MIRA INFORM REPORT

 

 

Report No. :

328837

Report Date :

26.06.2015

 

IDENTIFICATION DETAILS

 

Name :

ICICI HOME FINANCE COMPANY LIMITED

 

 

Registered Office :

ICICI Bank Towers, Bandra-Kurla Complex, Mumbai – 400051, Maharashtra

Tel. No.:

91-22-26531414

 

 

Country :

India

 

 

Financials (as on) :

31.03.2014

 

 

Date of Incorporation :

28.05.1999

 

 

Com. Reg. No.:

11-120106

 

 

Capital Investment / Paid-up Capital :

Rs.10987.500 Million

 

 

CIN No.:

[Company Identification No.]

U65922MH1999PLC120106

 

 

TAN No.:

[Tax Deduction & Collection Account No.]

MUMI04738G

 

 

PAN No.:

[Permanent Account No.]

Not Available

 

 

Legal Form :

A Closely Held Public Limited Liability Company

 

 

Line of Business :

Providing loans for purchase, construction, repairs and renovation etc., of houses / flats to individuals, corporate bodies, builders, co-operative housing societies and provides housing business related services i.e. property advisory and research services and Legal and technical valuation services.

 

 

No. of Employees :

Information declined by management

 

 

RATING & COMMENTS

 

MIRA’s Rating :

Aa (71)

 

RATING

STATUS

PROPOSED CREDIT LINE

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

 

Status :

Excellent

 

 

Payment Behaviour :

Regular

 

 

Litigation :

Exist

 

 

Comments :

Subject is a wholly owned subsidiary of ICICI Bank. It is a well-established company having excellent track record.

 

The company possesses a sound financial profile evident by healthy capitalization levels, stable asset quality, comfortable liquidity profile along with continued support for the subject from its parent in order to manage and grow its business operations.

 

Management has witnessed a decent revenue as well as net profitability from its operations during FY 14.

 

Trade relations are trustworthy. Business is active. Payment terms are reported as regular and as per commitments.

 

In view of favourable business profile and reputation in the market, the company can be considered for business dealings at usual trade 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

CARE

Rating

Care AAA FD (SO)

Rating Explanation

Highest degree of safety and carry lowest credit risk.

Date

January 16, 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 (Tel. No.: 91-22-33667777 / 91-9021667777)

 

 

LOCATIONS

 

Registered Office :

ICICI Bank Towers, Bandra-Kurla Complex, Mumbai – 400051, Maharashtra, India

Tel. No.:

91-22-26531414

Fax No.:

91-22-26531215/ 26531671

E-Mail :

pratap.salian@icicihfc.com

sreekanth.vn@icicihfc.com

Website :

www.icicihfc.com

 

 

DIRECTORS

 

As on 31.03.2014

 

Name :

Mr. Rajiv Sabharwal

Designation :

Chairman

Address :

Y-1301, 13th Floor, Callalily Nahar’s Amrit Shakti Off Saki Vihar Road, Chandivali, Andheri East, Mumbai  - 400072, Maharashtra, India

Date of Birth/Age :

28.09.1965

Date of Appointment :

15.06.2010

DIN No.:

00057333

 

 

Name :

Mr. Maninder Singh Juneja

Designation :

Vice Chairman

Address :

D - 1002, Mayfair Meridian Ceasar Road, Amboli, Andheri (West), Mumbai-400058, Maharashtra, India

Date of Birth/Age :

31.01.1966

Date of Appointment :

15.06.2010

DIN No.:

02680016

 

 

Name :

Mr. Dileep Chinubhai Choksi

Designation :

Director

Address :

E-7, Sea Face Park, 50, Bhulabhai Desai Road, Mumbai - 400026, Maharashtra, India

Date of Birth/Age :

26.12.1949

Date of Appointment :

27.06.2014

DIN No.:

00016322

 

 

Name :

Mr. Subramaniam Santhanakrishnan

Designation :

Director

Address :

Flat G5, Block 2, Prime Terrace 150, L.B. Road, Tiruvanmiyur, Chennai – 600041, Tamilnadu, India

Date of Birth/Age :

08.11.1944

Date of Appointment :

27.06.2014

DIN No.:

00005069

 

 

Name :

Mr. Rohit Manmohan Salhotra

Designation :

Managing Director and Chief Executive Officer

Address :

703-C, Lokhandwala Residency, E Moses Road, Worli, Mumbai – 400018, Maharashtra, India

Date of Birth/Age :

18.07.1966

Date of Appointment :

22.05.2012

DIN No.:

03580929

 

 

KEY EXECUTIVES

 

Name :

Mr. Pratap S. Salian

Designation :

Secretary

Address :

19/102, Sanskriti 90 Feet Road, Asha Nagar, Kandivli (East), Mumbai - 400101, Maharashtra, India

Date of Birth/Age :

01.06.1964

Date of Appointment :

11.04.2011

PAN No.:

AQUPS7901E

 

 

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

 

AS ON 31.03.2014

 

Names of Shareholders

 

No. of Shares

Percentage of Holding

ICICI Bank Limited, India

1098750000

100.00

TOTAL

1098750000

100.00

 

 

 

BUSINESS DETAILS

 

Line of Business :

Providing loans for purchase, construction, repairs and renovation etc., of houses / flats to individuals, corporate bodies, builders, co-operative housing societies and provides housing business related services i.e. property advisory and research services and Legal and technical valuation services.

 

 

Products :

Not Available

 

 

Brand Names :

Not Available

 

 

Agencies Held :

Not Available

 

 

Exports :

Not Divulged

 

 

Imports :

Not Divulged

 

 

Terms :

 

Selling :

Not Divulged

 

 

Purchasing :

Not Divulged

 

PRODUCTION STATUS: NOT AVAILABLE

 

 

GENERAL INFORMATION

 

Suppliers :

Reference:

 

 

NOT DIVULGED

Name of the Person (with Designation):

Contact Number:

Since How Long Known:

Experience :

Maximum Limit Dealt:

 

 

Customers :

Reference:

 

 

NOT DIVULGED

Name of the Person (with Designation):

Contact Number:

Since How Long Known:

Experience :

Maximum Limit Dealt:

 

 

No. of Employees :

Information declined by management

 

 

Bankers :

Bank Name:

 

 

 

 

 

 

NOT DIVULGED

Branch:

Name of the Person (with Designation):

Contact Number:

Name of Account Holder:

Account Number:

Account Since (Date/ Year of A/c Opening):

Average Balance Maintained (Optional):

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

Account Operation:

Remarks:

 

 

Facilities :

SECURED LOANS

31.03.2014

(Rs. In Million)

31.03.2013

(Rs. In Million)

LONG TERM BORROWINGS

 

 

4,000 (March 2013 - 4,000) 9.29% Secured Redeemable Senior Bond of Rs. 1,000,000 each redeemable at par

4000.000

4000.000

3,000 (March 2013 - 3,000) 10.75% Secured Redeemable Senior Bond of Rs. 1,000,000 each redeemable at par

3000.000

3000.000

1,800 (March 2013 - 1,800) 11.35% Secured Redeemable Non-Convertible Bond of Rs. 1,000,000 each redeemable at par

1800.000

1800.000

Total

8800.000

8800.000

 

NOTE

 

LONG TERM BORROWINGS

 

i. 4,000 (March 2013 - 4,000) 9.29% Secured Redeemable Non- Convertible Senior Bond of Rs. 1,000,000 each redeemable at par at the end of 120.00 months from the date of allotment viz. November 25, 2009.

 

ii. 3,000 (March 2013 - 3,000) 10.75% Secured Redeemable Non- Convertible Senior Bond of Rs. 1,000,000 each redeemable at par at the end of 120.00 months from the date of allotment viz. March 18, 2009.

 

iii. 1,800 (March 20 3 - 1,800) 11.35% Secured Redeemable Non- Convertible Bond of Rs. 1,000,000 each redeemable at par at the end of 120.00 months from the date of allotment viz. September 23, 2008. These Bonds are secured by way of a charge created in favour of trustees of bondholders on the Company’s immovable property and supplemented by negative lien on all assets (including Loan Receivables) of the Company ensuring adequate security cover to the extent of at least one time of the outstanding bond liabilities. Periodic confirmations in this regard have been provided to the trustees of the bondholders. Accordingly, these bonds have not been included in public deposits/ deposits as per Section 2 (1) (y) of the NHB Directions, 2010 over the entire tenor of bonds including financial years ending March 31, 2012 and March 31, 2013.

 

Banking Relations :

--

 

 

Financial Institution :

IDBI Trusteeship Services Limited, Asian Building, Ground Floor, 17, R. Kamani Marg, Ballard Estate, Mumbai, Maharashtra - 400001, India

 

 

Auditors :

 

Name :

S.R. Batliboi and Company LLP

Chartered Accountant 

Address :

14th Floor, The Ruby, 29, Senapati Bapat Marg, Dadar (East), Mumbai-400028, Maharashtra, India

Tel. No.:

91-22-61920000

Fax No.:

91-22-61921000

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

ACHFS9180N

 

 

Holding Company :

ICICI Bank Limited

 

 

Fellow Subsidiaries :

·         ICICI Securities Limited

·         ICICI Securities Primary Dealership Limited

·         ICICI Prudential Life Insurance Company Limited

·         ICICI Lombard General Insurance Company Limited

·         ICICI Securities Inc.

·         ICICI Securities Holdings Inc.

·         ICICI Venture Funds Management Company Limited

·         ICICI Trusteeship Services Limited

·         ICICI Investment Management Company Limited

·         ICICI International Limited

·         ICICI Bank UK PLC

·         ICICI Bank Canada

·         ICICI Bank Eurasia LLC.

·         ICICI Eco-net Internet and Technology Fund (up to 30.12.2013)

·         ICICI Equity Fund

·         ICICI Emerging Sectors Fund (up to 31.12.2013)

·         ICICI Strategic Investments Fund

·         ICICI Prudential Asset Management Company Limited

·         ICICI Prudential Trust Limited

·         TCW/ICICI Investment Partners Limited (up to 30.06.2013)

·         ICICI Kinfra Limited

·         ICICI Prudential Pension Funds Management Company Limited

·         ICICI Venture Value Fund (IVVF) (up to 30.09.2013)

·         I-Ven Biotech Limited

·         ICICI Foundation for Inclusive Growth

·         India Infra Debt Limited

 

 

CAPITAL STRUCTURE

 

As on 31.03.2014

 

Authorised Capital :

No. of Shares

Type

Value

Amount

2385000000

Equity Shares

Rs.10/- each

Rs. 23850.000 Million

15000000

Preferences Shares

Rs.10/- each

Rs. 150.000 Million

 

TOTAL

 

Rs.24000.000 Million

 

Issued, Subscribed & Paid-up Capital :

No. of Shares

Type

Value

Amount

 

 

 

 

1098750000

Equity Shares

Rs.10/- each

Rs.10987.500 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

10987.500

10987.500

10987.500

(b) Reserves & Surplus

4221.800

3658.300

3097.700

(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)

15209.300

14645.800

14085.200

 

 

 

 

(3) Non-Current Liabilities

 

 

 

(a) long-term borrowings

39956.300

38686.700

38485.900

(b) Deferred tax liabilities (Net)

0.000

0.000

0.000

(c) Other long term liabilities

206.700

335.600

264.900

(d) long-term provisions

1471.100

1441.700

1460.900

Total Non-current Liabilities (3)

41634.100

40464.000

40211.700

 

 

 

 

(4) Current Liabilities

 

 

 

(a) Short term borrowings

4645.000

1950.900

2032.200

(b) Trade payables

237.100

181.100

192.300

(c) Other current liabilities

10313.800

14526.900

17536.800

(d) Short-term provisions

536.100

256.200

218.400

Total Current Liabilities (4)

15732.000

16915.100

19979.700

 

 

 

 

TOTAL

72575.400

72024.900

74276.600

 

 

 

 

II.            ASSETS

 

 

 

(1) Non-current assets

 

 

 

(a) Fixed Assets

 

 

 

(i) Tangible assets

589.700

599.900

35.700

(ii) Intangible Assets

3.000

6.000

10.100

(iii) Capital work-in-progress

12.800

1.100

0.800

(iv) Intangible assets under development

0.000

0.000

0.000

(b) Non-current Investments

2108.000

2332.300

3541.000

(c) Deferred tax assets (net)

511.100

472.900

469.500

(d)  Long-term Loan and Advances

59687.200

59666.600

61577.800

(e) Other Non-current assets

5.900

16.200

15.600

Total Non-Current Assets

62917.700

63095.000

65650.500

 

 

 

 

(2) Current assets

 

 

 

(a) Current investments

0.000

736.700

0.000

(b) Inventories

0.000

0.000

0.000

(c) Trade receivables

100.700

138.000

80.600

(d) Cash and cash equivalents

1943.700

1338.200

2042.200

(e) Short-term loans and advances

7081.600

6090.600

5140.800

(f) Other current assets

531.700

626.400

1362.500

Total Current Assets

9657.700

8929.900

8626.100

 

 

 

 

TOTAL

72575.400

72024.900

74276.600

 

 

PROFIT & LOSS ACCOUNT

 

 

PARTICULARS

31.03.2014

31.03.2013

31.03.2012

 

SALES

 

 

 

 

 

Income

9230.300

9145.000

10609.800

 

 

Other Income

126.900

108.000

100.100

 

 

TOTAL                                     (A)

9357.200

9253.000

10709.900

 

 

 

 

 

Less

EXPENSES

 

 

 

 

 

Employee Benefit Expenses

347.500

310.400

236.700

 

 

Establishment and Other Expenses

570.600

508.900

830.400

 

 

Expenses Recovered

(17.100)

(16.900)

(39.300)

 

 

Provision/ Write offs (net)

39.400

76.200

0.000

 

 

TOTAL                                     (B)

940.400

878.600

1027.800

 

 

 

 

 

 

PROFIT/ (LOSS)  BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B)     (C)

8416.800

8374.400

9682.100

 

 

 

 

 

Less

FINANCIAL EXPENSES                                    (D)

5288.300

5326.600

6141.000

 

 

 

 

 

 

PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D)                               (E)

3128.500

3047.800

3541.100

 

 

 

 

 

Less/ Add

DEPRECIATION/ AMORTISATION                     (F)

18.500

19.100

9.700

 

 

 

 

 

 

PROFIT/ (LOSS)  BEFORE TAX (E-F)                (G)           

3110.000

3028.700

3531.400

 

 

 

 

 

Less

TAX                                                                  (H)

881.800

826.500

934.900

 

 

 

 

 

 

PROFIT/ (LOSS)  AFTER TAX (G-H)                  (I)

2228.200

2202.200

2596.500

 

 

 

 

 

 

Earnings / (Loss) Per Share (Rs.)

2.03

2.00

2.38

 

 

 

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

 

Particulars

 

31.03.2014

31.03.2013

31.03.2012

Current Maturities of Long term debt
8728.200

12766.600

15424.700

Cash generated from operations

1326.800

3448.500

19720.100

 

 

KEY RATIOS

 

PARTICULARS

 

 

31.03.2014

31.03.2013

31.03.2012

Net Profit Margin

(PAT/Sales)

(%)

24.14

24.08

24.47

 

 

 

 

 

Operating Profit Margin

(PBDIT/Sales)

(%)

91.19

91.57

91.26

 

 

 

 

 

Return on Total Assets

(PBT/Total Assets}

(%)

4.45

4.38

5.03

 

 

 

 

 

Return on Investment (ROI)

(PBT/Networth)

 

0.20

0.21

0.25

 

 

 

 

 

Debt Equity Ratio

(Total Debt/Networth)

 

2.93

2.77

2.88

 

 

 

 

 

Current Ratio

(Current Asset/Current Liability)

 

0.61

0.53

0.43

 

 

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

10987.500

10987.500

10987.500

Reserves & Surplus

3097.700

3658.300

4221.800

Share Application money pending allotment

0.000

0.000

0.000

Net worth

14085.200

14645.800

15209.300

 

 

 

 

long-term borrowings

38485.900

38686.700

39956.300

Short term borrowings

2032.200

1950.900

4645.000

Current Maturities of Long Term Debt

15424.700

12766.600

8728.200

Total borrowings

55942.800

53404.200

53329.500

Debt/Equity ratio

3.972

3.646

3.506

 

 

 

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

10609.800

9145.000

9230.300

 

 

(13.806)

0.933

 

 

 

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

10609.800

9145.000

9230.300

Profit

2596.500

2202.200

2228.200

 

24.47%

24.08%

24.14%

 

 

 

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

Yes

22

Conduct of the banking account

--

23

Financials, if provided

Yes

24

Capital in the business

Yes

25

Last accounts filed at ROC, if applicable

Yes

26

Turnover of firm for last three years

Yes

27

Reasons for variation <> 20%

--

28

Estimation for coming financial year

No

29

Profitability for last three years

Yes

30

Major shareholders, if available

Yes

31

External Agency Rating, if available

Yes

32

Litigations that the firm/promoter involved in

--

33

Market information

--

34

Payments terms

No

35

Negative Reporting by Auditors in the Annual Report

No

 

 

LITIGATION DETAILS

 

 

CASE DETAILS

 

BENCH: BOMBAY

 

PRESENTATION: 29/05/2013

 

LODGING NO.: ITXAL/800/2013 FILING DATE: 29/05/2013 REG. NO.: ITXA/2002/2013                                                                                         REG. DATE: 17/10/2013

 

PETITIONER: THE COMMISSIONER OF INCOME TAX – 10

RESPONDENT: ICICI HOME FINANCE COMPANY LIMITED

 

 

PETN. ADV.: ARVIND PINTO (11892)

RESP. ADV.: MEHTA SUDHI J (15314)

 

 

DISTRICT: MUMBAI

 

 

 

BENCH: DIVISION

 

 

 

STATUS: PRE-ADMISSION

CATEGORY: TAX APPEALS

 

 

NEXT  DATE: 27/07/2015

STAGE: FOR ADMISSION

 

 

CORAM: HON’BLE SHRI JUSTICE M.S. SANKLECHA

 

HON’BLE SHRI JUSTICE N.M. JAMDAR

 

 

 

ACT: INCOME TAX ACT, 1961

UNDER SECTION: 260 A

 

INDEX OF CHARGES

 

S. No.

Charge ID

Date of Charge Creation/Modification

Charge amount secured

Charge Holder

Address

Service Request Number (SRN)

1

10529240

30/09/2014

10,000,000,000.00

IDBI TRUSTEESHIP SERVICES LIMITED

ASIAN BUILDING, GROUND FLOOR, 17, R. KAMANI MARG, 
BALLARD ESTATE, MUMBAI, MAHARASHTRA - 400001, INDIA

C30544555

2

10207534

21/01/2010

4,000,000,000.00

IDBI TRUSTEESHIP SERVICES LIMITED

ASIAN BLDG., GROUND FLOOR, 17, R. KAMANI MARG, BALLARD ESTATE, MUMBAI, MAHARASHTRA - 400001, INDIA

A79415154

3

10159224

20/05/2009

3,000,000,000.00

IDBI TRUSTEESHIP SERVICES LIMITED

ASIAN BLDG., GROUND FLOOR, 17, R. KAMANI MARG, BALLARD ESTATE, MUMBAI- 400 001, MAHARASHTRA - 400001, INDIA

A62831706

4

10142556

05/12/2008

1,800,000,000.00

IDBI TRUSTEESHIP SERVICES LIMITED

ASIAN BLDG., GROUND FLOOR, 17, R. KAMANI MARG, BALLARD ESTATE, MUMBAI- 400 001, MAHARASHTRA - 400001, INDIA

A52652872

5

10063486

10/08/2009 *

3,116,900,000.00

IDBI TRUSTEESHIP SERVICES LIMITED

ASIAN BLDG., GROUND FLOOR, 17, R. KAMANI MARG, BALLARD ESTATE, MUMBAI, MAHARASHTRA - 400001, INDIA

A67710525

* Date of charge modification

 

 

UNSECURED LOANS

 

PARTICULAR

31.03.2014

(Rs. In Million)

31.03.2013

(Rs. In Million)

LONG TERM BORROWINGS

 

 

Bonds/ debenture

 

 

Bond Private Placement

3150.000

3300.000

Bond Subordinate Debt Private Placement

2573.000

2573.000

Bonds ZCB

3583.700

1632.800

 

 

 

Term loans

Loans from banks

12384.000

9115.700

 

 

 

Deposits

Fixed deposits including unclaimed fixed deposits

1565.300

2904.800

 

 

 

Loans and advances from related parties

 

 

Loans from holding company - subordinated debts

676.300

1260.400

Loans from holding company – other loans

7224.000

8600.000

Loans from related party – unsecured bonds

0.000

500.000

SHORT TERM BORROWINGS

 

 

Fixed Deposit

24.600

18.700

Commercial Paper

4250.000

1500.000

Less : Unamortised interest

(170.200)

(23.900)

Loans from holding company (Overdraft)

540.600

456.100

Total

35801.300

31837.600

 

Note:

 

LONG TERM BORROWINGS

 

Unsecured bonds – Bonds issued (both Coupon bearing and Zero Coupon bonds) through Private placement carry rate of interest/XIRR in the range of 8.25% to 10.65% p.a and tenure of 13.00 to 120.00 months from the date of issue. Unsecured Bonds - Subordinate debt private placement carry rate of interest in the range of 9.75% to 9.90% p.a. and tenure of 120.00 month. All Unsecured Bonds are repayable in bullet payment from the respective date of issue. Interest on Unsecured bonds (Coupon bearing) is payable semi- annually or annually as per terms of issuance.

 

Unsecured term loans from Banks include loans from various banks (NHB and other banks) and carry rate of interest in the range of 8.75% to 10.25% p.a. The loan from NHB is repayable in quarterly installments of Rs. 64.2 million, from the date of loan. Loan from NHB and other banks are having tenure of 24.00 to 60.00 months. Loans from banks carry a negative lien on assets/receivable of the Company.

 

Fixed deposits include deposits from corporates Rs. 511.300 million (March 2013 - Rs. 468.400 million) and deposits from public Rs. 3,080.500 million (March 2013 - Rs. 3,645.600 million) and carry rate of interest in the range of 7.50% to 11.50% p.a. and having a tenure of 13.00 to 84.00 months from the date of acceptance of deposits. Fixed deposits includes unclaimed fixed deposits from corporates Rs. 4.100 million (March 2013 - Rs. 2.600 million) and deposits from public includes Rs. 229.6 million (March 2013 - Rs. 342.500 million). Fixed deposits accepted from Directors and their relatives are Rs. Nil (March 2013 - Rs. Nil). Floating charge has been created on Government Securities and Fixed deposits with banks (SLR securities) of Rs. 1,418.900 million (March 2013 - Rs. 1,726.200 million) as per NHB Directions.

 

Loans from related parties carry rate of interest in the range of 8.00% to 15.75% p.a. and tenure of 60.00 – 169.00 months from the date of issue.

SHORT TERM BORROWINGS

 

(i) Fixed deposits includes deposits from corporates Rs. 0.100 million (March 2013 - Rs. 7.000 million) and deposits from public Rs. 24.5 million (March 2013 - Rs. 11.700 million) and carries interest in the range of 8.65% to 9.35%p.a. with tenure of 12 months from the date of acceptance of deposits. Fixed deposits accepted from Directors and their relatives are Rs. Nil (March 2013- Rs. Nil).

 

(ii) Commercial paper carries interest in the range of 8.36% to 11.25% p.a. nd tenure of 90 to 364 days repayable in bullet payment.

 

 

CORPORATE INFORMATION

 

The Company is a public company domiciled in India and incorporated under the provisions of the Companies Act, 1956. The Company is engaged in providing financial assistance for specified interest & maturity to person/persons for the purpose to acquire, construct, erect, improve, extend, alter, repair, renovate, develop any house, flats or buildings or any form of real estate or any part or portion thereof. The Company is also providing financial assistance to any person for specified purpose against the security of any immovable property. The Company is also engaged in providing advisory, consultancy, broking in property service, sourcing and servicing home loans.

 

 

MARKET OVERVIEW

 

The mortgage market continues to grow, especially in Tier III & IV cities, driven by primary consumption. This has led to increased focus by most organized lenders into these markets. Absorption and supply in such markets is balanced leading to stable prices.

 

Our company continues to focus on emerging markets, which provide a reasonable growth opportunity. It is in these markets we will continue to invest and build competency.

 

 

OPERATIONAL REVIEW

 

We have in the course of the year achieved reasonable traction in retail mortgages and construction finance business. Supported by a strong growth of 55% in retail mortgages business, the loan assets of the Company grew to Rs. 66.48 billion during the year, offsetting higher than expected pre-payments experienced over the last few years.

 

The Property services and Mortgage valuation groups have sustained their growth momentum, contributing 16 % of the total operating income of the Company.

 

The Company continues to stay committed and focused on partnering the developers and end consumers at all stages of the Real Estate Value chain.

 

 

CONTINGENT LIABILITIES (AS ON 31.03.2014):

 

 (i) Income tax matters in appeal - Rs. 315.100 million (March 2013 - Rs. 248.800 million)

 

(ii) Service tax matters in appeal - Rs. 0.700 million (March 2013 - Rs. Nil)

 

(iii) The contingent liability on account of claims filed against the Company not acknowledged as debt is Rs. 15.100 million (March 2013 - Rs. 13.300 million). As per management, the Company has good chances of winning the case accordingly no provision for any liability has been made in the financial statement.

 

 

FIXED ASSETS

 

Tangible Assets

·         Office Building

·         Improvements to Leasehold Property

·         Computers

·         Office Equipments

·         Furniture and Fixtures

 

Intangible Asset

·         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. 63.61

UK Pound

1

Rs. 99.79

Euro

1

Rs. 71.17

 

 

INFORMATION DETAILS

 

Information Gathered by :

KAM

 

 

Analysis Done by :

TSH

 

 

Report Prepared by :

TRU

 

 

SCORE & RATING EXPLANATIONS

 

SCORE FACTORS

 

RANGE

POINTS

HISTORY

1~10

9

PAID-UP CAPITAL

1~10

8

OPERATING SCALE

1~10

8

FINANCIAL CONDITION

 

 

--BUSINESS SCALE

1~10

8

--PROFITABILITY

1~10

8

--LIQUIDITY

1~10

8

--LEVERAGE

1~10

7

--RESERVES

1~10

7

--CREDIT LINES

1~10

8

--MARGINS

-5~5

--

DEMERIT POINTS

 

 

--BANK CHARGES

YES/NO

YES

--LITIGATION

YES/NO

YES

--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

 

71

 

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.