MIRA INFORM REPORT
|
Report No. : |
350635 |
|
Report Date : |
03.12.2015 |
IDENTIFICATION DETAILS
|
Name : |
GEECEE VENTURES LIMITED |
|
|
|
|
Registered
Office : |
209- 210, Arcadia Building, 2nd Floor, 195 Nariman Point,
Mumbai- 400021, Maharashtra |
|
Tel. No.: |
91-22-66708610 |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as
on) : |
31.03.2015 |
|
|
|
|
Date of
Incorporation : |
14.02.1984 |
|
|
|
|
Com. Reg. No.: |
032170 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs.190.265 Million |
|
|
|
|
CIN No.: [Company Identification
No.] |
L24249MH1984PLC032170 |
|
|
|
|
IEC No.: |
Not Available |
|
|
|
|
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. |
|
|
|
|
Line of Business
: |
Subject Is Engaged In Wind Power
Generation, Real Estate and Financing Businesses In India. (Registered Activity) |
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|
|
|
No. of Employees
: |
31 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (45) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 8300000 |
|
|
|
|
Status : |
Satisfactory |
|
|
|
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Payment Behaviour : |
Usually Correct |
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|
|
|
Litigation : |
Clear |
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Comments : |
Subject is flagship company of the GEECEE GROUP, was initially engaged
in chemical business catering to both the domestic and international markets. In September 2009, the company sold its chemical business to Lanxes
(India) Private Limited, a subsidiary of German Multinational Lanxes AG for
an enterprise value of Rs.5500.000 million and net proceeds from the sale
amounted to Rs.2290.000 million. Post the sale, the company changed its name
to GeeCee Ventures Limited. In 2010, the company purchased five windmills in Rajsthan with an
aggregate generation capacity of 5.35 MW for Rs.270.000 million funded from
the proceeds of sale of chemical business. Eventually, the company entered
into real estate business by acquiring a land on lease basis from CIDCO at a
consideration of Rs.1010.000 million at Ghansoli, Navi Mumbai. During the year under review, the company has earned revenue of
Rs.434.132 million as compared to previous year revenue of Rs.144.288
million. The reason for increase in revenue in mainly on account of trading
done in equity shares and mutual funds and gain from sale of Long Term
Investments. Revenue from Real Estate will be accounted as per percentage
completion method and the company has not incurred 25% of the construction
and development cost and hence, not
recognized the revenue for the financial year 2014-2015. Due to aforesaid reason the company has achieved extraordinary growth
in its revenue profile and it has maintained decent profit margins at 27.17%
during FY 2015. Rating also takes into consideration company satisfactory financial
profile marked by adequate net worth base along with its sound debt coverage
indicators and fair liquidity position. However, rating strength is partially offset by promoter’s
inexperience in real estate development, high execution risk for the project,
pending debt tie-up and consideration reliance on customer advances to fund
the project. Trade relations are reported as fair. Payment terms are reported to be
usually correct. In view of aforesaid, the company can be considered for business
dealings at usual trade terms and condition. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – March 31, 2015
|
Country Name |
Previous Rating (31.12.2014) |
Current Rating (31.03.2015) |
|
India |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
EXTERNAL AGENCY RATING
|
Rating Agency Name |
CARE |
|
Facilities |
Long Term Bank Facilities (Suspended) |
|
Rating |
BBB- |
|
Rating Explanation |
Moderate Degree of Safety and Moderate Credit Risk |
|
Reason for suspension |
Absence of Adequate Information |
|
Date |
July 2015 |
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
31-03-2015.
INFORMATION DENIED BY
|
Name : |
Mr. Nilesh Umedlal |
|
Designation : |
Chief Financial Officer |
|
Contact No.: |
91-22-66708600 |
|
Date : |
23.11.2015 |
LOCATIONS
|
Registered Office : |
209- 210, Arcadia Building, 2nd Floor, 195 Nariman Point,
Mumbai- 400021, Maharashtra, India |
|
Tel. No.: |
91-22-66708600 |
|
Fax No.: |
91-22-66708650 |
|
E-Mail : |
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|
Website : |
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|
Works : |
Plot No. 6, Sector-11, New Palm Beach Road, Ghansoli, Navi Mumbai-
400701, Maharashtra, India The Mist, Dahivali Akurli Road, Karjat West, Indira Nagar, Near
Shivam, Karjat- 410201, Maharashtra, India 7201, 7211-12, GIDC Industial Estate, Ankleshwar, District Bharuch
(Gujarat), India Location No. AK-70, AK-71, and AK- 72. Village Jodha, District
Jaisalmer, Rajasthan, India Location No. 608 and 620, Kita Village, Taluka Fatehgarh, Rajasthan,
India. |
DIRECTORS
AS ON 31.03.2015
|
Name : |
Mr Ashwin Kumar Kothari |
|
Designation : |
Chairman And Non-Executive
Director |
|
Date of Appointment : |
01.01.2014 |
|
DIN No.: |
00033730 |
|
|
|
|
Name : |
Mr. Harisingh Shyamsukha |
|
Designation : |
Non- Executive Director |
|
DIN No.: |
00033325 |
|
|
|
|
Name : |
Mr. Gaurav Shyamsukha |
|
Designation : |
Whole Time Director |
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|
|
|
Name : |
Mr. Rohit Kothari |
|
Designation : |
Non- Executive Director |
|
|
|
|
Name : |
Mr. Rakesh Khanna |
|
Designation : |
Independed Director |
|
|
|
|
Name : |
Mr. Milan Mehta |
|
Designation : |
Independed Director |
|
|
|
|
Name : |
Mr. Pratap R. Merchant |
|
Designation : |
Independed Director |
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|
|
|
Name : |
Mr. Suresh Tapuriah |
|
Designation : |
Independed Director |
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|
|
|
Name : |
Ms. Neelam Sampat |
|
Designation : |
Independed Director |
|
Age In Year : |
34 Years |
|
Qualifications: |
B.com. LL.B. |
|
Date of Appointment : |
30.03.2015 |
|
DIN No.: |
07093487 |
|
Other Directorship : |
Four Dimension Securities India Limited |
|
|
|
|
Name : |
Mr. Vazathara Vasudevan Sureshkumar |
|
Designation : |
Independed Director |
|
Age : |
57 Years |
|
Qualification : |
B.Com, Diploma In Marketing and Management |
|
Date of Appointment : |
30.03.2015 |
|
DIN No.: |
00053859 |
|
Other Directorship: |
Arcies Laboratories Limited Winro Commercial India Limited Geecee Investments Limited Geecee Logistics And Distribution Private
Limited Aroni Commercials Limited Mountain Side Agriculture Private
Limited Rosy Agriculture Private Limited GCIL Finance Limited |
|
Committee membership: |
GCIL Finance Limited (Remuneration
Committee) |
KEY EXECUTIVES
|
Name : |
Mr. Nilesh Kala |
|
Designation : |
Chief Financial Officer |
|
|
|
|
Name : |
Mr. Sonali Sathe |
|
Designation : |
Company Secretary |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 30.09.2015
|
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 |
||
|
|
|
|
|
|
7286428 |
38.30 |
|
|
4832550 |
25.40 |
|
|
12118978 |
63.70 |
|
|
|
|
|
Total shareholding of Promoter and Promoter
Group (A) |
12118978 |
63.70 |
|
(B) Public Shareholding |
||
|
|
|
|
|
|
100 |
0.00 |
|
|
500 |
0.00 |
|
|
600 |
0.00 |
|
|
|
|
|
|
2033612 |
10.69 |
|
|
|
|
|
|
1797955 |
9.45 |
|
|
1687179 |
8.87 |
|
|
1388219 |
7.30 |
|
|
22415 |
0.12 |
|
|
47027 |
0.25 |
|
|
4583 |
0.02 |
|
|
1314194 |
6.91 |
|
|
6906965 |
36.30 |
|
Total Public shareholding (B) |
6907565 |
36.30 |
|
Total (A)+(B) |
19026543 |
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) |
19026543 |
0.00 |
BUSINESS DETAILS
|
Line of Business : |
Subject Is Engaged In Wind Power
Generation, Real Estate and Financing Businesses In India. (Registered Activity) |
|
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|
Products : |
-- |
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Brand Names : |
Not Available |
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Agencies Held : |
Not Available |
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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 : |
31 (Approximately) |
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Bankers : |
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Facilities : |
(Rs.
In Million)
|
|
Auditors : |
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|
Name : |
Sarda and Pareek Chartered Accountant |
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|
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Memberships : |
Not Available |
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Collaborators : |
Not Available |
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Subsidiaries companies: |
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Associate companies: |
|
CAPITAL STRUCTURE
AS ON 31.03.2015
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
50000000 |
Equity Shares |
Rs.10/- each |
Rs.500.000 Million |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
19026543 |
Equity Shares |
Rs.10/- each |
Rs. 190.265
Million |
|
|
|
|
|
Rights of Equity Shareholders
The
Company has only one class of Equity Shares having par value of Rs.10/- Each holder
of equity shares is entitled to one vote per share. In the event of liquidation
of the Company, the holder of equity shares will be entitled to receive any of
the remaining assets of the company, after distribution of all preferential
amount.
As on 31.03.2015
|
Particular |
Number |
Amount |
|
Shares outstanding at the beginning of the
year |
19026543 |
190.265 |
|
Share issue during the year |
- |
- |
|
Shares bought by during the year |
- |
- |
|
Shares outstanding at the end of the year |
19026543 |
190.265 |
More Than 5% Shareholding
|
Particular |
Number of share
held |
% of Holding |
|
Aroni Commercial Limited |
2350919 |
12.36 |
|
Arti Shyamsukha |
1352065 |
7.11 |
|
New Age Energy India Private Limited |
1340867 |
7.05 |
|
Arti Shyamsukha (Jointly With Harisingh
Shyamsukha) |
1110361 |
5.84 |
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 |
190.265 |
190.265 |
190.265 |
|
(b) Reserves &
Surplus |
2697.363 |
2611.686 |
2580.835 |
|
(c) Money received
against share warrants |
24.300 |
0.000 |
0.000 |
|
|
|
|
|
|
(2) Share Application
money pending allotment |
0.000 |
0.000 |
0.000 |
|
Total Shareholders’ Funds
(1) + (2) |
2911.928 |
2801.951 |
2771.100 |
|
|
|
|
|
|
(3) Non-Current
Liabilities |
|
|
|
|
(a) long-term borrowings |
0.380 |
0.000 |
0.000 |
|
(b) Deferred tax
liabilities (Net) |
66.289 |
72.513 |
73.167 |
|
(c) Other long term
liabilities |
0.000 |
0.000 |
0.000 |
|
(d) long-term provisions |
10.257 |
118.641 |
117.836 |
|
Total Non-current
Liabilities (3) |
76.926 |
191.154 |
191.003 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
0.000 |
0.000 |
0.000 |
|
(b) Trade payables |
23.318 |
36.267 |
8.745 |
|
(c) Other current
liabilities |
505.664 |
70.140 |
1.691 |
|
(d) Short-term provisions |
97.091 |
33.401 |
33.391 |
|
Total Current Liabilities
(4) |
626.073 |
139.808 |
43.827 |
|
|
|
|
|
|
TOTAL |
3614.927 |
3132.913 |
3005.930 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
266.278 |
269.266 |
275.264 |
|
(ii) Intangible Assets |
0.000 |
0.000 |
0.000 |
|
(iii) Capital
work-in-progress |
0.000 |
0.000 |
0.000 |
|
(iv) Intangible assets
under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current
Investments |
323.865 |
225.765 |
227.574 |
|
(c) Deferred tax assets
(net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
104.170 |
253.686 |
3.811 |
|
(e) Other Non-current
assets |
8.500 |
70.657 |
77.766 |
|
Total Non-Current Assets |
702.813 |
819.374 |
584.415 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
0.000 |
167.500 |
198.000 |
|
(b) Inventories |
1357.921 |
1143.199 |
1075.186 |
|
(c) Trade receivables |
8.239 |
2.454 |
4.026 |
|
(d) Cash and cash
equivalents |
1305.258 |
818.942 |
393.906 |
|
(e) Short-term loans and
advances |
157.063 |
170.367 |
745.184 |
|
(f) Other current assets |
83.633 |
11.077 |
5.213 |
|
Total Current Assets |
2912.114 |
2313.539 |
2421.515 |
|
|
|
|
|
|
TOTAL |
3614.927 |
3132.913 |
3005.930 |
PROFIT
& LOSS ACCOUNT
|
|
PARTICULARS |
31.03.2015 |
31.03.2014 |
31.03.2013 |
|
|
SALES |
|
|
|
|
|
Income |
434.132 |
144.288 |
129.391 |
|
|
Other Income |
26.689 |
22.443 |
48.425 |
|
|
TOTAL |
460.821 |
166.731 |
177.816 |
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
Cost of Materials
Consumed |
205.042 |
62.377 |
0.000 |
|
|
Purchases of
Stock-in-Trade |
280.000 |
0.000 |
0.000 |
|
|
Changes in inventories of
finished goods, work-in-progress and Stock-in-Trade |
(205.042) |
(62.377) |
0.000 |
|
|
Employees benefits
expense |
33.786 |
30.973 |
41.925 |
|
|
Other expenses |
49.762 |
27.754 |
23.551 |
|
|
TOTAL |
363.548 |
58.727 |
65.476 |
|
|
|
|
|
|
|
Less |
PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND
AMORTISATION |
97.273 |
108.004 |
112.340 |
|
|
|
|
|
|
|
Less |
FINANCIAL EXPENSES |
0.198 |
0.032 |
1.206 |
|
|
|
|
|
|
|
|
PROFIT / (LOSS) BEFORE TAX,
DEPRECIATION AND AMORTISATION |
97.075 |
107.972 |
111.134 |
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION |
18.165 |
17.717 |
17.842 |
|
|
PROFIT BFORE EXCEPTIONAL
AND EXTRA ORDINARY ITEM AND TAX |
78.910 |
90.254 |
93.292 |
|
Less/ Add |
EXCEPTIONAL ITEM |
(0.435) |
0.198 |
0.000 |
|
|
EXTRA ORDINORY INCOME AND
TAX |
79.345 |
90.056 |
93.292 |
|
|
EXTRA ORDINARNY INCOM |
50.000 |
0.000 |
0.368 |
|
|
PROFIT/ (LOSS) BEFORE TAX |
129.345 |
90.056 |
92.924 |
|
|
|
|
|
|
|
Less |
TAX (H) |
4.102 |
25.814 |
30.257 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS) AFTER TAX |
125.243 |
64.242 |
62.667 |
|
|
|
|
|
|
|
|
VALUE OF IMPORTS ON C.I.F. BASIS |
17.061 |
1.637 |
Nil |
|
|
|
|
|
|
|
|
Earnings / (Loss) Per Share (Rs.) |
|
|
|
|
|
Basic |
6.85 |
3.39 |
3.24 |
|
|
Diluted |
5.76 |
3.39 |
3.24 |
CURRENT MATURITIES
OF LONG TERM DEBT DETAILS
|
Particulars |
31.03.2015 |
31.03.2014 |
31.03.2013 |
|
Current Maturities of Long term debt |
0.295 |
NA |
NA |
|
Cash generated from operations |
224.878 |
383.398 |
(825.053) |
|
Net cash flows from (used in) operations |
264.986 |
357.386 |
(847.629) |
QUARTERLY RESULTS
|
Particulars |
30.06.2015 (Unaudited |
30.09.2015 (Unaudited) |
|
|
1st Quarter |
2nd Quarter |
|
Net Sales |
61.107 |
10.141 |
|
Total Expenditure |
47.022 |
5.565 |
|
PBIDT (Excel OI) |
14.085 |
4.576 |
|
Other Income |
0.190 |
0.778 |
|
Operating Profit |
14.275 |
5.354 |
|
Interest |
0.007 |
0.004 |
|
Exceptional Items |
0.053 |
NA |
|
PBDT |
14.320 |
5.350 |
|
Depreciation |
0.423 |
0.419 |
|
Profit Before Tax |
13.897 |
4.931 |
|
Tax |
2.094 |
1.119 |
|
Provisions and
contingencies |
NA |
NA |
|
Profit After Tax |
11.803 |
3.812 |
|
Extraordinary Items |
NA |
NA |
|
Prior Period Expenses |
NA |
NA |
|
Other Adjustments |
NA |
NA |
|
Net Profit |
11.803 |
3.812 |
KEY
RATIOS
|
PARTICULARS |
|
31.03.2015 |
31.03.2014 |
31.03.2013 |
|
|
|
|
|
|
|
Net Profit Margin |
(%) |
28.85 |
44.52 |
48.43 |
|
|
|
|
|
|
|
Operating Profit Margin |
(%) |
22.41 |
74.85 |
86.82 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
3.58 |
2.87 |
3.09 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.04 |
0.03 |
0.03 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
0.00 |
0.00 |
0.00 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
4.65 |
16.55 |
55.25 |
STOCK
PRICES
|
Face Value |
Rs.10.00 /- |
|
Market Value |
Rs.12.50 /- |
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 |
190.265 |
190.265 |
190.265 |
|
Reserves & Surplus |
2580.835 |
2611.686 |
2697.363 |
|
Money received against
share warrants |
24.300 |
0.000 |
0.000 |
|
Share Application money pending allotment |
0.000 |
0.000 |
0.000 |
|
Net worth |
2795.400 |
2801.951 |
2887.628 |
|
|
|
|
|
|
long-term borrowings |
0.000 |
0.000 |
0.380 |
|
Short term borrowings |
0.000 |
0.000 |
0.000 |
|
CURRENT MATURITIES OF
LONG-TERM DEBTS |
0.000 |
0.000 |
0.000 |
|
Total borrowings |
0.000 |
0.000 |
0.380 |
|
Debt/Equity ratio |
0.000 |
0.000 |
0.000 |
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 |
129.391 |
144.288 |
434.132 |
|
|
|
11.513 |
200.879 |
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 |
129.391 |
144.288 |
434.132 |
|
Profit |
62.667 |
64.242 |
125.243 |
|
|
48.43% |
44.52% |
28.85% |
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 |
No |
|
8 |
Designation of contact person |
No |
|
9 |
Promoter’s background |
Yes |
|
10 |
Date of Birth of Proprietor / Partners /
Directors |
No |
|
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 |
No |
|
18 |
Major suppliers |
No |
|
19 |
Major customers |
No |
|
20 |
Banking Details |
Yes |
|
21 |
Banking facility details |
No |
|
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 |
-- |
|
33 |
Market information |
-- |
|
34 |
Payments terms |
No |
|
35 |
Negative Reporting by Auditors in the
Annual Report |
No |
OPERATIONS AND BUSINESS PERFORMANCE
During the year, the
Company has earned revenue of Rs.434.132 million as compared to previous year
revenue of Rs.144.288 million The reason for increase in revenue is mainly on
account of trading done in equity shares & mutual funds and gain from sale
of Long Term Investments. Extra Ordinary Income of Rs.50.000 million is on
account of write back of provision for hold back made in FY 2009-10 at the time
of sale of Chemical Business for completion of certain post-closing conditions.
The Company has been successfully able to complete those conditions and hence
the provision is no longer required. Net Profit after extra-ordinary item
before tax is Rs.125.243 million for the current year as compared to Rs.64.242
million for the previous year. Revenue from Real Estate will be accounted as
per guidance note issued by ICAI, which states that as per percentage
completion method revenue is to be recognized only if all the three conditions
are fulfilled viz.
a)
When
the stage of completion of the project reaches a reasonable level of
development. A reasonable level of development is not achieved if the
expenditure incurred on construction and development costs is less than 25 % of
the construction and development costs.
b)
Atleast
25% of the saleable project area is secured by contracts or agreements with
buyers.
c)
Atleast
10% of the total revenue as per the agreements of sale or any other legally
enforceable documents are realised at the reporting date in respect of each of
the contracts and it is reasonable to expect that the parties to such contracts
will comply with the payment terms as defined in the contracts.
However, the company has
not incurred 25% of the construction and development cost and hence, not
recognised the revenue for the financial year 2014-2015.
AMALGAMATION
The Board of Directors of
the company and the directors of its wholly owned subsidiary company i.e.
GeeCee Logistics & Distributions Private Limited at their respective
meetings held on 30th March, 2015, have approved a scheme of Amalgamation
(“Scheme”) between the said companies pursuant to Sections 391 to 394 of the
Companies Act, 1956. The Scheme is subject to regulatory and other necessary
approvals. The appointed date of the proposed scheme is kept as 1 April, 2014.
As per terms of the Scheme, shareholders of the Company will not receive any
equity shares of the Company. Pursuant to the consent of the Board, Company has
filed application with Stock Exchanges for obtaining No Objection Certificate,
after which the shareholders meeting will be called for their approval as per
the directions of the Bombay High Court.
MANAGEMENT
DISCUSSION AND ANALYSIS REPORT
ECONOMIC REVIEW
Global growth in 2014 was
lower than initially expected, continuing a pattern of disappointing outturns
over the past several years. At the same time, demand for oil has weakened due
to the slowdown worldwide.
However, the overall
economic situation in the country is looking better and the basic parameters of
the Indian economy are moving in the right direction. According to the Indian
Finance Ministry, the annual growth rate of the Indian economy is projected to
have increased to 7.4% in 2014-15 as compared with 6.9% in the fiscal year
2013-14 (The new growth numbers have been arrived at after a revision of the
way GDP is calculated in India.)
Indian inflation has
moderated sharply as global oil prices have slumped since last year. Further,
with inflation being at a record low has increased the possibility of the
reduction in interest rates, which will further boost the overall Indian
economy. Government of India has launched the “Make in India” campaign, which
includes major new initiatives designed to facilitate investment, promote
innovation, protect intellectual property and build best-in-class manufacturing
infrastructure. There is also an increased emphasis on reducing entry barriers
by introducing new de-licensing and deregulation measures thereby reducing
complexity and significantly increasing the ease of doing business.
INDUSTRY STRUCTURE AND
DEVELOPMENTS
Real estate is a critical
sector for India’s economy due to its large potential for employment
generation, capital attraction and revenue generation for the Government. After
witnessing fluctuating business cycles in the last decade, the real estate
sector witnessed a slowdown in FY15 due to moderate end user demand, rising
inventory and high finance costs. However, despite adverse sector dynamics,
prices were resilient in most cities and have dropped only in select micro
markets. Capital values of properties have risen in-exorbitantly which has
created affordability concerns in some markets. The property prices remained
elevated in Mumbai largely because developers were hit hard by the increased
cost of construction and debt. The developers had no option to hold on to
selling prices to cover up augmented prices of land parcel, high input cost and
increased cost of funding. To cope with this reduced demand and high pricing,
developers are now reducing the sizes of apartments in new projects in order to
target mid income customers. A number of factors are expected to contribute to
the growth of housing demand in India. Chief among them are rapid urbanisation
rates, a decreasing average household size and easier availability of home
loans. The new Government is expected to drive reforms and regulations that are
long overdue. The recent policy measures to relax Foreign Direct Investment
(FDI) norms, provide housing for all by 2022, create 100 smart cities and approve
Real Estate Investment Trusts (REITs) have boosted the confidence of
stakeholders.
FUTURE OUTLOOK
The long-awaited amendments
to the Real Estate (Regulation and Development) Bill were cleared by the
Cabinet on April 7, 2015. This is another move of the Government of India
geared towards achieving the objective of providing housing for all by 2022. In
a recent development, the Union Cabinet passed the amendments to the Real
Estate Regulatory Bill. This will further help to boost the real estate market.
In 2015, economic activity is picking pace and this expectation is in keeping
with the developments taking place in the sector currently. The Company will
strive to ensure the completion of the projects undertaken within the requisite
timeline.
INDEX
OF CHARGES
|
S.No. |
Charge ID |
Date of Charge
Creation/Modification |
Charge amount secured |
Charge Holder |
Address |
Service Request Number
(SRN) |
|
1 |
10572561 |
15/04/2015 |
1,445,224.00 |
KOTAK MAHINDRA PRIME LIMITED |
27BKC, C 27, G BLOCK, BANDRA KURLA COMPLEX,
BANDRA (E),, MUMBAI, MAHARASHTRA - 400051, INDIA |
C55251151 |
|
2 |
10554816 |
21/06/2014 |
914,114.00 |
KOTAK MAHINDRA PRIME LIMITED |
27BKC, C 27, G BLOCK, BANDRA KURLA COMPLEX,
BANDRA (E), MUMBAI, MAHARASHTRA - 400051, INDIA |
C46543500 |
CONTINGENT
LIABILITIES:
(Rs. in million)
|
PARTICULARS |
31.03.2015 |
31.03.2014 |
|
Sales Tax Liabilities |
|
|
|
On account of C Forms (2001-02) Deposit Rs.0.644 million) |
1.028 |
1.028 |
|
C Forms (2007-08, 2008-09 and 2009-10 |
0.322 |
0.322 |
|
On A/c of VAT Reversal 2008-09 |
3.092 |
3.092 |
|
On A/c of VAT Reversal 2009-10 |
0.352 |
0.352 |
|
B Excise Duty Liabilities (Disputed)( Deposit Rs.0.120 million) |
0.840 |
0.840 |
|
C Entry Tax |
0.246 |
0.246 |
|
D Service Tax |
0.235 |
0.235 |
|
E Income Tax A.Y. 2008-09 |
0.398 |
5.165 |
|
F Bank Guarantee |
1.000 |
1.000 |
UNAUDITED FINANCIAL RESULTS FOR THE QUARTER ENDED 30TH SEPTEMBER, 2015
(Rs. In Million)
|
Particulars
|
Quarter Ended ( Unaudited) |
Quarter Ended ( Unaudited) |
Six Months Ended ( Unaudited) |
|
|
30.09.2015 |
30.06.2015 |
30.09.2015 |
|
|
|
|
|
|
1.
Income from operations |
|
|
|
|
a) Net sales/ Income from operation (net of excise duty) |
611.067 |
101.412 |
712.479 |
|
b) Other operating income |
0.000 |
0.000 |
0.000 |
|
Total
income from Operations(net) |
611.067 |
101.412 |
712.479 |
|
2.Expenditure |
|
|
|
|
a) Cost of material consumed |
51.374 |
133.098 |
184.473 |
|
b) Purchases of stock in trade |
0.000 |
250.000 |
250.000 |
|
c) Changes in inventories of finished goods,
work-in-progress and stock-in-trade |
392.829 |
(344.270) |
48.558 |
|
d) Employees benefit expenses |
8.320 |
7.598 |
15.918 |
|
e) Depreciation and amortization expenses |
4.227 |
4.191 |
8.418 |
|
f) Other expenditure |
17.700 |
9.226 |
26.927 |
|
Total expenses |
474.451 |
59.843 |
534.294 |
|
3. Profit from operations before other income and
financial costs |
136.616 |
41.569 |
178.185 |
|
4. Other income |
1.895 |
7.780 |
9.675 |
|
5. Profit from ordinary activities before finance costs |
138.511 |
49.349 |
187.860 |
|
6. Finance costs |
0.068 |
0.040 |
0.108 |
|
7. Net profit/(loss) from ordinary
activities after finance costs but before exceptional items |
138.442 |
49.308 |
187.751 |
|
Exchange gain/ (Loss) |
0.000 |
0.000 |
0.000 |
|
8. Exceptional item |
(0.528) |
0.000 |
(0.528) |
|
9. Profit from ordinary
activities before tax Expense: |
138.970 |
49.308 |
188.279 |
|
10.Tax expenses |
20.936 |
11.186 |
32.123 |
|
11.Net Profit / (Loss) from ordinary activities
after tax (9-10) |
118.034 |
38.122 |
156.156 |
|
12.Extraordinary Items (net
of tax expense) |
0.000 |
0.000 |
0.00 |
|
13.Net Profit / (Loss) for
the period (11 -12) |
118.034 |
38.122 |
156.156 |
|
14.Paid-up equity share capital (Nominal value Rs.10/- per share) |
190.265 |
190.265 |
190.265 |
|
15. Reserve excluding Revaluation Reserves as per balance sheet of previous
accounting year |
0.000 |
0.000 |
2853.170 |
|
16.i) Earnings per share
(before extraordinary items) of Rs.10/- each) (not annualised): |
|
|
|
|
(a) Basic |
6.20 |
2.00 |
6.21 |
|
(b) Diluted |
5.43 |
1.75 |
7.19 |
|
Particulars
|
Quarter Ended ( Unaudited) |
Quarter Ended ( Unaudited) |
Six Months Ended ( Unaudited) |
|
|
30.09.2015 |
30.06.2015 |
30.09.2015 |
|
A. Particulars of shareholding |
|
|
|
|
1. Public Shareholding |
|
|
|
|
- Number of shares |
6907565 |
6907565 |
6907565 |
|
- Percentage of shareholding |
36.30 |
36.30 |
36.30 |
|
2. Promoters and Promoters group Shareholding- |
|
|
|
|
a) Pledged /Encumbered |
|
|
|
|
Number of shares |
- |
- |
- |
|
Percentage of shares (as a % of total shareholding of the promoter
and promoter group) |
- |
- |
- |
|
Percentage of shares (as a % of total share capital of the
company) |
- |
- |
- |
|
|
|
|
|
|
b) Non Encumbered |
|
|
|
|
Number of shares |
12118978 |
12118978 |
12118978 |
|
Percentage of shares (as a % of total shareholding of the
promoter and promoter group) |
100 |
100 |
100 |
|
|
|
|
|
|
Percentage of shares (as a % of total share capital of the
company) |
63.70 |
63.70 |
63.70 |
|
|
|
|
|
|
B.
Investor Complaints |
3 Months
Ended |
|
|
|
|
30.09.2015 |
|
|
|
Pending at the beginning of the quarter |
Nil |
|
|
|
Receiving during the quarter |
- |
|
|
|
Disposed of during the quarter |
- |
|
|
|
Remaining unreserved at the end of the quarter |
Nil |
|
|
|
Particulars
|
Quarter Ended ( Unaudited) |
Quarter Ended ( Unaudited) |
Six Months Ended ( Unaudited) |
|
|
30.09.2015 |
30.06.2015 |
30.09.2015 |
|
1. Segment Revenue |
|
|
|
|
a. Segment A (Wind Power) |
8.109 |
7.171 |
15.280 |
|
b. Segment B (Real Estate) |
587.191 |
44.561 |
631.752 |
|
c. Segment C (Financing) |
15.767 |
46.680 |
65.447 |
|
Total |
611.067 |
101.422 |
713.479 |
|
Less : Inter Segment Revenue |
0.000 |
0.000 |
0.000 |
|
Net Sales |
611.067 |
101.422 |
713.479 |
|
|
|
|
|
|
2. Segment Result (Profit before Interest and Tax) |
|
|
|
|
a. Segment A (Wind Power) |
4.514 |
3.618 |
8.132 |
|
b. Segment B (Real Estate) |
132.424 |
38.243 |
170.687 |
|
c. Segment C (Financing) |
2.290 |
3.307 |
5.597 |
|
Less : Interest |
0.055 |
0.040 |
0.099 |
|
Other un-allocable expenditure net of un-allocable income |
(0.204) |
4.181 |
3.877 |
|
Profit before Tax |
138.970 |
49.308 |
188.279 |
|
3. Capital Employed |
|
|
|
|
a. Segment A (Wind Power) |
221.088 |
217.843 |
221.083 |
|
b. Segment B (Real Estate) |
945.664 |
867.400 |
945.664 |
|
c. Segment C (Financing) |
1892.070 |
1853.067 |
1892.070 |
|
e. Unallocable |
8.919 |
6.741 |
8.919 |
|
Total |
3067.739 |
2950.050 |
3067.736 |
FIXED ASSETS
- Free Hold
Land
- Asset Under
Lease Land
- Buildings
- Plant and
Machinery
- Furniture and
Fixture
- Vehicles
- Computer
- Electrical
Equipment
- Lab Equipment
- Office
Equipment
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts, India Prisons Service,
Interpol, etc.
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.66.62 |
|
UK Pound |
1 |
Rs.100.34 |
|
Euro |
1 |
Rs.70.67 |
INFORMATION DETAILS
|
Information
Gathered by : |
PPT |
|
|
|
|
Analysis Done by
: |
KAR |
|
|
|
|
Report Prepared
by : |
PRV |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL
CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
--PROFITABILITY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
5 |
|
--CREDIT LINES |
1~10 |
5 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
NO |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
YES |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
45 |
This score serves as a reference to assess
SC’s credit risk and to set the amount of credit to be extended. It is calculated
from a composite of weighted scores obtained from each of the major sections of
this report. The assessed factors and their relative weights (as indicated
through %) are as follows:
Financial
condition (40%) Ownership
background (20%) Payment record
(10%)
Credit history
(10%) Market trend (10%) Operational size
(10%)
RATING EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
>86 |
Aaa |
Possesses an extremely sound financial base with the strongest capability
for timely payment of interest and principal sums |
Unlimited |
|
71-85 |
Aa |
Possesses adequate working capital. No caution needed for credit
transaction. It has above average (strong) capability for payment of interest
and principal sums |
Large |
|
56-70 |
A |
Financial & operational base are regarded healthy. General
unfavourable factors will not cause fatal effect. Satisfactory capability for
payment of interest and principal sums |
Fairly Large |
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
11-25 |
Ca |
Adverse factors are apparent. Repayment of interest and principal sums
in default or expected to be in default upon maturity |
Limited with
full security |
|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
|
-- |
NB |
New Business |
-- |
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.