MIRA INFORM REPORT
|
Report No. : |
322353 |
|
Report Date : |
16.05.2015 |
IDENTIFICATION DETAILS
|
Name : |
PRESTIGE ESTATES
PROJECTS LIMITED |
|
|
|
|
Registered
Office : |
The Falcon House, No. 1m Main Guard Cross Road, Bangalore-560001,
Karnataka |
|
Tel No : |
91-80- 25591080 |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as
on) : |
31.03.2014 |
|
|
|
|
Date of
Incorporation : |
04.06.1997 |
|
|
|
|
Com. Reg. No.: |
08-022322 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs. 3500.000 Million |
|
|
|
|
CIN No.: [Company Identification
No.] |
L07010KA1997PLC022322 |
|
|
|
|
IEC No.: |
Not Available |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
BLRP01504G |
|
|
|
|
PAN No.: [Permanent Account No.] |
AABCP8096K |
|
|
|
|
Legal Form : |
A Public Limited Liability Company. The Company’s Shares are Listed on
the Stock Exchanges. |
|
|
|
|
Line of Business
: |
Real Estate Development and Construction Activity. |
|
|
|
|
No. of Employees
: |
537 [Approximately] |
RATING & COMMENTS
|
MIRA’s Rating : |
A (56) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
56-70 |
A |
Financial & operational base are regarded healthy. General unfavorable
factors will not cause fatal effect. Satisfactory capability for payment of
interest and principal sums |
Fairly Large |
|
Maximum Credit Limit : |
USD 84000000 |
|
|
|
|
Status : |
Good |
|
|
|
|
Payment Behaviour : |
Regular |
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|
|
|
Litigation : |
Clear |
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|
|
Comments : |
Subject is a well-established company having fine track. It is one of
the leading real estate developers in South India. It has a diversified
portfolio of real estate projects focusing on the residential, commercial,
hospitality and retail segments. The company has reported another good financial year performance. The
management has reported decent increase in its turnover during FY2014. The
company has good financial risk profile marked by healthy net worth, adequate
gearing and fair liquidity position. Overall financial position of the
company is good. Trade relations are fair. Business is active. Payment terms are
reported to be regular and as per commitments. In the view of aforesaid, subject can be considered normal 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.
ECGC Country Risk Classification List – December 31, 2014
|
Country Name |
Previous Rating (30.09.2014) |
Current Rating (31.12.2014) |
|
India |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
EXTERNAL AGENCY RATING
|
Rating Agency Name |
ICRA |
|
Rating |
Long term rating “A+” |
|
Rating Explanation |
Adequate degree of safety and carry low credit risk. |
|
Date |
January 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
31-03-2014.
INFORMATION DENIED BY
Management non co-operative (91-80-25591080)
LOCATIONS
|
Registered Office : |
The Falcon House, No. 1m Main Guard Cross Road, Bangalore-560001,
Karnataka, India |
|
Tel. No.: |
91-80-25591080 |
|
Fax No.: |
91-80-25591945 |
|
E-Mail : |
|
|
Website : |
|
|
|
|
|
Branch Office : |
Prestige Polygon, Top Floor, No. 471, Anna Salal, Nandanam, Chennai –
600035, India |
|
|
|
|
|
Level 1, Merchant Towers, Banjara Hills, Road No. 4, Hyderabad –
500082, India |
|
|
|
|
|
No. 32, 1st Floor, Abad Bay Pride Mail, Marine Drive,
Chochin – 682031, India |
|
|
|
DIRECTORS
As on: 31.03.2014
|
Name : |
Mr. Irfan Razack |
|
Designation : |
Chairman cum Managing Director |
|
Address : |
21/22-23, Craig Park, Layout, M G Road, Bangalore-560001, Karnataka,
India |
|
Date of Birth/Age : |
30.10.1953 |
|
Date of Appointment : |
04.06.1997 |
|
DIN No.: |
00209022 |
|
|
|
|
Name : |
Mr. Rezwan Razack |
|
Designation : |
Joint Managing Director |
|
Address : |
12, |
|
Date of Birth/Age : |
10.02.1955 |
|
Date of Appointment : |
04.06.1997 |
|
DIN No.: |
00209060 |
|
|
|
|
Name : |
Mr. Jagdeesh Reddy Koti |
|
Designation : |
Director |
|
Address : |
Flat No. B 1, Chartered, Court, Rathna Avenue, 51/B, Richmond Road,
Bangalore-560025, Karnataka, India |
|
Date of Birth/Age : |
06.11.1967 |
|
Date of Appointment : |
10.11.2009 |
|
DIN No.: |
00220785 |
|
|
|
|
Name : |
Biji George Koshy |
|
Designation : |
Director |
|
Address : |
No. 14, Versova Layout, 1st Cross, Kaggadasa Pura Road,
C.V. Raman Nagar, Bangalore-560093, Karnataka, India |
|
Date of Birth/Age : |
27.07.1945 |
|
Date of Appointment : |
10.11.2009 |
|
DIN No.: |
01651513 |
|
|
|
|
Name : |
Nor Ahmed Jaffer |
|
Designation : |
Director |
|
Address : |
No. 3, I Cross, 8th Main, 4th Block,
Koramangala, Bangalore-560034, Karnataka, India |
|
Date of Birth/Age : |
12.11.1949 |
|
Date of Appointment : |
24.11.2009 |
|
DIN No.: |
00027646 |
|
|
|
|
Name : |
Dr. Pangal Ranganath Nayak |
|
Designation : |
Director |
|
Address : |
141, 18th Main, 6th Block, Koramangala,
Bangalore-560095, Karnataka, India |
|
Date of Birth/Age : |
25.10.1957 |
|
Date of Appointment : |
24.11.2009 |
|
DIN No.: |
01507096 |
|
|
|
|
Name : |
Mr. Noman Razack |
|
Designation : |
Whole Time Director |
|
Address : |
21/22-25, Craig Park Layout, M |
|
Date of Birth/Age : |
14.12.1957 |
|
Date of Appointment : |
04.06.1997 |
|
DIN No.: |
00189329 |
|
|
|
KEY EXECUTIVES
|
Name : |
Medha Gokhale |
|
Designation : |
Company Secretary |
|
Address : |
Bangalore, Karnataka, India |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on: 31.03.2015
|
Category of Shareholder |
Total No. of Shares |
Total Shareholding as a % of Total No. of
Shares |
|
|
|
|
|
(A) Shareholding of Promoter and Promoter Group |
||
|
|
|
|
|
|
262500000 |
70.00 |
|
|
262500000 |
70.00 |
|
|
|
|
|
Total shareholding of Promoter and Promoter Group (A) |
262500000 |
70.00 |
|
(B) Public Shareholding |
||
|
|
|
|
|
|
20232310 |
5.40 |
|
|
5155 |
0.00 |
|
|
80613996 |
21.50 |
|
|
100851461 |
26.89 |
|
|
|
|
|
|
2506184 |
0.67 |
|
|
|
|
|
|
1392388 |
0.37 |
|
|
119480 |
0.03 |
|
|
7630487 |
2.03 |
|
|
313265 |
0.08 |
|
|
91554 |
0.02 |
|
|
7000 |
0.00 |
|
|
7218668 |
1.92 |
|
|
11648539 |
3.11 |
|
Total Public shareholding (B) |
112500000 |
30.00 |
|
Total (A)+(B) |
375000000 |
100.00 |
|
(C) Shares held by Custodians and against which Depository Receipts have been issued |
|
|
|
|
0 |
0.00 |
|
|
0 |
0.00 |
|
|
0 |
0.00 |
|
Total (A)+(B)+(C) |
375000000 |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Real Estate Development and Construction Activity. |
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|
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|
Products : |
Not Available |
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Brand Names : |
Not Available |
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Agencies Held : |
Not Available |
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Exports : |
Not Available |
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Imports : |
Not Available |
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Terms : |
Not Available |
GENERAL INFORMATION
|
Suppliers : |
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Customers : |
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No. of Employees : |
537 [Approximately] |
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Bankers : |
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Facilities : |
(Rs.
In Million)
|
|||||||||||||||||||||||||||||||||||||||
|
Financial Institution : |
Housing Development Finance Corporation Limited |
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|
|
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Auditors : |
|
|
Name : |
Deloitte Haskins and Sells Chartered Accountant |
|
Address : |
Deloitte Centre, Anchorage II, 100/2, Richmond Road, Bangalore-560025,
Karnataka, India |
|
Tel. No.: |
91-80-66276000 |
|
Fax No.: |
91-80-66276011 |
|
PAN No.: |
AACFD3771D |
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|
|
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Memberships : |
-- |
|
|
|
|
Collaborators : |
-- |
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|
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Solicitors: |
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|
Name : |
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Subsidiaries : |
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Other Parties: |
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|
(i) Associate companies where there is significant influence: |
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|
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|
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(ii) Joint ventures of the Company |
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|
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(iii) Company in which the directors are
interested |
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(iv) Partnership firms in which Company is a
partner |
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|
(v) Associates, Partnership firms and Trusts in
which some of the directors and relatives are interested: |
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|
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|
CAPITAL STRUCTURE
As on: 25.09..2014
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
400000000 |
Equity Shares |
Rs.10/- each |
Rs. 4000.000 Million |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
375000000 |
Equity Shares |
Rs.10/- each |
Rs. 3750.000
Million |
|
|
|
|
|
As on: 31.03.2014
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
400000000 |
Equity Shares |
Rs.10/- each |
Rs. 4000.000 Million |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
350000000 |
Equity Shares |
Rs.10/- each |
Rs. 3500.000
Million |
|
|
|
|
|
A. Reconciliation of the
shares outstanding at the beginning and at the end of the reporting period
|
Particulars |
AS AT 31.3.2014 |
|
|
No. of Shares |
(Rs. in Million) |
|
|
Equity shares |
|
|
|
At the beginning of the period |
350000000 |
3500.000 |
|
Issued during the year |
--- |
--- |
|
Outstanding at the end of the year |
350000000
|
3500.000 |
B. The Company has
only one class of equity shares with voting rights having par value of Rs. 10
each. The rights, preferences and restrictions attached to such equity shares
is in accordance with the terms of issue of equity shares under the Companies
Act, 1956, the Articles of Association of the Company and relevant provisions
of the listing agreement.
C. On September 23,
2009 the company issued 20 bonus shares for every share outstanding then.
Accordingly, 250.000 Million equity shares of Rs. 10 each fully paid for each
share held by the shareholders were issued by capitalization of balance in
General Reserve and Surplus in statement of profit & loss during the year
ended March 31, 2010.
D. During the year
ended March 31, 2013, the Company successfully completed an Institutional
Private Placement under Chapter VIII-A of Securities and Exchange Board of India
(Issue of Capital and Disclosure Requirements) Regulations, 2009, as amended,
which opened on January 23, 2013 and closed on the same date. Pursuant to this
21,926,230 equity shares of Rs. 10 each at a premium of Rs. 156 per share were
allotted on January 29, 2013. Issue expenses amounting to Rs. 95.300 Million
has been charged to the securities premium account.
E.
Details of shareholders holding more than 5% shares in the company
|
Name of the
Shareholder |
AS AT 31.3.2014 |
|
|
No. of Shares |
% of Holding |
|
|
|
|
|
|
Irfan Razack |
65625000 |
18.75% |
|
Rezwan Razack |
65625000 |
18.75% |
|
Noaman Razack |
65625000 |
18.75% |
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 |
3500.000 |
3500.000 |
3280.700 |
|
(b) Reserves & Surplus |
26210.700 |
23584.000 |
17989.500 |
|
(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) |
29710.700 |
27084.000 |
21270.200 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
2359.500 |
1694.500 |
1518.300 |
|
(b) Deferred tax liabilities (Net) |
61.600 |
119.200 |
125.300 |
|
(c) Other long term
liabilities |
349.400 |
308.000 |
237.600 |
|
(d) long-term
provisions |
43.800 |
41.300 |
30.400 |
|
Total Non-current
Liabilities (3) |
2814.300 |
2163.000 |
1911.600 |
|
|
|
|
|
|
(4)
Current Liabilities |
|
|
|
|
(a) Short
term borrowings |
15474.500 |
13559.000 |
9779.000 |
|
(b) Trade
payables |
3981.200 |
3319.400 |
2151.500 |
|
(c) Other
current liabilities |
14389.600 |
12649.700 |
10066.900 |
|
(d) Short-term
provisions |
1523.800 |
1098.100 |
1841.200 |
|
Total Current
Liabilities (4) |
35369.100 |
30626.200 |
23838.600 |
|
|
|
|
|
|
TOTAL |
67894.100 |
59873.200 |
47020.400 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1)
Non-current assets |
|
|
|
|
(a) Fixed
Assets |
|
|
|
|
(i)
Tangible assets |
4293.200 |
4230.600 |
4287.700 |
|
(ii)
Intangible Assets |
18.900 |
4.100 |
1.100 |
|
(iii)
Capital work-in-progress |
2241.000 |
1600.900 |
1263.500 |
|
(iv)
Intangible assets under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current Investments |
10142.600 |
9891.400 |
6417.200 |
|
(c) Deferred tax assets (net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
12385.900 |
8703.800 |
5575.200 |
|
(e) Other
Non-current assets |
385.800 |
261.400 |
274.900 |
|
Total Non-Current
Assets |
29467.400 |
24692.200 |
17819.600 |
|
|
|
|
|
|
(2)
Current assets |
|
|
|
|
(a)
Current investments |
1880.100 |
854.000 |
870.400 |
|
(b)
Inventories |
18293.800 |
14904.600 |
12004.100 |
|
(c) Trade
receivables |
6527.900 |
7652.900 |
8313.200 |
|
(d) Cash
and cash equivalents |
2206.500 |
3783.100 |
1173.600 |
|
(e)
Short-term loans and advances |
9225.300 |
7528.900 |
6533.900 |
|
(f) Other
current assets |
293.100 |
457.500 |
305.600 |
|
Total
Current Assets |
38426.700 |
35181.000 |
29200.800 |
|
|
|
|
|
|
TOTAL |
67894.100 |
59873.200 |
47020.400 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
20051.900 |
15123.700 |
7454.700 |
|
|
|
Other Income |
1472.600 |
939.300 |
537.600 |
|
|
|
TOTAL |
21524.500 |
16063.000 |
7992.300 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Purchases of Stock-in-Trade |
513.600 |
57.400 |
53.500 |
|
|
|
Changes in inventories of finished goods, work-in-progress
and Stock-in-Trade |
11344.100 |
8656.400 |
3365.400 |
|
|
|
Property and facilities operating expenses |
1204.300 |
914.400 |
635.700 |
|
|
|
Employees benefits expense |
877.600 |
836.200 |
506.400 |
|
|
|
Other expenses |
1086.800 |
485.800 |
524.800 |
|
|
|
TOTAL |
15026.400 |
10950.200 |
5085.800 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION |
6498.100 |
5112.800 |
2906.500 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES |
1260.500 |
897.200 |
765.100 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION |
5237.600 |
4215.600 |
2141.400 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION |
355.400 |
329.600 |
324.500 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX |
4882.200 |
3886.000 |
1816.900 |
|
|
|
|
|
|
|
|
|
Less |
TAX |
1482.000 |
1125.300 |
526.200 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
|
3400.200 |
2760.700 |
1290.700 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export Earnings |
50.400 |
50.900 |
23.800 |
|
|
TOTAL EARNINGS |
50.400 |
50.900 |
23.800 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Stores & Spares |
193.000 |
195.400 |
169.800 |
|
|
|
Capital Goods |
114.900 |
13.300 |
0.000 |
|
|
TOTAL IMPORTS |
307.900 |
208.700 |
169.800 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
9.71 |
7.89 |
3.69 |
|
QUARTERLY /
SUMMARISED RESULTS
|
Particulars (Rs. In
Million) |
30.06.2014 |
30.09.2014 |
31.12.2014 |
|
1st Quarter |
2nd Quarter |
3rd Quarter |
|
|
Net Sales |
5630.900 |
5403.300 |
6093.600 |
|
Total Expenditure |
4261.100 |
3881.500 |
4211.400 |
|
PBIDT (Excl OI) |
1369.800 |
1521.800 |
1882.200 |
|
Other Income |
524.700 |
439.900 |
358.600 |
|
Operating Profit |
1894.500 |
1961.700 |
2240.800 |
|
Interest |
380.100 |
468.300 |
510.000 |
|
Exceptional Items |
NA |
NA |
NA |
|
PBDT |
1514.400 |
1493.400 |
1730.800 |
|
Depreciation |
91.800 |
94.700 |
113.700 |
|
Profit Before Tax |
1422.600 |
1398.700 |
1617.100 |
|
Tax |
382.200 |
429.800 |
621.900 |
|
Provisions and contingencies |
NA |
NA |
NA |
|
Profit After Tax |
1040.400 |
968.900 |
995.200 |
KEY RATIOS
|
PARTICULARS |
|
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
Net Profit Margin (PAT/Sales) |
(%) |
16.96 |
18.25 |
17.31 |
|
|
|
|
|
|
|
Operating Profit Margin (PBDIT / Sales) |
(%) |
32.41 |
33.81 |
38.99 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
7.19 |
8.03 |
4.62 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.16 |
0.14 |
0.09 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
0.60 |
0.56 |
0.53 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.09 |
1.15 |
1.22 |
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 |
3280.700 |
3500.000 |
3500.000 |
|
Reserves & Surplus |
17989.500 |
23584.000 |
26210.700 |
|
Net
worth |
21270.200 |
27084.000 |
29710.700 |
|
|
|
|
|
|
long-term borrowings |
1518.300 |
1694.500 |
2359.500 |
|
Short term borrowings |
9779.000 |
13559.000 |
15474.500 |
|
Total
borrowings |
11297.300 |
15253.500 |
17834.000 |
|
Debt/Equity
ratio |
0.531 |
0.563 |
0.600 |
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 |
7454.700 |
15123.700 |
20051.900 |
|
|
|
102.875 |
32.586 |
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 |
7454.700 |
15123.700 |
20051.900 |
|
Profit |
1290.700 |
2760.700 |
3400.200 |
|
|
17.31% |
18.25% |
16.96% |
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 |
No |
|
10] |
Designation of contact
person |
No |
|
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 |
Yes |
REVIEW OF
OPERATIONS
Operational
Highlights
- The Company has sold, for the year ended 31st March 2014, 4486
residential units and 0.22 Mnsft of commercial space, totaling to 7.5
Mnsft. amounting to Rs. 44348.000 million. (PEPL Share: Rs. 36323.000
million).
- For the year ended March 31, 2014, the average realization achieved
is up by 13% at Rs. 5,912 per Sft as compared to the corresponding
previous year’s average realization of Rs. 5,220 per Sft.
- Completed and delivered 3.180 million square feet of Commercial
Office space.
- Registered total new leasing at 2.660 million square feet.
- The total collections for the year ended March 31, 2014 aggregated
to Rs. 29408.000 million as against Rs.19695.000 million of the previous
year thereby recording a growth of 26%.
BUSINESS SEGMENTS
OVERVIEW:
Residential
Segment
Residential –
Operational Performance:
The Company has
increased its focus on residential segment, in view of fast absorption and
higher demand across high end luxury projects, villas and mid segment apartments.
At the close of FY14, the Company had 41 on-going residential projects, with
majority in Bangalore. The Company’s share in on-going residential projects was
30.860 million sq feet. Prestige has also firmed up plans for new residential
developments of 13.650 million sq feet (Prestige share). These projects are
likely to get launched in FY15 post approvals from various authorities.
Residential–
Financial Performance:
For FY14 residential
segment sales contributed 97% to total sales and witnessed 34.8% increase from
Rs.26146.000 million in FY13 to Rs.35234.000 million in FY14. Mid-income
segment contributed 74% at Rs. 26068.000 million and premium segment at
Rs.9166.000 million, contributed 26% to total residential segment sales.
Of the above,
revenue recognized from this segment during FY 14 is Rs. 16159.000 million as
against Rs. 9970.000 million in FY13. This translates to an increased turnover
of Rs. 6189.000 million, 62% growth in FY14 from this segment.
Commercial Segment
Commercial –
Operational Performance:
In commercial
space, the Company was pursuing 13 on-going projects, with its own share of
7.130 million sq feet at the end of FY14. It had also firmed up plans for upcoming
commercial space of 4.190 million sq feet. During FY14, Prestige successfully
completed three commercial projects with total size of 1.360 million sqft and
Company’s share of 0.960 million sq feet.
Commercial –
Financial Performance:
For FY14
commercial segment sales contributed 3.0% to total sales. Total Commercial
segment sales for the year was Rs. 1089.000 million as against Rs. 5075.000
million during previous year.
Of the above,
revenue recognized from this segment during FY 14 is Rs. 1,360 million as
against Rs. 3201.000 million in FY13. The dip in revenue from Commercial
segment was mainly due to higher focus on residential segment in view of higher
demand and absorption.
Retail Segment
Retail–
Operational Performance:
At the close of FY
14, PEPL had seven projects under retail segment, with Prestige’s share of
2.020 million sq feet area which saw fresh leasing also from these projects.
New retail projects sized at 1.420 million sq feet were lined up, that will
start in a phased manner. Retail’s contribution to total on-going projects is
9% at 5.17 mnsq ft.
Retail – Financial
Performance:
Revenue from this
segment for FY 14 was Rs. 1222.000 million as compared to Rs. 619.000 million
in FY13. This translates to an increased revenue of Rs. 603.000 million, 97%
growth in FY 14 from this segment.
Leasing Segment
Leasing–
Operational Performance: Among retail and commercial space meant for leasing, a
cumulative of 5.290 million sqft (Prestige share) was leased till the close of
FY14. This was inclusive of Prestige’s share of 1.110 million sqfeet of new
leasing in FY14 out of total new leasing of 2.660 million sq ft.
Revenue from this
segment (net of sublease rental payments) during FY 14 is Rs. 1,941 (net of
sublease rental payments) million as compared to Rs. 1858.000 million in FY13.
This translates to an increase in lease income by Rs. 83.000 million, 4% growth
during FY14.
Hospitality
Segment
Hospitality –
Operations Performance:
Prestige Group
develops and owns hotels, resorts, spa and serviced accommodation and has tie
ups with some of the most reputed names in hospitality industry for marketing
of its services like Hilton, Marriott, Starwood and Banyan.
At the close of
FY14, there were total 2 ongoing projects under Hospitality segment, having
1.03 MnSq Ft contributing 2% to Company’s total developable area.
Hospitality –
Financial Performance:
During FY14
Company’s hospitality segment recorded Rs.564.000 million of revenue a decrease
of 5% as compared to previous year from Rs. 594.000 million.
Real Estate
Services Segment
Real Estate
Services – Operational Performance: Prestige Group has unique distinction of
having integrated suite of services to deliver its diverse customer base.
Prestige has diversified to have real estate sector’s critical services in its
fold as detailed below:
Property Management: Through its
subsidiary, Prestige Property Management Service, Prestige provides property
management services to its customers and manages around 80% of its properties.
Project and Construction Management: The Company
offers project and construction management services to deliver built-to-suit
customized properties. The services include procuring statutory & legal
clearances, timelines adherence, alignment to project budget, complete
construction management, engaging with required contractors & vendors and
deliver a project with clean title.
Interior Solutions: The Company
offers interior design & construction services by engaging best-in-class
designers, architects, consultants and vendors to deliver best-in-class
interiors experience to its customers.
Mall Management Services: The Company
provides mall development & management services in association with reputed
international partner namely CRIDF, an associate of Capita Mall Asia,
Singapore. The services include general mall management, enhancing footfalls,
managing mall tenant relationship, conducting retail trend studies, identifying
potential tenants, managing and monitoring revenue sharing agreements with
tenants and statutory compliances.
Real Estate
Services – Financial Performance: During FY14, Services segment recorded
Rs.2558.000 million of revenue an increase of 6% as compared to FY 13 from Rs.
2415.000 million.
OUTLOOK:
Prestige Projects
Estates Ltd (PEPL) has been building its blocks to remain on a growth track
with strong trends with calculated decisions to launch fresh projects, and
explore only the potential growth areas in a phased manner. The company has so
far been running well ahead of its guidance provided over the past four
quarters, regarding the new launches and leasing. The company has already lined
up a series of residential, retail and commercial projects. It has also sold a
major part of the developable space in the some of its upcoming projects. An
increasing number of projects out of the 54 on-going projects having
developable area of 53.280 million sq feet in different segments would now
reach the 25% mark for revenue recognition and also move up on construction
linked basis. This gives the Company a clear visibility of robust financial
performance over next couple of years.
CORPORATE INFORMATION
M/s. Prestige
Estates Projects Limited (“the Company”) was incorporated on June 4, 1997 as a
company under the Companies Act, 1956 (the “Act’’). The registered office of
the Company is in The Falcon House, No.1, Main Guard Cross Road, Bangalore -
560 001, India. The Company is engaged in the business of real estate
development.
SEGMENTAL
INFORMATION
The company
operates within a single business segment which constitutes real estate
development and letting out of developed properties. The Company operates only
in India and hence there is no other geographical segment. Hence the disclosure
of segment information as per Accounting Standard-17 is not applicable.
UNSECURED LOAN
(Rs.
In Million)
|
Particulars |
As
on 31.03.2014 |
As
on 31.03.2013 |
|
SHORT TERM
BORROWING |
|
|
|
Loans and advances from related parties |
|
|
|
224.200 |
962.400 |
|
Unsecured loans are subject to interest rates ranging from 13% to 15%
per annum. |
||
INDEX OF CHARGES
|
S.No. |
Charge ID |
Date of Charge Creation/Modification |
Charge amount secured |
Charge Holder |
Address |
Service Request Number (SRN) |
|
1 |
10562584 |
12/03/2015 |
3,500,000,000.00 |
IL & FS TRUST COMPANY LIMITED |
IL & FS FINANCIAL CENTREPLOT NO C22 G BLOCK BANDRA |
C50559483 |
|
2 |
10553190 |
13/02/2015 |
1,250,000,000.00 |
STATE BANK OF MYSORE |
Corporate Accounts Branch at No.18, Ramanashree, |
C45674009 |
|
3 |
10537393 |
19/11/2014 |
34,500,000.00 |
KOTAK MAHINDRA PRIME LIMITED |
27BKC, C 27, G Block, Bandra Kurla Complex, Bandra |
C37358439 |
|
4 |
10536415 |
07/11/2014 |
1,250,000,000.00 |
LAKSHMI VILAS BANK LIMITED |
SALEM ROAD KATHAPARAI, KARUR, KARUR, Tamil Nadu - |
C36849735 |
|
5 |
10545067 |
18/10/2014 |
4,000,000,000.00 |
LIC HOUSING FINANCE LTD |
Bombay Life Bldg., 2nd Floor,, 45/47, Veer Nariman Road,, MUMBAI- 400
001., Maharashtra - 400001, I |
C41440173 |
|
6 |
10520602 |
28/08/2014 * |
1,000,000,000.00 |
STATE BANK OF MYSORE |
CORPORATE ACCOUNTS BRANCH, NO 18 MG ROAD, BANGALO |
C21713169 |
|
7 |
10496696 |
27/06/2014 * |
1,300,000,000.00 |
PNB HOUSING FINANCE LIMITED |
9TH FLOORANTRIKSH BHAWAN, 22 K G MARG, NEW DELHI, |
C10085090 |
|
8 |
10491012 |
13/02/2015 * |
2,000,000,000.00 |
Axis Bank Limited |
CORPORATE BANKING BRANCH, SECOND FLOOR, EXPRESS B |
C46146437 |
|
9 |
10502619 |
13/03/2014 |
1,000,000,000.00 |
HOUSING DEVELOPMENT FINANCE CORPORATION LIMITED |
RAMON HOUSE 169BACKBAY RECLAMATION, H T PAREKH MA |
C06427736 |
|
10 |
10477642 |
05/03/2014 * |
3,500,000,000.00 |
3i Infotech Trusteeship Services Limited |
3rd to 6th floor, International Infotech Park,, Tower No.5, Vashi
Railway Station Complex, Vashi, Navi Mumbai, Maharashtra - 400703, INDIA |
B98010507 |
* Date of charge modification
CONTINGENT
LIABILITIES (TO THE EXTENT NOT PROVIDED
FOR):
|
Particulars |
31.03.2014 (Rs.
in Million) |
31.03.2013 (Rs.
in Million) |
|
Claims against the company not acknowledged as debts |
|
|
|
a. Disputed
Value Added Tax |
222.200 |
12.400 |
|
b. Disputed
Service Tax |
7.500 |
7.500 |
|
c. Disputed
Income Tax |
12.500 |
---- |
|
d. Others |
19.000 |
---- |
|
|
|
|
|
Corporate
guarantees given on behalf of companies under the same management (The amount outstanding against such facilities at the balance sheet
was Rs. 17760.200 Million (Previous year Rs. 15155.400 Million)) |
18095.800
|
19584.100 |
|
|
|
|
|
Commitment |
|
|
|
1. Capital
commitments (Net of advances) |
3152.400 |
351.800 |
|
2. Bank
guarantees |
14,193 |
8,759 |
|
Performance Guarantee (Includes guarantees of Rs. 23.500 Million
(Previous Year Rs. 23.500 Million) towards obligation for earnings in foreign
currency of Rs. 188.200 Million (Previous Year Rs. 188.200 Million),
outstanding obligation to be met by 2021-22) |
||
|
3. The Company
enters into construction contracts with its vendors. The final amounts
payable under such contracts will be based on actual measurements and
negotiated rates, which are determinable as and when the work under the said contracts
are completed. |
||
FIXED ASSETS
·
·
·
·
Building
·
·
Plant and Machinery
·
Leasehold improvement Plant and Machinery
·
Furniture and Fixture
·
Leasehold improvement furniture and Fixtures
·
Vehicles
·
Computers and Accessories.
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.63.57 |
|
|
1 |
Rs.100.29 |
|
Euro |
1 |
Rs.72.37 |
INFORMATION DETAILS
|
Information Gathered
by : |
KMN |
|
|
|
|
Analysis Done by
: |
SUM |
|
|
|
|
Report Prepared
by : |
DDD |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
7 |
|
--PROFITABILITY |
1~10 |
7 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
6 |
|
--RESERVES |
1~10 |
7 |
|
--CREDIT LINES |
1~10 |
6 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
NO |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
YES |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTER
|
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
56 |
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
unfavorable 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.