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|
|
MIRA INFORM REPORT
|
Report No. : |
491957 |
|
Report Date : |
14.02.2018 |
IDENTIFICATION DETAILS
|
Name : |
ICICI HOME FINANCE COMPANY LIMITED |
|
|
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|
Registered
Office : |
|
|
Tel. No.: |
91-22-26531414/ 40093480 |
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|
Country : |
India |
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Financials (as
on) : |
31.03.2017 |
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Date of
Incorporation : |
28.05.1999 |
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|
|
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Com. Reg. No.: |
11-120106 |
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|
Capital
Investment / Paid-up Capital : |
INR
10987.500 Million |
|
|
|
|
CIN No.: [Company Identification
No.] |
U65922MH1999PLC120106 |
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|
IEC No.: |
Not Divulged |
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GST 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.] |
AAACI6285N |
|
|
|
|
Legal Form : |
A Closely Held Public Limited Liability Company |
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|
Line of Business
: |
Subject is engaged in Providing financial assistance for
specified interest & maturity to person/persons for the purpose to
acquire, construct, erect, improve, extend, alter, repair, renovate, develop
any house, flats or buildings or any form of real estate or any part or
portion thereof. The Company is also providing financial assistance to any
person for specified purpose against the security of any immovable property.
The Company is also engaged in providing advisory, consultancy, broking in
property service, sourcing and servicing home loans. [Registered Activity] |
|
|
|
|
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++ |
Minimum Risk |
Business dealings permissible with minimum
risk of default |
|
Status : |
Excellent |
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|
|
Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject was incorporated in the year 1999. It is a wholly owned subsidiary of ICICI Bank. It is well-established company having excellent track record.
The company is engaged in mortgage lending business. It has a network of 63 branches as at March 31, 2017.
For the financial year 2017, the company has achieved healthy operational activity marked by excellent revenue profile along with impressive profitability margin of 17.48%. The company has strong financial profile marked by healthy networth position and fair liquidity base. Rating also takes into consideration healthy support received from its parent company in order to manage and grow its business operations, strong market position, experienced management and robust earnings performance. Trade relations are trustworthy. Business is active. Payments are regular and as per commitment. In view of the aforesaid, the bank can be considered good for business dealings at usual trade terms and conditions. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
EXTERNAL AGENCY RATING
|
Rating Agency Name |
CARE |
|
Rating |
Senior Bonds = AAA |
|
Rating Explanation |
Highest degree of safety and carry lowest
credit risk. |
|
Date |
10.07.2017 |
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 14.02.2018
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 (91-22-40093480)
[91-22-26531414]
Number is not working
LOCATIONS
|
Registered Office : |
ICICI Bank Towers, Bandra-Kurla Complex, Mumbai – 400051, Maharashtra,
India |
|
Tel. No.: |
91-22-40093480 |
|
Fax No.: |
Not Available |
|
E-Mail : |
|
|
Website : |
DIRECTORS
AS ON: 31.03.2017
|
Name : |
Mr. Subramaniam Santhanakrishnan |
|
Designation : |
Director |
|
Address : |
Flat G5, Block 2, Prime Terrace 150, L.B Road,
Tiruvanmiyur, Chennai – 600041, Tamilnadu, India |
|
Date of Birth/Age : |
08.11.1944 |
|
Date of Appointment : |
24.07.2008 |
|
DIN No.: |
00005069 |
|
|
|
|
Name : |
Mr. Dileep Chinubhai Choksi |
|
Designation : |
Director |
|
Address : |
E/7, Sea Face Park, Bhulabhai Desai Road, Mumbai – 400026, Maharashtra, India |
|
Date of Birth/Age : |
26.12.1949 |
|
Date of Appointment : |
25.09.2009 |
|
DIN No.: |
00016322 |
|
|
|
|
Name : |
Mr. Santhanakrishnan Sankaran |
|
Designation : |
Director |
|
Address : |
24, Unnamalai Ammal Street, T. Nagar, Chennai – 600017, Tamilnadu, India |
|
Date of Birth/Age : |
08.11.1944 |
|
Date of Appointment : |
16.10.2014 |
|
DIN No.: |
00032049 |
|
|
|
|
Name : |
Mr. Anup Bagchi |
|
Designation : |
Director |
|
Address : |
A - 801, 8th Floor, Al-Dorado Hights, Prabhadevi, Mumbai-400025, Maharashtra, India |
|
Date of Appointment : |
23.02.2017 |
|
DIN No.: |
00105962 |
|
|
|
|
Name : |
Mrs. Anita Sudhir Pai |
|
Designation : |
Additional Director |
|
Address : |
B-201, Shiv Parvati Mahada Plot-18, Near Versova Telephone Exchange, Andheri West, Aza, Mumbai - 400053, Maharashtra, India |
|
Date of Appointment : |
09.11.2016 |
|
DIN No.: |
07651059 |
|
|
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|
Name : |
Mr. Anirudh Kamani |
|
Designation : |
Nominee Director |
|
Address : |
Flat No. C-1501 Oberoi Exquisite, Oberoi Garden City, Goregaon (East), Mumbai-400063, Maharashtra, India |
|
Date of Appointment : |
01.11.2017 |
|
DIN No.: |
07678378 |
|
|
|
|
Name : |
Mr. Narayanan Rajagopalan Nadadur |
|
Designation : |
Additional Director |
|
Address : |
A-503, Gulmohar Apts, Ceasr Road, Amboli, Andheri (West), Mumbai-400058, Maharashtra, India |
|
Date of Appointment : |
13.07.2017 |
|
DIN No.: |
07877022 |
KEY EXECUTIVES
|
Name : |
Mr. Pratap Shekar Salian |
|
Designation : |
Company Secretary |
|
Address : |
311, Paras Darshan, Modi Patel Street, Bhayander (West),
Mumbai-401101, Maharashtra, India |
|
Date of Birth/Age : |
01.06.1964 |
|
Date of Appointment : |
11.04.2011 |
|
PAN No.: |
AQUPS7901E |
|
|
|
|
Name : |
Mr. Pankaj Parasmal Jain |
|
Designation : |
Chief Finance Officer |
|
Address : |
E-1202, Gundecha Gardens, Bombay Gas Lane Lalbaug, Mumbai
- 400012, Maharashtra, India |
|
Date of Appointment : |
21.04.2014 |
|
PAN No.: |
AABPJ3564B |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON: 31.03.2017
|
Names of Shareholders |
|
No. of Shares |
|
ICICI Bank Limited |
|
1098748900 |
|
# ICICI Securities
Limited |
|
600 |
|
# ICICI Venture
Funds Management Company Limited |
|
100 |
|
# ICICI Investment
Management Company Limited |
|
100 |
|
# ICICI
Trusteeship Services Limited |
|
100 |
|
# ICICI Lombard
General Insurance Company Limited |
|
100 |
|
# ICICI Securities
Primary Dealership Limited |
|
100 |
|
|
|
|
|
Total |
|
1098750000 |
# Beneficial interest
on the above shares are held by ICICI Bank Limited
AS ON: 26.05.2017
|
Equity Share Breakup |
Percentage of Holding |
|
Category |
|
|
Promoters – Banks |
100.00 |
|
|
|
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Subject is engaged in Providing financial assistance for
specified interest & maturity to person/persons for the purpose to
acquire, construct, erect, improve, extend, alter, repair, renovate, develop
any house, flats or buildings or any form of real estate or any part or
portion thereof. The Company is also providing financial assistance to any
person for specified purpose against the security of any immovable property.
The Company is also engaged in providing advisory, consultancy, broking in
property service, sourcing and servicing home loans. [Registered Activity] |
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Products : |
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Brand Names : |
Not Divulged |
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Agencies Held : |
Not Divulged |
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Exports : |
Not Divulged |
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Imports : |
Not Divulged |
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Terms : |
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Selling : |
Not Divulged |
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Purchasing : |
Not Divulged |
PRODUCTION STATUS: NOT AVAILABLE
GENERAL INFORMATION
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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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Financial Institution : |
· IDBI Trusteeship Services Limited Asian Bldg., Ground Floor, 17, R. Kamani Marg, Ballard Estate, Mumbai-400001, Maharashtra, India |
|
|
|
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Auditors : |
|
|
Name : |
S.R. Batliboi and Company LLP Chartered Accountants |
|
Address : |
The Ruby, 14th Floor, 29 Senapati Bapat Marg, Dadar (West), Mumbai –
400028, Maharashtra, India |
|
PAN No.: |
ACHFS9180N |
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Memberships : |
Not Available |
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Collaborators : |
Not Available |
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Holding Company : |
ICICI Bank Limited [L65190GJ1994PLC021012] |
|
|
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|
Fellow Subsidiary/
Fellow Entity : |
· ICICI Securities Primary Dealership Limited · ICICI Securities Limited · ICICI Prudential Life Insurance Company Limited · ICICI Lombard General Insurance Company Limited · ICICI Securities Inc. · ICICI Securities Holdings Inc. · ICICI Venture Funds Management Company Limited · ICICI Trusteeship Services Limited · ICICI Investment Management Company Limited · ICICI International Limited · ICICI Bank UK PLC · ICICI Bank Canada · ICICI Equity Fund · ICICI Strategic Investments Fund · ICICI Prudential Asset Management Company Limited · ICICI Prudential Trust Limited · ICICI Prudential Pension Funds Management Company Limited · I-Ven Biotech Limited |
CAPITAL STRUCTURE
AS ON: 31.03.2017
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
2385000000 |
Equity Shares |
INR 10/- each |
INR 23850.000 Million |
|
15000000 |
Preference Shares |
INR 10/- each |
INR 150.000 Million |
|
|
|
|
|
|
|
Total |
|
INR 24000.000
Million |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
1098750000 |
Equity Shares |
INR 10/- each |
INR
10987.500 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 |
10987.500 |
10987.500 |
10987.500 |
|
(b) Reserves & Surplus |
5084.200 |
4304.600 |
3929.100 |
|
(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) |
16071.700 |
15292.100 |
14916.600 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) Long-term borrowings |
48171.300 |
49016.500 |
39707.300 |
|
(b) Deferred tax liabilities (Net) |
511.700 |
389.500 |
262.800 |
|
(c)
Other long term liabilities |
106.500 |
82.500 |
51.900 |
|
(d)
long-term provisions |
1348.600 |
1388.700 |
1509.400 |
|
Total
Non-current Liabilities (3) |
50138.100 |
50877.200 |
41531.400 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a)
Short term borrowings |
9704.500 |
8272.600 |
7783.200 |
|
(b)
Trade payables |
87.400 |
230.400 |
192.200 |
|
(c)
Other current liabilities |
18170.600 |
19080.600 |
18299.300 |
|
(d)
Short-term provisions |
101.700 |
131.100 |
268.600 |
|
Total
Current Liabilities (4) |
28064.200 |
27714.700 |
26543.300 |
|
|
|
|
|
|
TOTAL |
94274.000 |
93884.000 |
82991.300 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a)
Fixed Assets |
|
|
|
|
(i)
Tangible assets |
798.900 |
575.400 |
583.500 |
|
(ii)
Intangible Assets |
1.100 |
4.400 |
2.400 |
|
(iii)
Capital work-in-progress |
0.100 |
1.700 |
11.000 |
|
(iv) Intangible assets under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current
Investments |
809.700 |
1799.800 |
1984.300 |
|
(c) Deferred tax assets
(net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan
and Advances |
81278.000 |
77236.200 |
68896.600 |
|
(e)
Other Non-current assets |
0.000 |
0.000 |
205.300 |
|
Total
Non-Current Assets |
82887.800 |
79617.500 |
71683.100 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a)
Current investments |
250.600 |
0.000 |
0.000 |
|
(b)
Inventories |
0.000 |
0.000 |
0.000 |
|
(c)
Trade receivables |
4.100 |
120.300 |
103.000 |
|
(d)
Cash and cash equivalents |
1596.400 |
3077.700 |
2052.600 |
|
(e)
Short-term loans and advances |
8903.400 |
10424.900 |
8562.100 |
|
(f)
Other current assets |
631.700 |
643.600 |
590.500 |
|
Total
Current Assets |
11386.200 |
14266.500 |
11308.200 |
|
|
|
|
|
|
TOTAL |
94274.000 |
93884.000 |
82991.300 |
PROFIT
& LOSS ACCOUNT
|
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
|
|
SALES |
|
|
|
|
|
|
|
Revenue from Operations |
10486.800 |
10665.300 |
9841.400 |
|
|
|
Other Income |
41.300 |
48.400 |
35.900 |
|
|
|
TOTAL |
10528.100 |
10713.700 |
9877.300 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Employees benefits expense |
351.100 |
426.000 |
387.600 |
|
|
|
Establishment and other expenses |
774.600 |
785.300 |
726.200 |
|
|
|
Provision / write offs (net) |
(37.100) |
164.600 |
62.400 |
|
|
|
Less : Expenses recovered |
(26.500) |
(23.200) |
(21.100) |
|
|
|
TOTAL |
1062.100 |
1352.700 |
1155.100 |
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION |
9466.000 |
9361.000 |
8722.200 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES |
6660.000 |
6607.500 |
5743.000 |
|
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION |
2806.000 |
2753.500 |
2979.200 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION |
23.300 |
29.300 |
22.400 |
|
|
|
|
|
|
|
|
|
|
PROFIT/ (LOSS)
BEFORE TAX |
2782.700 |
2724.200 |
2956.800 |
|
|
|
|
|
|
|
|
|
Less |
TAX |
950.100 |
925.700 |
981.100 |
|
|
|
|
|
|
|
|
|
|
PROFIT/ (LOSS)
AFTER TAX |
1832.600 |
1798.500 |
1975.700 |
|
|
|
|
|
|
|
|
|
|
Earnings/ (Loss)
Per Share (INR) |
1.67 |
1.64 |
1.80 |
|
CURRENT MATURITIES OF LONG TERM DEBT DETAILS
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Current
Maturities of Long term debt |
|
|
|
|
Secured |
3263.700 |
5178.100 |
2056.900 |
|
Unsecured |
13050.600 |
12010.800 |
14545.600 |
|
Total |
16314.300 |
17188.900 |
16602.500 |
|
|
|
|
|
|
Cash generated from operations |
(54.100) |
(7528.200) |
(8021.800) |
|
|
|
|
|
|
Net cash from operating activities |
(815.000) |
(8382.700) |
(9021.300) |
KEY
RATIOS
EFFICIENCY RATIOS
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Average Collection Days (Sundry
Debtors / Income * 365 Days) |
0.14 |
4.12 |
3.82 |
|
|
|
|
|
|
Account Receivables Turnover (Income / Sundry Debtors) |
2557.76 |
88.66 |
95.55 |
|
|
|
|
|
|
Average Payment Days (Sundry Creditors / Purchases * 365 Days) |
0.00 |
0.00 |
0.00 |
|
|
|
|
|
|
Inventory Turnover (Operating Income / Inventories) |
0.00 |
0.00 |
0.00 |
|
|
|
|
|
|
Asset Turnover (Operating Income / Net Fixed Assets) |
11.83 |
16.10 |
14.61 |
LEVERAGE RATIOS
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Debt Ratio ((Borrowing
+ Current Liabilities) / Total Assets) |
0.98 |
1.00 |
1.00 |
|
|
|
|
|
|
Debt Equity Ratio (Total Liability / Networth) |
4.62 |
4.87 |
4.30 |
|
|
|
|
|
|
Current Liabilities to Networth (Current Liabilities / Net Worth) |
1.75 |
1.81 |
1.78 |
|
|
|
|
|
|
Fixed Assets to Networth (Net Fixed Assets / Networth) |
0.05 |
0.04 |
0.04 |
|
|
|
|
|
|
Interest Coverage Ratio (PBIT / Financial Charges) |
1.42 |
1.42 |
1.52 |
PROFITABILITY RATIOS
|
PARTICULARS |
|
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Net Profit Margin ((PAT / Sales) * 100) |
% |
19.36 |
29.10 |
33.90 |
|
|
|
|
|
|
|
Return on Total Assets ((PAT / Total Assets) * 100) |
% |
1.94 |
1.92 |
2.38 |
|
|
|
|
|
|
|
Return on Investment (ROI) ((PAT / Networth) * 100) |
% |
11.40 |
11.76 |
13.24 |
SOLVENCY RATIOS
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Current Ratio (Current
Assets / Current Liabilities) |
0.41 |
0.51 |
0.43 |
|
|
|
|
|
|
Quick Ratio ((Current Assets – Inventories) / Current
Liabilities) |
0.41 |
0.51 |
0.43 |
|
|
|
|
|
|
G-Score Ratio Financial (Networth / Total Assets) |
0.17 |
0.16 |
0.18 |
|
|
|
|
|
|
G-Score Ratio Debt (Debts / Equity Capital) |
6.75 |
6.78 |
5.83 |
|
|
|
|
|
|
G-Score Ratio Liquidity (Total Current Assets / Total Current Liabilities) |
0.41 |
0.51 |
0.43 |
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 |
10987.500 |
10987.500 |
10987.500 |
|
Reserves & Surplus |
3929.100 |
4304.600 |
5084.200 |
|
Share Application money
pending allotment |
0.000 |
0.000 |
0.000 |
|
Net
worth |
14916.600 |
15292.100 |
16071.700 |
|
|
|
|
|
|
long-term borrowings |
39707.300 |
49016.500 |
48171.300 |
|
Short term borrowings |
7783.200 |
8272.600 |
9704.500 |
|
Current Maturities of Long
term debt |
16602.500 |
17188.900 |
16314.300 |
|
Total
borrowings |
64093.000 |
74478.000 |
74190.100 |
|
Debt/Equity
ratio |
4.297 |
4.870 |
4.616 |
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 |
9841.400 |
10665.300 |
10486.800 |
|
|
|
8.372 |
(1.674) |
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 |
9841.400 |
10665.300 |
10486.800 |
|
Profit/ (Loss) |
1975.700 |
1798.500 |
1832.600 |
|
|
20.08% |
16.86% |
17.48% |
LOCAL AGENCY FURTHER INFORMATION
|
Sr. No. |
Check list by
info agents |
Available in
Report (Yes/No) |
|
1 |
Year of establishment |
Yes |
|
2 |
Constitution of the entity -Incorporation
details |
Yes |
|
3 |
Locality of the entity |
Yes |
|
4 |
Premises details |
No |
|
5 |
Buyer visit details |
-- |
|
6 |
Contact numbers |
Yes |
|
7 |
Name of the person contacted |
No |
|
8 |
Designation of contact person |
No |
|
9 |
Promoter’s background |
Yes |
|
10 |
Date of Birth of Proprietor / Partners /
Directors |
Yes |
|
11 |
Pan Card No. of Proprietor / Partners |
No |
|
12 |
Voter Id Card No. of Proprietor / Partners |
No |
|
13 |
Type of business |
Yes |
|
14 |
Line of Business |
Yes |
|
15 |
Export/import details (if applicable) |
No |
|
16 |
No. of employees |
No |
|
17 |
Details of sister concerns |
Yes |
|
18 |
Major suppliers |
No |
|
19 |
Major customers |
No |
|
20 |
Banking Details |
Yes |
|
21 |
Banking facility details |
Yes |
|
22 |
Conduct of the banking account |
-- |
|
23 |
Financials, if provided |
Yes |
|
24 |
Capital in the business |
Yes |
|
25 |
Last accounts filed at ROC, if applicable |
Yes |
|
26 |
Turnover of firm for last three years |
Yes |
|
27 |
Reasons for variation <> 20% |
-- |
|
28 |
Estimation for coming financial year |
No |
|
29 |
Profitability for last three years |
Yes |
|
30 |
Major shareholders, if available |
Yes |
|
31 |
External Agency Rating, if available |
Yes |
|
32 |
Litigations that the firm/promoter
involved in |
-- |
|
33 |
Market information |
-- |
|
34 |
Payments terms |
No |
|
35 |
Negative Reporting by Auditors in the
Annual Report |
No |
INDEX OF CHARGES
|
CHARGES REGISTERED |
||||||||
|
SNO |
SRN |
CHARGE ID |
CHARGE HOLDER NAME |
DATE OF CREATION |
DATE OF MODIFICATION |
DATE OF SATISFACTION |
AMOUNT |
ADDRESS |
|
1 |
G44781532 |
10529240 |
IDBI TRUSTEESHIP SERVICES LIMITED |
30/09/2014 |
15/05/2017 |
- |
2815000000.0 |
ASIAN BLDG., GROUND FLOOR, 17, R.KAMANI MARG,BALLARD ESTATE,MUMBAIMA400001IN |
|
2 |
A79415154 |
10207534 |
IDBI TRUSTEESHIP SERVICES LIMITED |
21/01/2010 |
- |
- |
4000000000.0 |
ASIAN BLDG., GROUND FLOOR, 17, R.KAMANI MARG,BALLARD ESTATE,MUMBAIMH400001IN |
|
3 |
A62831706 |
10159224 |
IDBI TRUSTEESHIP SERVICES LIMITED |
20/05/2009 |
- |
- |
3000000000.0 |
ASIAN BLDG., GROUND FLOOR, 17, R.KAMANI MARG,BALLARD ESTATE,MUMBAI- 400 001.MH400001IN |
|
4 |
A52652872 |
10142556 |
IDBI TRUSTEESHIP SERVICES LIMITED |
05/12/2008 |
- |
- |
1800000000.0 |
ASIAN BLDG., GROUND FLOOR, 17, R.KAMANI MARG,BALLARD ESTATE,MUMBAI- 400 001.MH400001IN |
|
5 |
A67710525 |
10063486 |
IDBI TRUSTEESHIP SERVICES LIMITED |
31/07/2007 |
10/08/2009 |
- |
3116900000.0 |
ASIAN BLDG., GROUND FLOOR, 17, R.KAMANI MARG,BALLARD ESTATE,MUMBAIMH400001IN |
|
6 |
B90941675 |
10129372 |
IDBI TRUSTEESHIP SERVICES LIMITED |
10/10/2008 |
- |
02/12/2013 |
2000000000.0 |
ASIAN BLDG., GROUND FLOOR, 17, R.KAMANI MARG,BALLARD ESTATE,MUMBAI- 400 001.MH400001IN |
UNSECURED LOANS
|
PARTICULARS |
31.03.2017 (INR
In Million) |
31.03.2016 (INR
In Million) |
|
LONG-TERM BORROWINGS |
|
|
|
Debentures / Bond - private placement |
13990.000 |
8440.000 |
|
Debenture / Bond – subordinate debt private placement |
2573.000 |
2573.000 |
|
Debenture / Bonds - ZCB |
4760.000 |
4960.000 |
|
Add: Premium accrued on redemption (net of unamortized discount) |
595.100 |
210.500 |
|
Term loans |
|
|
|
Loans from banks |
12356.000 |
14813.000 |
|
Deposits |
|
|
|
Fixed deposits including unclaimed fixed deposits |
2001.200 |
1624.600 |
|
Loans and advances from related parties |
|
|
|
Loans from holding company – other loans |
3096.000 |
4472.000 |
|
|
|
|
|
SHORT TERM BORROWINGS |
|
|
|
Fixed deposit |
285.800 |
302.500 |
|
Commercial paper |
7250.000 |
7250.000 |
|
Less : Unamortised interest |
(130.800) |
(277.000) |
|
Bank Overdraft |
500.000 |
0.000 |
|
Loans from holding company (Overdraft) |
1799.500 |
997.100 |
|
|
|
|
|
Total |
49075.800 |
45365.700 |
CONTINGENT
LIABILITIES: [AS ON: 31.03.2017]
The Company is involved in various litigations,
the outcome of which are possible and probable as at March 31, 2017. In respect
of obligations which are possible, the contingent liabilities are as follows:
(i) Income tax matters in appeal – INR 416.300 million (March 2016 - INR 461.000 million)
(ii) Service tax matters in appeal - INR 0.700 million (March 2016 - INR 0.700 million)
(iii) The contingent liability on account of claims filed against the company not acknowledged as debt is INR 11.200 million (March 2016 - INR 9.300 million).
As per management, the company has good chances of winning the cases accordingly no provision for any liability has been made in the financial statement.
CORPORATE
INFORMATION
Subject (the Company) is a public company domiciled in India and incorporated under the provisions of the Companies Act, 1956. The Company is engaged in providing financial assistance for specified interest & maturity to person/persons for the purpose to acquire, construct, erect, improve, extend, alter, repair, renovate, develop any house, flats or buildings or any form of real estate or any part or portion thereof. The Company is also providing financial assistance to any person for specified purpose against the security of any immovable property. The Company is also engaged in providing advisory, consultancy, broking in property service, sourcing and servicing home loans.
MANAGEMENT DISCUSSION AND ANALYSIS REPORT
MARKET OVERVIEW
The mortgage market continues to grow, particularly in Tier III & IV cities, driven by primary consumption demand. This has led to increased focus by most lenders and builders on these markets. Demand and supply in these markets is also balanced leading to stable prices.
It has also been observed that demand for home equity and commercial loans against property are on the rise with borrowers seeking to leverage on such assets.
Given the flat to negative growth in real estate prices and low transaction propensity, the management feels the need for higher due diligence in such segments. Also, increased activity of all banks in the housing finance domain have resulted in higher Balance Transfer (BT) cases, resulting in increased pressure on asset book growth and consequently on portfolio yield.
Going forward the management is optimistic of increased traction in real estate volumes with higher “end-user” participation, as against a significant presence of the investor segment earlier. Expectations of a good monsoon are expected to improve market sentiment and resultant volumes going forward. Additionally, notification of Real Estate Regulatory Agency (RERA) & its adoption by states would also drive market specific demand, given enhanced customer confidence.
The extension of benefits to middle income group under Prime Minister Aawas Yojana (PMAY) will increase the propensity of targeted customers to prefer purchasing over leasing homes.
They expect the number of transactions in Economically Weaker Section (EWS), Lower Income Group (LIG) and Middle Income Group (MIG) segment from INR 5 Lacs to INR 4.500 million homes to go up significantly and most new launches of projects will be targeted to these customers.
HNI/Investor category will be offloading their additional holdings as the income tax benefits of “Loss on House Property” have been curtailed. High end resale properties could see material price discounting after the current financial year.
Their Company continues to focus on the emerging markets which provide a reasonable growth opportunity. They will continue to invest in distribution and build organisational capabilities to offer mortgage related products and services in these markets.
OPERATIONAL
REVIEW
They have in the course of the year achieved nominal traction in retail mortgages due to lower ability to recruit and fill vacant positions. They have consciously been slow in new acquisitions on the Corporate Realty Finance (CRF) portfolio given the evident stress in the segment. Supported by organic growth in retail mortgages business, the total loan assets of the Company grew to INR 89,726.300 million as at March 31, 2017. The Property Services and Mortgage Valuation groups have contributed 4.2% of the total operating income of the Company. The Company continues to stay committed and focused on partnering the developers and end consumers at all stages of the real estate value chain.
FIXED ASSETS:
Tangible assets:
· Free Hold Land
· Office building
· Improvement to lease hold property
· Computers
· Office equipments
· Furniture & fixtures
Intangible assets
· Software
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts, India Prisons Service,
Interpol, etc.
1] INFORMATION ON
DESIGNATED PARTY
No 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
|
INR |
|
US Dollar |
1 |
INR 64.28 |
|
UK Pound |
1 |
INR 89.02 |
|
Euro |
1 |
INR 78.93 |
INFORMATION DETAILS
|
Information
Gathered by : |
SAV |
|
|
|
|
Analysis Done by
: |
PRS |
|
|
|
|
Report Prepared
by : |
RUP |
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.