MIRA INFORM REPORT
|
Report Date : |
15.11.2014 |
IDENTIFICATION DETAILS
|
Name : |
KOLTE-PATIL DEVELOPERS LIMITED |
|
|
|
|
Registered
Office : |
2nd Floor, City Point, Dhole Patil Road, Pune – 411001, Maharashtra |
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|
Country : |
India |
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|
Financials (as
on) : |
31.03.2014 |
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Date of
Incorporation : |
25.11.1991 |
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|
|
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Com. Reg. No.: |
11-129428 |
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Capital
Investment / Paid-up Capital : |
Rs.757.700 Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
L45200PN1991PLC129428 |
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|
TAN No.: [Tax Deduction &
Collection Account No.] |
Not Available |
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PAN No.: [Permanent Account No.] |
Not Available |
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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
: |
The Company is primarily engaged in business of construction of residential, commercial. |
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|
No. of Employees
: |
Information Declined by the management |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (54) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Status : |
Good |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject is an established company having good track record. There seems some dip in the profit of the company during 2014 however general
financial position of the company is sound. Trade relations are reported as fair. Business is active. Payments
terms are reported to be regular and as per commitment. The company can be considered normal for 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.
INDIAN ECONOMIC OVERVIEW
N E W S
Verdict Implications
: Apex court order may alter coal import dynamics. Traders go slow on talks
over coal supply contracts, uncertainty over cancellation of blocks weigh on
stocks.
Recent arrest of the
Chennai head of the Registrar of Companies, the ministry of corporate affairs
arm that ensures that companies file all the information required by the
Companies Act is the latest manifestation of a messy fight between a father and
his adopted son for the control of Rs 40000 mn business empire. The Central Bureau
of Investigation arrested Manumeethi Cholan after he accepted Rs 10 lakhs as
bribe from M A M Ramaswamy, a CBI official said.
Central Bureau of
Investigation books Electrotherm for cheating Central Bank of Rs 4360 mn.
Infosys maintains
revenue guidance. COO Rao says attrition still an area of concern and it would
take a few more quarters to bring down levels to 13-15 %.
DHL to invest
Euro 100 mn in India over next 2 years. The firm has chosen India to pilot its
e-commerce business model for the Asia-Pacific region.
Blackstone may buy
stake in BlueRidge SEZ in line with the fund’s real estate strategy in India.
Kingfisher Airlines
Ltd grounded in October 2012 under the weight of heavy debt and accumulated
losses, recently approached the Delhi high court for relief in two separate
cases. The airline challenged a notice by Punjab & National Bank alleging
that It had wilfully defaulted on Rs 7700 mn of loans and sought more time to
comply with the requirements under the listing agreements with the Stock
Exchanges.
OnMobile likely to
sack another 300 employees. The lay-offs follow a spate of senior-level exits
over the past two years, starting with of its founder. The overall lay-offs
could number around 600 and are driven by the need to cut costs, says a former
employee.
EXTERNAL AGENCY RATING
|
Rating Agency Name |
CRISIL |
|
Rating |
Long term rating (A+) |
|
Rating Explanation |
Adequate degree of safety it carry low credit risk. |
|
Date |
10.10.2014 |
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
31-03-2014.
INFORMATION DECLINED
MANAGEMENT NON – COOPERATIVE (91-20-66226500)
LOCATIONS
|
Registered Office : |
2nd Floor, City Point, Dhole Patil Road, Pune – 411001, Maharashtra, India |
|
Tel. No.: |
91-20-66226622/66226500 |
|
Fax No.: |
91-20-66226626 |
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E-Mail : |
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Website : |
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Regional Office: |
22/11, 1st Floor, Park West, Vittal Malya Road, Bangalore- 560001, Karnataka, India |
|
Tel. No.: |
91-80-22243135, 22242803 |
|
Fax No.: |
91-80-22120654 |
DIRECTORS
As on 31.03.2014
|
Name : |
Mr. Rajesh Patil |
|
Designation : |
Chairman and Managing Director |
|
|
|
|
Name : |
Mr. Naresh Patil |
|
Designation : |
Vice Chairman |
|
|
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|
Name : |
Mr. Milind Kolte |
|
Designation : |
Executive Director |
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|
Name : |
Mrs. Sunita Kolte |
|
Designation : |
Executive Director |
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|
Name : |
Mrs. Vandana Patil |
|
Designation : |
Non-Executive Director |
|
Qualification : |
B.Com |
|
Date of Appointment : |
16.01.2012 |
|
|
|
|
Name : |
Mr. G. L. Vishwanath |
|
Designation : |
Independent Director |
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|
|
|
Name : |
Mr. Achyut Watve |
|
Designation : |
Independent Director |
|
Qualification : |
B. E. (Civil) |
|
Date of Appointment : |
26.12.2006 |
|
|
|
|
Name : |
Mr. Jayant Pendse |
|
Designation : |
Independent Director |
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|
|
|
Name : |
Mrs. Manasa Vishwanath |
|
Designation : |
Independent Director |
|
Qualification : |
B.A., LL.B |
|
Date of Appointment : |
17.01.2012 |
|
|
|
|
Name : |
Mr. Prakash Gurav |
|
Designation : |
Independent Director |
KEY EXECUTIVES
|
Name : |
Mr. Vinod Patil |
|
Designation : |
Company Secretary |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 30.09.2014
|
Category of Shareholders |
No.
of Shares |
Percentage
of Holding |
|
(A) Shareholding of Promoter and Promoter Group |
|
|
|
|
|
|
|
|
56479095 |
74.54 |
|
|
56479095 |
74.54 |
|
|
|
|
|
Total shareholding of Promoter and Promoter Group (A) |
56479095 |
74.54 |
|
(B) Public Shareholding |
|
|
|
|
|
|
|
|
197358 |
0.26 |
|
|
32446 |
0.04 |
|
|
5277036 |
6.96 |
|
|
5506840 |
7.27 |
|
|
|
|
|
|
2494438 |
3.29 |
|
|
|
|
|
|
5410667 |
7.14 |
|
|
3235177 |
4.27 |
|
|
2648692 |
3.50 |
|
|
2405839 |
3.17 |
|
|
2788 |
0.00 |
|
|
123323 |
0.16 |
|
|
116742 |
0.15 |
|
|
13788974 |
18.20 |
|
Total Public shareholding (B) |
19295814 |
25.46 |
|
Total (A)+(B) |
75774909 |
100.00 |
|
(C) Shares held by Custodians and against which Depository Receipts
have been issued |
0 |
0.00 |
|
|
0 |
0.00 |
|
|
0 |
0.00 |
|
|
0 |
0.00 |
|
Total (A)+(B)+(C) |
75774909 |
0.00 |
Shareholding of securities (including shares, warrants,
convertible securities) of persons belonging to the category Promoter and
Promoter Group
|
Sl.No. |
Name of the
Shareholder |
No. of Shares held |
As a % of grand
total (A)+(B)+(C) |
|
1,54,86,031 |
20.44 |
||
|
2 |
Naresh Patil |
1,49,49,148 |
19.73 |
|
3 |
Milind Kolte |
64,42,156 |
8.50 |
|
4 |
Sunita Patil |
70,21,861 |
9.27 |
|
5 |
Vandana Patil |
70,39,319 |
9.29 |
|
6 |
Sunita Kolte |
55,39,553 |
7.31 |
|
7 |
Ankita Patil |
1,027 |
0.00 |
|
|
Total |
5,64,79,095 |
74.54 |
(*) The term encumbrance has the same meaning as assigned to it in regulation 28(3) of the SAST Regulations, 2011.
Shareholding of securities (including shares, warrants,
convertible securities) of persons belonging to the category Public and holding
more than 1% of the total number of shares
|
Sl. No. |
Name of the
Shareholder |
No. of Shares held |
Shares as % of Total
No. of Shares |
|
|
1 |
Rameshkumar S Goenka |
1814000 |
2.39 |
|
|
2 |
Goldman Sachs India Fund Limited |
1535088 |
2.03 |
|
|
3 |
Grandeur Peak Emerging Markets Oppurtunies Fund |
950250 |
1.25 |
|
|
|
Total |
4299338 |
5.67 |
|
BUSINESS DETAILS
|
Line of Business : |
The Company is primarily engaged in business of
construction of residential, commercial. |
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Brand Names : |
Not Divulged |
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Agencies Held : |
Not Divulged |
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Exports : |
Not Divulged |
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Imports : |
Not Divulged |
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Terms : |
Not Divulged |
GENERAL INFORMATION
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Suppliers : |
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Customers : |
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No. of Employees : |
Information Declined by the management |
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Bankers : |
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Facilities : |
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Banking
Relations : |
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Auditors : |
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Name : |
Deloitte Haskins and Sells LLP Chartered Accountants |
|
Address : |
706, B Wing, 7th Floor, ICC Trade Tower, International Convention Centre, Senapati Bapat Road, Pune – 411016, Maharashtra, India |
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Tel. No.: |
91- 20-66244600 |
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Fax No.: |
91- 20-66244605 |
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Memberships : |
Not Available |
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Collaborators : |
Not Available |
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Subsidiary
Companies: |
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Joint Ventures: |
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Entities over which
the Company, Subsidiary Companies or key management personnel or their relatives,
exercise significant influence: |
|
CAPITAL STRUCTURE
As on 31.03.2014
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
112000000 |
Equity Shares |
Rs.10/- each |
Rs. 1120.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
75774909 |
Equity Shares |
Rs.10/- each |
Rs. 757.700
Millions |
|
|
|
|
|
NOTE:
Reconciliation of the
number of shares and amount outstanding at the beginning and at the end of the
reporting year
|
|
31.03.2014 |
|
|
Particulars |
No. of Shares |
Amount in Millions) |
|
Equity Shares at the beginning of the |
75,774,909 |
757.700 |
|
Issued during the year |
- |
- |
|
Outstanding at the end of the year |
75,774,909 |
757.700 |
Details of shares
held by each shareholder holding more than 5% equity shares:
|
|
|
As at 31 March 2014 |
|
|
SR. NO. |
Name of the
Shareholder |
Number of shares held |
% holding |
|
1 |
Mr. Rajesh Patil |
15,486,031 |
20.44% |
|
2 |
Mr. Naresh Patil |
14,949,148 |
19.73% |
|
3 |
Mr. Milind Kolte |
6,442,156 |
8.50% |
|
4 |
Mrs. Sunita Kolte |
5,539,553 |
7.31% |
|
5 |
Mrs. Sunita Patil |
7,021,861 |
9.27% |
|
6 |
Mrs. Vandana Patil |
7,039,319 |
9.29% |
(3C) The Company has only one class of shares referred to as equity shares having a par value of Rs.10/- per share. Each holder of equity shares is entitled to one vote per share held.
(3D) The Company declares and pays dividend in Indian Rupees. The Board of Directors had declared Interim Dividend of Rs.1.5 per share in their meeting held on October 26, 2013. A final dividend of Rs.1.6 per share has been recommended by the Board of Directors in their meeting held on May 20, 2014, subject to the approval of shareholders in the ensuing Annual General Meeting. If approved, the total dividend (Interim and Final dividend) for the financial year 2013-2014 will be Rs.3.1 per equity share. The total dividend appropriation for the year ended 31st March 2014 amounted to Rs.269.700 Millions including Corporate Dividend Distribution Tax of Rs.34.800 Millions (Previous year Rs.307.800 Millions including Corporate Dividend Distribution Tax of Rs.42.600 Millions).
(3E) Pursuant to the Scheme of Amalgamation of wholly owned subsidiary i.e. Oakwoods Hospitality Private Limited (Oakwoods) with effect from 1st April 2013, authorised share capital of the Company has been increased to Rs.1120.000 Millions.
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES
OF FUNDS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
|
|
|
|
|
I.
EQUITY AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
757.700 |
757.700 |
757.749 |
|
(b) Reserves & Surplus |
6786.200 |
6840.400 |
6463.839 |
|
(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) |
7543.900 |
7598.100 |
7221.588 |
|
|
|
|
|
|
(3) Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
1063.300 |
613.700 |
192.164 |
|
(b) Deferred tax liabilities
(Net) |
0.000 |
6.800 |
1.433 |
|
(c) Other long term
liabilities |
6.700 |
5.600 |
12.156 |
|
(d) long-term provisions |
20.000 |
19.400 |
1240.589 |
|
Total
Non-current Liabilities (3) |
1090.000 |
645.500 |
1446.342 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
641.000 |
800.700 |
258.225 |
|
(b) Trade payables |
584.300 |
176.400 |
151.629 |
|
(c) Other current liabilities |
2353.900 |
554.800 |
381.488 |
|
(d) Short-term provisions |
212.900 |
300.400 |
260.340 |
|
Total
Current Liabilities (4) |
3792.100 |
1832.300 |
1051.682 |
|
|
|
|
|
|
TOTAL |
12426.000 |
10075.900 |
9719.612 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
139.700 |
115.600 |
107.836 |
|
(ii) Intangible Assets |
5.000 |
7.300 |
8.250 |
|
(iii) Capital work-in-progress |
45.700 |
0.000 |
0.000 |
|
(iv) Intangible assets under
development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current Investments |
4095.500 |
4692.100 |
4044.730 |
|
(c) Deferred tax assets (net) |
2.700 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
2346.800 |
1243.500 |
2205.697 |
|
(e) Other Non-current assets |
12.800 |
11.500 |
12.490 |
|
Total
Non-Current Assets |
6648.200 |
6070.000 |
6379.003 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
154.100 |
55.700 |
229.417 |
|
(b) Inventories |
4377.800 |
2539.200 |
2233.044 |
|
(c) Trade receivables |
518.500 |
423.200 |
290.109 |
|
(d) Cash and cash equivalents |
119.200 |
516.500 |
99.142 |
|
(e) Short-term loans and
advances |
570.500 |
440.200 |
397.699 |
|
(f) Other current assets |
37.700 |
31.100 |
91.198 |
|
Total
Current Assets |
5777.800 |
4005.900 |
3340.609 |
|
|
|
|
|
|
TOTAL |
12426.000 |
10075.900 |
9719.612 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
|
SALES |
|
|
|
|
|
Income |
|
|
967.806 |
|
|
Other Income |
|
|
175.223 |
|
|
TOTAL
(A) |
2312.600 |
2310.400 |
1143.029 |
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
Cost of construction /
development, land, plots and development rights |
1119.100 |
902.300 |
387.963 |
|
|
Employees benefits expense |
180.700 |
175.400 |
122.211 |
|
|
Other expenses |
206.100 |
196.100 |
99.368 |
|
|
IPO Expenses and amortisation |
0.000 |
31.100 |
46.582 |
|
|
TOTAL
(B) |
1505.900 |
1304.900 |
656.124 |
|
|
|
|
|
|
|
Less |
PROFIT/
(LOSS) BEFORE INTEREST, TAX, DEPRECIATION
AND AMORTISATION (C) |
806.700 |
1005.500 |
486.905 |
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
272.900 |
98.400 |
62.047 |
|
|
|
|
|
|
|
|
PROFIT
/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
533.800 |
907.100 |
424.858 |
|
|
|
|
|
|
|
Less/
Add |
DEPRECIATION/
AMORTISATION (F) |
17.500 |
14.700 |
12.737 |
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE TAX (E-F) (G) |
516.300 |
892.400 |
412.121 |
|
|
|
|
|
|
|
Less |
TAX
(I) |
52.500 |
235.700 |
108.439 |
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) AFTER TAX (G-I)
(J) |
463.800 |
656.700 |
303.682 |
|
|
|
|
|
|
|
|
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
NA |
3112.884 |
2980.479 |
|
|
APPROPRIATIONS |
|
|
|
|
|
Transfer to General Reserve |
NA |
65.671 |
36.772 |
|
|
Proposed Dividend including
Interim Dividend Paid (includes tax on dividend) |
NA |
307.837 |
140.908 |
|
|
Balance
Carried to the B/S |
NA |
3396.083 |
3106.482 |
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
Raw Materials |
16.300 |
14.300 |
18.592 |
|
|
TOTAL
IMPORTS |
16.300 |
14.300 |
18.592 |
|
|
|
|
|
|
|
|
Earnings
/ (Loss) Per Share (Rs.) |
6.12 |
8.67 |
4.01 |
KEY RATIOS
|
PARTICULARS |
|
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
Net Profit Margin PAT/ Sales |
(%) |
NA |
NA |
31.38 |
|
|
|
|
|
|
|
PBIDT / Sales |
(%) |
NA |
NA |
50.31 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
6.23 |
16.58 |
7.26 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.07 |
0.12 |
0.06 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
0.23 |
0.19 |
0.06 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.52 |
2.19 |
3.18 |
FINANCIAL ANALYSIS
[all figures are
in Rupees Millions]
DEBT EQUITY RATIO
|
Particular |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(Rs.
In Millions) |
(Rs.
In Millions) |
(Rs.
In Millions) |
|
Share Capital |
757.749 |
757.700 |
757.700 |
|
Reserves & Surplus |
6463.839 |
6840.400 |
6786.200 |
|
Net
worth |
7221.588 |
7598.100 |
7543.900 |
|
|
|
|
|
|
long-term borrowings |
192.164 |
613.700 |
1063.300 |
|
Short term borrowings |
258.225 |
800.700 |
641.000 |
|
Total
borrowings |
450.389 |
1414.400 |
1704.300 |
|
Debt/Equity
ratio |
0.062 |
0.186 |
0.226 |
YEAR-ON-YEAR GROWTH
|
Year
on Year Growth |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(Rs.
In Millions) |
(Rs.
In Millions) |
(Rs.
In Millions) |
|
Total Income |
1143.029 |
2310.400 |
2312.600 |
|
|
|
102.130 |
0.095 |
NET PROFIT MARGIN
|
Net
Profit Margin |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(Rs.
In Millions) |
(Rs.
In Millions) |
(Rs.
In Millions) |
|
Total Income |
1143.029 |
2310.400 |
2312.600 |
|
Profit |
303.682 |
656.700 |
463.800 |
|
|
26.57% |
28.42% |
20.06% |
LOCAL AGENCY FURTHER INFORMATION
CURRENT MATURITIES
OF LONG-TERM DEBT DETAILS:
|
Particulars |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
|
(Rs. In Millions) |
||
|
Current maturities of long-term debt |
517.000 |
245.200 |
73.373
|
|
|
|
|
|
|
Total |
517.000 |
245.200 |
73.373
|
|
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 |
Yes |
MANAGEMENT DISCUSSION
AND ANALYSIS REPORT
ECONOMIC OVERVIEW
The Indian economy continued to remain weak in FY14 with GDP growth of 4.7%, marginally higher than 4.5% of FY13. This is in stark contrast to 8.2% average growth recorded between FY04 and FY12. The Indian economy has been through challenging times in the last two years, faced with a prolonged period of high inflation and low growth. This was reflected in the weak business sentiment, reduced investments, lower demand, and infrastructural deficiencies. However, following the formation of a strong Government, with a clear majority, at the centre, there is increasing optimism that over the next few years, the Indian economy will drive ahead on faster and decisive policy actions and reforms.
Despite the challenging economic environment that prevailed through last fiscal year, the Government exercised spending discipline to maintain its fiscal deficit at 4.5% of GDP in FY14. This was comfortably lower than the FY13 mark of 4.9% as also the revised FY14 estimate of 4.6% shared as recently as February this year. The budgetary target for FY15 is 4.1%, achieving which will require the country to continue on the path of fiscal prudence and may in turn help accelerate foreign investments and positively enhance investors’ perceptions of the country’s long term growth prospects.
The external sector has performed well in FY14 with exports from the country rising to US$319 billion in FY14, aided by the depreciation in the domestic currency as well as gradual recovery in the global market. The sharp decline in gold imports led to a reduction of 7.2% in the aggregate value of the country’s imports. Resultantly, the
merchandise trade deficit declined from US$ 196 billion in FY13 to US$ 148 billion in FY14 and the current account deficit declined from US$ 88 billion (4.7% of GDP) to US$ 32 billion (1.7% of GDP), its lowest level in several years.
India remains a favoured investment destination for foreign investments given its strong growth drivers and rich demographic dividend. However, recent economic weakness largely induced by country-specific factors has impacted foreign inflows. After a 21% decline in FY13, FDI inflows increased 8% year on year to US$ 24 billion in FY14. FII inflows witnessed a sharp decline of 71% to US$ 9 billion in FY14 following the initiation of the process of winding down of the US monetary stimulus. However, FII inflows have surged following the election verdict in mid-May 2014 and are expected to accelerate further if investors see a stable, pro-growth direction from the new Government.
Going forward, the Indian economy is expected to improve its growth momentum in FY15. Industry estimates project FY15 GDP in the range of 5.0-5.5%. Further, based on the prognosis of both the IMF and World Bank, the global economy, led by developed countries, is also expected to see growth revival. A recovery in economic performance in the coming year will improve consumer sentiment and this augurs well for the real estate sector that is driven by rising disposable incomes, favourable demographics and rising urbanization.
REAL ESTATE OVERVIEW
The real estate sector is one of the pillars of the Indian economy having a significant share in GDP growth, mployment, banking & finance, foreign direct investment (FDI) and various other sectors. The report, “Assessing the Economic Impact of India’s Real Estate Sector”, released by the Ministry of Housing and Urban Poverty Alleviation, estimates that the sector accounted for around 6.3% of India’s GDP in FY13. It also stated that the sector is the second largest employment generator after agriculture. According to the report, real estate generated approximately 7.6 million jobs in 2013. Hence, the long-standing prospects of the sector remain intact and will continue to be a key driver towards overall economic growth.
However, the sector has been facing a slowdown in the recent years. In FY14, sluggish income growth, sustained
weakness in the rupee, approval delays, spiralling inflation and high borrowing costs dented consumer sentiment. This reflected in subdued absorption rates and elevated unsold inventory levels. Liquidity in the sector also remained tight, as banks continued to be selective in extending loans to the industry in the light of rising NPA’s. FDI inflow in real estate saw a significant decline of over 57% in FY13. FY14 saw a further dip, with FDI inflows declining over 8% year-on-year at ~ US$ 1.22 billion.
The silver lining during the year was the introduction of several regulatory and policy changes which could ease bottlenecks and renew momentum in the sector. Firstly, the proposed Real Estate (Regulation and Development) Bill, 2013 recommends establishing a ‘Real Estate Regulatory Authority’ in each state/union territory to improve transparency in the sector enforcing fair practices and greater accountability from developers and put in place a fast-track dispute resolution mechanism. This will improve buyers’ confidence by ensuring timely execution of projects. Quality developers with superior execution track and better disclosures standards would be the
main beneficiaries of these policy changes in the long run.
Further, the enactment of The Right to Fair Compensation and Transparency in Land Acquisition, Rehabilitation and Resettlement Act, 2013 has been another step in the right direction. The principal objective of the new provisional Bill is fair compensation, thorough resettlement and rehabilitation of those affected, adequate safeguards for their well-being and complete transparency in the process of land acquisition. The new law will pave the way for inking of more public-private partnerships in the real estate sector and give land owners and Panchayati Raj institutions a fair say in matters involving land acquisition.
Another encouraging development during the year has been the introduction of a draft framework for Real Estate Investment Trusts (REITs) by market regulator SEBI. This is a significant step aimed at attracting more foreign investment in the real estate sector and providing developers an influx of funds to kick-start new projects, potentially replicating the success story of REITs globally.
Further, the RBI curtailed certain subvention schemes, which include innovative home loan products, popularly known as 80:20 or 75:25 schemes, mitigating risks pertaining to lump-sum disbursal of loan amounts, delayed payments, non-completion of projects etc. Providing additional impetus to these positive regulatory developments
is the Companies Act, 2013 which will significantly help simplify corporate laws.
Thus, FY14 was primarily a year of regulatory transformation. Several changes were introduced to draw a level playing ground for all the players. In FY15, with a strong, stable government coming to power and decisive policy
action and reduction in approval time lines, traction in new sales is expected to re-emerge. The healthy growth in Private Equity (PE) investments in the sector by both domestic and international funds reflects the potential for stable yields and attractive capital values. A recent report from a global real estate consultancy, revealed that private equity investments in real estate during CY13 were recorded at Rs.70000 Millions (US$ 1.1 billion),
an increase of 13% compared to 2012. Furthermore, the first quarter of CY14 witnessed PE investments to the tune of Rs.28000.000 Millions (US$ 460 million), up 2.5 times year-on-year.
The fundamental story supporting the growth of real estate across Indian cities remains intact with an ever growing middle class population, nuclear families and rapid urbanization. Increased transparency norms in the sector, backed by policy and banking infrastructure, and recovery in the overall economic trajectory should augur well for the industry in the coming years. The Indian real estate industry is expected to grow to US$140 billion by FY17 from US$79 billion in FY13, as per estimates from leading research firms.
RESIDENTIAL MARKET
OVERVIEW AND OUTLOOK
Considering the huge demand-supply gap, residential demand remains the focal point for Indian real estate, regardless of market conditions. However, the demand does not equate to absorption in a price-sensitive country like India, where the greatest requirement for residential properties stems from the middle-income group. The high
dependence on home loans by the salaried class underscores the price sensitivity factor even further.
In general, FY14 depicted sluggishness in residential housing demand with the pace of new launches slowing on
account of approval delays and rising input costs. This led to reduced absorption rates and increased inventory levels in prime markets across the country. According to a leading property research company, pan-India residential inventory as of December 31, 2013 stood at approximately 779 million square feet (msf) as against quarterly sales run-rate of approximately 60-65 msf indicating approximately 3 years of available inventory in the market. In a striking contrast to previous years, the Diwali festival season in 2013 was also lackluster. Luxury housing was most affected and movement of premium and super-luxury properties in the metros slowed down considerably. However, affordable to mid-range homes continued to sell well.
Cities like Mumbai, NCR and Hyderabad witnessed volume slowdown. In particular, the Mumbai and NCR markets suffered from rising inventory levels, pricing pressure and approval issues. Meanwhile, employment-driven markets such as Pune, Bengaluru and Chennai with large number of ‘right-priced’ residential projects, proved to be a notable exceptions. These markets showed a very healthy demand for mid-priced residential properties throughout CY13 with a pick-up seen in the first quarter of CY14.
Pan-India sentiment on the residential property market is expected to improve going into FY15 with economic stability likely to return prompting purchase decisions from end-users. Cities offering better affordability and returns on investment will show traction. The ratio of sales over inventory in relatively overpriced cities will remain more or less equally balanced. However, certain suburban pockets in cities like Pune and Chennai that are seeing real-time infrastructure enhancements are expected to show price rises. The number of new residential launches during the first quarter of CY14 increased by 43% at 55,000 units across eight major cities, according to a report by a leading real estate consultancy firm with Bengaluru recording the largest number of units launched.
The total investments in the residential segment for CY13 was recorded at Rs. 4,050 crore (US$ 650 million), an increase of 42% compared to 2012 levels, most of which came in towards the latter half of the year. The momentum continued in the first quarter of CY14 with the value of investments in the residential segment recorded at Rs.10650.000 Millions (US$ 175 million). The sheer potential of the residential sector has always led to the asset class contributing significantly to overall real estate investments over the years. The sector contributed 58% to the overall real estate investments in CY13 compared to 42-46% in 2011 and 2012. Total number of deals in CY13 also increased to 35 from 25 each year in CY11 and 2012. Average deal size in the residential sector has remained stable at approximately Rs.1160.000 Millions (US$ 19 million).
Although the real estate sector in India is presently facing several obstacles, the urbanization driven growth story remains intact and presents a strong case for exponential real estate growth. Policy based efforts are being undertaken to make real estate more transparent and investment friendly. Consumer confidence is gradually improving with the formation of a majority Government at the centre and fence-sitting investors are likely to become more active, leading to increased absorption of residential units. A recently observed trend of a gradual fall in supply in response to the subdued demand will only reverse with a lag, helping prices to strengthen gradually.
RETAIL MARKET
OVERVIEW AND OUTLOOK
Mall space absorption remained weak in CY13 from the low levels observed in CY12, across India’s prime markets. Poor policy framework led to the lack of new mall construction. Retail has been subject to several difficulties on the policy front over the past couple of years, as progress on retail sector FDI hung in the balance. Moderated private consumption expenditure and high inflation further added to the woes of the retail sector. Rentals and capital values remained largely flat in the seven leading cities in CY13. Retailers concentrated majorly on larger metros like Mumbai and Delhi as market conditions remained challenging across the country. This is reflected in the moderate fall in vacancy levels in these two cities, as against a rise in vacancy in the other cities in CY13. Subsequently, Mumbai recorded a marginal increase in rentals and prices for retail real estate assets.
However, absolute vacancy levels remained significantly higher in Delhi and Mumbai when compared to other cities, on account of excess supply getting built over the last few years. The cities where vacancy rates increased during the year (over 2012) were Hyderabad, Pune, Bangalore and Kolkata. Hyderabad and Kolkata saw better absorption levels than in 2013, but witnessed a sharp rise in mall supply that led to a rise in vacant stock. In Bangalore and Pune, a combination of fall in absorption and a sharp increase in mall space led to a rise in vacant units. The longer term prospects of organized retail remain robust. The potential resolution of various policy issues and the sustained attractiveness of India’s consuming class will help boost the interest of global retailers in FY15. As per a report by a global real estate consultancy firm, approximately 900,000 square meters of additional retail space supply is going to hit the pipeline in CY14, as against the 590,000 square meters in CY13. Cities such as Delhi, Hyderabad and Bangalore will witness good supply of retail space, largely around the expanding city peripheries.
Due to the limited supply of modern retail spaces in those areas, this new supply will meet with reasonably favourable pre-commitments. However, rental and capital values are expected to remain muted in most cities on account of the on-going slowdown. These factors provide an excellent opportunity for retailers to enter the market or expand their business.
COMMERCIAL OFFICE
MARKET OVERVIEW AND OUTLOOK
Commercial real estate also remained subdued this year since it bears direct correlation with the overall economic environment. Businesses have deferred their expansion plans leading to reduction in new office space, decline in leasing activity, lack of appreciation in capital values, compression in yields and lease rentals to some degree across major Indian cities of Delhi/NCR, Mumbai, Bengaluru, Chennai, Hyderabad, Pune, Kolkata and Ahmedabad. According to a study by a leading real estate consultancy, net office space absorption in CY13 stood at 23 msf. Mumbai and Bengaluru were the top cities in terms of net office space absorption at 4.7 msf. and 4.6 msf., respectively. Most cities witnessed a decline in the range of 20%–40%, except Pune which witnessed a growth of 15% year-on-year in demand for new office space, of which 78% was Grade A. The steep decline stems from companies focusing on streamlining costs, consolidating and relocating to more economic locations, a key trend that emerged over the last year. Total supply of commercial office space in CY13 stood at 34 msf., a decline of 14% over CY12. Office space vacancy stood at 19.4%, an increase of 0.9% from the previous year. Leasing activity also witnessed a marginal decline of 2% in CY13 over the year ago.
Moving into the first quarter of CY14, pan-India net absorption was recorded at 5.2 msf. which is up 51% year on year. Bengaluru continues to see healthy enquiries while the micro market of Madhapur in Hyderabad continues to see strong pre-leasing commitments. Although absorption levels are up 91% year on year in NCR, in absolute terms supply continues to outpace absorption with peripheral markets of Gurgaon seeing pressure on rentals due to The sentiment going forward is more positive following the general elections. Net absorption and leasing activities are expected to garner pace with new firms entering the market, expansion plans by current players, and consolidation of business operations. The confidence is also indicated by increasing investor interest in the commercial office sector, with investments having doubled in Q1 CY14 to Rs.14350.000 Millions from a year ago. This comes on the back of a subdued performance in CY13 when total value of investments in the commercial office segment declined 23% year on year to approximately Rs.25000.000 Millions (US$ 400 million). Investor interest in the asset class remains high with over Rs.83500.000 Millions (US$ 1.6 billion) invested in the segment since CY11. Investors are actively evaluating prime office assets across the top cities and transactions are expected to increase in FY15, considering the attractive valuations of assets, stable expected yields and potential for rising capital values.
BACKGROUND
Subject is a Company registered under the Companies Act, 1956. It was incorporated on 25th November 1991. The Company is primarily engaged in business of construction of residential, commercial; IT Parks along with renting of immovable properties and providing project management services for managing and developing real estate projects.
UNSECURED LOAN
|
PARTICULARS |
31.03.2014 (Rs.
in Millions) |
31.03.2013 (Rs.
in Millions) |
|
Long-term
Borrowings |
|
|
|
Public Deposits |
0.000 |
114.600 |
|
Short-term
borrowings |
|
|
|
Loans and advances from related parties |
513.500 |
570.400 |
|
Total |
513.500 |
68500 |
INDEX
OF CHARGES
|
S.NO. |
CHARGE ID |
DATE OF CHARGE CREATION/MODIFICATION
|
CHARGE AMOUNT
SECURED |
CHARGE HOLDER |
ADDRESS |
SERVICE REQUEST
NUMBER (SRN) |
|
1 |
10527237 |
21/10/2014 |
250,000,000.00 |
IDBI BANK LIMITED |
SPECIALIZED CORPORATE
BRANCH NO. 201, PRIDE HOUSE, S. NO. 108/7 SHIVAJI NAGAR, UNIVERSITY ROAD,, P |
C30727291 |
|
2 |
10482995 |
07/11/2014 * |
200,000,000.00 |
AXIS BANK LIMITED |
CORPORATE BANKING BRANCH,214-215,CITY
MALL, 2ND FLOOR, PLOT NO.1,S.NO.132,GANESH KHIND ROAD, PUNE, M |
C32835001 |
|
3 |
10478974 |
30/01/2014 * |
160,000,000.00 |
ADITYA BIRLA FINANCE LIMITED |
INDIAN RAYON COMPOUND,,
VERAVAL, GUJARAT - 362266, |
B97406722 |
|
4 |
10425334 |
29/04/2013 |
750,000,000.00 |
CAPITAL FIRST LIMITED |
15TH FLOOR, TOWER
-2, INDIABULLS FINANCE CENTRE, |
B75001321 |
|
5 |
10425335 |
29/04/2013 |
750,000,000.00 |
CAPITAL FIRST LIMITED |
15TH FLOOR, TOWER
-2, INDIABULLS FINANCE CENTRE, |
B75001867 |
|
6 |
10413106 |
22/03/2013 |
100,000,000.00 |
IDBI BANK LIMITED |
IDBI TOWERWTC COMPLEX, CUFFE PARADE, MUMBAI, MAHARASHTRA - 400005, INDIA |
B71225452 |
|
7 |
10413110 |
22/03/2013 |
100,000,000.00 |
IDBI BANK LIMITED |
IDBI TOWERWTC COMPLEX,
CUFFE PARADE, MUMBAI, MAHA |
B71226229 |
|
8 |
10407771 |
05/02/2013 |
200,000,000.00 |
VIJAYA BANK |
CORPORATE BANKING
BRANCH, VIJAYA NIWAS, 1206/A-32, SHIROLE ROAD, OPP. SAMBHAJI PARK, PUNE,
MAHARAS |
B69523967 |
|
9 |
10390979 |
12/11/2012 * |
430,000,000.00 |
STATE BANK OF INDIA COMMERCIAL BRANCH |
1548/A OFF TILAK ROAD, SADASHIV PETH, PUNE, MAHARASHTRA - 411939, INDIA |
B64983331 |
|
10 |
10216348 |
10/10/2011 * |
300,000,000.00 |
IDBI BANK LIMITED |
IDBI TOWERWTC COMPLEX, CUFFE PARADE, MUMBAI, MAHARASHTRA - 400005, INDIA |
B24227340 |
* Date of charge modification
CONTINGENT
LIABILITIES:
(Rs. in millions)
|
PARTICULARS |
31.03.2014 |
|
|
|
|
Claims against the Company not acknowledged as debt * |
215.200 |
|
Income Tax matters (pending in Appeal) |
214.200 |
|
Guarantees issued by the Company on behalf of Subsidiary Companies and Associates ** |
1560.000 |
|
Total |
1989.400 |
|
*in the opinion of the management the above claims are not sustainable and the Company does not expect any outflow of economic resources in respect of above claims and therefore no provision is made in respect thereof. **The Company does not expect any outflow of resources in respect of the Guarantees issued. |
|
UNAUDITED STANDALONE
FINANCIAL RESULTS FOR THE QUARTER AND SIX MONTHS ENDED SEPTEMBER 30, 2014
|
Particulars |
Quarter
ended |
Six
Months ended |
|
|
|
30.09.2014 |
30.06.2014 |
30.09.2014 |
|
Income
from operations |
|
|
|
|
Net
sales (Net of excise duty) |
255.559 |
234.103 |
489.662 |
|
Other
operating income |
51.711 |
91.394 |
143.105 |
|
Net
income from operations |
307.270 |
325.497 |
632.767 |
|
Expenses |
|
|
|
|
Cost
of materials consumed |
113.106 |
113.132 |
226.238 |
|
Administration and General Expenses |
52.394 |
33.701 |
86.095 |
|
Employee
benefits expense |
71.810 |
52.588 |
124.398 |
|
Selling Expenses |
24.203 |
20.807 |
45.010 |
|
Depreciation
and amortisation expense |
8.289 |
10.446 |
18.735 |
|
Total
expenses |
269.802 |
230.674 |
500.476 |
|
Profit / (Loss)
from Operations before Other Income, Finance Cost, Exceptional Items |
37.468 |
94.823 |
132.291 |
|
Other
income |
173.310 |
62.676 |
235.986 |
|
Profit
from ordinary activities before finance costs and exceptional items |
210.778 |
157.499 |
368.277 |
|
Finance
costs |
90.585 |
56.170 |
146.755 |
|
Profit
from ordinary activities before tax |
120.193 |
101.329 |
221.522 |
|
Tax
expense |
1.350 |
11.740 |
13.090 |
|
Net
profit for the period |
118.843 |
89.589 |
208.432 |
|
Paid-up
equity share capital (Face value of Rs.10 each) |
757.749 |
757.749 |
757.749 |
|
Reserves
excluding revaluation reserves |
|
|
|
|
Earnings
per share |
|
|
|
|
Basic |
1.57 |
1.18 |
2.75 |
|
Diluted |
1.57 |
1.18 |
2.75 |
|
|
|
|
|
|
Public shareholding |
|
|
|
|
- Number of shares |
19295814 |
19295814 |
19295814 |
|
- Percentage of shareholding |
25.46% |
25.46% |
25.46% |
|
Promoters and Promoter group
Shareholding |
|
|
|
|
(a) Pledged/Encumbered |
|
|
|
|
- Number of shares |
NIL |
NIL |
NIL |
|
- Percentage of shares
(as a % of the total shareholding of promoter and promoter group) |
NIL |
NIL |
NIL |
|
- Percentage of
shares (as a % of the total share capital of the company) |
NIL |
NIL |
NIL |
|
(b) Non-encumbered |
|
|
|
|
- Number of shares |
56479095 |
56479095 |
56479095 |
|
- Percentage of
shares (as a % of the total shareholding of promoter and promoter group) |
100% |
100% |
100% |
|
- Percentage of
shares (as a % of the total share capital of the company) |
74.54% |
74.54% |
74.54% |
|
|
|
|
|
|
INVESTOR
COMPLAINTS |
|
|
|
|
Pending at the
beginning of the quarter |
NIL |
|
|
|
Received during the
quarter |
2 |
|
|
|
Disposed of during
the quarter |
2 |
|
|
|
Remaining
unresolved at the end of the quarter |
NIL |
|
|
NOTES:
There are no separate reportable segments pursuant to Accounting Standard AS-17 'Segment Reporting' specified under the Companies Act, 1956 (which are deemed to be applicable as per Section 133 of the Companies Act, 2013, read with Rule 7 of the Companies (Accounts) Rules, 2014). Hence no disclosure is required under AS-17.
The above unaudited financial results were reviewed by the Audit Committee and approved by the Board of Directors of the Company and the Statutory Auditors of the Company have carried out a “Limited Review” of the same.
Effective 1 April 2014, the Company has revised the useful life of fixed assets based on schedule II of the Companies Act, 2013 (“The Act”) for the purpose of providing depreciation on fixed assets. Accordingly, the carrying amount of the assets as on 1 April 2014 has been depreciated over the remaining revised useful life of the fixed assets. Consequently, the depreciation charge for the period ended 30 September 2014 is higher by Rs. 5.623 Millions and profit is less to that effect.
Further, an amount of Rs. 8.835 Millions representing the carrying amount of assets with useful life as nil, has been charged to the opening balance of retained earnings i.e. balance in the statement of profit and loss as permitted under Note 7(b) to Part C of Schedule II of Companies Act, 2013.
The Promoters’ equity shares are free from any encumbrance and are not pledged.
The Unaudited financial results (Standalone and Consolidated) will be posted on the website of the Company www.koltepatil.com and will be available on website of the National Stock Exchange of India Limited (NSE) and Bombay Stock Exchange Limited (BSE).
The figures for the corresponding periods have been regrouped and re-arranged, wherever necessary, to make them comparable.
STATEMENT OF ASSETS AND LIABILITIES
(Rs.
In Millions)
|
PARTICULARS
|
30.09.2014 |
|
|
|
|
I.
EQUITY AND LIABILITIES |
|
|
(1)Shareholders' Funds |
|
|
(a) Share Capital |
757.749 |
|
(b) Reserves & Surplus |
6985.730 |
|
(c) Money received against
share warrants |
0.000 |
|
|
|
|
(2) Share Application money
pending allotment |
0.000 |
|
Total
Shareholders’ Funds (1) + (2) |
7743.479 |
|
|
|
|
(3) Non-Current Liabilities |
|
|
(a) long-term borrowings |
897.728 |
|
(b) Deferred tax liabilities
(Net) |
0.000 |
|
(c) Other long term
liabilities |
18.047 |
|
(d) long-term provisions |
22.662 |
|
Total
Non-current Liabilities (3) |
938.437 |
|
|
|
|
(4) Current Liabilities |
|
|
(a) Short term borrowings |
666.260 |
|
(b) Trade payables |
443.639 |
|
(c) Other current liabilities |
3051.874 |
|
(d) Short-term provisions |
87.918 |
|
Total
Current Liabilities (4) |
4249.691 |
|
|
|
|
TOTAL |
12931.607 |
|
|
|
|
II.
ASSETS |
|
|
(1) Non-current assets |
|
|
(a) Fixed Assets |
|
|
(i) Tangible assets |
140.828 |
|
(ii) Intangible Assets |
45.775 |
|
(iii) Capital work-in-progress |
3.368 |
|
(iv) Intangible assets under
development |
0.000 |
|
(b) Non-current Investments |
4129.550 |
|
(c) Deferred tax assets (net) |
7.152 |
|
(d) Long-term Loan and Advances |
2425.823 |
|
(e) Other Non-current assets |
20.955 |
|
Total
Non-Current Assets |
6773.451 |
|
|
|
|
(2) Current assets |
|
|
(a) Current investments |
58.995 |
|
(b) Inventories |
4713.841 |
|
(c) Trade receivables |
518.490 |
|
(d) Cash and cash equivalents |
107.245 |
|
(e) Short-term loans and
advances |
693.750 |
|
(f) Other current assets |
65.835 |
|
Total
Current Assets |
6158.156 |
|
|
|
|
TOTAL |
12931.607 |
FIXED ASSETS
TANGIBLE ASSETS
- Building
- Plant and Machinery
- Furniture and Fixtures
- Vehicles
- Computers
INTANGIBLE ASSETS
- Computer Software
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 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.61.65 |
|
|
1 |
Rs.96.54 |
|
Euro |
1 |
Rs.76.70 |
INFORMATION DETAILS
|
Information
Gathered by : |
HTL |
|
|
|
|
Analysis Done by
: |
DIV |
|
|
|
|
Report Prepared
by : |
KVT |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
6 |
|
--LEVERAGE |
1~10 |
6 |
|
--RESERVES |
1~10 |
7 |
|
--CREDIT LINES |
1~10 |
6 |
|
--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 |
|
54 |
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.