MIRA INFORM REPORT

 

 

Report No. :

333903

Report Date :

27.07.2015

 

IDENTIFICATION DETAILS

 

Name :

ADANI DEVELOPERS PRIVATE LIMITED

 

 

Registered Office :

Adani House, Near Mithakhali Six Roads, Navrangpura, Ahmedabad – 380009, Gujarat

Tel. No.:

91-79-26565555/25555555

 

 

Country :

India

 

 

Financials (as on) :

31.03.2014

 

 

Date of Incorporation :

13.09.2005

 

 

Com. Reg. No.:

04-046759

 

 

Capital Investment / Paid-up Capital :

Rs. 9.000 Million

 

 

CIN No.:

[Company Identification No.]

U45200GJ2005PTC046759

 

 

IEC No.:

Not Available

 

 

TAN No.:

[Tax Deduction & Collection Account No.]

Not Available

 

 

PAN No.:

[Permanent Account No.]

AAFCA7525C

 

 

Legal Form :

Private Limited Liability Company

 

 

Line of Business :

The Company is mainly engaged in Real Estate business

 

 

No. of Employees :

Information declined by the management

 

 

RATING & COMMENTS

 

MIRA’s Rating :

B (27)

 

RATING

STATUS

PROPOSED CREDIT LINE

26-40

B

Capability to overcome financial difficulties seems comparatively below average.

Small

 

Status :

Moderate

 

 

Payment Behaviour :

Slow and delayed 

 

 

Litigation :

Clear

 

 

Comments :

Subject is a part of Adani Group, controlled and financed by Adani Family (Mr. Gautam Adani). It is a fully owned subsidiary of Adani Infrastructure and Development Private Limited. The group is progressing very fast perhaps due to political clout which it enjoys at present.

 

While looking at the subject company’s performance and financial status, it is unsatisfactory as entire Net Worth has been eroded. But group has the capacity to bring new capital in the company. The company’s payments are reported as slow and delayed.

 

In general, Indian construction industry is facing liquidity crunch at present and prices of real estate shows downward trend in several areas.

 

In view of the aforesaid and while taking into consideration of the Group’s resources and It’s exposure to the company, subject can be perhaps regarded as normal for business dealings with some caution at usual terms and conditions.

 

NOTES :

Any query related to this report can be made on e-mail : infodept@mirainform.com while quoting report number, name and date.

 

 

EXTERNAL AGENCY RATING

 

 

Rating Agency Name

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 31-03-2013.

 

 

INFORMATION DENIED BY

 

Name :

Mr. Ashwin Modi

Designation :

Not Divulged

Contact No.:

91-9099938525

Date :

25.07.2015

 

 

LOCATIONS

 

Registered Office :

Adani House, Near Mithakhali Six Roads, Navrangpura, Ahmedabad – 380009, Gujarat

Tel. No.:

91-79-26565555/25555555

Mobile No.:

91-9099938525 (Mr. Ashwin Modi)

Fax No.:

91-79-26565500/25555500

E-Mail :

shandan.lakhwani@adani.com

Website :

www.adanigroup.com

 

 

Corporate Office :

7th floor, C Wing, “Laxmi Tower”, Bandra Kurla complex, Bandra (East), Mumbai – 400051, Maharashtra, India

Tel. No.:

91-22-26530500/26527875

Fax No.:

91-22-26527885

 

DIRECTORS

 

As on 26.09.2014

 

Name :

Mr. Sunil B. Sharma

Designation :

Director

Address :

8 – Upvan Village Near Telephone Exchange, Bopal Village, Bopal, Ahmedabad – 380058, Gujarat, India

Date of Birth/Age :

21.07.1968

Date of Appointment :

31.08.2011

DIN No.:

02372553

 

 

Name :

Mr. Gajanan Dattaram Lawande

Designation :

Whole Time Director

Address :

Flat No. 702, A Wing, 7th Floor Rock Garden Building, Off. Link Road, Dahisar, Mumbai – 400068, Maharashtra, India

Date of Birth/Age :

21.08.1954

Date of Appointment :

16.12.2013

DIN No.:

03142638

 

 

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

 

As on 26.09.2014

 

Names of Shareholders

 

No. of Shares

Adani Infrastructure and developers Private Limited, India

 

899990

Sunil Sharma Nominee of Adani Infrastructure and Developers Private Limited, India

 

10

 

 

 

Total

 

                      900000

 

 

Name of Debenture

 

No. of Shares

Krunal Oil Marketing Private Limited, Mauritius

 

117136815

 

 

 

Total

 

117136815

 

 

Equity Share Break up (Percentage of Total Equity)

 

As on 26.09.2014

 

Category

Percentage

Bodies corporate

100.00

Total

100.00

 

 

BUSINESS DETAILS

 

Line of Business :

The Company is mainly engaged in Real Estate business

 

 

Products :

Not Available

 

 

Brand Names :

Not Available

 

 

Agencies Held :

Not Available

 

 

Exports :

Not Divulged

 

 

Imports :

Not Divulged

 

 

Terms :

Not Divulged

 

PRODUCTION STATUS NOT AVAILABLE

 

 

GENERAL INFORMATION

 

Suppliers :

Reference :

Not Divulged

Name of the Person :

Not Divulged

Contact No.:

Not Divulged

Since How Long Known :

Not Divulged

Maximum Limit Dealt :

Not Divulged

Experience :

Not Divulged

Remark:

Not Divulged

 

 

Customers :

Reference :

Not Divulged

Name of the Person :

Not Divulged

Contact No.:

Not Divulged

Since How Long Known :

Not Divulged

Maximum Limit Dealt :

Not Divulged

Experience :

Not Divulged

Remark:

Not Divulged

 

 

No. of Employees :

Information declined by the management

 

 

Bankers :

Bank Name

Not Divulged

Branch

Not Divulged

Person Name (With Designation)

Not Divulged

Contact Number

Not Divulged

Name of Account Holder

Not Divulged

Account Number

Not Divulged

Account Since (Date/Year of Account Opening)

Not Divulged

Average Balance Maintained (If Possible)

Not Divulged

Credit Facilities Enjoyed (If any)

Not Divulged

Account Operation

Not Divulged

Remarks (If any)

Not Divulged

 

 

 

 

 

Banking Relations :

--

 

 

Auditors :

 

Name :

Deloitte Haskins and Sells

Chartered Accountants

Address :

Deloitte Haskins and Sells, Heritage,3rd Floor, Near, Gujarat Vidhyapith, Off Ashram Road, Ahmedabad – 380014, Gujarat, India

PAN N Income-tax PAN of auditor or auditor's firm :

AABFD7919A

 

 

Memberships :

--

 

 

Collaborators :

--

 

 

Holding Company :

Adani Infrastructure and Developers Private Limited

 

 

Ultimate Holding Company :

Adani Agro Private Limited (up to 29.09.2013)

CIN No.: U01110GJ1995PTC024627

Adani Properties Private Limited (w.e.f. 30.09.2013)

 

 

Enterprises under common control :
  • Swayam Realtors and Traders LLP
  • Adani Estates Private Limited
  • Shantigram Estate Management Private Limited
  • Adani Landscapes Private Limited
  • Adani Mundra SEZ Infrastructure Private Limited
  • Adani Land Developers Private Limited
  • Rajendra Agri Trade Private Limited
  • Jade Agriculture Company Private Limited
  • Jade Agri Land Private Limited
  • Jade Food & Properties Land Private Limited
  • Aloka Real Estate Private Limited
  • Lushgreen Landscapes Private Limited
  • Rohit Agri Trade Private Limited
  • Shantigram Utility Services Private Limited
  • Belvedere Golf and Country Club Private Limited
  • Panchdhara Agro Farms Private Limited
  • Columbia Chrome (India) Private Limited
  • Adani Township and Real Estate Company Private Limited
  • Achaleshwar Infrastructure Private Limited
  • Supersonic Infrastructure Private Limited
  • Lovisha Infrastructure Private Limited
  • Mah-Hill Properties Private Limited
  • Delhi Golf Link Properties Private Limited
  • Shankheswar Infracon Private Limited
  • Parsa Kente Rail Infra Private Limited
  • Shankeshwar Buildwell Private Limited
  • Adani M2K Projects LLP

 

 

CAPITAL STRUCTURE

 

As on 26.09.2014

 

Authorised Capital :

No. of Shares

Type

Value

Amount

 

 

 

 

10,000,000

Equity Shares

Rs.10/- each

Rs. 100.000 Million

 

 

 

 

 

Issued, Subscribed & Paid-up Capital :

No. of Shares

Type

Value

Amount

 

 

 

 

900,000

Equity Shares

Rs.10/- each

Rs. 9.000 Million

 

 

 

 

 

 

 

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

9.000

9.000

9.000

(b) Reserves & Surplus

(45.146)

(30.776)

(8.525)

(c) Money received against share warrants

0.000

0.000

0.000

 

 

 

 

(2) Share Application money pending allotment

0.000 

0.000

0.000

Total Shareholders’ Funds (1) + (2)

(36.146)

(21.776)

0.475

 

 

 

 

(3) Non-Current Liabilities

 

 

 

(a) long-term borrowings

11797.681

11713.681

11713.682

(b) Deferred tax liabilities (Net)

0.000

0.615

0.527

(c) Other long term liabilities

0.000

0.000

0.000

(d) long-term provisions

0.717

0.392

0.373

Total Non-current Liabilities (3)

11798.398

11714.688

11714.582

 

 

 

 

(4) Current Liabilities

 

 

 

(a) Short term borrowings

1.669

0.300

29.817

(b) Trade payables

33.779

22.769

8.009

(c) Other current liabilities

0.650

3.714

0.423

(d) Short-term provisions

0.559

0.434

0.710

Total Current Liabilities (4)

36.657

27.217

38.959

 

 

 

 

TOTAL

11798.909

11720.129

11754.016

 

 

 

 

II.          ASSETS

 

 

 

(1) Non-current assets

 

 

 

(a) Fixed Assets

 

 

 

(i) Tangible assets

4.949

5.973

7.012

(ii) Intangible Assets

0.033

0.051

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

1113.020

14.496

0.000

(c) Deferred tax assets (net)

0.000

0.000

0.000

(d)  Long-term Loan and Advances

0.000

0.000

14.525

(e) Other Non-current assets

0.000

0.000

0.000

Total Non-Current Assets

1118.002

20.520

21.537

 

 

 

 

(2) Current assets

 

 

 

(a) Current investments

0.000

0.000

0.000

(b) Inventories

10454.431

10155.238

9744.801

(c) Trade receivables

0.000

0.815

0.161

(d) Cash and cash equivalents

0.735

1.373

1.545

(e) Short-term loans and advances

225.741

1542.183

1985.029

(f) Other current assets

0.000

0.000

0.943

Total Current Assets

10680.907

11699.609

11732.479

 

 

 

 

TOTAL

11798.909

11720.129

11754.016

 

 

PROFIT & LOSS ACCOUNT

 

 

PARTICULARS

31.03.2014

31.03.2013

31.03.2012

 

SALES

 

 

 

 

Income

 

Other Income

 

 

 

 

TOTAL

0.006

0.038

6.915

 

 

 

 

 

Less

EXPENSES

 

 

 

 

TOTAL

14.991

22.426

17.317

 

 

 

 

 

 

PROFIT/ (LOSS)  BEFORE TAX

(14.985)

(22.388)

(10.402)

 

 

 

 

 

Less

TAX

(0.615)

(0.137)

(0.097)

 

 

 

 

 

 

PROFIT/ (LOSS)  AFTER TAX 

(14.370)

(22.251)

(10.305)

 

 

 

 

 

 

Earnings / (Loss) Per Share (Rs.)

(15.97)

(24.72)

(11.45)

 

 

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

(283.166)

(409.367)

5628.848

 

 

 

KEY RATIOS

 

 

PARTICULARS

 

 

31.03.2014

31.03.2013

31.03.2012

Net Profit Margin

(PAT / Sales)

(%)

(239500.00)

(58555.26)

(149.02)

 

 

 

 

 

Return on Total Assets

(PBT/Total Assets}

(%)

(0.14)

(0.19)

(0.09)

 

 

 

 

 

Return on Investment (ROI)

(PBT/Networth)

 

0.41

1.03

-21.90

 

 

 

 

 

Debt Equity Ratio

(Total Debt /Networth)

 

(326.44)

(537.93)

24723.16

 

 

 

 

 

Current Ratio

(Current Asset/Current Liability)

 

291.37

429.86

301.15

 

 

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

9.000

9.000

9.000

Reserves & Surplus

(8.525)

(30.776)

(45.146)

Money received against share warrants

0.000

0.000

0.000

 Share Application money pending allotment

0.000

0.000

0.000

Net worth

0.475

(21.776)

(36.146)

 

 

 

 

long-term borrowings

11713.682

11713.681

11797.681

Short term borrowings

29.817

0.300

1.669

Total borrowings

11743.499

11713.981

11799.350

Debt/Equity ratio

24,723.156

(537.931)

(326.436)

 

 

 

 

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)

Total Income

6.915

0.038

0.006

 

 

(99.450)

(84.211)

 

 

 

 

 

 

 

NET PROFIT MARGIN

 

Net Profit Margin

31.03.2012

31.03.2013

31.03.2014

 

(Rs. In Million)

(Rs. In Million)

(Rs. In Million)

Total Income

6.915

0.038

0.006

Profit

(10.305)

(22.251)

(14.370)

 

(149.02%)

(58555.26%)

(239500.00%)

 

 

 

LOCAL AGENCY FURTHER INFORMATION

 

Sr. No.

Check list by info agents

Available in Report (Yes/No)

1

Year of establishment

Yes

2

Constitution of the entity -Incorporation details

Yes

3

Locality of the entity

Yes

4

Premises details

No

5

Buyer visit details

--

6

Contact numbers

Yes

7

Name of the person contacted

Yes

8

Designation of contact person

No

9

Promoter’s background

Yes

10

Date of Birth of Proprietor / Partners / Directors

Yes

11

Pan Card No. of Proprietor / Partners

No

12

Voter Id Card No. of Proprietor / Partners

No

13

Type of business

Yes

14

Line of Business

Yes

15

Export/import details (if applicable)

No

16

No. of employees

No

17

Details of sister concerns

Yes

18

Major suppliers

No

19

Major customers

No

20

Banking Details

No

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

 

 

UNSECURED LOAN

(Rs. In Million)

Particulars

As on

31.03.2014

As on

31.03.2013

LONG TERM BORROWING

 

 

Fully convertible debentures

11797.681

11713.681

 

 

 

SHORT TERM BORROWING

 

 

Loan and advances from related parties

1.669

0.300

 

 

 

Total

11799.350

11713.981

 

 

INDEX OF CHARGES: NO CHARGES EXIST FOR THE COMPANY

 

 

 

FIXED ASSETS

  • Plant and equipment
  • Furniture and fixtures
  • Vehicles
  • Office equipment
  • Computer equipments

 

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.63.89

UK Pound

1

Rs.99.10

Euro

1

Rs.70.12

 

 

INFORMATION DETAILS

 

Information Gathered by :

NYA

 

 

Analysis Done by :

KIN

 

 

Report Prepared by :

ART

 

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

4

--PROFITABILITY

1~10

2

--LIQUIDITY

1~10

3

--LEVERAGE

1~10

3

--RESERVES

1~10

3

--CREDIT LINES

1~10

3

--MARGINS

-5~5

-

DEMERIT POINTS

 

 

--BANK CHARGES

YES/NO

NO

--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

 

27

 

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

 

--

 

 

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.