MIRA INFORM REPORT
|
Report No. : |
350927 |
|
Report Date : |
25.11.2015 |
IDENTIFICATION DETAILS
|
Name : |
OZONE INFRA
DEVELOPERS PRIVATE LIMITED |
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Registered
Office : |
No. 51/7-1, Rathna Avenue, Off Richmond Road, Civil Station, Bangalore – 560025, Karnataka |
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Tel. No.: |
91-80-40395679 |
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Country : |
India |
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Financials (as on)
: |
31.03.2014 |
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Date of
Incorporation : |
28.08.2009 |
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Com. Reg. No.: |
08-050762 |
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Capital
Investment / Paid-up Capital : |
Rs.199.501 Million |
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CIN No.: [Company Identification
No.] |
U45201KA2009PTC050762 |
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|
|
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IEC No.: |
Not Applicable (As claimed by company management that company does not export and import) |
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|
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TAN No.: [Tax Deduction &
Collection Account No.] |
BLRO03717A |
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PAN No.: [Permanent Account No.] |
AABCO2040G |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Subject is engaged into real estate development. |
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No. of Employees
: |
400 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
B (29) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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Maximum Credit Limit : |
USD 572000 |
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Status : |
Moderate |
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Payment Behaviour : |
Slow |
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Litigation : |
Clear |
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Comments : |
The subject company is in the business of setting up, development
operation and maintenance of SEZ project for pharma industry. The company is
still in the process of acquisition of lands for the project and hence there
are no operational revenues as per the available annual report of the company
for the year ended on 31st March 2014, and the same has been
confirmed by Mr. Naidu (Senior Manager in Finance). Rating also takes into consideration the risk involved in the nature
of real estate business along with liquidity crunch that the Indian
construction industry is facing at present. In view of strong brand recognition of the “OZONE GROUP”, the company
can be considered for business dealings with some caution. |
NOTES:
Any query related to this report can be made
on e-mail: infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – March 31, 2015
|
Country Name |
Previous Rating (31.12.2014) |
Current Rating (31.03.2015) |
|
India |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
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Restricted |
C2 |
|
Off-credit |
D |
EXTERNAL AGENCY RATING
NOT AVAILABLE
RBI DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available RBI Defaulters’ list.
EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of
31-03-2015.
INFORMATION PARTED BY
|
Name : |
Mr. Naidu |
|
Designation : |
Senior Manager in Finance |
|
Contact No.: |
91-80-40395679 |
|
Date : |
23.11.2015 |
LOCATIONS
|
Registered Office : |
No. 51/7-1, Rathna Avenue, Off Richmond Road, Civil Station, Bangalore – 560025, Karnataka, India |
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Tel. No.: |
91-80-40395679 |
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Fax No.: |
Not Available |
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E-Mail : |
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Website : |
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Area : |
3840 Sq. Ft. |
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Location : |
Rented |
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Head / Corporate Office : |
38, Ulsoor Road, Bangalore – 560042, Karnataka, India |
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Tel. No.: |
91-80-40395600 |
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Fax No.: |
91-80-25325561 |
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E-Mail : |
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Branch Office : |
Located At :
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Overseas Office: |
Located At :
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DIRECTORS
As on 29.09.2014
|
Name : |
Mr. Sathya Moorthy Sai Prasad |
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Designation : |
Director |
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Address : |
Old No, 129, New No, 135, Infantry Road, Bangalore - 560001, Karnataka, India |
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Date of Appointment : |
29.09.2015 |
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DIN No.: |
00022813 |
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Other Directorship :
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Name : |
Mr. Vasudevan Sathyamoorthy |
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Designation : |
Director |
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Address : |
G - 2, 34, Sona Palace, Norris Road, Richmaond Town, Bangalore - 560025, Karnataka, India |
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Date of Birth/Age : |
15.12.1967 |
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Date of Appointment : |
28.08.2009 |
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DIN No.: |
00022732 |
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Other Directorship :
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Name : |
Priya Vasudevan |
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Designation : |
Director |
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Address : |
G-2, Sona Palace,34, Norris Road, Richmond Town, Bangalore - 560025, Karnataka, India |
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Date of Birth/Age : |
24.04.1972 |
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Date of Appointment : |
28.08.2009 |
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DIN No.: |
00774484 |
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Other Directorship :
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KEY EXECUTIVES
|
Name : |
Mr. Naidu |
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Designation : |
Senior Manager in Finance |
MAJOR SHAREHOLDERS
As on 29.09.2014
|
Names of Shareholders |
|
No. of Shares |
|
Vasudevan Sathyamoorthy |
|
19925000 |
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Priya Vasudevan |
|
25000 |
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Mahalingam Vaithyalingam |
|
100 |
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Total |
|
19950100 |
As on 29.09.2014
Equity Share Break up (Percentage of Total Equity)
|
Category |
Percentage |
|
Directors or relatives of Directors |
100.00 |
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Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Subject is engaged into real estate development. |
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Products / Services : |
Real Estate Development |
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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 : |
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Selling : |
Cash, L/C and Credit |
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Purchasing : |
Cash, L/C and Credit |
PRODUCTION STATUS = NOT AVAILABLE
GENERAL INFORMATION
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Suppliers : |
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Customers : |
Wholesalers, Retailers and End Users
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No. of Employees : |
400 (Approximately) |
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Bankers : |
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Auditors : |
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Name : |
Pani and Associates Chartered Accountants |
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Address : |
F9,Tivari Manor, No.61,Kanakpura Road, Basavangudi, Bangalore, Karnataka, India |
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PAN No.: |
AAYPK8556F |
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Memberships : |
Not Available |
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Collaborators : |
Not Available |
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Enterprises which
are owned, or have significant influence of or are partners with Key management
personnel and their relatives : |
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CAPITAL STRUCTURE
As on 29.09.2014
Authorised Capital:
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
20000000 |
Equity Shares |
Rs.10/- each |
Rs.200.000 Million |
Issued, Subscribed & Paid-up Capital:
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
19950100 |
Equity Shares |
Rs.10/- each |
Rs.199.501
Million |
FINANCIAL DATA
[all figures are
in Rupees Million]
ABRIDGED BALANCE SHEET
|
SOURCES OF FUNDS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
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I.
EQUITY AND LIABILITIES |
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|
(1)Shareholders' Funds |
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(a) Share Capital |
199.501 |
199.501 |
0.501 |
|
(b) Reserves &
Surplus |
0.534 |
(0.973) |
0.000 |
|
(c) Money received
against share warrants |
0.000 |
0.000 |
0.000 |
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(2) Share Application money
pending allotment |
0.000 |
0.000 |
0.000 |
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Total Shareholders’ Funds
(1) + (2) |
200.035 |
198.528 |
0.501 |
|
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(3) Non-Current
Liabilities |
|
|
|
|
(a) long-term borrowings |
161.415 |
131.641 |
302.919 |
|
(b) Deferred tax liabilities
(Net) |
0.000 |
0.000 |
0.000 |
|
(c) Other long term
liabilities |
0.000 |
0.000 |
0.000 |
|
(d) long-term provisions |
0.000 |
0.000 |
0.000 |
|
Total Non-current
Liabilities (3) |
161.415 |
131.641 |
302.919 |
|
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|
|
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(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
0.000 |
0.000 |
0.000 |
|
(b) Trade payables |
0.323 |
0.814 |
0.431 |
|
(c) Other current
liabilities |
3.636 |
1.486 |
1.194 |
|
(d) Short-term provisions |
0.000 |
0.000 |
0.000 |
|
Total Current Liabilities
(4) |
3.959 |
2.300 |
1.625 |
|
|
|
|
|
|
TOTAL |
365.409 |
332.469 |
305.045 |
|
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II.
ASSETS |
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|
|
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(1) Non-current assets |
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|
|
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(a) Fixed Assets |
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|
|
|
(i) Tangible assets |
5.964 |
6.462 |
6.573 |
|
(ii) Intangible Assets |
0.000 |
0.000 |
0.000 |
|
(iii) Capital
work-in-progress |
0.000 |
0.000 |
0.000 |
|
(iv) Intangible assets
under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current
Investments |
0.000 |
0.000 |
0.000 |
|
(c) Deferred tax assets
(net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
0.300 |
0.000 |
0.000 |
|
(e) Other Non-current
assets |
120.629 |
106.651 |
0.000 |
|
Total Non-Current Assets |
126.893 |
113.113 |
6.573 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
0.000 |
0.000 |
0.000 |
|
(b) Inventories |
0.000 |
0.000 |
0.000 |
|
(c) Trade receivables |
0.000 |
0.000 |
0.000 |
|
(d) Cash and cash
equivalents |
0.160 |
0.117 |
0.373 |
|
(e) Short-term loans and
advances |
236.177 |
219.239 |
203.691 |
|
(f) Other current assets |
2.179 |
0.000 |
94.408 |
|
Total Current Assets |
238.516 |
219.356 |
298.472 |
|
|
|
|
|
|
TOTAL |
365.409 |
332.469 |
305.045 |
PROFIT & LOSS ACCOUNT
|
|
PARTICULARS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
|
SALES |
|
|
|
|
|
Income |
6.500 |
0.000 |
0.000 |
|
|
Other Income |
0.082 |
0.000 |
0.000 |
|
|
TOTAL |
6.582 |
0.000 |
0.000 |
|
|
|
|
|
|
|
Less |
|
|
|
|
|
|
Project Expenses |
13.186 |
29.978 |
|
|
|
Transferred to project
work in progress |
|
(12.212) |
(29.978) |
|
|
TOTAL |
4.692 |
0.974 |
0.000 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS) BEFORE TAX |
1.890 |
(0.974) |
0.000 |
|
|
|
|
|
|
|
Less |
TAX |
0.382 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS) AFTER TAX
|
1.508 |
(0.974) |
0.000 |
|
|
|
|
|
|
|
|
Earnings / (Loss) Per
Share (Rs.) |
0.07 |
(0.04) |
0.00 |
CURRENT MATURITIES OF LONG TERM DEBT DETAILS
|
Particulars |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
Current Maturities of Long term debt |
NA |
NA |
NA |
|
Cash generated from operations |
NA |
NA |
NA |
|
Net cash flows from (used in) operations |
(15.452) |
(27.784) |
(41.222) |
KEY
RATIOS
|
PARTICULARS |
|
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
Net Profit Margin (PAT/Sales) |
(%) |
23.20 |
0.00 |
0.00 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
0.52 |
(0.29) |
0.00 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.01 |
0.00 |
0.00 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
0.81 |
0.66 |
604.63 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
60.25 |
95.37 |
183.68 |
FINANCIAL ANALYSIS
[all figures are
in Rupees Million]
DEBT EQUITY RATIO
|
Particular |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(Rs. In Million) |
(Rs. In Million) |
(Rs. In Million) |
|
Share Capital |
0.501 |
199.501 |
199.501 |
|
Reserves & Surplus |
0.000 |
(0.973) |
0.534 |
|
Net worth |
0.501 |
198.528 |
200.035 |
|
|
|
|
|
|
long-term borrowings |
302.919 |
131.641 |
161.415 |
|
Short term borrowings |
0.000 |
0.000 |
0.000 |
|
Total borrowings |
302.919 |
131.641 |
161.415 |
|
Debt/Equity ratio |
604.629 |
0.663 |
0.807 |
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 |
Yes |
|
5 |
Buyer visit details |
---------------------- |
|
6 |
Contact numbers |
Yes |
|
7 |
Name of the person contacted |
Yes |
|
8 |
Designation of contact person |
Yes |
|
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 |
Yes |
|
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 |
Yes |
|
35 |
Negative Reporting by Auditors in the
Annual Report |
No |
UNSECURED LOAN
(Rs.
In Million)
|
Particulars |
As
on 31.03.2014 |
As
on 31.03.2013 |
|
LONG TERM
BORROWING |
|
|
|
Loans and advances from related parties |
151.415 |
131.640 |
|
Other loans and advances |
10.000 |
0.000 |
|
Total |
161.415 |
131.640 |
INDEX OF CHARGES
|
S. NO. |
CHARGE ID |
DATE OF CHARGE CREATION/MODIFICATION |
CHARGE AMOUNT SECURED |
CHARGE HOLDER |
ADDRESS |
SERVICE REQUEST NUMBER (SRN) |
|
1 |
10598833 |
30/09/2015 |
300,000,000.00 |
ALPEX CORPORATE SERVICES PRIVATE LIMITED |
PIRAMAL TOWER, 8TH FLOOR, GANPATRAO KADAM MARG, LOWER PAREL, MUMBAI - 400013, MAHARASHTRA, INDIA |
C68283001 |
* Date of charge modification
FIXED ASSETS
- Furniture and Fixtures
- Vehicles
- Motor Vehicles
- Office Equipment
- Computer Equipments
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts,
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.66.38 |
|
|
1 |
Rs.100.45 |
|
Euro |
1 |
Rs.70.55 |
INFORMATION DETAILS
|
Information Gathered
by : |
PRT |
|
|
|
|
Analysis Done by
: |
KIN |
|
|
|
|
Report Prepared
by : |
PNM |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
4 |
|
PAID-UP CAPITAL |
1~10 |
3 |
|
OPERATING SCALE |
1~10 |
3 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
4 |
|
--PROFITABILITY |
1~10 |
3 |
|
--LIQUIDITY |
1~10 |
3 |
|
--LEVERAGE |
1~10 |
3 |
|
--RESERVES |
1~10 |
3 |
|
--CREDIT LINES |
1~10 |
3 |
|
--MARGINS |
-5~5 |
--- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
NO |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTER
|
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
29 |
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.