MIRA INFORM REPORT
|
Report No. : |
349911 |
|
Report Date : |
17.11.2015 |
IDENTIFICATION DETAILS
|
Name : |
INDIAN
EXPRESS NEWSPAPERS (MUMBAI) PRIVATE LIMITED (w.e.f. 07.08.2014) |
|
|
|
|
Formerly Known
As : |
INDIAN EXPRESS NEWSPAPERS BOMBAY LIMITED |
|
|
|
|
Registered
Office : |
Express Towers, Nariman Point, Mumbai - 400021, Maharashtra |
|
Tel. No.: |
91-22-22022627 |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as
on) : |
31.03.2014 |
|
|
|
|
Date of Incorporation
: |
25.02.1959 |
|
|
|
|
Com. Reg. No.: |
11-011302 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs. 42.347 Million |
|
|
|
|
CIN No.: [Company Identification
No.] |
U22120MH1959PTC011302 |
|
|
|
|
IEC No.: |
Not Divulged |
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|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
Not Available |
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PAN No.: [Permanent Account No.] |
Not Available |
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|
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|
Legal Form : |
Private Limited Liability Company |
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|
|
|
Line of Business
: |
Publishers of any newspapers, journals, magazines, books and other literary works and undertakings. |
|
|
|
|
No. of Employees
: |
Information declined by the management |
RATING & COMMENTS
|
MIRA’s Rating : |
A (60) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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 |
|
Status : |
Good |
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|
|
|
Payment Behaviour : |
Regular |
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|
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Litigation : |
Exists |
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Comments : |
Subject was incorporated on 25th February, 1959. It owns a
single commercials property, Express Towers, located in Nariman Point
(Mumbai). It has fine track record. The company possesses a healthy profile marked by decent networth base
along with fair liquidity, good profitability and comfortable capital
structure. Trade relations are fair. Business is active. Payment are reported as
regular and as per commitments. The company can be considered for business dealings at usual trqade
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 |
CRISIL |
|
Rating |
Long term rating : A+ |
|
Rating Explanation |
Have adequate degree of safety and carry low credit risk. |
|
Date |
16.06.2015 |
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
31-03-2015.
INFORMATION DENIED
Management Non – CoOorporative (91-22-22022627)
LOCATIONS
|
Registered Office : |
Express Towers, Nariman Point, Mumbai - 400021,
Maharashtra, India |
|
Tel. No.: |
91-22-22022627/67440000 / 43414100 |
|
Fax No.: |
91-22-22022139 / 243414110 |
|
E-Mail : |
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|
Website : |
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|
|
|
|
Corporate Office : |
9&10, Bahadur Shah Zafar Marg, New Delhi - 110002, India |
|
Tel. No.: |
91-11-23702100-07 |
|
Fax No.: |
91-11-23702141 |
|
|
|
|
Branch Office : |
Located at
|
DIRECTORS
As on 22.09.2014
|
Name : |
Resham Atul Chordia |
|
Designation : |
Director |
|
Address : |
Sr. No. 37, Near ABC Farms, North Main Road,, Koregaon Park - Pune, 411001, Maharashtra, India |
|
Date of Birth/Age : |
09.05.1991 |
|
Date of Appointment : |
08.05.2014 |
|
DIN No.: |
06652039 |
|
|
|
|
Name : |
Sagar Ishwardas Chordia |
|
Designation : |
Director |
|
Address : |
Flat No. 1002, Silver Woods,, Pingale Wasti, Mundhwa Road, Hadapsar, Pune - 411036, Maharashtra, India |
|
Date of Birth/Age : |
05.07.1971 |
|
Date of Appointment : |
08.05.2014 |
|
DIN No.: |
00054123 |
|
|
|
|
Name : |
Tuhin Arvind Parikh |
|
Designation : |
Director |
|
Address : |
Du P1, Takshshila, Tagore Road, Santacruz (West), Mumbai - 400054, Maharashtra, India |
|
Date of Appointment : |
10.02.2015 |
|
DIN No.: |
00544890 |
|
|
|
|
Name : |
Siddhartha Gupta |
|
Designation : |
Director |
|
Address : |
A-2502, Lodha Bellissimo, N. M. Joshi Marg, Mahalaxmi, Mumbai - 400011, Maharashtra, India |
|
Date of Appointment : |
10.02.2015 |
|
DIN No.: |
05146690 |
KEY EXECUTIVES
|
Name : |
Dillon Roque Pereira |
|
Designation : |
Manager And Chief Financial Officer |
|
Address : |
124, Pereira House, Pali Naka, Dr. Ambedkar Road, Bandra West, Mumbai - 400050, Maharashtra, India |
|
PAN No.: |
AEHPP5903L |
|
Date of Appointment : |
10.02.2015 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 22.09.2014
|
Names of Shareholders |
|
No. of Shares |
|
NSDL Limited, India (Depository) Pune Infoport Private Limited (Beneficiary) |
|
412129 |
|
NSDL Limited, India (Depository) Viveck Goenka (Beneficiary) |
|
5966 |
|
NSDL Limited, India (Depository) Shekhar Gupta Jointly with Neelam Jolly (Beneficiary) |
|
5369 |
|
Vaidehi Thakar Nominee of Pune Infoport Private Limited |
|
1 |
|
Poorvi Kamani Nominee of Pune Infoport Private Limited |
|
1 |
|
NSDL Limited, India (Depository) Atul Ishwardas Chordia – as Nominee of Pune Infoport Private Limited
(Beneficiary) |
|
1 |
|
NSDL Limited, India (Depository) Panchshil Techpark Private Limited – as Nominee of Pune Infoport
Private Limited (Beneficiary) |
|
1 |
|
|
|
|
|
Total |
|
423468 |
AS ON 05.05.2015
|
Names of Allottees |
|
No. of Shares |
|
Panchshil Techpark Private Limited, India |
|
124056 |
|
BREP Asia SBS Holding – NQ Co. XI Limited, Islands |
|
468 |
|
BREP Asia SBS Holding (NQ) Co. II Pte Limited, Singapore |
|
94886 |
|
BREP VII SBS Holding-NQ Co. XI Limited, Inslands |
|
130 |
|
BREP VII SG India Holding (NQ) Co. II Pte Limited, Singapore |
|
23709 |
|
Total |
|
243249 |
Equity Share Break up (Percentage of Total Equity)
As on 22.09.2014
|
Category |
Percentage |
|
Bodies corporate |
97.32 |
|
Directors or relatives of Directors |
0.01 |
|
Other top fifty shareholders |
2.67 |
|
Total |
100.00 |
%20PRIVATE%20LIMITED%20-%20349911_MIRA%2017-Nov-2015_files/image013.gif)
BUSINESS DETAILS
|
Line of Business : |
Publishers of any newspapers, journals, magazines, books and other literary works and undertakings. |
|
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Products / Services : |
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Brand Names : |
Not Available |
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Agencies Held : |
Not Available |
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Exports : |
Not Divulged |
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Imports : |
Not Divulged |
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Terms : |
Not Divulged |
PRODUCTION STATUS NOT AVAILABLE
GENERAL INFORMATION
|
Suppliers : |
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Customers : |
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No. of Employees : |
Information declined by the management |
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Bankers : |
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Facilities : |
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Auditors : |
|
|
Name : |
V. Sankar Aiyar and Company Chartered Accountants |
|
Address : |
2-C, Court Chambers, 35, New Marine Lines, Mumbai – 400020,
Maharashtra, India |
|
Tel. No.: |
91-22-22004465 / 22067440 |
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Fax No.: |
91-22-22000649 |
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E-Mail : |
|
|
Website : |
|
|
PAN No.: |
AAAFV0781D |
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|
|
|
Memberships : |
Not Available |
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|
|
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Collaborators : |
Not Available |
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|
|
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Associates : |
The Indian Express Limited |
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|
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Key Shareholders : |
|
CAPITAL STRUCTURE
AFTER 22.09.2014
Authorised Capital :
Rs.4276.000 Million
Issued, Subscribed & Paid-up Capital : Rs.25.458 Million
AS ON 22.09.2014
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
510000 |
Equity Shares |
Rs.100/- each |
Rs.51.000 Million |
|
250000 |
Preference Shares |
Rs.100/- each |
Rs.25.000 Million |
|
|
Total |
|
Rs.76.000
Million |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
423468 |
Equity Shares |
Rs.100/- each |
Rs.42.347 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 |
42.347 |
42.347 |
43.758 |
|
(b) Reserves & Surplus |
2248.247 |
1980.030 |
2211.541 |
|
(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) |
2290.594 |
2022.377 |
2255.299 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
369.618 |
610.446 |
851.461 |
|
(b) Deferred tax liabilities (Net) |
21.064 |
15.955 |
10.374 |
|
(c) Other long term
liabilities |
703.668 |
677.984 |
538.891 |
|
(d) long-term provisions |
0.509 |
0.390 |
0.334 |
|
Total Non-current
Liabilities (3) |
1094.859 |
1304.775 |
1401.060 |
|
|
|
|
|
|
(4)
Current Liabilities |
|
|
|
|
(a) Short
term borrowings |
0.000 |
0.000 |
0.000 |
|
(b) Trade
payables |
0.000 |
0.000 |
0.000 |
|
(c) Other
current liabilities |
460.803 |
373.025 |
362.531 |
|
(d) Short-term
provisions |
2.149 |
113.851 |
60.320 |
|
Total Current
Liabilities (4) |
462.952 |
486.876 |
422.851 |
|
|
|
|
|
|
TOTAL |
3848.405 |
3814.028 |
4079.210 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1)
Non-current assets |
|
|
|
|
(a) Fixed
Assets |
|
|
|
|
(i)
Tangible assets |
3548.295 |
3604.104 |
3654.514 |
|
(ii)
Intangible Assets |
0.000 |
0.000 |
0.000 |
|
(iii)
Capital work-in-progress |
0.201 |
36.237 |
22.417 |
|
(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 |
25.484 |
47.396 |
90.102 |
|
(e) Other
Non-current assets |
0.000 |
0.000 |
0.000 |
|
Total Non-Current
Assets |
3573.980 |
3687.737 |
3767.033 |
|
|
|
|
|
|
(2)
Current assets |
|
|
|
|
(a) Current
investments |
0.000 |
62.140 |
174.710 |
|
(b)
Inventories |
0.000 |
0.000 |
0.000 |
|
(c) Trade
receivables |
28.958 |
23.096 |
28.835 |
|
(d) Cash
and cash equivalents |
197.698 |
3.725 |
38.305 |
|
(e)
Short-term loans and advances |
2.713 |
1.452 |
4.804 |
|
(f) Other
current assets |
45.056 |
35.878 |
65.523 |
|
Total
Current Assets |
274.425 |
126.291 |
312.177 |
|
|
|
|
|
|
TOTAL |
3848.405 |
3814.028 |
4079.210 |
PROFIT
& LOSS ACCOUNT
|
|
PARTICULARS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
935.663 |
927.102 |
860.209 |
|
|
|
Other Income |
17.674 |
16.021 |
24.598 |
|
|
|
TOTAL |
953.337 |
943.123 |
884.807 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Employees benefits expense |
9.159 |
8.466 |
6.809 |
|
|
|
Other expenses |
182.755 |
244.991 |
262.047 |
|
|
|
TOTAL |
191.914 |
253.457 |
268.856 |
|
|
|
|
|
|
|
|
Less |
PROFIT
/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION |
761.423 |
689.666 |
615.951 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES |
97.129 |
119.001 |
132.061 |
|
|
|
|
|
|
|
|
|
|
PROFIT
/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION |
664.294 |
570.665 |
483.890 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION |
17.459 |
17.259 |
10.258 |
|
|
|
|
|
|
|
|
|
|
PROFIT / (LOSS)
BEFORE TAX |
646.835 |
553.406 |
473.632 |
|
|
|
|
|
|
|
|
|
Less |
TAX |
207.221 |
178.318 |
117.106 |
|
|
|
|
|
|
|
|
|
|
PROFIT / (LOSS)
AFTER TAX |
439.614 |
375.088 |
356.526 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
838.479 |
788.010 |
526.691 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
Transfer to
reserves |
43.961 |
37.509 |
35.652 |
|
|
|
Dividend
including DDT |
99.087 |
285.699 |
58.485 |
|
|
|
Capital redemption
reserve (Buy back) |
0.000 |
1.411 |
1.070 |
|
|
|
|
|
|
|
|
|
|
Balance carried
to the balance sheet |
1135.045 |
838.479 |
788.010 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
1038.00 |
875.00 |
805.00 |
|
CURRENT MATURITIES
OF LONG TERM DEBT DETAILS
|
Particulars |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
Current Maturities of Long term debt |
303.935 |
259.145 |
178.476 |
|
Cash generated from operations before tax |
812.326 |
808.060 |
709.199 |
|
Cash generated from operations |
632.379 |
655.072 |
600.346 |
KEY
RATIOS
|
PARTICULARS |
|
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
Net Profit Margin (PAT / Sales) |
(%) |
46.98 |
40.46 |
41.45 |
|
|
|
|
|
|
|
Operating Profit Margin (PBIDT/Sales) |
(%) |
81.38 |
74.39 |
71.60 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
16.81 |
14.65 |
11.68 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.28 |
0.27 |
0.21 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
0.29 |
0.43 |
0.46 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
0.59 |
0.26 |
0.74 |
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 |
43.758 |
42.347 |
42.347 |
|
Reserves & Surplus |
2211.541 |
1980.030 |
2248.247 |
|
Share Application money
pending allotment |
0.000 |
0.000 |
0.000 |
|
Net worth |
2255.299 |
2022.377 |
2290.594 |
|
|
|
|
|
|
long-term borrowings |
851.461 |
610.446 |
369.618 |
|
Short term borrowings |
0.000 |
0.000 |
0.000 |
|
Current Maturities of
Long Term Debt |
178.476 |
259.145 |
303.935 |
|
Total borrowings |
1029.937 |
869.591 |
673.553 |
|
Debt/Equity ratio |
0.457 |
0.430 |
0.294 |
%20PRIVATE%20LIMITED%20-%20349911_MIRA%2017-Nov-2015_files/image015.gif)
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 |
860.209 |
927.102 |
935.663 |
|
|
|
7.776 |
0.923 |
%20PRIVATE%20LIMITED%20-%20349911_MIRA%2017-Nov-2015_files/image017.gif)
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 |
860.209 |
927.102 |
935.663 |
|
Profit |
356.526 |
375.088 |
439.614 |
|
|
41.45% |
40.46% |
46.98% |
%20PRIVATE%20LIMITED%20-%20349911_MIRA%2017-Nov-2015_files/image019.gif)
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 |
Yes |
|
33 |
Market information |
--- |
|
34 |
Payments terms |
No |
|
35 |
Negative Reporting by Auditors in the
Annual Report |
No |
|
LITIGATION DETAILS |
|||||||
|
Bench:- Bombay |
|||||||
|
Presentation Date : 29.06.2015 |
|||||||
|
Lodging No. : |
CRAST/16909/2015 |
Failing Date:- |
29.06.2015 |
Reg. No.:- |
CRA/340/2015 |
Reg. Date:- |
02.07.2015 |
|
|
|||||||
|
Petitioner:- |
MAHARASHTRA JEEVAN PRADHIKARAN |
Respondent:- |
INDIAN EXPRESS NEWSPAPERS (MUMBAI) LIMITED |
||||
|
Pet.Adv.: |
AJIT PITALE |
Resp. Adv.: |
0 (0) |
||||
|
District:- |
MUMBAI |
||||||
|
Bench:- |
SINGLE |
|
|
||||
|
Status:- |
Admitted (Unready) |
|
|
||||
|
Next Date:- |
08.12.2015 |
Stage:- |
FOR ORDERS [CIVIL SIDE MATTERS] |
||||
|
Next Coram:- |
HON’BLE SHRI JUSTICE M.S. SONAK |
||||||
|
Last Date:- |
|
Stage:- |
FOR ORDERS [CIVIL SIDE MATTERS] |
||||
|
Last Date:- |
19.10.2015 |
||||||
|
Last Coram:- |
HON’BLE SHRI JUSTICE M.S. SONAK |
||||||
|
|
|
||||||
|
Act. : |
C.P.C. (Non- Interlocutory Order) |
||||||
INDEX OF CHARGES
|
S.NO. |
CHARGE ID |
DATE OF CHARGE
CREATION/MODIFICATION |
CHARGE AMOUNT
SECURED |
CHARGE HOLDER |
ADDRESS |
SERVICE REQUEST
NUMBER (SRN) |
|
1 |
10586048 |
10/08/2015 |
4,600,000,000.00 |
IDBI TRUSTEESHIP SERVICES LIMITED |
ASIAN BUILDING, GROUND FLOOR,, 17, R. KAMANI MARG |
C61731410 |
|
2 |
90236792 |
27/01/1988 |
36,300,000.00 |
COLLECTORS OF CUSTUMER |
NEW CUSTOM HOUSE, BALLARD ESTATE, MUMBAI, MAHARAS |
- |
|
3 |
90236536 |
30/03/1971 |
1,382,498.00 |
PUNJAB NATIONAL BANK |
FIRST LANE BEACH, MADRASH, MAHARASHTRA - 600001, I |
- |
|
4 |
90236526 |
03/08/1966 |
7,000,000.00 |
THE PUNJAB NATIONAL BANK |
FORT, MUMBAI, MAHARASHTRA, INDIA |
- |
FINANCIAL REVIEW,
REVIEW OF OPERATIONS AND FUTURE OUTLOOK:
The Company recorded total revenues of Rs. 953.300 Million in FY 2013-14 maintaining it on the same level as compared to Rs.943.100 Million in FY 2012-13; consequently, the gross operating profit increased to Rs. 761.400 Million from Rs.689.700 Million. Net profit (after taxes) for FY 2013-14 at Rs. 439.600 Million represents an increase of 17% from Rs. 375.100 Million in FY 2012-13.
During the year, the company has fully geared up itself to tackle the growing power shortage crisis in Mumbai by successfully having installed a new DG set of 2000 KVA for providirlg the occupants Power back up inside the premises. This was in addition to the existing DG set which provides Power back up for common areas, thereby making Express Towers the only buildings in the Micro market to have such facility provided to its occupants.
Besides that, landscaping has been completed on the 2nd floor garden (podium level) and exhaustive beautification works at parking level & basement, to enhance the look and feel of the building.
On the leasing front, commercial office space market continued to be sluggish during FY 2013-14 across Mumbai and especially in the Nariman Point micro-market. Leasing activity in Nariman Point was confined to only 3-4 buildings and in these challenging times your company was able to lease out about 33,055 sq. ft. including renewals to multiple clients at rentals higher than the rentals in other Grade "A" buildings in the micro-market. Moreover, Express Towers managed to curtail its vacancy levels to around 14% as compared to 15% to 25% across micro-markets in Mumbai.
As per Colliers International, cumulative new leasing of office space in Mumbai in 2013 was 4.76 Million sq. ft. Future absorption in 2014 is likely to improve due to improved business confidence. However, rents are expected to remain on the same levels in most micro-markets.
Faced with the present challenges in the leasing market, the company has renewed agreements with many occupants at rates higher than those prevailing in the micro-market. They are also actively looking at employing innovating strategies to retain other occupants in the building.
OWNERSHIP OF COMPANY:
PUNE INFOPORT PRIVATE LIMITED, a company incorporated under the Companies Act, 1956 and having its Registered Office at Tech Park One Tower 'E', next to Don Bosco School, Off Airport Road, Yerwada, Pune, Maharashtra purchased 412,131 (four hundred twelve thousand one hundred thirty one) equity shares of the Company ("Equity Shares"), constituting 97.322% of the issued, subscribed and paid-up share capital of and voting rights in the Company from the existing
Contingent
Liabilities (to the extent not provided for) : -
Demand in respect of Property Tax pertaining to the years 2000 - 03 has been stayed by the Hon'ble Bombay High Court.
NOTE
Pursuant to sanction of Demerger by Hon'ble High Court of Bombay vide their order dated 22nd August, 2008, in the Company's petition under section 3911394 of the Companies Act, 1956, proportionate part of the general or multipurpose borrowings and liabilities of the company allocable to the Demerged Undertaking were transferred as part of the Undertaking and the balance general or multipurpose borrowings and liabilities were retained by the company. Proportionate interest on these loans retained amounting to Rs. 48.037 Million (P.Y. Rs. 67.129 Million) is charged to Profit and Loss Account and included in Finance cost.
FIXED ASSETS
- Land
- Building
- Plant and
Equipment
- Furniture and
Fixtures
- Office
Equipment
- Computer
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.66.16 |
|
|
1 |
Rs.100.65 |
|
Euro |
1 |
Rs.70.97 |
INFORMATION DETAILS
|
Information
Gathered by : |
SUP |
|
|
|
|
Analysis Done by
: |
RAS |
|
|
|
|
Report Prepared
by : |
SNT |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
7 |
|
PAID-UP CAPITAL |
1~10 |
7 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL
CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILITY |
1~10 |
7 |
|
--LIQUIDITY |
1~10 |
7 |
|
--LEVERAGE |
1~10 |
6 |
|
--RESERVES |
1~10 |
7 |
|
--CREDIT LINES |
1~10 |
7 |
|
--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 |
|
60 |
This score serves as a reference to assess
SC’s credit risk and to set the amount of credit to be extended. It is
calculated from a composite of weighted scores obtained from each of the major
sections of this report. The assessed factors and their relative weights (as
indicated through %) are as follows:
Financial
condition (40%) Ownership
background (20%) Payment
record (10%)
Credit history
(10%) Market trend (10%) Operational size
(10%)
RATING EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
|
71-85 |
Aa |
Possesses adequate working capital. No caution needed for credit transaction.
It has above average (strong) capability for payment of interest and
principal sums |
Large |
|
56-70 |
A |
Financial & operational base are regarded healthy. General unfavourable
factors will not cause fatal effect. Satisfactory capability for payment of
interest and principal sums |
Fairly Large |
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
11-25 |
Ca |
Adverse factors are apparent. Repayment of interest and principal sums
in default or expected to be in default upon maturity |
Limited with full
security |
|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
|
-- |
NB |
New Business |
-- |
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or
its officials.