MIRA INFORM REPORT
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Report No. : |
303457 |
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Report Date : |
15.01.2015 |
IDENTIFICATION DETAILS
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Name : |
ADANI TOWNSHIP AND REAL ESTATE COMPANY PRIVATE LIMITED |
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Registered
Office : |
"ATRECO House", CBD Shantigram, Near Vaushnodevi Circle, S. G. Highway, Ahmedabad – 382421, Gujarat |
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Country : |
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Financials (as
on) : |
31.03.2014 |
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Date of
Incorporation : |
28.08.2012 |
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Com. Reg. No.: |
04-071738 |
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Capital
Investment / Paid-up Capital : |
Rs.100.000 Millions |
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CIN No.: [Company Identification
No.] |
U70101GJ2012PTC071738 |
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TIN No.: |
Not Available |
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IEC No.: |
Not Available |
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TAN No.: [Tax Deduction & Collection
Account No.] |
Not Available |
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PAN No.: [Permanent Account No.] |
AAKCA8681J |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
The company is mainly engaged in Real Estate business. |
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No. of Employees
: |
Information denied by management |
RATING & COMMENTS
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MIRA’s Rating : |
B (26) |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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Maximum Credit Limit : |
USD 460000 |
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Status : |
Moderate |
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Payment Behaviour : |
Slow but correct |
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Litigation : |
Not Available |
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Comments : |
Subject is an established company having moderate track record. Reserves of the company seems to be low. External borrowing of the
company also appears to be huge during 2014. However, trade relations are fair. Business is active. Payment terms
are reported to be slow but correct. The company can be considered for business dealings with some
cautions. |
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 – September 30, 2014
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Country Name |
Previous Rating (30.06.2014) |
Current Rating (30.09.2014) |
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India |
A1 |
A1 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
EXTERNAL AGENCY RATING
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
31-03-2014.
INFORMATION DENIED BY
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Name : |
Mr. Shubham |
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Designation : |
Sales Department |
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Contact No.: |
91-8980122277 |
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Date : |
14.01.2015 |
LOCATIONS
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Registered Office : |
"ATRECO House", CBD Shantigram, Near Vaushnodevi Circle, S. G. Highway, Ahmedabad – 382421, Gujarat, India |
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Tel. No.: |
91-79-26565555 |
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Mobile No.: |
91-8980122277 (Mr. Shubham) |
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Fax No.: |
91-79-26565500 |
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E-Mail : |
DIRECTORS
As on 29.09.2014
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Name : |
Mr. Tarwinder Singh |
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Designation : |
Director |
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Address : |
1104/A Wing 11th Floor, Raj Classic, Panch Marg, Yari Road, Versova,
Mumbai - 400061, Maharashtra, India |
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Date of Birth/Age : |
17.07.1951 |
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Date of Appointment : |
28.08.2012 |
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DIN No.: |
01509225 |
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Other Directorship:
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Name : |
Mr. Pankaj Vinodchandra Modi |
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Designation : |
Director |
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Address : |
B-4, Shamvi Apartment, 140, S.P. Colony, Stadium Road, Ahmedabad -
380014, Gujarat, India |
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Date of Birth/Age : |
03.11.1959 |
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Date of Appointment : |
15.05.2014 |
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DIN No.: |
02991060 |
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Other Directorship:
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MAJOR SHAREHOLDERS
As on 29.09.2014
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Names of Shareholders |
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No. of Shares |
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Adani Infrastructure and Developers Private Limited, India |
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20000 |
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Suyojan Realty Private Limited, India
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2500000 |
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Adani Land Developers Private Limited, India |
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7400000 |
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Adani Landscapes Private Limited, India |
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20000 |
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Aaloka Real Estate Private Limited, India |
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20000 |
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Lushgreen Landscapes Private Limited, India |
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20000 |
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Jade Food and Properties Private Limited, India |
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20000 |
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Total |
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10000000 |
Equity Share Break up (Percentage of Total Equity)
As on 29.09.2014
|
Category |
Percentage |
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Bodies corporate |
100.00 |
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Total |
100.00 |
BUSINESS DETAILS
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Line of Business : |
The company is mainly engaged in Real Estate business. |
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Products : |
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Brand Names : |
-- |
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Agencies Held : |
-- |
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Exports : |
Not Divulged |
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Imports : |
Not Divulged |
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Terms : |
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Selling : |
Not Divulged |
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Purchasing : |
Not Divulged |
PRODUCTION STATUS – NOT AVAILABLE
GENERAL INFORMATION
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Suppliers : |
Not Divulged |
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Customers : |
Not Divulged |
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No. of Employees : |
Not Divulged |
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Bankers : |
Indusind Bank Limited, 2401 Gen Thimmayya Road, Contonment, Pune, Maharashtra - 411001, India |
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Facilities : |
Notes: Long Term Borrowings (Secured by exclusive rights over Land , development rights, present and future receivables with minimum security cover of 2.0X for Shantigram Township, including Apartment and Villa Project and corporate guarantee from Adani Infrastructure and Developers Private Limited) Repayment Terms: Repayable in 10 equal monthly installments of Rs.54.000 Millions each from August 2013, 14 equal monthly installments of Rs.62.500 Millions each from June 2014, 10 equal monthly installments of Rs.178.300 Millions payable from August 2015 and 20 equal monthly installments of Rs.115.300 Millions from June 2016 Short Term Borrowings Secured
by exclusive rights over Land , development rights, present and future
receivables with minimum security cover of 2.0X for Shantigram Township,
including Apartment and Villa Project and corporate guarantee from Adani
Infrastructure and Developers Private Limited |
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Financial Institution : |
IDBI Trusteeship Services Limited, Asian Building, Ground Floor, 17, R. Kamani Marg, Ballard Estate, Mumbai - 400001, Maharashtra, India |
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Auditors : |
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Name : |
Deloitte Haskins and Sells Chartered Accountants |
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Address : |
Heritage, 3rd Floor, Near Gujarat Vidhyapith, Off. Ashram Road , Ahmedabad – 380014, Gujarat], India |
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PAN No.: |
AABFD7919A |
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Memberships : |
-- |
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Collaborators : |
-- |
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Holding Company : |
CIN No.: U45201GJ2006PTC066449 |
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Ultimate Holding Company : |
CIN No.: U01110GJ1995PTC024627
CIN No.: U45201GJ1995PTC026067 |
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Enterprise having
significant influence over the company (SI Enterprise) : |
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Enterprises under Common Control: |
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CAPITAL STRUCTURE
As on 29.09.2014
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
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10000000 |
Equity Shares |
Rs.10/- each |
Rs.100.000 Millions |
Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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|
|
|
|
|
10000000 |
Equity Shares |
Rs.10/- each |
Rs.100.000 Millions |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
|
31.03.2014 |
31.03.2013 |
|
I.
EQUITY
AND LIABILITIES |
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(1)Shareholders' Funds |
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(a) Share Capital |
|
100.000 |
100.000 |
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(b) Reserves & Surplus |
|
59.503 |
6.404 |
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(c) Money
received against share warrants |
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0.000 |
0.000 |
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(2) Share Application money pending
allotment |
|
0.000 |
0.000 |
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Total
Shareholders’ Funds (1) + (2) |
|
159.503 |
106.404 |
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(3)
Non-Current Liabilities |
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(a) long-term borrowings |
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6,559.559 |
0.000 |
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(b) Deferred tax liabilities (Net) |
|
0.000 |
0.000 |
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(c) Other long term
liabilities |
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2,400.000 |
0.000 |
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(d) long-term
provisions |
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9.340 |
6.194 |
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Total Non-current
Liabilities (3) |
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8,968.899 |
6.194 |
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(4) Current
Liabilities |
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(a) Short
term borrowings |
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1,468.962 |
8,707.193 |
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(b) Trade
payables |
|
868.086 |
455.841 |
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(c) Other
current liabilities |
|
3,767.714 |
3,109.292 |
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(d) Short-term
provisions |
|
13.722 |
6.358 |
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Total Current
Liabilities (4) |
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6,118.484 |
12,278.684 |
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TOTAL |
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15,246.886 |
12,391.282 |
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II.
ASSETS |
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(1)
Non-current assets |
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(a) Fixed
Assets |
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(i)
Tangible assets |
|
219.181 |
106.501 |
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(ii)
Intangible Assets |
|
5.848 |
3.565 |
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(iii)
Capital work-in-progress |
|
0.000 |
78.906 |
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(iv)
Intangible assets under development |
|
0.000 |
0.000 |
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(b) Non-current Investments |
|
0.000 |
0.000 |
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(c) Deferred tax assets (net) |
|
0.000 |
0.000 |
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(d) Long-term Loan and Advances |
|
42.000 |
0.000 |
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(e) Other
Non-current assets |
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0.000 |
0.000 |
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Total Non-Current
Assets |
|
267.029 |
188.972 |
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(2)
Current assets |
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(a)
Current investments |
|
0.000 |
0.000 |
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(b)
Inventories |
|
12,417.648 |
10,471.131 |
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(c) Trade
receivables |
|
585.809 |
835.528 |
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(d) Cash
and cash equivalents |
|
176.569 |
83.676 |
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(e)
Short-term loans and advances |
|
1,454.306 |
666.566 |
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(f) Other
current assets |
|
345.525 |
145.409 |
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Total
Current Assets |
|
14,979.857 |
12,202.310 |
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TOTAL |
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15,246.886 |
12,391.282 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
|
31.03.2014 |
31.03.2013 |
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SALES |
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Income |
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Other Income |
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TOTAL |
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2,748.393 |
1,640.260 |
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Less |
EXPENSES |
|
2,695.430 |
1,632.190 |
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PROFIT/(LOSS)
BEFORE TAX |
|
52.963 |
8.070 |
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Less |
TAX |
|
(0.136) |
1.666 |
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PROFIT/(LOSS)
AFTER TAX |
|
53.099 |
6.404 |
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Earnings /
(Loss) Per Share (Rs.) |
|
5.31 |
0.64 |
|
KEY RATIOS
|
PARTICULARS |
|
|
31.03.2014 |
31.03.2013 |
|
Return on Total Assets (PBT/Total Assets} |
(%) |
|
0.35 |
0.07 |
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Return on Investment (ROI) (PBT/Networth) |
|
|
0.33 |
0.08 |
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Debt Equity Ratio (Total Debt /Networth) |
|
|
50.33 |
81.83 |
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Current Ratio (Current Asset/Current Liability) |
|
|
2.45 |
0.99 |
FINANCIAL ANALYSIS
[all figures are
in Rupees Millions]
DEBT EQUITY RATIO
|
Particular |
|
31.03.2013 |
31.03.2014 |
|
|
|
Rs.
In Millions |
Rs.
In Millions |
|
Share Capital |
|
100.000 |
100.000 |
|
Reserves & Surplus |
|
6.404 |
59.503 |
|
Share Application money pending allotment |
|
0.000 |
0.000 |
|
Net
worth |
|
106.404 |
159.503 |
|
|
|
|
|
|
Long Term borrowings |
|
0.000 |
6559.559 |
|
Short Term borrowings |
|
8707.193 |
1468.962 |
|
Total
borrowings |
|
8707.193 |
8028.521 |
|
Debt/Equity
ratio |
|
81.831 |
50.335 |
YEAR-ON-YEAR GROWTH
|
Year
on Year Growth |
|
31.03.2013 |
31.03.2014 |
|
|
|
Rs.
In Millions |
Rs.
In Millions |
|
Total Income |
|
1,640.260 |
2,748.393 |
|
|
|
|
67.558 |
NET PROFIT MARGIN
|
Net
Profit Margin |
|
31.03.2013 |
31.03.2014 |
|
|
|
Rs.
In Millions |
Rs.
In Millions |
|
Total Income |
|
1,640.260 |
2,748.393 |
|
Profit |
|
6.404 |
53.099 |
|
|
|
0.39% |
1.93% |
LOCAL AGENCY FURTHER INFORMATION
|
Sr. No. |
Check List by Info Agents |
Available in
Report (Yes / No) |
|
1] |
Year of Establishment |
Yes |
|
2] |
Locality of the firm |
Yes |
|
3] |
Constitutions of the firm |
Yes |
|
4] |
Premises details |
No |
|
5] |
Type of Business |
Yes |
|
6] |
Line of Business |
Yes |
|
7] |
Promoter's background |
Yes |
|
8] |
No. of employees |
No |
|
9] |
Name of person contacted |
Yes |
|
10] |
Designation of contact
person |
Yes |
|
11] |
Turnover of firm for last
three years |
Yes |
|
12] |
Profitability for last
three years |
Yes |
|
13] |
Reasons for variation
<> 20% |
----------- |
|
14] |
Estimation for coming
financial year |
No |
|
15] |
Capital in the business |
Yes |
|
16] |
Details of sister
concerns |
Yes |
|
17] |
Major suppliers |
No |
|
18] |
Major customers |
No |
|
19] |
Payments terms |
No |
|
20] |
Export / Import details
(if applicable) |
No |
|
21] |
Market information |
---------- |
|
22] |
Litigations that the firm
/ promoter involved in |
---------- |
|
23] |
Banking Details |
Yes |
|
24] |
Banking facility details |
Yes |
|
25] |
Conduct of the banking
account |
---------- |
|
26] |
Buyer visit details |
---------- |
|
27] |
Financials, if provided |
Yes |
|
28] |
Incorporation details, if
applicable |
Yes |
|
29] |
Last accounts filed at
ROC |
Yes |
|
30] |
Major Shareholders, if
available |
Yes |
|
31] |
Date of Birth of
Proprietor/Partner/Director, if available |
Yes |
|
32] |
PAN of
Proprietor/Partner/Director, if available |
No |
|
33] |
Voter ID No of
Proprietor/Partner/Director, if available |
No |
|
34] |
External Agency Rating,
if available |
No |
UNSECURED LOANS:
|
Particulars |
31.03.2014 Rs. In Millions |
31.03.2013 Rs. In Millions |
|
LONG TERM BORROWINGS |
|
|
|
Loans and advances
from related parties |
|
|
|
From Adani Agro Private Limited |
2500.000 |
0.000 |
|
From Adani Developers Private Limited |
1325.490 |
0.000 |
|
From Adani Infrastructure and Developers Private Limited |
108.648 |
0.000 |
|
From Adani Land Developers Private Limited |
1472.087 |
0.000 |
|
SHORT TERM BORROWINGS |
|
|
|
Loans and advances
from related parties |
|
|
|
From Suyojan Realty Private Limited |
455.129 |
432.115 |
|
From Adani Land Developers Private Limited |
75.800 |
4204.050 |
|
From Adani Infrastructure and Developers Private Limited |
0.000 |
2210.503 |
|
From Adani Developers Private Limited |
0.000 |
1525.790 |
|
Total |
5937.155 |
8372.458 |
Notes:
Long Term Borrowings
Rate of Interest: All the above loans are interest free.
Terms of repayment:
Loans from Adani Agro Private Limited is repayable after 7 years from 26-03-2014 or such extended period as may be agreed by the Lender and Borrower. The Borrower shall have right to make interim payment towards principle loan outstanding during loan period. Loans from Adani Developers Private Limited Adani Infrastructure and Developers Private Limited sand Adani Land Developers Private Limited are repayable after 7 years from 01-04-2013 or such extended period as may be agreed by the Lender and Borrower. The Borrower shall have right to make partial prepayment towards principle loan outstanding during loan period.
Terms of repayment:
Loan from Suyojan Realty Private Limited is repayable after 1 year from 15-11-2013 or such extended period as may be agreed by the Lender and Borrower. The Borrower shall have right to make partial prepayment towards principle loan outstanding during loan period Loan from Adani Land Developers Private Limited is repayable after 1 years from 01-04-2013 or such extended period as may be agreed by the Lender and Borrower. The Borrower shall have right to make partial prepayment towards principle loan outstanding during loan period.
BACKGROUND
The Company was incorporated on 28th August, 2012 by converting the erstwhile partnership firm M/s. Adani Township and Real Estate Company under Part IX of the Companies Act, 1956.
The Company is a developer of the Shantigram Township Project which includes residential, commercial, education, medical, entertainment, recreation and more other amenities.
INDEX OF CHARGE:
|
Sr. No. |
Charge ID |
Date of Charge Creation/Modification |
Charge amount secured |
Charge Holder |
Address |
Service Request Number (SRN) |
|
1 |
10528329 |
09/10/2014 |
850,000,000.00 |
Indusind Bank Limited |
2401 Gen Thimmayya Road, Contonment, Pune, Maharashtra - 411001, India |
C31720642 |
|
2 |
10464368 |
27/11/2013 |
10,000,000,000.00 |
IDBI Trusteeship Services Limited |
Asian Building, Ground Floor, 17, R. Kamani Marg, Ballard Estate, Mumbai, Maharashtra - 400001, India |
B91199976 |
*Date of modification Charges
FIXED ASSETS:
·
Land
·
Building
·
Plant and Machinery
·
Computer
·
Vehicles
·
Furniture and Fixture
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.62.15 |
|
UK Pound |
1 |
Rs.94.24 |
|
Euro |
1 |
Rs.73.30 |
INFORMATION DETAILS
|
Information
Gathered by : |
DIP |
|
|
|
|
Analysis Done by
: |
RAS |
|
|
|
|
Report Prepared
by : |
VNT |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
3 |
|
PAID-UP CAPITAL |
1~10 |
3 |
|
OPERATING SCALE |
1~10 |
3 |
|
FINANCIAL
CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
3 |
|
--PROFITABILITY |
1~10 |
4 |
|
--LIQUIDITY |
1~10 |
3 |
|
--LEVERAGE |
1~10 |
2 |
|
--RESERVES |
1~10 |
2 |
|
--CREDIT LINES |
1~10 |
3 |
|
--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 |
|
26 |
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.