MIRA INFORM REPORT

 

 

Report No. :

333911

Report Date :

29.07.2015

 

IDENTIFICATION DETAILS

 

Name :

ADANI ESTATES PRIVATE LIMITED (w.e.f. 28.08.2006)

 

 

Formerly Known As :

ADANI REALITY (MUMBAI) PRIVATE LIMITED (w,e,f. 20.10.2005)

ADANI TOWNSHIPS AND REAL ESTATE COMPANY (MUMBAI) PRIVATE LIMITED

 

 

Registered Office :

Adani House, Near Mithakhali Circle, Navrangpura, Ahmedabad-380009, Gujarat

Tel. No.:

91-79-26565555

 

 

Country :

India

 

 

Financials (as on) :

31.03.2014

 

 

Date of Incorporation :

20.10.2005

 

 

Com. Reg. No.:

04-046949

 

 

Capital Investment / Paid-up Capital :

Rs. 100.000 Million

 

 

CIN No.:

[Company Identification No.]

U45300GJ2005PTC046949

 

 

IEC No.:

Not Available

 

 

TAN No.:

[Tax Deduction & Collection Account No.]

AHMA06047G

 

 

PAN No.:

[Permanent Account No.]

AAFCA6390M

 

 

Legal Form :

Private Limited Liability Company

 

 

Line of Business :

The subject is engaged to Developing, Appraising, Maintaining, Operating, and Marketing of Real Estate Property.

 

 

No. of Employees :

Information declined by the Management

 

 

RATING & COMMENTS

 

MIRA’s Rating :

B (26)

 

RATING

STATUS

PROPOSED CREDIT LINE

26-40

B

Capability to overcome financial difficulties seems comparatively below average.

Small

 

Status :

Moderate

 

 

Payment Behaviour :

Slow

 

 

Litigation :

Clear

 

 

Comments :

Subject is an established company having moderate track record.

 

Adani Estates Private Limited is a Private Company incorporated on 20 October 2005. It is classified as Indian Non-Government Company and is registered at Registrar of Companies, Ahmedabad. Its authorized share capital is Rs. 100.000 Million and its paid up capital is Rs. 100.000 Million.

 

Subject is a part of Adani Group, controlled and financed by Adani family (Mr. Gautam Adani). The Group is progressing very fast due to political clout which it enjoys at present. Subject is a subsidiary company of Adani Infrastructure and Development Private Limited. (AIDPL).

 

Rating takes into consideration, subjects below average financial risk profile marked by weak net worth base, small cash balance and huge external borrowing taken by the company which may act as a threat to its liquidity position.

 

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

 

However rating continues to derive strength from the strong parentage of Adani Estate Private Limited and presence of the Adani Group in diversified business. The rating also factors in the experience and established track record of the group in construction and real estate sector.

 

Trade relations are fair. Business is active. Payment terms are reported to be slow.

 

In the view of strong managerial, financial and operational support from group and experienced promoters, the subject can be considered for business dealings with some caution.

 

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

CARE

Rating

Long Term Bank Facilities=BBB

Rating Explanation

Moderate degree of safety and moderate credit risk

Date

25.07.2015

 

 

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 31-03-2013.

 

 

INFORMATION DECLINED

 

MANAGEMENT NON-COOPERATIVE

 

(Contact No: 91-79-2656555)

 

 

LOCATIONS

 

Registered Office :

Adani House, Near Mithakhali Circle, Navrangpura, Ahmedabad-380009, Gujarat, India

Tel. No.:

91-79-26565555

Fax No.:

91-79-25555500

E-Mail :

chandan.lakhwani@adani.com

Website :

http://www.adani.com

 

 

DIRECTORS

 

AS ON 26.09.2014

 

Name :

Mr. Sunil Sharma

Designation :

Director

Address :

8 Upvan Villa, Galagimkhana Road, South Bopal Daskroi, Ahmedabad-380058, Gujarat, India

Date of Birth/Age :

21.07.1968

Date of Appointment :

12.12.2013

DIN No.:

02372553

 

 

Name :

Mr. Gajanan Dattaram Lawande

Designation :

Director

Address :

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

Date of Birth/Age :

21.08.1954

Date of Appointment :

31.08.2011

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

7499999

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

1

Real Deal Developers Private Limited, India

2500000

Total

10000000

 

 

 

 

 

AS ON 26.09.2014

 

Equity Share Breakup

Percentage of Holding

Category

 

Bodies corporate

100.00

Total

100.00

 

 

 

BUSINESS DETAILS

 

Line of Business :

The subject is engaged to Developing, Appraising, Maintaining, Operating, and Marketing of Real Estate Property.

 

 

Products :

--

 

 

Brand Names :

--

 

 

Agencies Held :

--

 

 

Exports :

Not Divulged

 

 

Imports :

Not Divulged

 

 

Terms :

Not Divulged

 

PRODUCTION STATUS: NOT AVAILABLE

 

 

GENERAL INFORMATION

 

Suppliers :

Reference:

Not Divulged

Name of the Person (Designation):

Not Divulged

Contact Number:

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 (Designation):

Not Divulged

Contact Number:

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 A/c Opening):

Not Divulged

Average Balance Maintained (Optional):

Not Divulged

Credit Facilities Enjoyed (CC/OD/Term Loan):

Not Divulged

Account Operation:

Not Divulged

Remarks:

Not Divulged

 

·         Punjab National Bank

 

 

Facilities :

SECURED LOANS

31.03.2014

(Rs. In Million)

31.03.2013

(Rs. In Million)

LONG-TERM BORROWINGS

 

 

Rupee term loans from banks

2149.070

0.000

 

 

 

Total

2149.070

0.000

 

Banking Relations :

--

 

 

Auditors :

 

Name :

Dharmesh Parikh and Company

Chartered Accountants

Address :

303/ 304 , Milestone, Near Drive-In-Cinema, Thaltej, Ahmedabad, Gujarat, India

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

AAGFD1279G

 

 

Memberships :

--

 

 

Collaborators :

--

 

 

Holding Company:

Adani Infrastructure and Developers Private Limited, India (U45201GJ2006PTC066449)

 

 

Ultimate Holding Company:

·         Adani Properties Private Limited, India (U45201GJ1995PTC026067)

·         Adani Agro Private Limited, India

 

 

Associates :

Real Deal Developers Private Limited, India (U45400MH2007PTC171102)

 

 

 

Fellow Subsidiary Company:

Adani Township and Real Estate Company Private Limited, India (U70101GJ2012PTC071738)

Adani Developers Private Limited, India (U45200GJ2005PTC046759)

 

 

CAPITAL STRUCTURE

 

AS ON 26.09.2014

 

Authorised Capital :

No. of Shares

Type

Value

Amount

 

 

 

 

10000000

Equity Shares

Rs. 10/- each

Rs. 100.000 Million

 

 

 

 

 

Issued, Subscribed & Paid-up Capital :

No. of Shares

Type

Value

Amount

 

 

 

 

10000000

Equity Shares

Rs. 10/- each

Rs. 100.000 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

100.000

100.000

0.500

(b) Reserves & Surplus

(33.019)

(30.983)

1.614

(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)

66.981

69.017

2.114

 

 

 

 

(3) Non-Current Liabilities

 

 

 

(a) Long-term borrowings

10744.217

6094.570

0.000

(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)

10744.217

6094.570

0.000

 

 

 

 

(4) Current Liabilities

 

 

 

(a) Short term borrowings

553.566

1740.447

6517.819

(b) Trade payables

90.883

5.628

0.026

(c) Other current liabilities

243.798

252.108

0.011

(d) Short-term provisions

0.000

0.000

0.000

Total Current Liabilities (4)

888.247

1998.183

6517.856

 

 

 

 

TOTAL

11699.445

8161.770

6519.970

 

 

 

 

II.            ASSETS

 

 

 

(1) Non-current assets

 

 

 

(a) Fixed Assets

 

 

 

(i) Tangible assets

3.409

2.912

0.000

(ii) Intangible Assets

0.387

0.013

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

0.000

0.000

0.000

(c) Deferred tax assets (net)

0.000

0.000

0.000

(d)  Long-term Loan and Advances

0.367

0.376

0.000

(e) Other Non-current assets

0.000

0.000

0.000

Total Non-Current Assets

4.163

3.301

0.000

 

 

 

 

(2) Current assets

 

 

 

(a) Current investments

0.000

0.000

0.000

(b) Inventories

10907.697

34.598

0.000

(c) Trade receivables

0.000

0.000

0.000

(d) Cash and cash equivalents

1.351

0.915

0.006

(e) Short-term loans and advances

786.219

8122.949

6519.964

(f) Other current assets

0.015

0.007

0.000

Total Current Assets

11695.282

8158.469

6519.970

 

 

 

 

TOTAL

11699.445

8161.770

6519.970

 

 

PROFIT & LOSS ACCOUNT

 

 

PARTICULARS

 

31.03.2014

31.03.2013

31.03.2012

 

SALES

 

 

 

 

 

TOTAL                                    

252.565

0.811

0.000

 

 

 

 

 

Less

EXPENSES

 

 

 

 

 

TOTAL                                    

254.601

33.408

0.077

 

 

 

 

 

 

PROFIT/ (LOSS) BEFORE TAX

(2.036)

(32.597)

(0.077)

 

 

 

 

 

Less

TAX                                                                 

0.000

0.000

0.541

 

 

 

 

 

 

PROFIT/ / (LOSS)  AFTER TAX

(2.036)

(32.597)

(0.618)

 

 

 

 

 

 

Earnings/ / (LOSS)  Per Share (Rs.)

(0.20)

(3.26)

(0.06)

 

 

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 Flow from (used in) Operations

(3420.301)

(1412.961)

(6518.316)

 

 

 

KEY RATIOS

 

 

PARTICULARS

 

 

31.03.2014

31.03.2013

31.03.2012

Return on Total Assets

(PBT/Total Assets}

(%)

(0.02)

(0.40)

0.00

 

 

 

 

 

Return on Investment (ROI)

(PBT/Networth)

 

(0.03)

(0.47)

(0.04)

 

 

 

 

 

Debt Equity Ratio

(Total Liability/Networth)

 

168.67

113.52

3083.17

 

 

 

 

 

Current Ratio

(Current Asset/Current Liability)

 

13.17

4.08

1.00

 

 

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

0.500

100.000

100.000

Reserves & Surplus

1.614

(30.983)

(33.019)

Money received against share warrants

0.000

0.000

0.000

Share Application money pending allotment

0.000

0.000

0.000

Net worth

2.114

69.017

66.981

 

 

 

 

Long-term borrowings

0.000

6094.570

10744.217

Short term borrowings

6517.819

1740.447

553.566

CURRENT MATURITIES OF LONG-TERM DEBTS

0.000

0.000

0.000

Total borrowings

6517.819

7835.017

11297.783

Debt/Equity ratio

3,083.169

113.523

168.671

 

 

 

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

0.000

0.811

252.565

 

 

 

31,042.417

 

 

 

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

0.000

0.811

252.565

Profit/ (Loss)

(0.618)

(32.597)

(2.036)

 

 

(4019.36%)

(0.81%)

 

 


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

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

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

 

 

INDEX OF CHARGES

 

S.NO.

CHARGE ID

DATE OF CHARGE CREATION/MODIFICATION

CHARGE AMOUNT SECURED

CHARGE HOLDER

ADDRESS

SERVICE REQUEST NUMBER (SRN)

1

10545483

28/01/2015

5,000,000,000.00

HOUSING DEVELOPMENT FINANCE CORPORATION LIMITED

RAMON HOUSE 169BACKBAY RECLAMATION, H T PAREKH MA
RG, MUMBAI-400020, MAHARASHTRA, INDIA

C41626045

 

 

UNSECURED LOANS

 

PARTICULARS

31.03.2014

(Rs. In Million)

31.03.2013

(Rs. In Million)

LONG-TERM BORROWINGS

 

 

Loans and advances from related parties

2500.577

0.000

Fully convertible debentures banks

6094.570

6094.570

 

 

 

SHORT TERM BORROWINGS

 

 

Loans and advances from related parties

34.700

1740.447

Intercorporate borrowings

518.866

0.000

 

 

 

Total

9148.713

7835.017

 

 

CORPORATE INFORMATION

 

The company has been incorporated on 20.10.2005 with the object to developing, appraising, maintaining, operating, and marketing of real estate property. The company has entered into agreement to purchase land admeasuring 64,841.38 square meters at Andheri, Mumbai. The company is received of necessary approvals and construction as well as booking of the project situated at Andheri has already started.

 

 

FIXED ASSETS:

 

Tangible Assets

 

·         Plant and Equipment

·         Furniture and Fixtures

·         Vehicles

·         Office Equipment

·         Computer Equipments

·         Other Equipments

 

Intangible Assets

 

·         Computer software

 

 

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. 64.03

UK Pound

1

Rs. 99.72

Euro

1

Rs. 70.88

 

 

INFORMATION DETAILS

 

Information Gathered by :

GYT

 

 

Analysis Done by :

SAN

 

 

Report Prepared by :

IND

 

 

SCORE & RATING EXPLANATIONS

 

SCORE FACTORS

 

RANGE

POINTS

HISTORY

1~10

4

PAID-UP CAPITAL

1~10

4

OPERATING SCALE

1~10

4

FINANCIAL CONDITION

 

 

--BUSINESS SCALE

1~10

3

--PROFITABILIRY

1~10

1

--LIQUIDITY

1~10

2

--LEVERAGE

1~10

3

--RESERVES

1~10

1

--CREDIT LINES

1~10

4

--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

 

--

 

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.