MIRA INFORM REPORT
|
Report No. : |
338098 |
|
Report Date : |
25.08.2015 |
IDENTIFICATION DETAILS
|
Name : |
MAHINDRA LIFESPACE DEVELOPERS LIMITED |
|
|
|
|
Registered
Office : |
Mahindra Towers, 5th Floor, Road No.13, Worli, Mumbai – 400018,
Maharashtra |
|
Tel. No.: |
91-22-67478600/ 67478601 |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as
on) : |
31.03.2015 |
|
|
|
|
Date of
Incorporation : |
16.03.1999 |
|
|
|
|
Com. Reg. No.: |
11-118949 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs. 410.122 Million |
|
|
|
|
CIN No.: [Company Identification
No.] |
L45200MH1999PLC118949 |
|
|
|
|
IEC No.: |
Not Available |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
Not Available |
|
|
|
|
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. |
|
|
|
|
Line of Business
: |
Construction of Building. |
|
|
|
|
No. of Employees
: |
332 (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 |
|
Status : |
Good |
|
|
|
|
Payment Behaviour : |
Regular |
|
|
|
|
Litigation : |
Exist |
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|
|
|
Comments : |
Subject is a subsidiary of Mahindra and Mahindra Limited. It is an established company incorporated during the year 1999 having
a good track record. Overall financial position of the company is strong. Fundamental of
the company are healthy. Promoters are reported to be well-experienced and respectable
businessman. The company also receives strong operational and managerial support
from its holding company. Trade relations are reported as trustworthy. Business is active.
Payment terms are reported to be regular and as per commitment. In view of long track record, strong financial base and support from
its holding company, 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.
EXTERNAL AGENCY RATING
|
Rating Agency Name |
CRISIL |
|
Rating |
Long term Bank Loan facilities = A+ |
|
Rating Explanation |
Adequate degree of safety and carry low
credit risk. |
|
Date |
May 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
31-03-2013.
INFORMATION DECLINED BY
|
Name : |
Mr. Jayant Manmadkar |
|
Designation : |
Chief Financial Officer |
|
Contact No.: |
91-22-67478600 |
|
Date : |
20.08.2015 |
LOCATIONS
|
Registered/ Corporate Office : |
Mahindra Towers, 5th Floor, Road No.13, Worli, Mumbai – 400018,
Maharashtra, India |
|
Tel. No.: |
91-22-67478600/ 67478601 |
|
Fax No.: |
91-22-24975084 |
|
E-Mail : |
|
|
Website : |
|
|
|
|
|
Representative
Office – GCC Countries : |
M-1C, Mezzanine Floor, Sultan Business Centre, Next to Lamcy Plaza, P.O. Box 119373, Oud Metha, Dubai, United Arab Emirates |
|
Tel. No.: |
971-524950287/ 43708900 |
|
Fax No.: |
971-43708700 |
|
E-Mail : |
|
|
|
|
|
Branch Offices : |
Located at: · Mumbai · New Delhi · Pune · Chennai · Hyderabad · Bengaluru · Nagpur |
DIRECTORS
AS ON 31.03.2015
|
Name : |
Mr.
Arun Nanda |
|
Designation : |
Chairman |
|
Qualification : |
Degree
in Law from the University of Calcutta |
|
|
|
|
Name : |
Ms.
Anita Arjundas |
|
Designation : |
Managing
Director and Chief Executive Officer |
|
Date of Birth/Age : |
47
Years |
|
Qualification : |
B.
Sc, MBA (Marketing) |
|
Experience : |
24
Years |
|
|
|
|
Name : |
Mr.
Uday Y. Phadke |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr.
Sanjiv Kapoor |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr.
Shailesh Haribhakti |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr.
Anil Harish |
|
Designation : |
Director |
|
|
|
|
Name : |
Dr.
Prakash Hebalkar |
|
Designation : |
Director |
KEY EXECUTIVES
|
Name : |
Mr. Jayant Manmadkar |
|
Designation : |
Chief Financial Officer |
|
|
|
|
Name : |
Mr.
Suhas Kulkarni |
|
Designation : |
Company Secretary |
|
Date of Birth/Age : |
56 Years |
|
Qualification : |
B.Com,
FCS, LLB, FIIII, APSM - IIM C |
|
Experience : |
35 Years |
|
|
|
|
Leadership Team : |
Ms.
Anita Arjundas [Managing Director and Chief Executive Officer, MLDL and
President - Real Estate Sector] Ms.
Sangeeta Prasad [CEO - Integrated cities and Industrial clusters and Business
Head – South] Mr.
Rajendra Joshi [Business Head – West] Mr.
Ramesh Ranganathan [Head – Business Development and Business Head – North] Mr.
Deepak Porayath [Vice President - Operations, Bangalore] Mr.
S. Chandru [COO, Mahindra World City, Chennai] Mr.
Sanjay Srivastava [COO, Mahindra World City, Jaipur] Mr.
Sriram S. Mahadevan [Business Head – Happinest] Mr.
Suhas Kulkarni [Sr. Vice President - Legal and Company Secretary] Mr.
Jayantt Manmadkar [Chief Financial Officer] Mr.
Eric Hauptstein [Chief Project Officer] Mr.
Lancelot Cutinha [Head - Human Resources] Ms.
Smeeta Neogi [Vice President – Marketing] Mr.
Siddharth Bafna [Sr. General Manager - Strategy and Investor Relations] |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 30.06.2015
|
Category of Shareholder |
No. of Shares |
Percentage of
Holding |
|
(A) Shareholding of Promoter and Promoter
Group |
|
|
|
|
|
|
|
|
20846126 |
50.88 |
|
|
20846126 |
50.88 |
|
|
|
|
|
Total shareholding of Promoter and Promoter
Group (A) |
20846126 |
50.88 |
|
(B) Public Shareholding |
|
|
|
|
|
|
|
|
610099 |
1.49 |
|
|
16420 |
0.04 |
|
|
250 |
0.00 |
|
|
10592526 |
25.85 |
|
|
12783 |
0.03 |
|
|
12783 |
0.03 |
|
|
11232078 |
27.42 |
|
|
|
|
|
|
2519413 |
6.15 |
|
|
|
|
|
|
4094848 |
9.99 |
|
|
1744664 |
4.26 |
|
|
533061 |
1.30 |
|
|
518690 |
1.27 |
|
|
287 |
0.00 |
|
|
14084 |
0.03 |
|
|
8891986 |
21.70 |
|
Total Public shareholding (B) |
20124064 |
49.12 |
|
Total (A)+(B) |
40970190 |
100.00 |
|
(C) Shares held by Custodians and against which
Depository Receipts have been issued |
|
|
|
|
0 |
0.00 |
|
|
44810 |
0.00 |
|
|
44810 |
0.00 |
|
Total (A)+(B)+(C) |
41015000 |
100.00 |
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 |
AS a
% |
|
1 |
Mahindra and Mahindra Limited |
2,08,46,126 |
50.83 |
|
|
Total |
2,08,46,126 |
50.83 |
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
Shareholders |
No. of Shares |
AS a
% |
|
1 |
Amansa Holdings Private Limited |
2505170 |
6.11 |
|
2 |
Smallcap World Fund, INC |
2157380 |
5.26 |
|
3 |
ICICI Prudential Life Insurance Company Limited |
1289221 |
3.14 |
|
4 |
The Scottish Oriental Smaller Companies |
1094955 |
2.67 |
|
5 |
American Funds Insurance Serirs Global Small |
681356 |
1.66 |
|
6 |
National Westminster Bank Plc As Depositary Of First State Indian Subcontinent Fund A Sub Fund Of First State Investments ICVC |
617334 |
1.51 |
|
7 |
National Westminster Bank PLC As Depositary Of First State Indian Subcontinent Fund A Sub Fund Of First State Investments ICVC |
553183 |
1.35 |
|
|
Total |
8898599 |
21.70 |
Shareholding of securities (including shares, warrants, convertible
securities) of persons (together with PAC) belonging to the category “Public” and
holding more than 5% of the total number of shares of the company
|
Sl. No. |
Name(s) of the
shareholder(s) and the Persons Acting in Concert (PAC) with them |
No. of Shares |
AS a
% |
|
1 |
Amansa Holdings Private Limited |
2505170 |
6.11 |
|
2 |
Smallcap World Fund, INC |
2157380 |
5.26 |
|
|
Total |
4662550 |
11.37 |
BUSINESS DETAILS
|
Line of Business : |
Construction of Building. |
|
|
|
|
Brand Names : |
-- |
|
|
|
|
Agencies Held : |
-- |
|
|
|
|
Exports : |
Not Divulged |
|
|
|
|
Imports : |
Not Divulged |
|
|
|
|
Terms : |
Not Divulged |
PRODUCTION STATUS: NOT AVAILABLE
GENERAL INFORMATION
|
Suppliers : |
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Customers : |
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No. of Employees : |
332 (Approximately) |
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Bankers : |
·
Kotak Mahindra Bank Limited · HDFC Bank Limited |
||||||||||||||||||||||||||||||||||||||||||||
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Facilities : |
LONG-TERM BORROWINGS * Term Loan from Bank was
repaid on 10th June 2014. The loan was secured by a pari-passu charge on immovable
properties of the Company and were also secured by pari-passu charge on
specified movable and current assets of the Company, both present and future. #
Non Convertible Debentures The
terms and conditions of the Secured Non Convertible Debentures issued by the
Company are summarised below:-
The above debentures are
secured by an exclusive charge over all assets, including Land and building as
identified by the Company from time to time. At present the identified
assets are land owned by the Company which is accounted as a part of
Construction Work in Progress and land owned by its Subsidiary Mahindra
Integrated Township Limited. SHORT TERM BORROWINGS * Previous year amount is
cash credit from Bank was repaid on 10th June 2014. The loan was secured by a
pari-passu charge on immovable properties of the Company and were also
secured by pari-passu charge on specified movable and current assets of the
Company, both present and future. |
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
B.
K. Khare and Company Chartered Accountants |
|
Address : |
706/708, Sharda Chambers New Marine Limes, Mumbai-400020, Maharashtra,
India |
|
Tel. No.: |
91-22-22000607/ 7318/ 6360 |
|
Fax No.: |
91-22-22003476 |
|
E-Mail : |
|
|
|
|
|
Legal
Advisors : |
|
|
Name : |
Khaitan
and Company |
|
|
|
|
Memberships : |
-- |
|
|
|
|
Collaborators : |
-- |
|
|
|
|
Holding Company : |
Mahindra
and Mahindra Limited |
|
|
|
|
Fellow
Subsidiaries: |
·
Bristlecone India Limited ·
Mahindra Holidays and Resorts India Limited ·
Mahindra Consulting Engineers Limited ·
Mahindra Integrated Business Solutions
Private Limited · NBS International Private Limited |
|
|
|
|
Enterprises
under the control of the Company: |
·
Mahindra Infrastructure Developers Limited ·
Mahindra World City Developers Limited ·
Mahindra World City (Jaipur) Limited ·
Mahindra World City (Maharashtra) Limited ·
Mahindra Integrated Township Limited ·
Knowledge Township Limited ·
Mahindra Bebanco Developers Limited ·
Industrial Township (Maharashtra) Limited ·
Industrial Cluster Private Limited (Earlier
Known as Mahindra Housing Private Limited) ·
Raigad Business and Industrial Park limited ·
Anthurium Developers Limited ·
Mahindra Industrial Park Chennai Limited |
|
|
|
|
Joint
Venture: |
·
Mahindra Homes Private Limited Company (Earlier
Known as Watsonia Developers Private Limited and before that Watsonia
Developers Limited) ·
Mahindra Inframan Water Utilities Private
Limited ·
Mahindra Water Utilities Private Limited |
|
|
|
|
Associates: |
·
Topical Builders Private Limited · Kismat Developers Private Limited |
|
|
|
|
Others: |
·
Deepmangal Developers Private Limited ·
New Tirupur Area Development Corporation
Limited ·
Mahindra Knowledge Park (Mohali) Limited |
CAPITAL STRUCTURE
AFTER 07.08.2014
Authorised Capital : Rs. 1210.000 Million
Issued, Subscribed & Paid-up Capital : Rs. 410.150 Million
AS ON 31.03.2015
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
115000000 |
Equity Shares |
Rs. 10/- each |
Rs. 1150.000 Million |
|
6000000 |
Unclassified
Shares |
Rs. 10/- each |
Rs. 60.000 Million |
|
|
Total |
|
Rs. 1210.000
Million |
Issued Capital:
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
41053051 |
Equity Shares |
Rs. 10/- each |
Rs. 410.531
Million |
|
|
|
|
|
Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
41012200 |
Equity Shares |
Rs. 10/- each |
Rs. 410.122
Million |
|
|
|
|
|
Reconciliation
of number of shares:
|
Particular |
31.03.2015 |
|
|
Equity
Shares |
No.
of Shares |
Amount
in Million |
|
Balance
as at the beginning of the year |
4,08,48,350 |
408.484 |
|
Add: Shares Issued
(earlier kept in abeyance) |
- |
- |
|
Add:
Stock Options exercised during the year |
163850 |
1.638 |
|
Balance
as at the end of the year |
41012200 |
410.122 |
b. Equity Shares: The Company
has issued one class of equity shares having a par value of Rs. 10 per share.
Each shareholder is eligible for one vote per share.
c. Shares held by holding
company:
|
Particular |
31.03.2015 |
|
|
Equity Shares |
No.
of Shares |
%
of holding |
|
Mahindra
& Mahindra Limited |
2,08,46,126 |
50.83% |
Other
than the above shares, no shares are held by any subsidiaries or associates of
the holding Company.
d. Details of shares held
by shareholders including Holding Company, holding more than 5% of the
aggregate shares in the Company:
|
Particular |
31.03.2015 |
|
|
Equity
shares |
No.
of Shares |
%
of holding |
|
Mahindra
& Mahindra Limited (Holding Company) |
2,08,46,126 |
50.83% |
|
Amansa
Investments Limited |
25,05,170 |
6.11% |
|
Small
Cap World Fund, INC |
21,57,380 |
5.26% |
e.
Shares reserved for issue under options:
The Company has 5,58,430
(Previous Year 6,12,656) equity shares of Rs. 10/- each reserved for issue
under options.
f. The allotment of 40,851
(Previous Year 40,851) equity shares of the Company has been kept in abeyance
in accordance with Section 206A of the Companies Act, 1956 (Section 126 of the
Companies Act 2013), till such time as the title of the bonafide owner of the
shares is certified by the concerned Stock Exchange or the Special Court (Trial
of Offences relating to Transactions in Securities).:
FINANCIAL DATA
[all figures are
in Rupees Million]
ABRIDGED
BALANCE SHEET
|
SOURCES OF FUNDS |
31.03.2015 |
31.03.2014 |
31.03.2013 |
|
I.
EQUITY AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
410.122 |
408.484 |
408.397 |
|
(b) Reserves & Surplus |
12821.227 |
10964.641 |
11488.449 |
|
(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) |
13231.349 |
11373.125 |
11896.846 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) Long-term borrowings |
5000.000 |
5500.000 |
1100.000 |
|
(b) Deferred tax liabilities (Net) |
4.453 |
0.000 |
0.000 |
|
(c)
Other long term liabilities |
0.000 |
0.000 |
0.000 |
|
(d)
long-term provisions |
1045.418 |
1038.736 |
10.413 |
|
Total
Non-current Liabilities (3) |
6049.871 |
6538.736 |
1110.413 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a)
Short term borrowings |
0.000 |
456.563 |
1972.259 |
|
(b)
Trade payables |
1631.232 |
1296.119 |
1197.386 |
|
(c)
Other current liabilities |
1045.563 |
1617.783 |
1786.239 |
|
(d)
Short-term provisions |
381.933 |
432.586 |
440.975 |
|
Total
Current Liabilities (4) |
3058.728 |
3803.051 |
5396.859 |
|
|
|
|
|
|
TOTAL |
22339.948 |
21714.912 |
18404.118 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a)
Fixed Assets |
|
|
|
|
(i)
Tangible assets |
298.020 |
285.677 |
247.469 |
|
(ii)
Intangible Assets |
0.000 |
0.000 |
0.000 |
|
(iii)
Capital work-in-progress |
0.000 |
0.000 |
8.187 |
|
(iv) Intangible assets under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current
Investments |
5733.979 |
6569.041 |
3201.329 |
|
(c) Deferred tax assets
(net) |
0.000 |
25.941 |
15.812 |
|
(d) Long-term Loan
and Advances |
2563.156 |
2142.956 |
176.456 |
|
(e)
Other Non-current assets |
11.144 |
9.334 |
6.626 |
|
Total
Non-Current Assets |
8606.299 |
9032.949 |
3655.879 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a)
Current investments |
0.000 |
933.644 |
1110.110 |
|
(b)
Inventories |
7893.266 |
6549.033 |
5811.083 |
|
(c)
Trade receivables |
155.242 |
263.066 |
241.034 |
|
(d)
Cash and cash equivalents |
416.527 |
346.205 |
906.810 |
|
(e)
Short-term loans and advances |
3027.070 |
3209.261 |
5990.216 |
|
(f)
Other current assets |
2241.544 |
1380.754 |
688.986 |
|
Total
Current Assets |
13733.649 |
12681.963 |
14748.239 |
|
|
|
|
|
|
TOTAL |
22339.948 |
21714.912 |
18404.118 |
PROFIT
& LOSS ACCOUNT
|
|
PARTICULARS |
31.03.2015 |
31.03.2014 |
31.03.2013 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
6240.130 |
3070.652 |
3515.205 |
|
|
|
Other Income |
1360.241 |
1142.625 |
707.347 |
|
|
|
TOTAL (A) |
7600.371 |
4213.277 |
4222.552 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Operating Expenses |
2989.415 |
2187.891 |
2257.745 |
|
|
|
Employee Remuneration and Benefits |
451.820 |
303.869 |
259.701 |
|
|
|
Administration and Other Expenses |
536.429 |
290.892 |
266.813 |
|
|
|
TOTAL (B) |
3977.664 |
2782.652 |
2784.259 |
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
3622.707 |
1430.625 |
1438.293 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL EXPENSES (D) |
218.166 |
393.488 |
61.771 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
3404.541 |
1037.137 |
1376.522 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
27.440 |
23.195 |
17.704 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
3377.101 |
1013.942 |
1358.818 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
1044.144 |
236.641 |
383.922 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
2332.957 |
777.301 |
974.896 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Consideration
received on sale of residential units |
0.498 |
0.000 |
21.194 |
|
|
TOTAL EARNINGS |
0.498 |
0.000 |
21.194 |
|
|
|
|
|
|
|
|
|
|
Earnings Per Share
(Rs.) |
|
|
|
|
|
|
Basic |
56.94 |
19.03 |
23.87 |
|
|
|
Diluted |
56.70 |
19.03 |
23.87 |
|
CURRENT MATURITIES
OF LONG TERM DEBT DETAILS
|
PARTICULARS |
31.03.2015 |
31.03.2014 |
31.03.2013 |
|
Current Maturities of Long term Borrowings |
0.000 |
1000.000 |
1000.000 |
|
|
|
|
|
|
Cash generated from operations |
1619.653 |
(1030.938) |
(1062.409) |
|
|
|
|
|
|
Net Cash (used in) / from operating activities |
693.602 |
(1321.765) |
(1535.192) |
KEY
RATIOS
|
PARTICULARS |
|
31.03.2015 |
31.03.2014 |
31.03.2013 |
|
Net Profit Margin (PAT / Sales) |
(%) |
37.39 |
25.31 |
27.73 |
|
|
|
|
|
|
|
Operating Profit Margin (PBDIT/Sales) |
(%) |
58.05 |
46.59 |
40.92 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
20.34 |
6.71 |
8.95 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.26 |
0.09 |
0.11 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
0.38 |
0.61 |
0.34 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
4.49 |
3.33 |
2.73 |
Total Liability = Short-term Debt + Long-term Debt + Current Maturities
of Long-term debts
STOCK
PRICES
|
Face Value |
Rs. 10.00/- |
|
|
|
|
Market Value |
Rs. 442.65/- |
FINANCIAL ANALYSIS
[all figures are
in Rupees Million]
DEBT EQUITY RATIO
|
Particular |
31.03.2013 |
31.03.2014 |
31.03.2015 |
|
|
(Rs.
In Million) |
(Rs.
In Million) |
(Rs.
In Million) |
|
Share Capital |
408.397 |
408.484 |
410.122 |
|
Reserves & Surplus |
11488.449 |
10964.641 |
12821.227 |
|
Money received against share
warrants |
0.000 |
0.000 |
0.000 |
|
Share Application money
pending allotment |
0.000 |
0.000 |
0.000 |
|
Net
worth |
11896.846 |
11373.125 |
13231.349 |
|
|
|
|
|
|
Long-term borrowings |
1100.000 |
5500.000 |
5000.000 |
|
Short term borrowings |
1972.259 |
456.563 |
0.000 |
|
CURRENT MATURITIES OF LONG-TERM BORROWINGS |
1000.000 |
1000.000 |
0.000 |
|
Total
borrowings |
4072.259 |
6956.563 |
5000.000 |
|
Debt/Equity
ratio |
0.342 |
0.612 |
0.378 |
YEAR-ON-YEAR GROWTH
|
Year
on Year Growth |
31.03.2013 |
31.03.2014 |
31.03.2015 |
|
|
(Rs.
In Million) |
(Rs.
In Million) |
(Rs.
In Million) |
|
Sales |
3515.205 |
3070.652 |
6240.130 |
|
|
|
(12.647) |
103.218 |
NET PROFIT MARGIN
|
Net
Profit Margin |
31.03.2013 |
31.03.2014 |
31.03.2015 |
|
|
(Rs.
In Million) |
(Rs.
In Million) |
(Rs.
In Million) |
|
Sales |
3515.205 |
3070.652 |
6240.130 |
|
Profit |
974.896 |
777.301 |
2332.957 |
|
|
27.73% |
25.31% |
37.39% |
LOCAL AGENCY FURTHER INFORMATION
|
Sr. No. |
Check list by
info agents |
Available in
Report (Yes/No) |
|
1 |
Year of establishment |
Yes |
|
2 |
Constitution of the entity -Incorporation
details |
Yes |
|
3 |
Locality of the entity |
Yes |
|
4 |
Premises details |
No |
|
5 |
Buyer visit details |
-- |
|
6 |
Contact numbers |
Yes |
|
7 |
Name of the person contacted |
Yes |
|
8 |
Designation of contact person |
Yes |
|
9 |
Promoter’s background |
Yes |
|
10 |
Date of Birth of Proprietor / Partners /
Directors |
Yes |
|
11 |
Pan Card No. of Proprietor / Partners |
No |
|
12 |
Voter Id Card No. of Proprietor / Partners |
No |
|
13 |
Type of business |
Yes |
|
14 |
Line of Business |
Yes |
|
15 |
Export/import details (if applicable) |
No |
|
16 |
No. of employees |
Yes |
|
17 |
Details of sister concerns |
Yes |
|
18 |
Major suppliers |
No |
|
19 |
Major customers |
No |
|
20 |
Banking Details |
Yes |
|
21 |
Banking facility details |
Yes |
|
22 |
Conduct of the banking account |
-- |
|
23 |
Financials, if provided |
Yes |
|
24 |
Capital in the business |
Yes |
|
25 |
Last accounts filed at ROC, if applicable |
Yes |
|
26 |
Turnover of firm for last three years |
Yes |
|
27 |
Reasons for variation <> 20% |
-- |
|
28 |
Estimation for coming financial year |
No |
|
29 |
Profitability for last three years |
Yes |
|
30 |
Major shareholders, if available |
Yes |
|
31 |
External Agency Rating, if available |
Yes |
|
32 |
Litigations that the firm/promoter
involved in |
Yes |
|
33 |
Market information |
-- |
|
34 |
Payments terms |
No |
|
35 |
Negative Reporting by Auditors in the
Annual Report |
No |
LITIGATION DETAILS
|
HIGH COURT OF
BOMBAY |
|
CASE DETAILS BENCH: BOMBAY |
|
Presentation
Date: 01.07.2014 |
|
Lodging No: ITXAL/1263/2014 Filing
Date: 01.07.2014 Reg. No.: ITXA/24/2015 Reg. Date: 09.01.2015 |
|
Petitioner: THE COMMISSIONER OF INCOME TAX-6 Respondent: MAHINDRA LIFESPACE
DEVELOPERS LIMITED Petn. Adv : A R MALHOTRA (I3164)
Resp. Adv.: SANJIV M. SHAH (0) District: MUMBAI |
|
Bench: SINGLE Status: Pre-Admission Category: TAX
APPEALS Last Date: 25.09.2014
Stage: FOR REJECTION [ORIGINAL SIDE MATTERS] Last Coram: REGISTRAR(OS)/PROTHONOTARY & SR. MATTER |
|
Act: Income Tax Act, 1961 UNDER SECTION: 260A |
INDEX OF CHARGES
|
S.NO. |
CHARGE ID |
DATE OF CHARGE
CREATION/MODIFICATION |
CHARGE AMOUNT
SECURED |
CHARGE HOLDER |
ADDRESS |
SERVICE REQUEST
NUMBER (SRN) |
|
1 |
10570260 |
06/05/2015 |
1,250,000,000.00 |
KOTAK MAHINDRA BANK LIMITED |
27BKC, C 27, G
BLOCK, BANDRA KURLA COMPLEX, BANDR |
C54077938 |
|
2 |
10439613 |
30/09/2013 * |
5,000,000,000.00 |
AXIS TRUSTEE SERVICES LIMITED |
AXIS HOUSE, 2ND FLR,
BOMBAY DYEING MILLS COMPOUND, |
B88046339 |
|
3 |
10225430 |
12/01/2015 * |
250,000,000.00 |
YES BANK LIMITED |
9TH FLOOR, NEHRU
CENTRE, DISCOVERY OF INDIA,, DR. |
C42705129 |
OPERATIONS / STATE OF THE COMPANY’S AFFAIRS:
Even as the economic
environment in India continued to be challenging, the situation improved
somewhat as the year progressed, especially in the second half of 2014-15.
According to the advance estimates released by the Central Statistical
Organisation (CSO), India’s GDP growth is expected to be 7.5 per cent in
2014-15, around 1 percentage point higher than the previous year. As far as the
real estate industry is concerned, the overall performance was subdued —
housing prices, rents and offtake of housing loans continued to be sluggish.
In this environment, the Company
performed well — focusing on improving efficiencies and developing new markets,
expanding its presence in newer segments in residential business and
implementing plans to augment the product offering in the integrated
development space. Both operational segments of ther Company — residential and
integrated developments — showed progress during the year. There were no
changes in the
nature of business during
the year.
In the residential
business, the Company made a successful foray in the affordable housing segment
with two pilot projects in Chennai and Mumbai Metropolitan Region under the
name ‘Happinest’. The Company also launched two new projects in the luxury and
holiday home segments. In addition, fresh inventory in 3 of its existing
projects was also launched during the year. During 2014-15, the Company sold
over 1,400 residential units across its ongoing and newly launched projects,
including projects of its subsidiary companies in the residential space. The
Company had entered into mutually agreed consent terms with a land-owner in
respect to one of its project, where there was a dispute with the land owner
and in accordance with the consent terms, the Company during the year has
completed the sale of land in relation thereto.
In the large format
developments, Mahindra World City, Jaipur, saw a significantly improved
performance compared to the previous year, with better demand and appreciation
in prices. Mahindra World City, Chennai, also signed industrial land leases in
the Domestic Tariff Area, even as most of the development there is currently in
residential and social infrastructure. These enabled the Company to register a
creditable performance in a challenging macroeconomic environment.
The consolidated total
income of your Company increased from Rs. 7562.000 Rs. 114.757 Million in
2013-14 to Rs. 114.757 Million in 2014-15. The consolidated Profit before tax
(PBT) stood at Rs. 42,10.200 Million in 2014-15 as compared to Rs. 1609.400 Rs.
114.757 Million in 2013-14, whereas the consolidated profit after tax (PAT)
after minority interest was Rs. 2662.000 Million as compared to Rs. 1006.300
Million during 2013-14.
Total income of your
Company as a standalone entity was Rs. 76,00.400 Million as compared to Rs.
4213.300 Million in 2013-14. PBT was Rs. 3377.100 Million as compared to Rs.
1013.900 Million in 2013-14, whereas PAT was Rs. 23,33.000 Million as compared
to Rs 7,77.300 Million in 2013-14. Total income includes a dividend income of
Rs. 72.700 Million received from its subsidiary Mahindra World City Developers
Limited, Rs. 74.000 Million received from its subsidiary Mahindra World City
(Jaipur) Limited and Rs. 74.000 Million received from its subsidiary Mahindra
Integrated Township Limited, during the year as compared to Rs. 95.300 Million
and Rs. 51.800 Million from Mahindra World City Developers Limited and Mahindra
World City (Jaipur) Limited respectively in 2013 -14.
No material changes and
commitments have occurred after the close of the year till the close of this
Report, which affect the financial position of the Company.
MANAGEMENT
DISCUSSION AND ANALYSIS:
INTRODUCTION
AND PERFORMANCE HIGHLIGHTS
Mahindra Lifespaces is one
of the few real estate companies in India with the experience of serving both
retail consumers and businesses through its two segments of operations —
residential development and large format integrated cities/industrial clusters.
This continued to be the strategic direction in which the Company moved in
2014-15, as it looked to expand its presence in newer segments in the
residential market or augment its offering in the large format development
space. Here are the key highlights of the Company’s performance in 2014-15:
In the residential segment,
the company made a successful foray into the affording housing segment with two
pilot projects in Chennai and Mumbai Metropolitan Region under the brand name
of ‘Happinest’. The Company also launched two new projects — ‘Luminare’ and
‘The Serenes’— in the luxury and holiday home segments respectively. In
addition, fresh inventory in 3 of its existing projects was also launched
during the year. During 2014-15, the Company sold over 1,400 residential units
across its ongoing and newly launched projects, including projects of its
subsidiary companies in the residential space. In recognition of its efforts to
implement innovative and sustainable practices, Mahindra Lifespace was selected
as one of India’s ‘Top Inno-Visionary Builders’ at the Construction World
Architect and Builder (CWAB) Awards, 2014.
In the large format developments,
the integrated business city, Mahindra World City, Jaipur, saw a healthy
appreciation in demand and value. This resulted, especially in the second half
of the year, in a significantly improved performance, compared to the previous
year. Mahindra World City, Chennai also signed industrial land leases in the
Domestic Tariff Area, even as most of the development there is currently in
residential and social infrastructure. As the macroeconomic environment
improves further, the Company is gearing-up to diversify its portfolio in this
segment, to create a network of industrial clusters in upcoming industrial
destinations.
Another important aspect of
the Company’s performance during the year was the success it achieved in its
effort to strengthen the organisational capabilities and make them scalable.
Building sales and marketing channels, augmenting the customer relationship
management (CRM) function, improving pace of project execution with renewed
focus on quality and safety, and implementation of IT based systems were some
of the focus areas. These have been discussed in greater detail in subsequent
sections of the report.
All of these enabled the
Company to register a creditable performance in a challenging macroeconomic
environment. The highlights of Mahindra Lifespaces’ financial performance
during the year, as a consolidated entity, are given below:
·
Consolidated
income of the Company grew by 52 per cent from Rs 756.000 Million in 2013-14 to
Rs. 1,148.000 Million in 2014-15;
·
Profit
before depreciation, interest and taxes (PBDIT) increased by 120 per cent from
Rs. 22.100 Million in 2013-14 to Rs. 48.600 Million in 2014-15. Profit before
taxes (PBT) grew by 162 per cent to Rs. 42.100 Million in 2014-15;
·
Profit
after taxes (PAT) grew by 157 per cent from Rs. 110.000 Million in 2013-14 to
Rs. 283.000 Million in 2014-15. After accounting for minority interest, the
consolidated net profit (PAT) of the Company increased by 165 per cent from Rs.
101.000 Million to Rs. 266.000 Million during 2014-15;
·
Diluted
earnings per share (EPS) of the Company increasedby 163 per cent to Rs. 64.70
in 2014-15 as compared to 24.64 in the previous year.
In the remainder of the
report, we will present the operational and financial performance of the
Company, which is followed by a discussion on risks and concerns and the
outlook for the future. We begin with an overview of the macroeconomic and
industry environment.
INFORMATION
TECHNOLOGY (IT) :
As Mahindra Lifespaces is
gearing-up to achieve greater flexibility and scale in terms of implementing
projects in different business segments and across geographies, use of
sophisticated IT tools, systems and processes has become an important source of
competitive advantage.
The Company has
consistently invested significant resources in developing a strong IT and
communication infrastructure which encompasses all key business and
administrative functions as well as project sites. Mahindra Lifespaces’ IT
infrastructure includes a SAP ERP for its core and peripheral business
functions, primary and disaster recovery data centres, best-in-class
communication and productivity tools, and access to specialised
industry-specific software.
During 2014-15, the Company
implemented several initiatives leveraging its IT infrastructure to improve
efficiencies and optimise costs.
·
Real-time
monitoring tool for both statutory compliances related to taxations and
internal compliances, which allows storage and easy retrieval of endorsed
documents as well as payment information made across all offices and project
sites. A dashboard provides the top management with the complete compliance
status across all locations on a single page.
·
Mobile applications were implemented for several
key areas: purchase requisition and purchase order approvals; construction
milestone date confirmation at project sites; ‘MEConnect’ for employees
mentioned in the section on HR; and, leave application and approvals through
SMS.
·
Camera monitoring solution, where a range of
stationary and mobile cameras are deployed on project sites that allow remote
monitoring of the projects, and thereby, significantly increase efficiency by
making experts available at short notice and bringing down travel-related
costs.
·
A comprehensive management reporting and analysis
solution was implemented which provides MIS dashboard with a range of
customised options to the management for all functions such as finance,
execution, sourcing, sales, CRM, etc.
·
CRM
solution implementation for the affordable housing business that was launched
during the year.
The Company received
several awards and recognitions for these IT initiatives: On the Job Achievers
Contest 2014 – National Institute of Industrial Engineering (NITIE); The ICONIC
IDC Insights award 2014 - International Data Corporation; and, EDGE Award 2014
- Information Week - UB Media.
OUTLOOK:
The world economy is
witnessing increasingly divergent trends. Even as the recovery is gaining
traction in the US and UK, the situation in Euro Area and Japan continue to be
worrisome. China, on the other hand, appears to be going through a carefully
managed slowdown.
As far as India is
concerned, there were mixed signals as 2014- 15 came to a close. Although the
GDP numbers show a healthy increase in output, the performance of corporates
continues to be lagging behind. At the same time, even as there was a
consistent and broad-based decline in consumer inflation starting September
2014, the easing of monetary policy was circumspect — and came only towards the
end of the year. As a result, the transmission of the decline in policy rates
into lower borrowing costs is yet to fully take place.
The real estate market in
India operated in this challenging macroeconomic environment during the year.
Also, improvements in business and consumer confidence during the year were
weak. In this situation, Mahindra Lifespaces has delivered a creditable
performance. This has been possible only because of its strategy to focus on
the right market segments and geographies as well as its efforts to build its
sales and marketing network and improve efficiencies in project execution.
A turnaround in the
investment-growth cycle is widely expected in 2015-16, and the fiscal situation
continues to be relatively strong. But, there are downside risks in the form of
reversal in global commodity prices and poor south-west monsoon, and negative
surprises may derail the growth prospects. Plans announced in the Union Budget
to step-up infrastructure spending, focus on affordable housing and smart
cities augur well for the real estate industry. Mahindra Lifespaces, with its
presence in both residential and industrial segments, is well positioned to
leverage these opportunities. So, the outlook for 2015-16 remains cautiously
optimistic.
UNAUDITED FINANCIAL RESULTS FOR THE QUARTER ENDED
30.06.2015
(RS. IN MILLION)
|
Particulars |
|
30.06.2015 Quarter (Unaudited) |
|
Income from Operations |
|
1046.200 |
|
|
|
|
|
Expenditure |
|
|
|
(a) Cost of Project |
|
722.500 |
|
(b) Operating Expenses |
|
40.600 |
|
(c) Employee Cost |
|
132.300 |
|
(d) Provision for diminution in value of long term investment |
|
0.000 |
|
(e) Other Expenditure |
|
85.100 |
|
(f) Depreciation and Amortisation |
|
10.400 |
|
Total Expenditure |
|
990.900 |
|
|
|
|
|
Profit / (Loss) From Operations before other Income, Finance Cost & Exceptional Items |
|
55.300 |
|
Other Income |
|
241.400 |
|
|
|
|
|
Profit/(Loss) before Finance Cost and Exceptional items |
|
296.700 |
|
Finance Cost |
|
59.500 |
|
|
|
|
|
Profit before tax |
|
237.200 |
|
Provision for Current Tax |
|
68.600 |
|
Provision for Deferred Tax Liability/ (Asset) |
|
(9.500) |
|
|
|
|
|
Profit after tax |
|
178.100 |
|
|
|
|
|
Paid Up Equity Share Capital ( Face Value of Rs.10/- each ) |
|
410.200 |
|
|
|
|
|
Reserves (excluding revaluation reserves) Debenture Redemption Reserves) |
|
|
|
|
|
|
|
Basic Earnings per share (Rs) (not annualised) |
|
4.33 |
|
Diluted Earnings per share (Rs) (not annualised) |
|
4.32 |
|
|
|
|
|
Aggregate of Non Promoter shareholding |
|
|
|
Number of shares |
|
20168874 |
|
Percentage of holdings |
|
49.17% |
|
|
|
|
|
Promoters and Promoter group Shareholding |
|
|
|
a) Pledged/Encumbered |
|
|
|
1) No of shares |
|
|
|
2) Percentage of Share (as a % of the total shareholding of promoter and promoter group) |
|
-- |
|
3) Percentage of Share (as a % of the total share capital
of the company) |
|
-- |
|
|
|
|
|
b) Non-encumbered |
|
|
|
1) No of shares |
|
20846126 |
|
2) Percentage of Share (as a % of the total shareholding of promoter and promoter group) |
|
100% |
|
3) Percentage of Share (as a % of the total share capital
of the company) |
|
50.83% |
Reporting of Segment
wise Revenue, Results and Capital Employed
|
PARTICULARS |
Quarter Ended 30.06.2015 (Rs. In million)
(Unaudited) |
|
1] Segment Revenue |
|
|
a) Projects, Project
Management and Development |
996.300 |
|
b) Operating of
Commercial Complexes |
49.900 |
|
TOTAL |
1046.200 |
|
|
|
|
2] Segment Results |
|
|
a) Projects,
Project Management and Development |
248.000 |
|
b) Operating of
Commercial Complexes |
46.700 |
|
TOTAL |
294.700 |
|
|
|
|
Profit Before
Tax |
237.200 |
|
|
|
|
3] Capital Employed |
|
|
a) Projects,
Project Management and Development |
15945.800 |
|
b) Operating of
Commercial and Complexes |
192.900 |
|
c) Unallocated |
3044.900 |
|
TOTAL |
19183.600 |
NOTE:
1. The above results have been reviewed by the
Audit Committee and subsequently approved by the Board of Directors of the
Company at the Board meeting held on 31st July, 2015.
2. The figures for the quarter ended 31st
March, 2015 are the balancing figures between the audited figures in respect of
the full financial year and the published year to date figures upto third
quarter.
3. Investor Complaints received and disposed
of during the quarter ended 30th June, 2015
|
|
Nos |
|
Complaints pending at the beginning of the
quarter |
-- |
|
Complaints received during the quarter |
2 |
|
Disposal of the complaints |
2 |
|
Complaints lying unresolved at the end of
the quarter |
-- |
4. During the Quarter the paid up equity
capital and the securities premium account have gone up by Rs. 0.028 Million
and Rs. 1.139 Million respectively due to allotment of 2800 shares purshant to
exercise of stock options by eligible employees under ESOS 2006 and ESOS 2012.
5. During the quarter, ‘Mahindra
infrastructure Developers Limited’, a 100% subsidiary of the Company, has
executed an agreement to purchase additional 48999 equity shares in ‘Mahindra
Water Utilities Limited’ (MWUL) and as a result Mahindra infrastructure
Developers Limited will hold 989999% of the Equity Shares in ‘Mahindra Water
Utilities Limited’. The said share transfer was approved by MWUL on 27th
July, 2015 and as a result ‘Mahindra Water Utilities Limited’’ has now become a
subsidiary of ‘Mahindra infrastructure Developers Limited’ and consequently a
subsidiary of Mahindra Lifespace Developers Limited and Mahindra and Mahindra
Limited.
6. Loans and advances include project advances
of Rs. 1000.000 Million relating to a project whose commencement has been
delayed due to non performance by Vendors. The company has taken legal action
against the vendors to protect the interest of the Company where in the H’ble
High Court at Mumbai has given order restraining the vendors from creating any
third party rights in respect of the suit property of part with possession
thereor.
7. Since the nature of activities being
carried out by the Company is such that profits/losses from certain
transactions do not necessarily accrue evenly over the years, results of a
quarter may not be representative of profits/ losses for the year.
8. Previous period/ year figures have been
regrouped/ reclassified wherever found necessary, to conform to current period/
year classification.
CONTINGENT
LIABILITIES:
|
Particulars |
31.03.2015 (Rs.
In Million) |
31.03.2014 (Rs.
In Million) |
|
a)
Claims against the Company not acknowledged as debts represent : |
|
|
|
i) Claims awarded by the
Arbitrator to a civil contractor in respect of a project at Mumbai and the
Company’s appeal against the award has been admitted by the Mumbai High Court |
9.389 |
9.389 |
|
ii) Demand from local
authorities for transfer fees on transfer of property, disputed by the
Company |
12.399 |
12.399 |
|
iii) Demand from a local
authority for energy dues disputed by the Company |
216.404 |
216.404 |
|
iv) Claim from welfare association
in connection with project work, disputed by the Company |
450.000 |
450.000 |
|
|
0.000 |
0.000 |
|
b)
Income tax matters under appeal |
0.000 |
0.000 |
|
In respect of certain business
incomes re-classified by the Income tax Department as income from house
property and other disallowances, the Company has partially
succeeded in appeal and is pursuing the matter further with the higher
appellate authorities The liability net of Deferred
Tax Asset/Deferred Tax Liability would be Rs. 58.453 Million (previous year
Rs. 36.043 Million) |
58.453 |
36.043 |
|
|
|
|
|
Total |
746.645 |
724.235 |
FIXED ASSETS:
Tangible Assets
·
Land
·
Buildings
·
Plant and Machinery
·
Furniture and Fixtures
·
Vehicles
· Computer
· Leasehold Improvements
Intangible assets:
·
Software
PRESS RELEASES
MAHINDRA LIFESPACES
MULLS FORAY INTO MP, RAJASTHAN\
Realty player Mahindra Lifespaces , part of Mahindra Group, is looking at setting up residential projects in states like Andhra Pradesh, Rajasthan, Madhya Pradesh under the affordable housing space. The Mumbai-based company announced two projects in Mumbai and Chennai under 'Happinest' offering one and two BHK (Bedroom, Hall, Kitchen) categories. Elaborating about the plans, Mahindra Lifespaces, Business Head-Happinest, Sriram Mahadevan said the company is looking at revised affordable housing policies to be announced by some States.
"We are currently concentrating on Maharashtra. Also, we are looking at revised affordable housing policies in some of the states. One of the key factors is how the approval process is going to shape up," he told PTI, here.
"Whichever state addresses this and comes out with new affordable housing policy providing the right enabling atmosphere (for us), we are looking at those states", he said. "Some of the states which have discussed with various stakeholders, including us, for formulating affordable housing policies are Andhra Pradesh, Rajasthan and Madhya Pradesh. These will comprise of Happinest kind of projects", he said.
On the company's maiden project coming up Avadi here, Mahadevan said the company had sold more than 350 units of the total of 604 units in the first phase of the projects. "Now we are launching the second phase which comprises 176 units predominantly consisting of 1 BHK flats", he said. Happinest is spread across 13 acres and the project comprises 1,200 units.
The size of residential apartments range from 396 square feet to 677 square feet. The company announced its foray in Karnataka with the launch of premium residential project "Windchimes" on Bannerghatta Main Road in Bengaluru, recently. Mahindra Life stock price On August 24, 2015, at 10:09 hrs Mahindra Lifespace Developers was quoting at Rs 433.25, down Rs 9.4, or 2.12 percent. The 52-week high of the share was Rs 580.00 and the 52-week low was Rs 401.30.
The company's trailing 12-month (TTM) EPS was at Rs 22.26 per share as per the quarter ended June 2015. The stock's price-to-earnings (P/E) ratio was 19.46. The latest book value of the company is Rs 322.60 per share. At current value, the price-to-book value of the company is 1.34.
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. 66.51 |
|
|
1 |
Rs.
104.01 |
|
Euro |
1 |
Rs. 76.27 |
INFORMATION DETAILS
|
Information
Gathered by : |
PPT |
|
|
|
|
Analysis Done by
: |
DIV |
|
|
|
|
Report Prepared
by : |
IND |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
7 |
|
PAID-UP CAPITAL |
1~10 |
7 |
|
OPERATING SCALE |
1~10 |
8 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
7 |
|
--PROFITABILIRY |
1~10 |
8 |
|
--LIQUIDITY |
1~10 |
7 |
|
--LEVERAGE |
1~10 |
7 |
|
--RESERVES |
1~10 |
8 |
|
--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.