MIRA INFORM REPORT
|
Report No. : |
353459 |
|
Report Date : |
08.12.2015 |
IDENTIFICATION DETAILS
|
Name : |
MAHINDRA INTEGRATED TOWNSHIP LIMITED (w.e.f. 24.08.2006) |
|
|
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Formerly Known
As : |
MAHINDRA INTEGRATED TOWNSHIP PRIVATE LIMITED (w.e.f. 17.08.2006) MAHINDRA INTERMODAL TRANSPORTATION PRIVATE LIMITED |
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Registered
Office : |
Administrative Block, Central Avenue, Mahindra World City, Natham
Sub(PO), Chengelpet, Kancheepuram – 603002, Tamilnadu |
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Tel. No.: |
91-44-67470025 |
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Country : |
India |
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Financials (as
on) : |
31.03.2014 |
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Date of
Incorporation : |
24.06.1996 |
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Com. Reg. No.: |
18-068288 |
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Capital Investment
/ Paid-up Capital : |
Rs. 504.350 Million |
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CIN No.: [Company Identification
No.] |
U74140TN1996PLC068288 |
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IEC No.: |
Not Divulged |
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TAN No.: [Tax Deduction &
Collection Account No.] |
Not Available |
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PAN No.: [Permanent Account No.] |
Not Available |
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Legal Form : |
A Closely Held Public Limited Liability Company. |
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Line of Business
: |
Construction Activity (Registered Activity) |
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No. of Employees
: |
Information declined by the management
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RATING & COMMENTS
|
MIRA’s Rating : |
Ba (46) |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Status : |
Satisfactory |
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Payment Behaviour : |
Usually correct |
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Litigation : |
Clear |
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Comments : |
Subject operates as a subsidiary of “Mahindra Lifespace Developers Ltd”. It is a special purpose vehicle, develops residential complexes in India. It is developing two residential projects, Iris Court and Nova, located in Mahindra World City, Chengalpet, Chennai. The company was incorporated in 1996 and is based in Kanchipuram, India. Company has a strong brand name and an established track record with a focus on timely execution. This is evident from the healthy booking it has received for the projects launched in the past two years. The ratings reflect company's strong brand name, established track record and focus on execution and strong support from its parent, “Mahindra & Mahindra Ltd”. Rating further, takes into account as all the entities i.e. (Mahindra Lifespace Developers Ltd and Mahindra Integrated Township Limited) operate in the real estate and related space, with significant operational and financial linkages and have a common management. This rating strength is partially offset by company's moderate financial risk profile and exposure to risks and cyclicality inherent in the real estate sector. In view of aforesaid, the company can be considered for business dealings at usual trade terms and conditions. Note:- As per registrar of companies the date of balance sheet (i.e. financial filed) is show as 31.03.2015 but the documents related to the financials are not been available from any sources. |
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 |
Not Available |
|
Rating |
Not Available |
|
Rating Explanation |
Not Available |
|
Date |
Not Available |
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
Management non co-operative (Tel. No.: 91-44-67470025)
LOCATIONS
|
Registered Office : |
Administrative Block, Central Avenue, Mahindra World City, Natham
Sub(PO), Chengelpet, Kancheepuram – 603002, Tamilnadu, India |
|
Tel. No.: |
91-44-67470025 |
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Fax No.: |
91-44-37483535 |
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E-Mail : |
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|
Website : |
DIRECTORS
AS ON 22.07.2014
|
Name : |
Rajagopalan Santhanam |
|
Designation : |
Director |
|
Address : |
C1, Srikrishna, 12 Bishop Garden, R A Puram, Chennai - 600028, Tamil Nadu, India |
|
Date of Appointment : |
18.03.2015 |
|
DIN No.: |
00237740 |
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|
|
|
Name : |
Anita Arjundas |
|
Designation : |
Director |
|
Address : |
Flat No-501, 5th Floor, Silver Springs, 98 Perry Road, Bandra West, Mumbai - 400050, Maharashtra, India |
|
Date of Appointment : |
10.10.2007 |
|
DIN No.: |
00243215 |
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|
|
|
Name : |
Sethuraman Chandru |
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Designation : |
Director |
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Address : |
F-10, 2nd Phase, Jains Aashiana, 13, Vembuliamman Koil Street, West K. K. Nagar, Chennai - 600078, Tamil Nadu, India |
|
Date of Appointment : |
06.05.2011 |
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DIN No.: |
00243025 |
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|
Name : |
Murari Swamimalai Jagan |
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Designation : |
Director |
|
Address : |
A6 Sudhama, 27 Desika Road, Mylapore, Chennai, 600004, Tamil Nadu, India |
|
Date of Appointment : |
18.03.2015 |
|
DIN No.: |
02002827 |
KEY EXECUTIVES
|
Name : |
Jayant Bhalchandra Manmadkar |
|
Designation : |
Manager |
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Address : |
707, Keshar Upvan CHS, Pokharan Road-2, Thane - 400610, Maharashtra, India |
|
Date of Appointment : |
21.01.2015 |
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PAN No: |
ABSPM9835G |
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|
|
|
Name : |
Ankit Manoj Shah |
|
Designation : |
Secretary |
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Address : |
304, Rajaram Society, Mathuradas Extn Road, Near Atul Tower, Kandivali (West), Mumbai - 400067, Maharashtra, India |
|
Date of Appointment : |
16.10.2015 |
|
PAN No: |
BRUPS1732F |
MAJOR SHAREHOLDERS
AS ON 22.07.2014
|
Names of Shareholders |
|
No. of Shares |
|
Mahindra Lifespace Developers Limited, India |
|
37000000 |
|
Mahindra World City Developers Limited, India |
|
13000000 |
|
Mr. Raghunath Murti and Gita |
|
10000 |
|
Mr. Ulhas Narayan Yargop |
|
10000 |
|
Mr. Anjani Kumar Choudhari |
|
10000 |
|
Mr. S Chandra |
|
25000 |
|
Mr. Pawan Goenka and Mrs. Mamta Goenka |
|
10000 |
|
Mr. A.K. Nanda |
|
250000 |
|
Ms. Anita Arjundas |
|
100000 |
|
Mr. Rajeev Dubey |
|
10000 |
|
Mr. Bharat Narotam Doshi and Mrs. Vidya Bharat Doshi |
|
10000 |
|
|
|
|
|
Total |
|
50435000 |
Equity Share Break up (Percentage of Total Equity)
AS ON 22.07.2014
|
Category |
Percentage |
|
Bodies corporate |
99.14 |
|
Directors or relatives of Directors |
0.25 |
|
Other top fifty shareholders |
0.61 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Construction Activity (Registered Activity) |
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Products : |
Not Divulged |
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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 |
PRODUCTION STATUS: NOT AVAILABLE
GENERAL INFORMATION
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Suppliers : |
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Customers : |
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No. of Employees : |
Information declined by the management
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Bankers : |
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Facilities : |
(Rs.
In Million)
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Auditors : |
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|
Name : |
A. F. Ferguson and Company Chartered Accountants |
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Address : |
52 Venkatnarayana Road Asv N RamanaTower T. Nagar, Chennai – 600017, Tamilnadu, India |
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PAN N Income-tax PAN of auditor or auditor's firm : |
AABFA5846M |
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Memberships : |
Not Available |
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Collaborators : |
Not Available |
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Ultimate Holding
company : |
Mahindra and Mahindra Limited |
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Holding company : |
Mahindra Lifespace Developers Limited |
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Subsidiary company
: |
Mahindra Residential Developers Limited |
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Fellow Subsidiary
company : |
Mahindra World City Developers Limited Mahindra Holidays and Resorts India Limited |
CAPITAL STRUCTURE
AS ON 22.07.2014
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
60,000,000 |
Equity Shares |
Rs.10/- each |
Rs. 600.000 Million |
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|
|
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Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
50,435,000 |
Equity Shares |
Rs.10/- each |
Rs. 504.350
Million |
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|
|
|
FINANCIAL DATA
[all figures are in
Rupees Million]
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 |
504.350 |
504.350 |
503.650 |
|
(b) Reserves & Surplus |
(71.084) |
(19.485) |
(133.618) |
|
(c) Money
received against share warrants |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
(2) Share Application money pending
allotment |
0.000 |
0.000 |
0.700 |
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Total
Shareholders’ Funds (1) + (2) |
433.266 |
484.865 |
370.732 |
|
|
|
|
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(3)
Non-Current Liabilities |
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|
|
|
(a) long-term borrowings |
0.000 |
0.000 |
57.500 |
|
(b) Deferred tax liabilities (Net) |
0.000 |
0.000 |
0.000 |
|
(c) Other long term
liabilities |
0.000 |
0.000 |
0.000 |
|
(d) long-term provisions |
0.000 |
0.000 |
0.000 |
|
Total Non-current
Liabilities (3) |
0.000 |
0.000 |
57.500 |
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|
|
|
|
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(4)
Current Liabilities |
|
|
|
|
(a) Short
term borrowings |
927.000 |
1172.000 |
512.000 |
|
(b) Trade
payables |
172.746 |
109.730 |
26.254 |
|
(c) Other
current liabilities |
379.031 |
352.793 |
145.221 |
|
(d) Short-term
provisions |
6.000 |
0.000 |
0.000 |
|
Total Current
Liabilities (4) |
1484.777 |
1634.523 |
683.475 |
|
|
|
|
|
|
TOTAL |
1918.043 |
2119.388 |
1111.707 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1)
Non-current assets |
|
|
|
|
(a) Fixed
Assets |
|
|
|
|
(i)
Tangible assets |
0.404 |
0.516 |
0.107 |
|
(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 |
663.048 |
663.048 |
1.375 |
|
(c) Deferred tax assets (net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
37.032 |
21.397 |
9.833 |
|
(e) Other
Non-current assets |
0.000 |
0.000 |
0.000 |
|
Total Non-Current
Assets |
700.484 |
684.961 |
11.315 |
|
|
|
|
|
|
(2)
Current assets |
|
|
|
|
(a)
Current investments |
0.000 |
0.000 |
0.000 |
|
(b)
Inventories |
973.035 |
852.679 |
815.660 |
|
(c) Trade
receivables |
129.852 |
68.348 |
11.952 |
|
(d) Cash
and cash equivalents |
48.479 |
28.262 |
0.993 |
|
(e)
Short-term loans and advances |
55.217 |
23.672 |
15.096 |
|
(f) Other
current assets |
10.976 |
461.466 |
256.691 |
|
Total Current
Assets |
1217.559 |
1434.427 |
1100.392 |
|
|
|
|
|
|
TOTAL |
1918.043 |
2119.388 |
1111.707 |
PROFIT
& LOSS ACCOUNT
|
|
PARTICULARS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
|
SALES |
|
|
|
|
|
Income |
586.946 |
584.271 |
290.613 |
|
|
Other Income |
38.980 |
102.085 |
0.481 |
|
|
TOTAL |
625.926 |
686.356 |
291.094 |
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
Cost of Materials Consumed |
604.165 |
519.751 |
198.873 |
|
|
Changes in inventories of finished
goods, work-in-progress and Stock-in-Trade |
(120.356) |
(37.019) |
57.621 |
|
|
Employees benefits expense |
0.000 |
0.000 |
0.000 |
|
|
Other expenses |
71.837 |
47.723 |
34.146 |
|
|
TOTAL |
555.646 |
530.455 |
290.640 |
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION |
70.280 |
155.901 |
0.454 |
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES |
121.760 |
41.734 |
30.441 |
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION |
(51.480) |
114.167 |
(29.987) |
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION |
0.119 |
0.034 |
0.026 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS)
BEFORE TAX |
(51.599) |
114.133 |
(30.013) |
|
|
|
|
|
|
|
Less |
TAX |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS)
AFTER TAX |
(51.599) |
114.133 |
(30.013) |
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
(1.02) |
2.26 |
(0.60) |
CURRENT MATURITIES
OF LONG TERM DEBT DETAILS
|
Particulars |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
Current Maturities of Long term debt |
NA |
NA |
NA |
|
Cash generated from operations |
NA |
NA |
NA |
|
Net cash flows from (used in) operations |
536.025 |
(49.624) |
(141.212) |
KEY
RATIOS
|
PARTICULARS |
|
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
Net Profit Margin (PAT / Sales) |
(%) |
(8.79) |
19.53 |
(10.33) |
|
|
|
|
|
|
|
Operating Profit Margin (PBIDT/Sales) |
(%) |
11.97 |
26.68 |
0.16 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
(4.11) |
7.84 |
(2.70) |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
(0.12) |
0.24 |
(0.08) |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
2.14 |
2.42 |
1.54 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
0.82 |
0.88 |
1.61 |
FINANCIAL ANALYSIS
[all figures are
in Rupees Million]
DEBT EQUITY RATIO
|
Particular |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(Rs.
In Million) |
(Rs.
In Million) |
(Rs.
In Million) |
|
Share Capital |
503.650 |
504.350 |
504.350 |
|
Reserves & Surplus |
(133.618) |
(19.485) |
(71.084) |
|
Share Application money
pending allotment |
0.700 |
0.000 |
0.000 |
|
Net
worth |
370.732 |
484.865 |
433.266 |
|
|
|
|
|
|
long-term borrowings |
57.500 |
0.000 |
0.000 |
|
Short term borrowings |
512.000 |
1172.000 |
927.000 |
|
Total
borrowings |
569.500 |
1172.000 |
927.000 |
|
Debt/Equity
ratio |
1.536 |
2.417 |
2.140 |
YEAR-ON-YEAR GROWTH
|
Year
on Year Growth |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(Rs.
In Million) |
(Rs.
In Million) |
(Rs.
In Million) |
|
Sales |
290.613 |
584.271 |
586.946 |
|
|
|
101.048 |
0.458 |
NET PROFIT MARGIN
|
Net
Profit Margin |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(Rs.
In Million) |
(Rs.
In Million) |
(Rs.
In Million) |
|
Sales |
290.613 |
584.271 |
586.946 |
|
Profit |
(30.013) |
114.133 |
(51.599) |
|
|
(10.33%) |
19.53% |
(8.79%) |
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 |
No |
|
17 |
Details of sister concerns |
Yes |
|
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 |
No |
|
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
The company is currently developing 2 residential projects.
‘Iris Court’, located in Mahindra World City, Chennai, is spread over 18 acres with a total saleable area of 0.86 million square feet. During 2013-14, the first phase of the project covering 0.27 million square feet was completed. The handover of units in this phase is also nearing completion and over 100 families have already moved in. Construction in the remaining two phases is underway and progressing as per schedule. 84% of the total units launched in this project have been sold upto March, 2014.
‘Nova’ in Mahindra World City, Chennai is spread over 7 acres with a saleable area of 0.54 million square feet. During the year, the Company launched the first phase of the project which has 360 units. The construction work also started along with the launch and is progressing as per schedule. 51% of total units launched have been sold as of March, 2014.
UNSECURED LOAN
(Rs.
In Million)
|
Particulars |
As
on 31.03.2014 |
As
on 31.03.2013 |
|
SHORT TERM
BORROWING |
|
|
|
Loans and advances from others |
927.000 |
1172.000 |
|
Total |
927.000 |
1172.000 |
|
|
|
|
INDEX OF CHARGES
|
S.No. |
Charge ID |
Date of Charge Creation/Modification |
Charge amount secured |
Charge Holder |
Address |
Service Request Number (SRN) |
|
1 |
10604065 |
24/08/2015 |
250,000,000.00 |
HDFC BANK LIMITED |
4th Floor, Tower B,, Peninsula Business Park, Lower Parel, Mumbai, Maharashtra - 400018, INDIA |
C70855499 |
|
2 |
10460316 |
23/10/2013 |
5,000,000,000.00 |
Axis Trustee Services Limited |
Axis House, 2nd Flr, Bombay Dyeing Mills Compound, Pandurang Budhkar Marg, Worli, Mumbai, Maharashtra - 400025, INDIA |
B89584403 |
FIXED ASSETS
- Office
Equipments
- Computer Equipments
PRESS RELEASE
MAHINDRA WORLD CITY: A TOWNSHIP THAT
DREAMS BIG
With 64 companies and
38,000 employees, the 1,500-acre Mahindra World City near Chennai has silenced
its critics
When the Mahindra Group began acquiring land in the southern outskirts of Chennai in 1996, the end goal was to set up an auto ancillary park. At the time, the conglomerate was Ford Motor Company’s joint venture partner in India, and their manufacturing facility coming up at Maraimalai Nagar (another southern Chennai suburb) required component makers to be located nearby. Before the auto ancillary park could actually take shape, however, the joint venture ended in 1998. But Ford’s loss has proven to be Mahindra’s gain as the break-up was instrumental in the birth of Mahindra World City (MWC)—one of India’s rare successes when it comes to building integrated townships.
Spread over 1,550 acres, some 60 km from Chennai, MWC houses three sector-specific special economic zones (SEZs): Information technology, auto ancillary and apparel and fashion accessories. It also has a domestic tariff area (space for India-focussed companies), and boasts of a railway station on site. Since its inception in 2002, 64 companies including Infosys, Wipro, BASF, Renault-Nissan, BMW, TVS Group and Capgemini have set up a base. There are about 38,000 employees, and the cumulative exports from MWC in 2014-15 (as of February) stood at Rs 7,062 crore. So far, Rs 4,100 crore has been invested into the township by both, the companies that have set up their units there and the Mahindra Group.
Its success is also reflected in the fact that the space earmarked for SEZs has been sold out and only 45 acres are left for companies to set up units under the domestic tariff area. This, despite the fact that the land rates inside MWC is twice that of other industrial parks around Chennai. Ramdas Kamath, executive vice president, Infosys, is all praise for the township. “Infosys was the first company to set up its IT Park inside MWC Chennai. In a short span of time, we have grown to house 16,000 software professionals there. Its best-in-class infrastructure has attracted renowned corporations to set up their units. We are the happiest SEZ unit among them,” says Kamath, adding that Infosys wants to be associated with MWC in all future projects.
It helps that the township has 285 acres of residential, social and retail infrastructure. About 700 families live within MWC, but once the residential projects are completed and sold, it will be able to house 8,000 families. “What we have created is an economic nerve centre with strong infrastructure and connectivity,” says Sangeeta Prasad, CEO, Integrated Cities & Industrial Clusters, Mahindra Lifespace Developers Ltd, the company that handles the real estate development business of the $27.84 billion Mahindra Group. “At the same time, we have ensured that many elements of a city are available, with respect to residential, retail and commercial aspects so that MWC becomes an all-encompassing place,” she adds. Some of the amenities include a 60,000 sq ft commercial centre, an MWC Club spread over 4 acres, the Mahindra World School with more than 600 students and a hospital (now limited to out-patient and diagnostic services). A hostel and a multiplex are also being planned.
Another happy client—and resident—is Mahijeet Mishra, managing director of Armstrong International Pvt Ltd, an American company that specialises in thermal engineering. “I have not enjoyed my single malt like I do now with Jagjit Singh’s music playing in the background,” says Mishra, who has been calling MWC home for the past six years. “There is no pollution, dust or noise. Thanks to 1,000 acres of reserve forest land and seven water bodies that surround MWC, the temperature is relatively lower. The serenity is at times divine,” he adds. His two daughters attend Mahindra World School.
Prasad believes that integrated cities are the future. “Setting them up away from existing cities is the way forward if India has to handle rapid urbanisation. In fact, the government’s plan to develop a hundred ‘smart cities’ comes from this need,” she says.
But most developers have not been very successful in setting up such projects. This could explain the scepticism in the industry that greeted MWC in the initial years. The township, however, proved naysayers wrong and its success can be attributed to 10 principles.
BUILDING
PARTNERSHIPS:
MWC Chennai is a joint venture between the Mahindra Group (89 percent) and the government-run Tamil Nadu Industrial Development Corporation (11 percent). “The PPP model [public-private partnership] helped us focus on our core competence, which is infrastructure development. With the government being a partner, approvals and clearances were not time consuming,” says S Chandru, COO, MWC. The state government helped MWC bag clients like BMW India by throwing in incentives to deter the automaker from going to Maharashtra. “It is a symbiotic relationship,” says Prasad. MWC has repeated the formula in its second township in Jaipur, where it has entered into a joint venture with the Rajasthan government.
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. 66.84 |
|
UK Pound |
1 |
Rs. 101.04 |
|
Euro |
1 |
Rs. 73.05 |
INFORMATION DETAILS
|
Information
Gathered by : |
PPT |
|
|
|
|
Analysis Done by
: |
KAS |
|
|
|
|
Report Prepared
by : |
JYO |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
7 |
|
PAID-UP CAPITAL |
1~10 |
7 |
|
OPERATING SCALE |
1~10 |
7 |
|
FINANCIAL
CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
7 |
|
--PROFITABILITY |
1~10 |
-- |
|
--LIQUIDITY |
1~10 |
6 |
|
--LEVERAGE |
1~10 |
6 |
|
--RESERVES |
1~10 |
-- |
|
--CREDIT LINES |
1~10 |
6 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
NO |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
46 |
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.