|
|
|
MIRA INFORM REPORT
|
Report No. : |
490975 |
|
Report Date : |
08.02.2018 |
IDENTIFICATION DETAILS
|
Name : |
GUJARAT INTERNATIONAL FINANCE TEC-CITY COMPANY LIMITED [w.e.f.03.09.2007] |
|
|
|
|
Formerly Known
As : |
GUJARAT FINANCE CITY DEVELOPMENT COMPANY LIMITED |
|
|
|
|
Registered
Office : |
Office No. 1, 28th Floor, GIFT One Tower, Building 56A, Block No. 56, Road-5C, Zone-5, GIFT CITY, Gandhinagar - 382355, Gujarat |
|
Tel. No.: |
91-79-30018300 |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as
on) : |
31.03.2017 |
|
|
|
|
Date of
Incorporation : |
21.06.2007 |
|
|
|
|
Com. Reg. No.: |
04-051160 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
INR 654.188
Million |
|
|
|
|
CIN No.: [Company Identification
No.] |
U65929GJ2007PLC051160 |
|
|
|
|
GST No.: |
24AACCG9675L1Z2 |
|
|
|
|
IEC No.: |
Not Divulged |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
Not Available |
|
|
|
|
PAN No.: [Permanent Account No.] |
AACCG9675L |
|
|
|
|
Legal Form : |
A Closely Held Public Limited Liability Company |
|
|
|
|
Line of Business
: |
·
Subject is engaged into Development of Global
Financial Hub by sale of Development Rights. [Registered Activity] ·
To Design, Develop, Construct, Operate and
Maintain International Financial Services City/Center/Hub including Business
District leading to phased development of Integrated Townships around the
International Financial Services city. [As per Memorandum of Association] |
|
|
|
|
No. of Employees
: |
Information declined by the management |
RATING & COMMENTS
(Mira Inform has adopted New Rating mechanism w.e.f. 23rd
January 2017)
|
MIRA’s Rating : |
A+ |
|
Credit Rating |
Explanation |
Rating Comments |
|
A+ |
Low Risk |
Business dealings permissible with low
risk of default |
|
Status : |
Good |
|
|
|
|
Payment Behaviour : |
Regular |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is a Joint venture initiative between “Gujarat Urban Development
Company Limited” and “Infrastructure Leasing and Financial Services Limited”
having excellent track record and is commonly known as GIFT City. GIFT city was set up with the objective of developing and
operating an International finance
city and multi
service SEZ in
the Ahmedabad-Gandhinagar
region. For the financial year 2017, the company has achieved massive growth
in its revenue as compared to its previous year along with improved
profitability margin during the year. The ratings
continue to draw comfort from the company’s strong sponsor profile and the
fundamental competitive advantages for the project, arising from its location
in Ahmedabad-Gandhinagar region with proximity to road & rail network,
planned urban transport projects and presence in the Delhi Mumbai Industrial
Corridor (DMIC). Rating continues to
derive strength from its established track record of its business operation
backed by its strong sponsor profile and managerial support from Government of
Gujarat (via GUDCL) and Infrastructure Leasing & Financial Services
Limited (IL&FS). However, these
rating strengths gets partially offset by the residual project implementation
risks considering possible time and cost over runs, susceptibility of the project
to macro-economic factors, investment patterns of the financial service
industry and inherent cyclicality in the real estate and construction space. Payment seems to be
regular. In view of
aforesaid, 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 |
ICRA |
|
Rating |
Term Loans = BBB+ |
|
Rating Explanation |
Moderate degree of safety and moderate credit risk. |
|
Date |
05.10.2017 |
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
31-03-2016.
BIFR (Board for Industrial & Financial Reconstruction) LISTING
STATUS
Subject’s name is not listed as a Sick Unit in
the publicly available BIFR (Board for Industrial & Financial
Reconstruction) list as of 08.02.2018
IBBI (Insolvency and Bankruptcy Board of India) LISTING STATUS
Subject’s name is not listed in the publicly
available IBBI (Insolvency and Bankruptcy Board of India) list as of report
date.
INFORMATION DECLINED
MANAGEMENT NON-COOPERATIVE
[CONTACT NO.: 91-79-30018300]
LOCATIONS
|
Registered Office : |
Office No. 1, 28th Floor, GIFT One Tower, Building 56A, Block No. 56, Road-5C, Zone-5, GIFT CITY, Gandhinagar - 382355, Gujarat, India |
|
Tel. No.: |
91-79-30018300 |
|
Fax No.: |
91-79-30018321 |
|
E-Mail : |
|
|
Website : |
|
|
|
|
|
Zonal Facility
Centre : |
Zonal Facility Centre, Block-12, Road 1-D, Zone-I, GIFT SEZ, Gandhinagar - 382355, Gujarat, India |
|
Tel. No.: |
91-79-61708300 |
|
Fax No.: |
91-79-61708300 |
|
E-Mail : |
DIRECTORS
AS ON 31.03.2017
|
Name : |
Mr. Ajay Kumar Pandey |
|
Designation : |
Managing Director |
|
Address : |
Flat 1402, Glendale, Hiranandani Gardens, Powai, Mumbai 400076, Maharashtra, India |
|
Date of Appointment : |
01.08.2015 |
|
DIN No.: |
00065622 |
|
|
|
|
Name : |
Mr. Arun Kumar Saha |
|
Designation : |
Director |
|
Address : |
601-602, Green Acres CHS Pali Hill, Bandra (West) Mumbai 400050, Maharashtra, India |
|
Date of Appointment : |
07.02.2017 |
|
DIN No.: |
00002377 |
|
|
|
|
Name : |
Mr. Hari Sankaran |
|
Designation : |
Director |
|
Address : |
901, Plot No 592, Shobha Sagar CHS Ltd, TPS III 21st Road, Near Executive Enclave, Bandra (West), Mumbai 400050, Maharashtra, India |
|
Date of Birth/Age : |
19.02.1961 |
|
Qualification : |
MA ECONOMICS |
|
Date of Appointment : |
08.07.2008 |
|
PAN No.: |
AGOPS2721C |
|
DIN No.: |
00002386 |
|
|
|
|
Name : |
Mr. Ramchand Karunakaran |
|
Designation : |
Director |
|
Address : |
3rd Floor, Victoria Building, E-23, Gajdhar Scheme Sarojini Naidu Road, Santacruz, Mumbai 400054, Maharashtra, India |
|
Date of Birth/Age : |
13.10.1954 |
|
Qualification : |
BE CIVIL |
|
Date of Appointment : |
06.07.2009 |
|
PAN No.: |
AAAPR4142A |
|
DIN No.: |
00051769 |
|
|
|
|
Name : |
Mr. Sudhir Gunvantray Mankad |
|
Designation : |
Director |
|
Address : |
Plot No. 192, Sector-8-C, Gandhinagar, Gandhinagar 382007, Gujarat, India |
|
Date of Birth/Age : |
05.08.1947 |
|
Date of Appointment : |
28.06.2007 |
|
PAN No.: |
ABAPM7289E |
|
DIN No.: |
00086077 |
|
|
|
|
Name : |
Mr. Jayanth Rama Varma |
|
Designation : |
Director |
|
Address : |
No. 318, Indian Institute Of Management, Vastrapur, Ahmedabad 380015, Gujarat, India |
|
Date of Birth/Age : |
31.12.1959 |
|
Qualification : |
P G in Management |
|
Date of Appointment : |
27.11.2011 |
|
PAN No.: |
ABAPV0870E |
|
DIN No.: |
00402667 |
|
|
|
|
Name : |
Mr. Vishwanathan Mavila Nair |
|
Designation : |
Director |
|
Address : |
1902, A Wing, Vivarea Building, Hindustan Mills Comp, Saatrasta, Mahalaxmi Mumbai 400011, Maharashtra, India |
|
Date of Birth/Age : |
03.03.1952 |
|
Qualification : |
Graduate from St. Aluysius College |
|
Date of Appointment : |
01.04.2013 |
|
PAN No.: |
ABCPN9629H |
|
DIN No.: |
02284165 |
|
|
|
|
Name : |
Mr. Anil Gopishankar Mukim |
|
Designation : |
Nominee Director |
|
Address : |
A 5/1, Sector 13, R K Puram, New Delhi 110022, India |
|
Date of Birth/Age : |
15.08.1960 |
|
Qualification : |
IAS |
|
Date of Appointment : |
20.09.2016 |
|
PAN No.: |
AGNPM2171M |
|
DIN No.: |
02842064 |
|
|
|
|
Name : |
Mr. Mukesh Gulshanrai Puri |
|
Designation : |
Nominee Director |
|
Address : |
A/03, Samarpan Flats, Near IDBI Bank Gulbai Tekra, Ambawadi, Ahmedabad 380015, Gujarat, India |
|
Date of Appointment : |
03.08.2017 |
|
DIN No.: |
03582870 |
|
|
|
|
Name : |
Mr. Sudhir Kumar Jain |
|
Designation : |
Director |
|
Address : |
Flat No. 101, Housing Block No. 2, IIT Gandhinagar, Village Palaj, Gandhinagar 382355, Gujarat, India |
|
Date of Birth/Age : |
04.07.1959 |
|
Qualification : |
Dr. of Philosophy |
|
Date of Appointment : |
27.11.2011 |
|
PAN No.: |
ACZPJ6088Q |
|
DIN No.: |
03646016 |
|
|
|
|
Name : |
Mr. Lochan Sehra |
|
Designation : |
Nominee Director |
|
Address : |
E-2 Category, Flat No. 402 Samarpan Tower, Ambawadi Ahmedabad 380015, Gujarat, India |
|
Date of Appointment : |
20.07.2017 |
|
DIN No.: |
07687091 |
KEY EXECUTIVES
|
Name : |
Mr. Dipesh Rameshbhai Shah |
|
Designation : |
Company Secretary |
|
Address : |
A-71, Samkit-1, Near Chandan Party Plot Jodhpur Gam Road, Satelite, Ahmedabad 380015, Gujarat, India |
|
Date of Appointment : |
01.07.2009 |
|
PAN No.: |
ARPPS9987A |
|
|
|
|
Name : |
Avichal Ripudamansingh Khera |
|
Designation : |
CFO (KMP) |
|
Address : |
14, Shukan Villas (502/A/1), Opposite Shrinandnagar - 5, Near Saket-3, Vejalpur, Ahmedabad 380051, Gujarat, India |
|
Date of Appointment : |
19.08.2014 |
|
PAN No.: |
ADUPK1512E |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 31.03.2017
|
Names of Shareholders |
|
No. of Shares |
|
Gujarat Urban Development Company Limited (GUDC) |
|
32709370 |
|
Y.B. Patel [Nominee of GUDCL] |
|
10 |
|
V.K. Solanki [Nominee of GUDCL] |
|
10 |
|
Suresh D. Parghi [Nominee of GUDCL] |
|
10 |
|
Infrastructure Leasing & Financial Services Limited (IL&FS) |
|
32709370 |
|
Prakash Gaur [Nominee of IL&FS] |
|
10 |
|
Avinash Bagul [Nominee of IL&FS] |
|
10 |
|
Ram Walase [Nominee of IL&FS] |
|
10 |
|
|
|
|
|
Total |
|
65418800 |
AS ON 25.07.2017
|
Equity Share Breakup |
Percentage of Holding |
|
Category |
|
|
Promoters – Government – State Government |
50.00 |
|
Promoters – Body Corporate |
50.00 |
|
|
|
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
·
Subject is engaged into Development of Global
Financial Hub by sale of Development Rights. [Registered Activity] ·
To Design, Develop, Construct, Operate and
Maintain International Financial Services City/Center/Hub including Business
District leading to phased development of Integrated Townships around the
International Financial Services city. [As per Memorandum of Association] |
||||
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Products : |
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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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||||
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Terms : |
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||||
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Selling : |
Not Divulged |
||||
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||||
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Purchasing : |
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 : |
·
Bank of India Ahmedabad large Corporate Branch, 2nd Floor, Bank
of India Building, Bhadra, Ahmedabad - 380001, Gujarat, India |
|||||||||||||||
|
|
|
|||||||||||||||
|
Facilities : |
|
|
|
|
|
Financial Institutions : |
· Infrastructure Leasing And Financial Services Limited The IL & FS Financial Centre, Plot No C-22 G Block, Bandra-Kurla Complex, Mumbai - 400051, Maharashtra, India · PNB Investment Services Limited |
|
|
|
|
Auditors : |
|
|
Name : |
Haribhakti and Company LLP Chartered Accountants |
|
Address : |
703, Venus Atlantis, Besides Shell Petrol Pump, 100 Ft. Road, Prahlad Nagar, Ahmedabad – 380015, Gujarat, India |
|
PAN No.: |
AAAFH2010F |
|
|
|
|
Memberships : |
Not Available |
|
|
|
|
Collaborators : |
Not Available |
|
|
|
|
Subsidiary company
: |
· GIFT Power Company Limited [U74900GJ2008PLC055011] · GIFT SEZ Limited [U45200GJ2008PLC054999] · GIFT District Cooling Systems Limited [U45201GJ2008PLC055057] · GIFT ICT Services Limited [U45204GJ2008PLC055077] · GIFT Water Infrastructure Limited [U74900GJ2008PLC055037] · GIFT Waste Management Services Limited [U74900GJ2008PLC055012] ·
GIFT Collective Investment Management Company
Limited [U65993GJ2008PLC053818] |
|
|
|
|
Joint venture : |
Infrastructure Leasing And Financial Services Limited [U65990MH1987PLC044571] |
|
|
|
|
Other Related
Parties : |
· Sabarmati Capital One Limited · Sabarmati Capital Two Limited · IL&FS Transportation Networks Limited |
CAPITAL STRUCTURE
AS ON 31.03.2017
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
100000000 |
Equity Shares |
INR 10/- each |
INR 1000.000 Million |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
65418800 |
Equity Shares |
INR 10/- each |
INR 654.188
Million |
|
|
|
|
|
FINANCIAL DATA
[all figures are
in INR Million]
ABRIDGED
BALANCE SHEET
|
SOURCES OF FUNDS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
I.
EQUITY
AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
654.188 |
654.188 |
654.188 |
|
(b) Reserves and Surplus |
16.758 |
9.098 |
22.813 |
|
(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) |
670.946 |
663.286 |
677.001 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
7729.348 |
5722.248 |
4594.348 |
|
(b) Deferred tax liabilities (Net) |
20.551 |
17.467 |
3.841 |
|
(c) Other long-term
liabilities |
4246.607 |
3493.122 |
3027.432 |
|
(d) long-term
provisions |
16.509 |
10.528 |
6.350 |
|
Total Non-current
Liabilities (3) |
12013.015 |
9243.365 |
7631.971 |
|
|
|
|
|
|
(4)
Current Liabilities |
|
|
|
|
(a) Short-term
borrowings |
0.000 |
0.000 |
0.000 |
|
(b) Trade
payables |
263.130 |
137.182 |
102.123 |
|
(c) Other
current liabilities |
149.931 |
503.534 |
186.045 |
|
(d) Short-term
provisions |
2.069 |
0.809 |
0.874 |
|
Total Current
Liabilities (4) |
415.130 |
641.525 |
289.042 |
|
|
|
|
|
|
TOTAL |
13099.091 |
10548.176 |
8598.014 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1)
Non-current assets |
|
|
|
|
(a) Fixed
Assets |
|
|
|
|
(i) Tangible
assets |
36.737 |
37.055 |
34.467 |
|
(ii)
Intangible Assets |
5.019 |
7.465 |
9.639 |
|
(iii) Tangible assets
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 |
55.850 |
55.850 |
55.850 |
|
(c) Deferred tax assets (net) |
0.000 |
0.000 |
0.000 |
|
(d)
Long-term
loans and advances |
1967.917 |
1954.332 |
1933.694 |
|
(e) Other
Non-current assets |
595.362 |
264.230 |
216.590 |
|
Total Non-Current
Assets |
2660.885 |
2318.932 |
2250.240 |
|
|
|
|
|
|
(2)
Current assets |
|
|
|
|
(a)
Current investments |
0.000 |
0.000 |
0.000 |
|
(b)
Inventories |
9192.881 |
7453.861 |
5619.253 |
|
(c) Trade
receivables |
0.000 |
0.000 |
0.000 |
|
(d) Cash and bank
balances |
303.169 |
91.936 |
148.054 |
|
(e)
Short-term loans and advances |
243.004 |
173.679 |
161.593 |
|
(f) Other
current assets |
699.152 |
509.768 |
418.874 |
|
Total
Current Assets |
10438.206 |
8229.244 |
6347.774 |
|
|
|
|
|
|
TOTAL |
13099.091 |
10548.176 |
8598.014 |
PROFIT
& LOSS ACCOUNT
|
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
|
SALES |
|
|
|
|
|
Total
Revenue from operations |
1.467 |
1.218 |
1.116 |
|
|
Other Income |
26.721 |
9.690 |
13.641 |
|
|
TOTAL |
28.188 |
10.908 |
14.757 |
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
Other expenses |
15.014 |
4.818 |
4.310 |
|
|
TOTAL |
15.014 |
4.818 |
4.310 |
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE INTEREST, TAX, DEPRECIATION
AND AMORTISATION |
13.174 |
6.090 |
10.447 |
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION |
13.174 |
6.090 |
10.447 |
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS)
BEFORE TAX |
13.174 |
6.090 |
10.447 |
|
|
|
|
|
|
|
Less |
TAX |
5.513 |
19.806 |
0.888 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS)
AFTER TAX |
7.661 |
(13.716) |
9.559 |
|
|
|
|
|
|
|
|
Earnings / (Loss) Per
Share (INR) |
0.12 |
(0.21) |
0.15 |
CURRENT MATURITIES OF LONG TERM DEBT DETAILS
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Current Maturities of Long term debt |
0.000 |
347.100 |
0.000 |
|
|
|
|
|
|
Cash generated from operations |
(1131.672) |
(1470.072) |
(1540.297) |
|
|
|
|
|
|
Net Cash flow from (used in) Operations |
(1125.711) |
(1488.910) |
(1554.030) |
KEY
RATIOS
EFFICIENCY RATIOS
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Average Collection Days (Sundry
Debtors / Income * 365 Days) |
0.00 |
0.00 |
0.00 |
|
|
|
|
|
|
Account Receivables Turnover (Income / Sundry Debtors) |
0.00 |
0.00 |
0.00 |
|
|
|
|
|
|
Inventory Turnover (Operating Income / Inventories) |
0.00 |
0.00 |
0.00 |
|
|
|
|
|
|
Asset Turnover (Operating Income / Net Fixed Assets) |
0.32 |
0.14 |
0.24 |
LEVERAGE RATIOS
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Debt Ratio ((Borrowing
+ Current Liabilities) / Total Assets) |
0.62 |
0.64 |
0.57 |
|
|
|
|
|
|
Debt Equity Ratio (Total Liability / Networth) |
11.52 |
9.15 |
6.79 |
|
|
|
|
|
|
Current Liabilities to Networth (Current Liabilities / Net Worth) |
0.62 |
0.97 |
0.43 |
|
|
|
|
|
|
Fixed Assets to Networth (Net Fixed Assets / Networth) |
0.06 |
0.07 |
0.07 |
|
|
|
|
|
|
Interest Coverage Ratio (PBIT / Financial Charges) |
0.00 |
0.00 |
0.00 |
PROFITABILITY RATIOS
|
PARTICULARS |
|
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Net Profit Margin ((PAT / Sales) * 100) |
% |
522.22 |
(1126.11) |
856.54 |
|
|
|
|
|
|
|
Return on Total Assets ((PAT / Total Assets) * 100) |
% |
0.06 |
(0.13) |
0.11 |
|
|
|
|
|
|
|
Return on Investment (ROI) ((PAT / Networth) * 100) |
% |
1.14 |
(2.07) |
1.41 |
SOLVENCY RATIOS
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Current Ratio (Current
Assets / Current Liabilities) |
25.14 |
12.83 |
21.96 |
|
|
|
|
|
|
Quick Ratio ((Current Assets – Inventories) / Current
Liabilities) |
3.00 |
1.21 |
2.52 |
|
|
|
|
|
|
G-Score Ratio Financial (Networth / Total Assets) |
0.05 |
0.06 |
0.08 |
|
|
|
|
|
|
G-Score Ratio Debt (Debts / Equity Capital) |
11.82 |
9.28 |
7.02 |
|
|
|
|
|
|
G-Score Ratio Liquidity (Total Current Assets / Total Current Liabilities) |
25.14 |
12.83 |
21.96 |
Total
Liability = Short-term Debt + Long-term Debt + Current Maturities of Long-term
debts
FINANCIAL ANALYSIS
[all figures are
in INR Million]
DEBT EQUITY RATIO
|
Particulars |
31.03.2015 |
31.03.2016 |
31.03.2017 |
|
|
INR
In Million |
INR
In Million |
INR
In Million |
|
Share Capital |
654.188 |
654.188 |
654.188 |
|
Reserves & Surplus |
22.813 |
9.098 |
16.758 |
|
Money received against share warrants |
0.000 |
0.000 |
0.000 |
|
Share Application money pending allotment |
0.000 |
0.000 |
0.000 |
|
Net
worth |
677.001 |
663.286 |
670.946 |
|
|
|
|
|
|
long-term borrowings |
4594.348 |
5722.248 |
7729.348 |
|
Short term borrowings |
0.000 |
0.000 |
0.000 |
|
Current Maturities of Long term debt |
0.000 |
347.100 |
0.000 |
|
Total
borrowings |
4594.348 |
6069.348 |
7729.348 |
|
Debt/Equity ratio |
6.786 |
9.150 |
11.520 |
YEAR-ON-YEAR GROWTH
|
Year on Year Growth |
31.03.2015 |
31.03.2016 |
31.03.2017 |
|
|
INR
In Million |
INR
In Million |
INR
In Million |
|
Sales |
1.116 |
1.218 |
1.467 |
|
|
|
9.140 |
20.443 |
NET PROFIT MARGIN
|
Net Profit Margin |
31.03.2015 |
31.03.2016 |
31.03.2017 |
|
|
INR
In Million |
INR
In Million |
INR
In Million |
|
Sales |
1.116 |
1.218 |
1.467 |
|
Profit |
9.559 |
-13.716 |
7.661 |
|
|
856.54% |
-1126.11% |
522.22% |
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 |
Yes |
|
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 |
INDEX OF CHARGES
|
CHARGES REGISTERED |
||||||||
|
SNO |
SRN |
CHARGE ID |
CHARGE HOLDER NAME |
DATE OF CREATION |
DATE OF MODIFICATION |
DATE OF SATISFACTION |
AMOUNT |
ADDRESS |
|
1 |
G16844201 |
10518414 |
PNB INVESTMENT
SERVICES LIMITED |
19/08/2014 |
27/09/2016 |
- |
11570000000.0 |
10, RAKESH DEEP
BUILDING,YUSUF SARAI COMMERCIAL COMPLEX, GULMOHAR ENCLAVENEW DELHIDE110049IN |
|
2 |
C17615626 |
10419032 |
SYNDICATE BANK |
28/03/2013 |
- |
01/08/2014 |
1500000000.0 |
MANIKYAM APPARTMENTS,
SARDER PATEL NAGAR,ELLISBRIDGE, NAVRANGPURAAHMEDABADGJ380006IN |
|
3 |
C16736563 |
10477875 |
BANK OF INDIA |
23/01/2014 |
- |
30/07/2014 |
1250000000.0 |
AHMEDABAD LARGE CORPORATE
BRANCH2ND FLOOR, BANK OF INDIA BUILDING, BHADRAAHMEDABADGJ380001IN |
|
4 |
C10546778 |
10467403 |
AXIS BANK LIMITED |
11/12/2013 |
- |
10/07/2014 |
400000000.0 |
TRISHUL 3RD FLOOR
OPP SAMARTHESHWAR TEMPLELAW GARDEN ELLISBRIDGEAHMEDABADGJ380006IN |
|
5 |
C10547131 |
10357296 |
IL & FS TRUST
COMPANY LIMITED |
11/05/2012 |
- |
09/07/2014 |
3938300000.0 |
IL & FS
FINANCIAL CENTREPLOT NO C22 G BLOCK BANDRAKURLA COMPLEX BANDRA
EASTMUMBAIMH400051IN |
|
6 |
B86432564 |
10418477 |
AXIS BANK LIMITED |
23/03/2013 |
- |
08/10/2013 |
500000000.0 |
TRISHUL 3RD FLOOR
OPP SAMARTHESHWAR TEMPLELAW GARDEN ELLISBRIDGEAHMEDABADGJ380006IN |
|
7 |
B85795631 |
10353783 |
INFRASTRUCTURE
LEASING AND FINANCIAL SERVICES LIMITED |
04/05/2012 |
- |
25/09/2013 |
500000000.0 |
THE IL &FS
FINANACIAL CENTREPLOT NO C-22 G BLOCKBANDRA-KURLA COMPLEXMUMBAIMH400051IN |
CHANGE OF ADDRESS:
The Registered Office of the company has been shifted from Office -1, GIFT CITY, Zone -5, Taluka & District, Gandhinagar – 382355, Gujarat to the present address w.e.f.01.08.2016
FINANCIAL RESULTS
In the financial statements of the Company, the non-project related expenditure of the current year has been expensed out in the Statement of Profit and Loss. The Company has incurred expenditure of INR 1739.020 Million on development of the Project which has been taken to Inventories. The total revenue of the company which includes interest, License Fees, Lease rent and other income for the year is INR 28.180 Million, expenditure is INR 15.010 Million. The Profit before tax for the year is INR 13.170 Million and Net Profit for the year is INR 7.600 Million after considering Deferred Tax.
PROJECT DEVELOPMENT
HIGHLIGHTS:
During the year, the GIFT City Project has made significant progress as highlighted below:
I. Development:
a) Allotment made to Prestige Estate Projects Ltd, Bangalore for development of Office Tower in SEZ Area covering 0.50 mn. sq. ft. of BUA which would create more than 5000 jobs and bring an investment of around INR 2000.000 Million.
b) 1st office building in GIFT SEZ–IFSC is operational by Hiranandani Developers (Volupia Developers) of 0.3 Mn sq ft of BUA and will generate 2000 jobs.
c) Work started of Brigade's of Office Tower in SEZ Area covering 0.26 Million Sq. ft. of BUA which would create more than 2500 jobs and bring an investment of around INR 1200.000 Million.
d) Work started of ATS Savvy's Office Tower in SEZ Area covering 0.4 Million Sq. ft. of BUA which would create around 3500 jobs and bring an investment of around INR 1800.000 Million.
e) Design work in progress of SBI's residential tower of 2.20 lacs sq ft of BUA in Non SEZ area of GIFT City. Also Bhoomi Pujan done for SBI's Office Tower in Non-SEZ area of 0.2 Mn sq ft.
f) Jamnabai Narsee School is operational from June 2015 for Grades Nursery to Standard VI and would enter third academic year from June 2017 for Grades Nursery to Standard VIII with over 700 students.
g) Tata Communications has set up Green Tier IV Data center and the construction of the same has got completed. This Data center has employed best practices for energy efficiency by using state of the art green technology for the highest level of performance, safety, and security. The data centre is operational with few of the leading companies having occupied space for their various requirements.
h) Construction work for the World Trade Centre in GIFT City is going in full swing, the same is being developed having more than a million square feet of BUA. The WTC in GIFT City would connect several organizations across 330 cities of 100 different countries of the world. It would have offices of leading financial institution, IT/ITeS companies; consulate offices etc. Once completed, WTC in GIFT City would generate an employment of around 8000 people.
i) City Command and Control Centre (C4) has commenced which will host equipments from various telecom operators to provide always up and running communication services to the occupiers of GIFT City.
j) The GIFT International Centre (Business Club) has been planned on the theme of business and entertainment, construction work for the same has commenced. It would provide business meeting facilities along with recreational and socializing facilities to business community. The club have launched membership and is expected to be operational by end of 2017.
k) Janaadhar India Private Limited is developing affordable housing project in GIFT City. The construction work of the same is in full swing. The project contains various components namely affordable housing dwelling units, Market, School, Heath Care Clinic and Community Center. The phase one of affordable housing is expected to be operational by end of 2017.
l) During the year, telecom connectivity to various national and international destinations were provided to some of the large IT Companies like Oracle and Maxim Integrated for their round the clock operations. These timely & stable connectivity have enabled these organization to start and run their operations smoothly in the GIFT City
II. MOU’s
During the year, GIFT City has signed the Memorandum of Understanding with the following entities for various development:
Ø GIFT City signed MoU with CISCO on December 16, 2016 in presence of Hon'ble Chief Minister and Deputy Chief Minister of Gujarat for implementation of various smart city features in GIFT City.
Ø GIFT City signed MoU with Dubai International Financial Centre (DIFC) and Abu Dabhi Global Markets (AGDM) on February 28, 2017 for bilateral cooperation in operations of IFSC.
Ø GIFT City signed MoU with BSE Institute Ltd. to jointly develop, launch and conduct programs in the Financial Markets.
Ø GIFT SEZ signed MoU with Gujarat National Law University for Skill development.
III. Infrastructure:
As you are aware that your Company needs to lay down various infrastructure ahead of demand to attract various financial and allied institutions to GIFT City, while most of the Phase-1 infrastructure has already been completed during the year under review, status of some of the important additional infrastructure works are as follows:
Completed Works:
1) Business Centre in SEZ Area.
2) Construction of City Command and Control Centre (C4)
3) Roll-Out of “GOLDEN MILE” Services in GIFT City by CISCO.
4) Signature tower, Aspire-1, C4 buildings connected with DCS chilled water network and chilled water flow is established since January-2017
5) Tied up with passive telecom infra service provider M/S Indus Tower Ltd. in order to provide seamless mobile signal coverage across the city.
Ongoing Works:
1) Arterial Road joining New Bridge from PDPU and Road 1B from Bapa Sitaram Chowk.
2) Sub Arterial Road in SEZ.
3) Erosion Protection towards Sabarmati River with Gabion Fascia.
4) Chilled water piping network of DCS system is under expansion for DCS chilled water connection to upcoming building such as WTC, Club, SBI, Brigade commercial tower , Brigade hotel and other developers.
5) AWCS pipeline network is under expansion for Hiranandani & WTC.
6) Permanent Portable Water Supply pipeline network is under execution from WTP to various upcoming Developers
7) Sewage Collection pipeline network is under expansion for Hiranandani, WTC, Brigade, Savvy and other developers.
8) Work of second source of 66 kV is under progress and is likely to be completed by next year.
9) Augmentation of Receiving Station capacity from 20 MVA to 60 MVA.
10) The work has been awarded for pilot scale Plasma Pyrolysis Plant and is in design stage; which will be used for treatment/disposal of dry solid waste. Pilot scale Plasma Pyrolysis Plant is constructed for the disposal of solid waste.
IV. During the Financial Year, focused efforts were made for getting the new business in GIFT. GIFT have regularly interacted with the regulators, Ministries, Government of Gujarat and various councils and associations for seeking various clarifications, resolving policy and operating level issues and for new business initiatives.
AWARDS AND
RECOGNITION
Indian Green Building Council (IGBC) and Confederation of
Indian Industries (CII) during their flagship Event of Green Building Congress
bestowed MD & Group CEO-GIFT City; with the most prestigious honour
"Green Championship Award-2016" recognizing contribution of GIFT City
in developing green built environment.
EVENTS
1) Department of Science & Technology, GoG, NASSCOM and GIFT City organized a seminar with Industry leaders from the IT/ITeS to educate them on new IT/ITeS policy of GoG in Delhi(Apr 29, 2016) and Bangalore (May 5, 2016). Various leading IT/ITeS companies participated in the same.
2) GIFT City was invited to Green Infrastructure Investment Coalition (GIIC): India Forum, event in London on June 30, 2016 to share various
opportunities at India’s first Smart City Project. It had participation of India’s largest financiers and mega project developers. This event was
hosted by London Stock Exchange.
3) Ministry of Finance-GoI, Finance Department-GoG and GIFT organized an international seminar on “Business Potential of IFSC in India” during Vibrant Gujarat Summit on Jan 11, 2017. I. The Plenary session was chaired by Governor, Reserve Bank of India, Minister of State Finance, GoI, Finance Minister, GoG and Chief Secretary, GoG. In the Panel discussion of Banking, Insurance and Capital Market leaders of many national and international organizations had participated. The seminar was well attended by various organizations from banks, insurance, capital market, consultants, academic institutes etc.
FIXED ASSETS:
·
Buildings
·
Plant and equipment
·
Furniture and fixtures
·
Vehicles
·
Motor vehicles
·
Office equipment
· Computer software
PRESS RELEASES:
ARUN JAITLEY PROPOSES
UNIFIED REGULATOR FOR IFSC
Presenting the Union
Budget 2018-19, finance minister Arun Jaitley proposed for a unified financial
regulatory framework for the International Financial Services Centre (IFSC) at
GIFT City in Gujarat
Feb 01 2018
New Delhi: Finance minister Arun Jaitley on Thursday proposed a unified regulator for the International Financial Services Centre (IFSC) at GIFT City in Gujarat, a move that will contribute to better regulation and supervision of the financial entities.
The move is expected to provide a further push to the IFSC. While unveiling the Union Budget 2018-19, Jaitley has proposed for a unified financial regulatory framework providing for a single regulator for GIFT City.
GIFT (Gujarat International Finance Tec-City) has been set up by the state government as India’s first IFSC that brings together world class infrastructure, connectivity, people and technology on a single platform for businesses across the world.
IFSC at GIFT City is probably the first such centre to be launched after the 2008 global financial crisis. Last month, RBI governor Urjit Patel had made a case for setting up a unified regulator and a world class legal framework for IFSCs to expeditiously deal with dispute resolution and other issues.
GIFT CITY WANTS
REGULATORY TWEAKS TO BRING IFSC ON PAR WITH GLOBAL CENTRES
Strategy head at Gift
City said govt, regulators should make the derivative trade more attractive for
FPIs
January 18, 2018
Gujarat International Finance Tec-City Company Limited (Gift) said on Wednesday that a host of regulatory changes will bring India’s first international financial services centre on a par with such well-established centres in Singapore and Hong Kong. The measures include waiving short-term capital gains tax on derivatives trade, allowing retail investors to trade and removing regulatory hurdles to make it attractive for foreign portfolio investors (FPIs).The Gift City management, however, downplayed a slowdown in its revenue due to the present set of regulations. “Out of the first phase of the project, which was to the tune of INR 20 billion, we have a debt of INR 12 billion from a consortium of bankers. So the revenue is the remaining sum — INR 8 billion,” Gift City Managing Director and Group Chief Executive Officer Ajay Pandey said at a press briefing. “The land was allocated to us in 2011, the international financial services centre (IFSC) started off in 2015 so the point I wanted to make was the growth curve is exactly how it was planned. The lag of three-four years is what we are carrying,” Pandey said. He said that industry bodies operating in Gift City have made a representation to the finance ministry to exempt short-term capital gains tax on derivatives trades on the IFSC platforms.
At present, FPIs pay 30 per cent short-term capital gains, as against zero tax at the centres based in Singapore and Dubai. “You need to build liquidity in the market that requires participation from all segments. Today, the only segment that participates in the zone is institutional investors and not retailers. So if retail investors are allowed, the markets can move much faster,” Dipesh Shah, head, IFSC and Strategy at Gift City, said. Shah said the government and regulators should make the derivative trade in Gift City more attractive for FPIs. “How do you bring FPIs directly in Gift City when they have a choice to go to Dubai and Singapore where all sorts of benefits are being offered? Would they be interested to trade here if you levy X number of tax and Y number of processes to be followed?” Shah said.
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 records 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 records 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 |
INR 64.14 |
|
UK Pound |
1 |
INR 89.50 |
|
Euro |
1 |
INR 79.43 |
INFORMATION DETAILS
|
Information
Gathered by : |
PRT |
|
|
|
|
Analysis Done by
: |
NIS |
|
|
|
|
Report Prepared
by : |
BVA |
SCORE FACTORS
|
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 |
RATING EXPLANATIONS
|
Credit Rating |
Explanation |
Rating Comments |
|
A++ |
Minimum Risk |
Business dealings permissible with minimum
risk of default |
|
A+ |
Low Risk |
Business dealings permissible with low
risk of default |
|
A |
Acceptable Risk |
Business dealings permissible with
moderate risk of default |
|
B |
Medium Risk |
Business dealings permissible on a regular
monitoring basis |
|
C |
Medium High Risk |
Business dealings permissible preferably
on secured basis |
|
D |
High Risk |
Business dealing not recommended or on
secured terms only |
|
NB |
New Business |
No recommendation can be done due to
business in infancy stage |
|
NT |
No Trace |
No recommendation can be done as the
business is not traceable |
NB is stated where there is insufficient information to facilitate rating. However, it is not to be considered as unfavourable.
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 are as follows:
·
Financial
condition covering various ratios
·
Company
background and operations size
·
Promoters
/ Management background
·
Payment
record
·
Litigation
against the subject
·
Industry
scenario / competitor analysis
·
Supplier
/ Customer / Banker review (wherever available)
This report is issued at
your request without any risk and responsibility on the part of MIRA INFORM
PRIVATE LIMITED (MIPL) or its officials.