSTRIAL AREA, WAGLE ESTATE, THANE - 400604, MAHARASHTRA, INDIA |
B62164983 |
|
2 |
10300098 |
06/12/2012 * |
200,000,000.00 |
SICOM LIMITED |
SOLITAIRE CORPORATE PARK, BUILDING NO. 4, GURU, HARGOVINDJI ROAD, ANDHERI (EAST), MUMBAI - 400093, MAHARASHTRA, INDIA |
B65579229 |
|
3 |
10259973 |
04/11/2010 |
140,000,000.00 |
SICOM LIMITED |
NIRMAL BLDG1ST FLOOR, NARIMAN POINT, MUMBAI - 400021, MAHARASHTRA, INDIA |
A99641979 |
|
4 |
10169728 |
26/06/2009 |
50,000,000.00 |
ALLAHABAD BANK |
188, RAJESH CENTRE, S. V. ROAD, ANDHERI (WEST), MUMBAI - 400058, MAHARASHTRA, INDIA |
A65753923 |
|
5 |
90157770 |
01/08/2001 |
4,000,000.00 |
THE KARNATAKA BANK LIMITED |
AKANSHA ARCADE; 1ST FLOOR KANDIVALI, MUMBAI - 400067, MAHARASHTRA, INDIA |
- |
|
6 |
90157748 |
20/06/2001 |
1,000,000.00 |
THE KARNATAKA BANK LIMITED |
AKANSHA ARCADE; 1ST FLOOR KANDIVALI, MUMBA - 400067I, MAHARASHTRA, INDIA |
- |
|
7 |
90160483 |
31/08/1998 |
5,000,000.00 |
THE SOUTH INDIAN CO-OP BANK LIMITED |
CENTRAL ADM. OFFICE;, PO BOX NO. 6620, MUMBAI - 400019, MAHARASHTRA, INDIA |
- |
* Date of charge modification
UNSECURED LOANS
|
PARTICULAR |
31.03.2013 (Rs.
In Millions) |
31.03.2012 (Rs.
In Millions) |
|
SHORT TERM
BORROWINGS |
|
|
|
From other |
|
|
|
Body corpotates |
0.000 |
0.258 |
|
Total |
0.000 |
0.258 |
|
NOTE Loans repayable on
demand The Company has taken a loan amounting to Rs. Nil
(Previous Year Rs. 0.257 Million) @ 15% from a director which are repayable
on demand. |
||
OPERATIONAL
REVIEW
During the year the company has posted net profit of Rs. 10.895 Millions as against previous year profit of Rs. 13.116 Millions, the same is to due good response towards the Company’s various project and better marking strategy adopted by the Company. There is a substantial increase in sales as well as operational expenses compare to previous year, the operational expenses increased mainly due to various ongoing project undertake by the Company. The management is confident in achieving better result in coming financial year.
MANAGEMENT
DISCUSSIONS AND ANALYSIS
INTRODUCTION
Real Estate business was one of the key drivers of growth before they witnessed the present economic slowdown. Now with companies trying to consolidate their positions and finding effective means of sustaining growth. The management of real estate has merged as one of the key challenges for the corporate sector. The economic slowdown in the market have resulted in increasing pressures on the margins of companies operating out of India, which in turn has lead to the companies looking to cut cost though reducing expenditure on the real estate segment.
The real estate sector in India assumed greater prominence with the libealization of the economy, as the consequent increase in business opportunities and labour migration lead to rising demand for commercial and housing space. At present, the real estate and construction sectors are playing a crucial role in the overall development of India’s core infrastructure.
INDUSTRY STRUCTURE
AND DEVELOPMENT
The FY2012/13 had a growth of 6.0% for the Indian construction sector. Due to monetary issues and other related policies the Indian construction industry showed a lackluster performance in 2012-13. But the outlook for the construction sector beyond FY2012/13 is brightening up. Not only are monetary conditions likely to improve for construction companies in FY2013/14, but the government is also making pertinent efforts to remove bottlenecks that are delaying infrastructure projects in India. India’s construction sector is to reach 7.6% growth in FY2013-14.
In 2012, the Asian Development Bank (ADB) and India Infrastructure Finance Company Limited (IIFCL) have launched the first version of the credit enhancement scheme or infrastructure bond guarantee scheme. This risk- sharing facility will partially guarantee INR7.2bn (US$128mn) of rupee dominated bonds issued by Indian companies to finance infrastructure projects. In 2012, the government announced that it is planning to set up a National Investment Board (NIB) to speed up infrastructure development within the country.
The NIB will focus on fast-tracking the execution of approved projects by getting all regulatory clearances. In 2012, the Indian government finalized the long-delayed bill for land acquisition, paving the way for the bill to be introduced during the current parliamentary session. The final draft of the bill now proposes that for land for public-private partnership (PPP) and private projects can be acquired with a two-thirds majority from affected landowners-an improvement from the earlier requirement of 80%.
FINANCIAL PERFORMANCE
INCOME: The total income of the company increased by 156.76 percent from 81.870 Millions in 2011- 12 to 210.213 Millions in 2012-13.
PAT: The profit after tax of the company decreased by 16.91 percent from 13.116 Millions in 2011-12 to 10.895 Millions in 2012-13.
SEGMENT WISE
PERFORMANCE AND REPORTING
The Company is engaged in construction and sale of industrial as well residential plots only, hence the segment wise reporting is not applicable.
FIXED ASSETS
v
Tangible
Assets
Building
Plant
and equipment
Furniture
and fixtures
Vehicles
Office
equipment
Computers
and Peripherals
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.62.32 |
|
|
1 |
Rs.101.78 |
|
Euro |
1 |
Rs.84.68 |
INFORMATION DETAILS
|
Information Gathered
by : |
NYA |
|
|
|
|
Report Prepared
by : |
MRI |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
5 |
|
--CREDIT LINES |
1~10 |
5 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
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 |
|
45 |
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.