MIRA INFORM REPORT
|
Report Date : |
30.10.2014 |
IDENTIFICATION DETAILS
|
Name : |
PHOENIX MILLS LIMITED |
|
|
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Registered
Office : |
462, Senapati Bapat Marg, Lower Parel, Mumbai – 400013, Maharashtra |
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Country : |
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Financials (as
on) : |
31.03.2014 |
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Date of
Incorporation : |
27.01.1905 |
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Com. Reg. No.: |
11-000200 |
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|
|
|
Capital Investment
/ Paid-up Capital : |
Rs.289.691 Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
L17100MH1905PLC000200 |
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|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
MUMT09705D |
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|
|
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PAN No.: [Permanent Account No.] |
AAACP3325J |
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|
Legal Form : |
A Public Limited Liability Company. The Company’s Shares are Listed on
the Stock Exchange. |
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Line of Business
: |
Subject is mainly engaged in the development and operation of
Malls and other real estate properties. |
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|
|
|
No. of Employees
: |
75 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
A (66) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
56-70 |
A |
Financial & operational base are regarded healthy. General unfavourable
factors will not cause fatal effect. Satisfactory capability for payment of
interest and principal sums |
Fairly Large |
|
Maximum Credit Limit : |
USD 53900000 |
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|
|
Status : |
Good |
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Payment Behaviour : |
Regular |
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Litigation : |
Exist |
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Comments : |
Subject is a well-established company having fine track record. The rating reflect company’s healthy financial risk profile marked by
adequate liquidity position and decent profitability levs of the company. Trade relations are reported as fair. Business is active. Payments are
reported to be regular and as per commitments. The company can be considered good for normal business dealings at
usual trade terms and conditions. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – June 1, 2014
|
Country Name |
Previous Rating (31.03.2014) |
Current Rating (01.06.2014) |
|
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
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.
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 DENIED BY
|
Name : |
Mr. Nilesh Khare |
|
Designation : |
Account Officer |
|
Contact No.: |
91-22-24964307 |
|
Date : |
29.10.2014 |
LOCATIONS
|
Registered Office : |
462, Senapati Bapat Marg, Lower Parel, Mumbai – 400013, Maharashtra,
India |
|
Tel. No.: |
91- 22-24964307 /8 /9 |
|
Fax No.: |
91- 22-24938388 |
|
E-Mail : |
corpaffairs@highstreetphoenix.com |
|
Website : |
|
|
|
|
|
Corporate/ Administrative Office : |
R R Hosiery Building, Laxmi Woolen Mills Compound, E Moses road, Mahalaxmi,
Mumbai – 400011, Maharashtra, India |
|
Tel. No.: |
91-22-30016730/ 30016600 |
|
Fax No.: |
91-22-30016818/ 30016601 |
|
E-Mail : |
DIRECTORS
As on 31.03.2014
|
Name : |
Mr. Ashokkumar Ruia |
|
Designation : |
Chairman and Managing Director |
|
|
|
|
Name : |
Mr. Atul Ruia |
|
Designation : |
Joint Managing Director |
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|
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|
Name : |
Mr. Kiran Gandhi |
|
Designation : |
Whole Time Director |
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|
|
|
Name : |
Mr. Shishir Shrivastava |
|
Designation : |
Group CEO and Joint Managing Director |
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|
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|
Name : |
Mr. Pradumna Kanodia |
|
Designation : |
Executive Director – Finance |
|
|
|
|
Name : |
Mr. Amitkumar Dabriwala |
|
Designation : |
Independent Director |
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|
|
|
Name : |
Mr.
Amit Dalal |
|
Designation : |
Independent Director |
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|
|
|
Name : |
Mr. Sivaramakrishnan Iyer |
|
Designation : |
Independent Director |
|
|
|
|
Name : |
Mr. Suhail Nathani |
|
Designation : |
Independent Director |
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|
|
|
Name : |
Mr. Gautam Nayak* |
|
Designation : |
Independent Director |
KEY EXECUTIVES
|
Name : |
Mr. Nilesh Khare |
|
Designation : |
Account Officer |
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|
|
|
Name : |
Mr. Sonia Gaur |
|
Designation : |
Company Secretary |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 30.06.2014
|
Category of Shareholder |
Total No. of Shares |
Total Shareholding as a % of Total No. of Shares |
|
As a % of (A+B) |
||
|
(A) Shareholding of Promoter and Promoter
Group |
||
|
|
|
|
|
|
9931781 |
6.86 |
|
|
85630382 |
59.12 |
|
|
95562163 |
65.98 |
|
|
|
|
|
Total shareholding of Promoter and Promoter
Group (A) |
95562163 |
65.98 |
|
(B) Public Shareholding |
||
|
|
|
|
|
|
3504055 |
2.42 |
|
|
78450 |
0.05 |
|
|
34233150 |
23.63 |
|
|
1500000 |
1.04 |
|
|
39315655 |
27.14 |
|
|
|
|
|
|
3986437 |
2.75 |
|
|
|
|
|
|
4894372 |
3.38 |
|
|
638270 |
0.44 |
|
|
448548 |
0.31 |
|
|
3200 |
0.00 |
|
|
39679 |
0.03 |
|
|
405419 |
0.28 |
|
|
250 |
0.00 |
|
|
9967627 |
6.88 |
|
Total Public shareholding (B) |
49283282 |
34.02 |
|
Total (A)+(B) |
144845445 |
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) |
144845445 |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Subject is mainly engaged in the development and operation of
Malls and other real estate properties. |
GENERAL INFORMATION
|
No. of Employees : |
75 (Approximately) |
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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 : |
A. M. Ghelani and Company Chartered Accountants |
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|
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|
Name : |
Chaturvedi and Shah Chartered Accountant |
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Subsidiaries of the
Company: |
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Associates of the
Company: |
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Other Related
Parties where common control exists: |
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CAPITAL STRUCTURE
As on 31.03.2014
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
225000000 |
Equity Shares |
Rs.2/- each |
Rs. 450.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
144845445 |
Equity Shares |
Rs.2/- each |
Rs. 289.691
Millions |
|
|
|
|
|
NOTE:
|
Particulars |
31.03.2014 |
|
Equity Shares have been reserved for allotment under The Phoenix Mills Employees' Stock Option Plan 2007. |
3390.000 |
|
Options have been granted under 'The Phoenix Mills Employees' Stock Option Plan 2007 of which 406,250 (P.Y. 335,000) Options have lapsed and are available for regrant. |
650.000 |
|
Reconciliation of Number of shares outstanding is set out below:- |
31.03.2014 |
|
Equity Shares outstanding at the beginning the year |
144.845 |
|
Equity Shares outstanding at the end of the year |
144.845 |
Terms and rights of
equity shareholders:-
The company has only one class equity shares having face value of Rs. 2 per share. Each holder of equity shares is entitled to one vote per share. Equity shareholders are also entitled to dividend as and when proposed by the Board of Directors and approved by Shareholders in Annual General Meeting. In the event of liquidation of the Company, the holders of Equity shares will be entitled to receive remaining assets of the Company, after distribution of all preferential amounts which shall be in proportion to the number of shares held by the Shareholders.
Shares in the Company held by each shareholder holding more than 5 % Shares
|
Name of Shareholder |
|
|
|
|
No. of Shares |
% of Holding |
|
Ruia International Holding Company Private Limited |
49163237 |
33.94 |
|
Senior Holdings Private Limited |
15142550 |
10.45 |
|
Radhakrishna Ramnarain Private Limited. |
11617930 |
8.02 |
|
Ashok Apparels Private Limited. |
9670665 |
6.68 |
|
T. Rowe Price New Asia Fund |
7521801 |
5.19 |
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 |
289.691 |
289.691 |
289.691 |
|
(b) Reserves & Surplus |
18547.922 |
17396.175 |
16431.180 |
|
(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) |
18837.613 |
17685.866 |
16720.871 |
|
|
|
|
|
|
(3) Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
3806.875 |
2067.000 |
2611.500 |
|
(b) Deferred tax liabilities
(Net) |
0.000 |
0.000 |
0.000 |
|
(c) Other long term
liabilities |
701.369 |
770.854 |
663.703 |
|
(d) long-term provisions |
2.007 |
3.637 |
3.883 |
|
Total
Non-current Liabilities (3) |
4510.251 |
2841.491 |
3279.086 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
391.758 |
120.637 |
6.569 |
|
(b) Trade payables |
491.248 |
440.606 |
410.392 |
|
(c) Other current liabilities |
1583.801 |
1128.387 |
991.410 |
|
(d) Short-term provisions |
379.998 |
465.549 |
360.067 |
|
Total
Current Liabilities (4) |
2846.805 |
2155.179 |
1768.438 |
|
|
|
|
|
|
TOTAL |
26194.669 |
22682.536 |
21768.395 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
4092.976 |
4424.551 |
4394.586 |
|
(ii) Intangible Assets |
0.000 |
0.000 |
0.000 |
|
(iii) Capital work-in-progress |
1227.511 |
1089.749 |
913.170 |
|
(iv) Intangible assets under
development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current Investments |
11110.044 |
9386.250 |
7997.646 |
|
(c) Deferred tax assets (net) |
3.499 |
30.205 |
28.319 |
|
(d) Long-term Loan and Advances |
6498.597 |
3888.111 |
5478.148 |
|
(e) Other Non-current assets |
2.770 |
5.077 |
83.941 |
|
Total
Non-Current Assets |
22935.397 |
18823.943 |
18895.810 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
0.000 |
0.000 |
100.000 |
|
(b) Inventories |
0.000 |
0.000 |
0.000 |
|
(c) Trade receivables |
253.046 |
293.201 |
313.570 |
|
(d) Cash and cash equivalents |
247.314 |
223.230 |
137.710 |
|
(e) Short-term loans and
advances |
2484.109 |
3192.435 |
2176.339 |
|
(f) Other current assets |
274.803 |
149.727 |
144.966 |
|
Total
Current Assets |
3259.272 |
3858.593 |
2872.585 |
|
|
|
|
|
|
TOTAL |
26194.669 |
22682.536 |
21768.395 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
|
SALES |
|
|
|
|
|
Income |
2948.023 |
2706.008 |
2259.657 |
|
|
Other Income |
799.968 |
565.277 |
457.021 |
|
|
TOTAL
(A) |
3747.991 |
3271.285 |
2716.678 |
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
Purchases for resale and variation
in inventory |
0.000 |
0.000 |
0.000 |
|
|
Employees benefits expense |
77.729 |
82.826 |
86.799 |
|
|
Other expenses |
939.532 |
838.694 |
772.255 |
|
|
TOTAL
(B) |
1017.261 |
921.520 |
859.054 |
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE INTEREST, TAX,
DEPRECIATION AND AMORTISATION (C) |
2730.730 |
2349.765 |
1857.624 |
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
444.087 |
264.955 |
165.448 |
|
|
|
|
|
|
|
|
PROFIT
/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
2286.643 |
2084.810 |
1692.176 |
|
|
|
|
|
|
|
Less/
Add |
DEPRECIATION/
AMORTISATION (F) |
254.384 |
275.404 |
282.936 |
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE TAX (E-F) (G) |
2032.259 |
1809.406 |
1409.240 |
|
|
|
|
|
|
|
Less |
TAX
(I) |
506.706 |
470.614 |
355.824 |
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) AFTER TAX (G-I)
(K) |
1525.553 |
1338.792 |
1053.416 |
|
|
|
|
|
|
|
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
4721.850 |
3955.880 |
3439.140 |
|
|
|
|
|
|
|
|
|
APPROPRIATIONS |
|
|
|
|
|
Transfer to General Reserve |
200.000 |
200.000 |
200.000 |
|
|
Proposed Dividend |
318.660 |
318.660 |
289.690 |
|
|
Corporate Dividend Tax |
54.160 |
54.160 |
46.990 |
|
|
Total |
5674.583 |
4721.850 |
3955.880 |
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN EXCHANGE |
|
|
|
|
|
Dividend |
0.136 |
0.129 |
NA |
|
|
Sales Consideration of Equity shares (Investments) |
1.449 |
0.000 |
NA |
|
|
TOTAL EARNING |
1.585 |
0.129 |
NA |
|
|
|
|
|
|
|
|
Earnings
/ (Loss) Per Share (Rs.) |
10.53 |
9.25 |
7.27 |
KEY RATIOS
|
PARTICULARS |
|
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
PAT / Total Income |
(%) |
40.70 |
40.93 |
38.78 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
68.94 |
66.90 |
62.37 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
14.67 |
14.87 |
10.98 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.11 |
0.10 |
0.08 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
0.22 |
0.12 |
0.16 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.14 |
1.79 |
1.62 |
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 |
289.691 |
289.691 |
289.691 |
|
Reserves & Surplus |
16431.180 |
17396.175 |
18547.922 |
|
Net worth |
16720.871 |
17685.866 |
18837.613 |
|
|
|
|
|
|
long-term borrowings |
2611.500 |
2067.000 |
3806.875 |
|
Short term borrowings |
6.569 |
120.637 |
391.758 |
|
Total borrowings |
2618.069 |
2187.637 |
4198.633 |
|
Debt/Equity ratio |
0.157 |
0.124 |
0.223 |
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) |
|
Sales |
2259.657 |
2706.008 |
2948.023 |
|
|
|
19.753 |
8.944 |
NET PROFIT MARGIN
|
Net Profit Margin |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(Rs. In Millions) |
(Rs. In Millions) |
(Rs. In Millions) |
|
Sales |
2259.657 |
2706.008 |
2948.023 |
|
Profit |
1053.416 |
1338.792 |
1525.553 |
|
|
46.62% |
49.47% |
51.75% |
LOCAL AGENCY FURTHER INFORMATION
|
Sr. No. |
Check List by Info Agents |
Available in
Report (Yes / No) |
|
1] |
Year of Establishment |
Yes |
|
2] |
Locality of the firm |
Yes |
|
3] |
Constitutions of the firm |
Yes |
|
4] |
Premises details |
No |
|
5] |
Type of Business |
Yes |
|
6] |
Line of Business |
Yes |
|
7] |
Promoter's background |
Yes |
|
8] |
No. of employees |
Yes |
|
9] |
Name of person contacted |
Yes |
|
10] |
Designation of contact
person |
Yes |
|
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 |
Yes |
|
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 |
LITIGATION DETAILS
|
CASE DETAILS BENCH:-BOMBAY
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
OPERATIONS
The Phoenix Mills Limited (PML) has emerged as the leading retail led real-estate firm and the largest mall developer/operator across India. They have 22 rare and irreplaceable city-centric realty assets (retail, residential, commercial and hospitality) and over 6 million sq. ft. of prime retail space under management. They have emerged as a leading commercial and residential property developer through our mixed-use asset development strategy.
Till date, we have delivered a multitude of projects aggregating nearly approx. 9 million sq. ft. mainly in Tier-1 cities of Mumbai, Bengaluru, Chennai and Pune. They have 7 mega malls under direct management and 4 malls in Tier-II cities through strategic tie-ups and investments, with a gross leasable area of approximately 7 million sq. ft. All our large-format retail malls are now operational. With an aggregate of 1900 stores and a fantastic array of approx. 400 leading domestic and global retail brands, their malls exhibit great substance and large operational scale. their have established our presence in major metros and Tier II cities of India.
Today, PML is suitably positioned to capitalise on India’s ever-growing consumption story. The response to our HSP Complex and four distinctive Phoenix Marketcity malls has been tremendous, evident through steadily rising consumption numbers (total consumption of approx. Rs. 37 bn. in Tier I cities) and average trading density of Rs. 1,152 psf pm. We are continuing to witness strong footfalls aggregating nearly 7.5 million per month across our malls indicating strong consumer interest towards our malls as a retail destination.
As each of their malls mature in terms of awareness and brand pull, we expect footfalls and consumption numbers to steadily keep growing. Their focus continues to be on maintaining and enhancing our retail-led assets. Palladium Premio, our luxury mall adjoining Phoenix Marketcity, Chennai, with 0.21 million sq. ft. of leasable area, is currently under construction.
During FY2014, their key focus has been consolidation of our market leadership as the owner, developer and manager of largeformat, prime, retail-led assets in the city-centres of India, with multiple options for shopping, entertainment and fine-dining. With their retail-led mixed-use asset development model, we strive to yield the best returns for their shareholders and consumers.
In our hospitality portfolio, Palladium Hotel atop Palladium Mall at HSP Complex is now maturing. With the current inventory of 309 rooms (this will ramp up to 384 rooms/suites/serviced apartments), the Hotel has clocked 46% occupancy as on 31st March, 2014. The Courtyard by Marriott, their five-star hotel in the tourist city of Agra, is fast nearing completion and is scheduled to be launched during FY15.
Meanwhile, we continue to focus on smooth execution of their ‘for sale’ commercial and residential projects currently under construction and their hotel in Agra, aggregating to nearly 6.7 million sq. ft. of saleable/built-up area. These include upmarket residential, commercial and hospitality assets in Mumbai, Bengaluru, Chennai, Pune and Agra. These projects are under various stages of development and are scheduled to be made operational over the next four years. Through these assets, we are showcasing how we create large-scale world-class retail destinations and deliver multiple projects within time and budget.
Management Discussion and Analysis (MDA), which forms a part of this report, deals comprehensively with their current operations and projects in the pipeline. It also deals with the current and future outlook of the Company.
MANAGEMENT DISCUSSION AND ANALYSIS
INDUSTRY REVIEW
INDIAN ECONOMY:
The Indian economy weathered the global financial crisis rather well. It quickly recovered from the decline in FY2008-09 to a healthy growth rate of around 9% annually during FY2009-10 and FY2010-11. However,
the recovery was short-lived as economic growth decelerated to 6.2% in FY2011-12 and further to 5.0% in FY2012-13 due to domestic and external factors. Despite some recovery in agriculture and the industrial sector, the overall GDP growth recorded during FY2013-14 was lower at 4.7%. In the fourth quarter of FY2014, GDP grew 4.6% (in terms of GDP at factor cost at constant prices).
The International Monetary Fund (IMF) has estimated a better year ahead for the Indian economy, as per the World Economic Outlook released in January 2014. A series of reform measures have been taken including the clearance of several large-scale projects by the Cabinet Committee on Investment. These are collectively projected to help revive the Indian economy and investor sentiments. In addition, the resurgence of exports, prospects of a revival in the global economy and moderation in inflation point towards a better outlook for the domestic economy during FY2014-15.
INDEX
OF CHARGES
|
S.NO. |
CHARGE ID |
DATE OF CHARGE
CREATION/MODIFICATION |
CHARGE AMOUNT
SECURED |
CHARGE HOLDER |
ADDRESS |
SERVICE REQUEST
NUMBER (SRN) |
|
1 |
10442754 |
11/07/2013 |
1,500,000,000.00 |
IDBI TRUSTEESHIP SERVICES LIMITED |
ASIAN BUILDING,
GROUND FLOOR, 17, R. KAMANI MARG, |
B81963969 |
|
2 |
10316498 |
24/10/2011 |
3,000,000,000.00 |
IDBI TRUSTEESHIP SERVICES LIMITED |
ASIAN BUILDING
GROUND FLOOR, 17, R.KAMANI MARG, BA |
B24871667 |
|
3 |
10288559 |
19/05/2011 |
5,600,000,000.00 |
IDBI TRUSTEESHIP SERVICES LIMITED |
ASIAN BLDG., GROUND
FLOOR, 17, R.KAMANI MARG, BA |
B13608229 |
|
4 |
80063276 |
27/12/1967 |
1,500,000.00 |
BANK OF INDIA |
M.G.ROAD, MUMBAI, MUMBAI, MAHARASHTRA - 400001, INDIA |
- |
|
5 |
80063274 |
17/04/1967 |
261,760.00 |
BANK OF INDIA |
70-80 M.G.ROAD, MUMBAI, MUMBAI, MAHARASHTRA - 400001, INDIA |
- |
|
6 |
80063281 |
24/01/1967 |
2,800,000.00 |
BANK OF INDIA & DENA BANK |
M.G.ROAD, MUMBAI, MUMBAI, MAHARASHTRA - 400001, INDIA |
- |
|
7 |
80063272 |
09/03/1966 |
168,000.00 |
BANK OF INDIA |
70-80 M G ROAD, MUMBAI, MUMBI, MAHARASHTRA - 400001, INDIA |
- |
|
8 |
80063282 |
18/12/1965 |
193,500.00 |
BANK OF INDIA |
M.G.ROAD, MUMBAI, MUMBAI, MAHARASHTRA - 400001, INDIA |
- |
|
9 |
80063277 |
06/04/1964 |
5,000,000.00 |
BANK OF INDIA AND DENA BANK |
M.G.ROAD, MUMBAI, MUMBAI, MAHARASHTRA - 400001, INDIA |
- |
|
10 |
80063278 |
06/04/1964 |
336,624.00 |
BANK OF INIA AND DENA BANK |
M.G.ROAD, MUMBAI, MUMBAI, MAHARASHTRA - 400001, INDIA |
- |
CONTINGENT
LIABILITIES NOT PROVIDED FOR IN RESPECT OF:-
a. Estimated amount of contracts remaining to be executed on capital account and not provided for in the accounts is Rs.1083.128 Millions (P.Y. Rs. 1716.626 Millions) net of advance paid.
b. The Income tax assessments of the Company have been completed up to Assessment Year 2011-2012. The disputed tax demand outstanding upto the said Assessment Year is Rs.196.489 Millions. The Company as well as the Income Tax Department are in appeal before the Appellate Authorities against the assessments of earlier financial years. The impact thereof, if any, on the tax position can be ascertained only after the disposal of the above appeals. Accordingly, the accounting entries arising there from will be passed in the year of the disposal of the said appeals.
c. The Service Tax Department has issued a Demand Notice of Rs.20.308 Millions to the company, against which the company has filed an appeal with the Service Tax Tribunal.
d. Demand notices received on account of arrears of Provident Fund dues aggregating to Rs.2.472 Millions (P.Y. Rs.2.472 Millions) are disputed by the Company. The Company has paid Rs.1.000 Millions and has also furnished a Bank Guarantee for Rs.1.471 Millions against the said P.F. demands to the P.F. authorities.
e. Disputed excise duty liability amounting Rs.Nil Millions ( P.Y. Rs.1.646 Millions)
f. Outstanding guarantees given by Banks Rs.2.770 Millions ( P. Y. Rs.2.770 Millions).
FIXED ASSETS
Tangible Assets
- Freehold Land
- Right on Leasehold Land
- Buildings
- Plant and Machinery
- Vehicles
- Office Furniture and Equiptment
Intangible Assets
- Computer Softwares
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.61.35 |
|
|
1 |
Rs.98.93 |
|
Euro |
1 |
Rs.77.92 |
INFORMATION DETAILS
|
Information
Gathered by : |
SVA |
|
|
|
|
Analysis Done by
: |
KAR |
|
|
|
|
Report Prepared
by : |
SNT |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
8 |
|
PAID-UP CAPITAL |
1~10 |
7 |
|
OPERATING SCALE |
1~10 |
8 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
8 |
|
--PROFITABILIRY |
1~10 |
7 |
|
--LIQUIDITY |
1~10 |
7 |
|
--LEVERAGE |
1~10 |
7 |
|
--RESERVES |
1~10 |
7 |
|
--CREDIT LINES |
1~10 |
7 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
YES |
|
--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 |
|
66 |
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.