|
Report Date : |
06.01.2014 |
IDENTIFICATION DETAILS
|
Name : |
L AND T SEAWOODS PRIVATE LIMITED |
|
|
|
|
Registered
Office : |
L and T House, Ballard Estate, Mumbai – 400001,
Maharashtra |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as
on) : |
31.03.2013 |
|
|
|
|
Date of
Incorporation : |
13.03.2008 |
|
|
|
|
Com. Reg. No.: |
11-180029 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs.0.100 Million |
|
|
|
|
CIN No.: [Company Identification
No.] |
U45203MH2008PTC180029 |
|
|
|
|
Legal Form : |
Private Limited Liability Company |
|
|
|
|
Line of Business
: |
Property Development |
|
|
|
|
No. of Employees
: |
Information declined by the management |
RATING & COMMENTS
|
MIRA’s Rating : |
B (29) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively below
average. |
Small |
|
Maximum Credit Limit : |
USD 45590000 |
|
|
|
|
Status : |
Project is under implementation |
|
|
|
|
Payment Behaviour : |
Unknown |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Even though the company was incorporated during 13th March
2008. The company project is still under implementation. The rating reflects the credit enhancement offered by Larsen and
Toubro Limited. (L&T) to the subject company. Further company gets good managerial
and financial support from its parent company. However, as per status of the registrar of companies business appears
to be active. Payment terms are unknown. In view of strong holding, the company can be considering for business
dealing with great caution. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
INDIAN ECONOMIC OVERVIEW
India’s current account
deficit narrowed in the quarter ended September as government measures to curb
imports, especially gold, kicked in. The current account deficit, the
excess of a country’s imports of goods and services over exports, narrowed to $
5.2 billion from $ 21 billion in the year ago period, according to provisional
Reserve Bank of India data. Finance Minister P. Chidambaram said the CAD for
the year will be less than $ 60 billion or 3 per cent of GDP and the latest
data suggests the government may achieve the target.
India was ranked 94th
among the world’s most corrupt nations list. Denmark and New Zealand topped as
the cleanest while Somalia emerged as the most corrupt.
India’s services
sector activity witnessed a moderate improvement in November over the previous
month, even while indicating the fifth successive monthly contraction,
according the HSBC survey.
$53 million
estimated losses suffered by India due to phishing attacks during the third
quarter, according to a study by RSA. India ranks fourth in the list of nations
hit by phishing attacks. The US remained at the top of the charts. Phishing is
the process of acquiring information such as user names, passwords and credit
card details by sending e-mails disguised as official mails.
Rs.4080 million worth
of mobile-phone-based transactions by July 2013 compared to Rs.260 million in
September, 2012, according to Deloitte report. The number of transactions has
shot up from 94000 to 701000.
India aims to earn Rs.400000
million from the bandwidth auction set for January. The merger and acquisition
guidelines, cleared by a group of ministers, will be out before the auction
begins so that players can make informed decisions on the auctions.
EXTERNAL AGENCY RATING
|
Rating Agency Name |
CARE |
|
Rating |
AA+ (SO): Non-Convertible Debentures |
|
Rating Explanation |
High degree of safety and low credit risk. |
|
Date |
September 6, 2013 |
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 DENIED
Management Non Co-Operative (91-22-66554000)
LOCATIONS
|
Registered Office : |
L and T House, Ballard Estate, Mumbai – 400001,
Maharashtra, India |
|
Tel. No.: |
91-22-67525656 |
|
Fax No.: |
91-22-67525858 |
|
E-Mail : |
DIRECTORS
|
Name : |
Mr. Shailendra Roy |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. Shrikant Joshi |
|
Designation : |
Director |
KEY EXECUTIVES
|
Name : |
Neera Saggi |
|
Designation : |
Manager |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
NOT AVAILABLE
BUSINESS DETAILS
|
Line of Business : |
Property Development |
GENERAL INFORMATION
|
No. of Employees : |
Information declined by the management |
|
|
|
|
Bankers : |
Not Divulged |
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
Sharp and Tannan Chartered Accountants |
|
|
|
|
Holding
Company : |
Larsen and Toubro Limited |
|
|
|
|
Fellow Subsidiary
Company : |
· L and T Realty Limited ·
L and T Mutual Fund Trustee Limited |
|
|
|
|
Associate Company : |
L and T Ramboll Consulting Engineers Limited |
CAPITAL STRUCTURE
As on: 31.03.2013
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
5000000 |
Equity Shares |
Rs.10/- each |
Rs.50.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
10000 |
Equity Shares (All the equity shares are held by Larsen and Toubro Limited, the holding company and its nominees) |
Rs.10/- each |
Rs.0.100 Million |
|
|
|
|
|
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
|
31.03.2013 |
31.03.2012 |
|
EQUITY AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
|
0.100 |
0.100 |
|
(b) Reserves & Surplus |
|
(42.495) |
(48.734) |
|
(c) Money received against share warrants |
|
0.000 |
0.000 |
|
|
|
|
|
|
(2) Share Application money pending allotment |
|
0.000 |
0.000 |
|
(3) Advance towards equity commitment |
|
11439.900 |
7819.900 |
|
Total Shareholders’
Funds (1) + (2) |
|
11397.505 |
7771.266 |
|
|
|
|
|
|
(3) Non-Current
Liabilities |
|
|
|
|
(a) long-term borrowings |
|
6000.000 |
0.000 |
|
(b) Deferred tax liabilities (Net) |
|
0.000 |
0.000 |
|
(c) Other long term liabilities |
|
0.000 |
0.000 |
|
(d) long-term provisions |
|
0.000 |
0.000 |
|
(e) Deferred payment liabilities |
|
3610.000 |
7230.000 |
|
Total Non-current
Liabilities (3) |
|
9610.000 |
7230.000 |
|
|
|
|
|
|
(4) Current
Liabilities |
|
|
|
|
(a) Short term borrowings |
|
0.000 |
2562.000 |
|
(b) Current portion of deferred payment liabilities |
|
3620.000 |
3620.000 |
|
(c) Trade payables |
|
445.145 |
155.008 |
|
(d) Other current liabilities |
|
1557.515 |
1489.700 |
|
(e) Short-term provisions |
|
3.993 |
2.750 |
|
Total Current Liabilities
(4) |
|
5626.653 |
7829.458 |
|
|
|
|
|
|
TOTAL |
|
26634.158 |
22830.724 |
|
|
|
|
|
|
ASSETS |
|
|
|
|
(1) Non-current
assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
|
29.546 |
34.826 |
|
(ii) Intangible Assets |
|
0.565 |
0.696 |
|
(iii) Capital work-in-progress |
|
14571.164 |
14010.582 |
|
(iv) Intangible assets under development |
|
0.300 |
0.300 |
|
(b) Non-current Investments |
|
0.000 |
0.000 |
|
(c) Deferred tax assets (net) |
|
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
|
18.598 |
18.598 |
|
(e) Other Non-current assets |
|
0.000 |
0.000 |
|
Total Non-Current
Assets |
|
14620.173 |
14065.002 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
|
753.398 |
0.000 |
|
(b) Inventories |
|
9132.803 |
7518.870 |
|
(c) Trade receivables |
|
0.000 |
0.000 |
|
(d) Cash and cash equivalents |
|
7.021 |
28.723 |
|
(e) Short-term loans and advances |
|
2120.763 |
1218.129 |
|
(f) Other current assets |
|
0.000 |
0.000 |
|
Total Current
Assets |
|
12013.985 |
8765.722 |
|
|
|
|
|
|
TOTAL |
|
26634.158 |
22830.724 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
|
31.03.2013 |
31.03.2012 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
|
0.000 |
0.000 |
|
|
|
Other Income |
|
21.837 |
1.200 |
|
|
|
TOTAL |
|
21.837 |
1.200 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Employee benefits expense |
|
5.949 |
2.341 |
|
|
|
Sales, administration and other expenses |
|
9.649 |
4.143 |
|
|
|
TOTAL |
|
15.598 |
6.484 |
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION |
|
6.239 |
(5.284) |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION |
|
0.000 |
0.013 |
|
|
|
|
|
|
|
|
|
|
PROFIT/ (LOSS)
BEFORE TAX |
|
6.239 |
(5.297) |
|
|
|
|
|
|
|
|
|
Less |
TAX |
|
0.000 |
0.000 |
|
|
|
|
|
|
|
|
|
|
PROFIT/ (LOSS)
AFTER TAX |
|
6.239 |
(5.297) |
|
|
|
|
|
|
|
|
|
|
Earnings/ (Loss)
Per Share (Rs.) |
|
623.93 |
(539.72) |
|
KEY RATIOS
|
PARTICULARS |
|
|
31.03.2013 |
31.03.2012 |
|
PAT / Total Income |
(%) |
|
28.57 |
(441.42) |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
|
0.00 |
0.000 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
|
0.05 |
(0.06) |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
|
0.00 |
0.00 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
|
0.53 |
0.33 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
|
2.14 |
1.12 |
LOCAL AGENCY FURTHER INFORMATION
CURRENT
MATURITIES OF LONG-TERM DEBT DETAILS – NOT AVAILABLE
|
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 |
No |
|
8] |
No. of employees |
No |
|
9] |
Name of person contacted |
No |
|
10] |
Designation of contact person |
No |
|
11] |
Turnover of firm for last two years |
Yes |
|
12] |
Profitability for last two years |
Yes |
|
13] |
Reasons for variation <> 20% |
-- |
|
14] |
Estimation for coming financial year |
No |
|
15] |
Capital in the business |
Yes |
|
16] |
Details of sister concerns |
Yes |
|
17] |
Major suppliers |
No |
|
18] |
Major customers |
No |
|
19] |
Payments terms |
No |
|
20] |
Export / Import details (if applicable) |
No |
|
21] |
Market information |
-- |
|
22] |
Litigations that the firm / promoter involved in |
-- |
|
23] |
Banking Details |
No |
|
24] |
Banking facility details |
No |
|
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 |
No |
|
31] |
Date of Birth of Proprietor/Partner/Director, if available |
No |
|
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 |
FINANCIAL RESULTS
The Company’s project is under implementation and accordingly the Company has carried forward the project expenditure of Rs. 1613.900 Millions incurred during the year as Construction Work-in- progress (at cost) and has capitalized under Capital Work-in-progress (at cost) Rs. 560.600 Millions. The Company made a net profit of Rs.6.200 Millions before tax for the year ended March 31, 2013. The current year’s profits are not sufficient to absorb the brought forward losses and hence, no debenture redemption reserve has been created.
PERFORMANCE OF THE
COMPANY
During the year, excavation work had been almost completed and the three level basement work execution is in the final stages. The railway, retail and office commercial related construction activity is in progress.
UNSECURED LOAN
(Rs.
In Millions)
|
Particular |
As on 31.03.2013 |
As on 31.03.2012 |
|
LONG TERM
BORROWINGS |
|
|
|
Redeemable non-convertible fixed rate debentures |
6000.000 |
0.000 |
|
SHORT TERM
BORROWINGS |
|
|
|
From related party |
|
|
|
Interoperate
borrowings (Interest free) : |
|
|
|
Larsen and Toubro Limited (Holding company) |
0.000 |
2562.000 |
|
|
|
|
|
Total |
6000.000 |
2562.000 |
Notes:
(i) (a) Unsecured redeemable
non-convertible fixed rate debentures (privately placed) :
(Rs. In Millions)
|
Sr. No. |
Face value per
debenture |
Date of allotment |
31.03.2013 |
31.03.2012 |
Interest for the
year 2012-13 |
Terms of repayment of
debentures outstanding as at 31.03.2013 |
|
1 |
1.000 |
28-Sep-12 |
4000.000 |
- |
10.25% payable annually |
Redeemable at face value at the end of 36 months from the date of allotment. The Company has a call option on September 28, 2014 and March 28, 2015 to redeem the debentures at face value. |
|
2 |
1.000 |
19-Oct-12 |
500.000 |
- |
9.90% payable annually |
Redeemable at face value at the end of 2 years and 344 days from the date of allotment. The Company has a call option on September 28, 2014 and March 28, 2015 to redeem the debentures at face value. |
|
3 |
1.000 |
9-Nov-12 |
500.000 |
- |
9.95% payable annually |
Redeemable at face value at the end of 2 years and 323 days from the date of allotment. The Company has a call option on September 28, 2014 and March 28, 2015 to redeem the debentures at face value. |
|
4 |
1.000 |
21-Jan-13 |
500.000 |
- |
9.75% payable annually |
Redeemable at face value on September 28, 2015. The Company has a call option on September 28, 2014 and March 28, 2015 to redeem the debentures at face value. |
|
5 |
1.000 |
21-Feb-13 |
500.000 |
- |
9.75% payable annually |
Redeemable at face value on September 28, 2015. The Company has a call option on September 28, 2014 and March 28, 2015 to redeem the debentures at face value. |
|
Total |
6000.000 |
|
|
|
||
(i) (b) The Company has not created debenture redemption reserve as required under Section 117C of the Companies Act,1956 on account of inadequacy of profits.
(i) (c) Debentures guaranteed by directors - Nil
(i) (d) In accordance with the terms agreed with debenture holders, the advance against equity received from Larsen and Toubro Limited, will have to be retained and subordinated to all debt taken or raised by the Company till such time as the debentures are redeemed in full.
CONTINGENT
LIABILITIES :
(Rs. In Millions)
|
Particular |
31.03.2013 |
31.03.2012 |
|
Claims against the company not acknowledged as debts |
0.000 |
646.925 |
Note: No Charges Exist for Company
FIXED ASSET
TANGIBLE ASSETS :
· Building
· Plant and Equipments
· Furniture and Fixtures
INTANGIBLE ASSETS :
· Specialised Sofware
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.62.41 |
|
|
1 |
Rs.102.54 |
|
Euro |
1 |
Rs.85.20 |
INFORMATION DETAILS
|
Information
Gathered by : |
SVA |
|
|
|
|
Report Prepared
by : |
VRN |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
4 |
|
OPERATING SCALE |
1~10 |
4 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
4 |
|
--PROFITABILIRY |
1~10 |
- |
|
--LIQUIDITY |
1~10 |
4 |
|
--LEVERAGE |
1~10 |
4 |
|
--RESERVES |
1~10 |
- |
|
--CREDIT LINES |
1~10 |
4 |
|
--MARGINS |
-5~5 |
- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
NO |
|
--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 |
|
29 |
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.