MIRA
INFORM REPORT
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Report Date : |
15.05.2007 |
IDENTIFICATION DETAILS
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Name : |
OMAXE LIMITED |
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Registered Office : |
Omaxe House, 7 local shopping centre, Near Post office, kalkaji, New
Delhi;110019 |
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Country : |
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Financials (as on) : |
31.03.2006 |
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Date of Incorporation : |
08.03.1989 |
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Com. Reg. No.: |
55-035389 |
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CIN No.: [Company
Identification No.] |
U74899DL1989PLC035389 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
DEL001861G |
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PAN No.: [Permanent
Account No.] |
AAACO8171H |
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Legal Form : |
A Closely held public limited liability company |
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Line of Business : |
Real Estate Development Promotion and Civil Construction Contracts |
RATING & COMMENTS
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MIRA’s Rating : |
A |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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 |
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Maximum Credit Limit : |
USD 8300000 |
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Status : |
Good |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject is a well-established and reputed company having fine track.
The company is progressing well. Directors are reported as experienced and
respectable businessmen. Trade relations are reported as fair. Business is
active. Payments are usually correct and as per commitments. Fundamentals are strong and healthy. The company can be considered normal for business dealings at usual
trade terms and conditions. The company can be regarded as promising business partner in a medium
to long-run. |
LOCATIONS
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Registered Office : |
Omaxe House, 7 local shopping centre, Near Post office, kalkaji, New
Delhi;110019, India |
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Tel. No.: |
91-11-51893100 /46066333 |
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Fax No.: |
91-11-26423140 / 41896653 |
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E-Mail : |
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Website : |
DIRECTORS
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Name : |
Shri Rohtas Goel |
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Designation : |
Chairman cum Managing Director |
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Address : |
67, Jor Bagh, |
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Date of Birth/Age : |
04.09.1963 |
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Date of Appointment : |
08.03.1989 |
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Name : |
Shri Sunil Goel |
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Designation : |
Joint Managing Director |
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Address : |
A-16, Sector-40, Noida |
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Date of Birth/Age : |
07.05.1964 |
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Date of Appointment : |
17.05.1999 |
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Name : |
Smt. Yadram Goel |
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Designation : |
Wholetime Director |
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Address : |
16, NRI Complex, GK IV, |
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Date of Birth/Age : |
10.08.1929 |
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Date of Appointment : |
06.01.1997 |
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Name : |
Smt. Sushma Goel |
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Designation : |
Director |
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Address : |
67, Jor Bagh, |
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Date of Birth/Age : |
12.12.1964 |
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Date of Appointment : |
08.03.1989 |
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Name : |
Shri Parvin Juneja |
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Designation : |
Director(finance and Corp. Affaris) |
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Address : |
E-47, Greater Kailash-II, New Delhi-4410048 |
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Date of Birth/Age : |
03.06.1959 |
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Date of Appointment : |
22.10.2003 |
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Name : |
Shri Ramesh Bansal |
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Designation : |
Director |
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Address : |
802, Sector-29, Noida (UP) 201301 |
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Date of Birth/Age : |
27.09.1964 |
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Date of Appointment : |
01.05.2003 |
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Name : |
Shri Rajeev Agarwal |
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Designation : |
Director |
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Address : |
B-301, Mansara Apartments, C-9, Vasundhara Enclave, |
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Date of Birth/Age : |
12.08.1967 |
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Date of Appointment : |
01.05.2003 |
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Name : |
Shri Vipin Jain |
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Designation : |
Director |
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Address : |
C-68, Sector 63, Gautam Budh Nagar, Nodia-201301 |
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Date of Birth/Age : |
25.04.1970 |
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Date of Appointment : |
01.05.2003 |
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Directorship in other companies: |
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CIN of the company |
U9211DL2003PLC121194 |
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Name of the company |
Omaxe Entertainment Limited |
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Designation |
Director |
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CIN of the company |
U74899CL2005PLC142119 |
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Name of the company |
Jai Bhoomi Projects Limited |
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Designation |
Director |
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CIN of the company |
U45201DL2005PTC142120 |
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Name of the company |
J.B.Realcon Private Limited |
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Designation |
Director |
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CIN of the company |
U45201DL2006PLC147187 |
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Name of the company |
Omaxe Infotech City Developers Limited |
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Designation |
Director |
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CIN of the company |
U74899DL1991PTC044623 |
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Name of the company |
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Designation |
Director |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
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Names of Shareholders |
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No. of Shares |
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Rohtas Goel |
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171200 |
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Sushma Goel |
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316760 |
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Seema Goel |
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90500 |
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Sunil Goel |
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104900 |
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Yadram Goel |
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38270 |
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Omwati Goel |
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50750 |
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Yadram Goel(HUF) |
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55200 |
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Constellation Capital Limited |
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1980000 |
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S.A F invest Limited |
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198000 |
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Kautilya Monetary Services(private )Limited |
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2103600 |
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Dreamhome Developers Private Limited |
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664000 |
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Guild Builders Private Limited |
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693000 |
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Samarendra Leather Private Limited |
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18000 |
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Indoa Eurpoeon Horitculture Limited |
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70000 |
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Time Computech Services Limited |
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70000 |
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Bhagwan Krishna Investment and Trading Company Private Limited |
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60000 |
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Hajima Resorts Limited |
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166000 |
Equity Share Break-up:
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Category |
Percentage |
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Bodies corporate |
92.50 |
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Director or Relative of Directors |
7.50 |
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BUSINESS DETAILS
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Line of Business : |
Real Estate Development Promotion and Civil Construction Contracts |
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Products : |
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GENERAL INFORMATION
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No. of Employees : |
About 250 |
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Bankers : |
Yes Bank Limited 9th
Floor, Nehru Centre, Discovery of Mumbai;400018 |
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Facilities : |
-- |
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Banking
Relations : |
Good |
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Associates/Subsidiaries : |
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CAPITAL STRUCTURE
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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100000000 |
Equity Shares |
Rs.10/- each |
Rs.1000.000 Millions |
Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
|
77476740 |
Equity Shares |
Rs.10/- each |
Rs. 774.767
Millions |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2006 |
31.03.2005 |
31.03.2004 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
774.767 |
110.054 |
110.100 |
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2] Share Application Money |
0.000 |
318.975 |
0.000 |
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3] Reserves & Surplus |
1321.323 |
420.245 |
372.600 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
2096.090 |
849.274 |
482.700 |
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LOAN FUNDS |
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1] Secured Loans |
3701.170 |
1726.949 |
1447.200 |
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2] Unsecured Loans |
4.754 |
0.000 |
0.000 |
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TOTAL BORROWING |
3705.924 |
1726.949 |
1447.200 |
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DEFERRED TAX LIABILITIES |
0.000 |
6.861 |
0.000 |
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TOTAL |
5802.014 |
2583.084 |
1929.900 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
175.167 |
156.764 |
105.600 |
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Capital work-in-progress |
2.872 |
6.338 |
15.500 |
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INVESTMENT |
131.451 |
49.707 |
2.100 |
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DEFERREX TAX ASSETS |
4.502 |
0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
8729.020
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1765.859 |
1434.900 |
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Sundry Debtors |
169.273
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181.159 |
195.700 |
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Cash & Bank Balances |
919.330
|
474.367 |
159.600 |
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Other Current Assets |
0.000
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0.000 |
0.000 |
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Loans & Advances |
1936.354
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2956.359 |
495.000 |
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Total
Current Assets |
11753.977
|
5377.744 |
2285.200 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
5765.873
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2860.474 |
400.300 |
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Provisions |
500.082
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147.434 |
78.700 |
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Total
Current Liabilities |
6265.955
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3007.908 |
479.000 |
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Net Current Assets |
5488.022
|
2369.836 |
1806.200 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.439 |
0.500 |
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TOTAL |
5802.014 |
2583.084 |
1929.900 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
31.03.2006 |
31.03.2005 |
31.03.2004 |
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Sales Turnover |
8251.486 |
4476.526 |
2834.900 |
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Other Income |
51.145 |
10.392 |
2.300 |
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Total Income |
8302.631 |
4486.918 |
2837.200 |
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Profit/(Loss) Before Tax |
1608.343 |
217.635 |
172.400 |
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Provision for Taxation |
324.317 |
88.320 |
64.200 |
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Profit/(Loss) After Tax |
1284.026 |
129.315 |
108.200 |
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Expenditures : |
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Raw Material Consumed |
5483.733 |
3639.578 |
0.000 |
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Purchases made for re-sale |
0.000 |
0.000 |
0.000 |
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Consumption of stores and spares parts |
0.000 |
0.000 |
0.000 |
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Increase/(Decrease) in Finished Goods |
2.566 |
(4.968) |
0.000 |
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Salaries, Wages, Bonus, etc. |
136.299 |
84.472 |
0.000 |
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Managerial Remuneration |
35.052 |
8.504 |
0.000 |
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Payment to Auditors |
4.152 |
0.961 |
0.000 |
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Interest |
167.206 |
47.688 |
0.000 |
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Insurance Expenses |
6.294 |
4.572 |
0.000 |
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Power & Fuel |
29.853 |
34.237 |
0.000 |
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Depreciation & Amortization |
32.791 |
25.352 |
0.000 |
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Other Expenditure |
796.337 |
428.887 |
0.000 |
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Raw
Materials |
0.000 |
0.000 |
00.000
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Excise
Duty |
0.000 |
0.000 |
00.000
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Power
& Fuel Cost |
0.000 |
0.000 |
00.000
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Other
Manufacturing Expenses |
0.000 |
0.000 |
2558.500
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Employee
Cost |
0.000 |
0.000 |
51.400
|
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Selling
and Administration Expenses |
0.000 |
0.000 |
31.900
|
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Miscellaneous
Expenses |
0.000 |
0.000 |
00.000
|
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Total Expenditure |
6694.283 |
634.673 |
2641.800 |
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KEY RATIOS
|
PARTICULARS |
31.03.2006 |
31.03.2005 |
31.03.2004 |
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Debt-Equity
Ratio |
2.00 |
2.87 |
2.70 |
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Long
Term Debt-Equity Ratio |
1.95 |
2.80 |
2.51 |
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Current
Ratio |
1.83 |
2.26 |
2.92 |
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TURNOVER
RATIOS |
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Fixed
Assets |
32.77 |
21.18 |
24.69 |
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Inventory |
1.70 |
3.44 |
3.69 |
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Debtors |
46.47 |
20.97 |
14.67 |
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Interest
Cover Ratio |
42.01 |
17.27 |
12.12 |
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Operating
Profit Margin(%) |
18.75 |
7.47 |
6.89 |
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Profit
Before Interest And Tax Margin(%) |
18.47 |
7.08 |
6.63 |
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Cash
Profit Margin(%) |
15.13 |
3.75 |
4.08 |
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Adjusted
Net Profit Margin(%) |
14.85 |
3.36 |
3.82 |
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Return
On Capital Employed(%) |
37.42 |
13.40 |
16.94 |
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Return
On Net Worth(%) |
90.10 |
24.57 |
36.05 |
STOCK PRICES
|
Face Value |
Rs.10.00 |
|
High |
Rs.0.00 |
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Low |
Rs.0.00 |
LOCAL AGENCY FURTHER INFORMATION
|
Name of the company |
OMAXE CONSTRUCTION
LIMITED |
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Presented By |
Venkat Rangat
Rao, Company Secretary |
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1) Date and description of instrument creating the change |
Hypothecation Agreement dated:14.10.2005 Annexed herwiht Loan Agreement Between Omaxe Construction Limited and Hudco
Limited |
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2) Amount secured by the charge/amount owing on the securities of charge |
Term Loan Rs.550.000 Millions |
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3) Short particular of the property charged. If the property acquired is subject to charge, date of the acquired of the property should be given |
Hypothecation of
movable, both present and future, pertaining to the project-Omaxe Commercial
Complex situated at and comprised in plot No:14, Non- IIicarachical
Commercial Centre, Jasola, Sarita Bihar, |
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4) Gist of the terms and conditions and extent and operation of the charge. |
Further detailed
out in Loan Agreement mentione above) |
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5) Name and Address and description of the person entitled to the charge. |
Housing and Urban
Development Corporation Limited, (HUDCO) Regional Office
(NCR), HUDCO House, |
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6) Date and brief description of instrument modifying the charge |
Letter dated
09.12.2005 evidencing the Deposit of title for creation of Equitable
Mortagage |
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7) Particulars of modifications specifying the terms and conditions or the extent of operations of the charge in which modification is made and the details of the modification. |
First Charge on
the immovable property Relating to its project situated at and comprised in
plot No.14, Non-Herarchicla Commercial center, Jasola, Sarita Vihar, New
Delhi first Exclusive charge on the land and constructive (both present and
future ) thereon. |
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This form is for |
Creation of
Charge |
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Charge
identification number of the charge to be modified |
-- |
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Corporate
identity number of the company |
U74899DL1989PLC035389 |
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Name of the
company |
OMAXE Limited |
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Address of the
registered office or of the principal place of business in |
Omaxe House, 7
Local Shopping Centre Near Post Office, Kalkaji, New Delhi;110019, Delhi, India |
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Type of charge |
Immovable
Property |
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Particular of
charge holder |
L65190MH2003PLC143249 Yes Bank Limited 9th
Floor, Nehru Centre, Discovery of |
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Nature of
description of the instrument creating or modifying the charge |
There is no
instrument fro creating charge. Mortgage is created by deposit of title deeds
at Yes Bank Limited and Accordingly an entry is recorded in its books. |
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Date of
instrument Creating the charge |
29.01.2007 |
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Amount secured by
the charge |
Rs.350.000
Millions |
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Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of interest
: Bank Guarantee (fro
a tenor of 60 Month including Claimn period)- UP front 1.5% P.A. 0.75%
Guarantee Commission Equivatlent to 2.63 Million will be Payable withibn
fifteen days on acceptance of Facility letter if bg not issued . Term of repayment N.A Margin Security cover of
1.5% Extent and
operation of the charge Exclusive charge
on plot of Land admeasuring approx. 18.5129 acres village Other -- |
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Short particulars
of the property charged |
Exclusive charge
on plot of land admeasutring approx. 18.5129 Acres village |
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Date of latest
modification prior to the present modification |
-- |
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Particulars of
the present modification |
-- |
As Per web Site:
ABOUT THE COMPANY
The company was originally set up as Omaxe Builders Private limited in1989, promoted by Shri. Rohtas Goel , the founder, to undertake construction & contracting business. The company further changed its constitution to a limited company known as Omaxe Construction Ltd., in 1999. The name of the company has now changed to OMAXE LTD from 2006. The company began life as a civil construction and contracting company, has Successfully executed more than 120 prestigious Industrial, Institutional, Commercial, Residential and Hospital construction projects.
The company entered the
Real Estate Development business in 2001 and in now amongst the large Real
Estate Development companies in
The company has executed construction contracts for a number of prestigious Indian private, public sector and Multinational's clients.
The Company was founded by Shri. Rohtas Goel , a first generation entrepreneur, a civil engineer by qualification and a visionary having more than two decades of experience in Construction and Real Estate Development. Mr. Goel, as the Chairman & Managing Director of Omaxe has been at the forefront, a man with a mission of building globally comparable quality Residential & Commercial projects, his moto “Turning Dreams Into Realty “
Company has received a number of awards from the
industry, recognition of its continued efforts towards achieving excellence and
quality. The company became the first Construction Company of northern
The company which was founded as a civil construction and contracting organization in1989 and subsequently diversified its business to focus on Real Estate Development from the year 2001, to capture the opportunity offered by the growing Real Estate markets in India , is today among the large Real Estate Development companies in India.
The company in a short span of 5 years has completed and
delivered 10 projects consisting of 8 residential and 2 commercial covering
approx 5.13 million sq. ft of area, with all “on time deliveries”. The company
currently has 46 projects under development. These include 19 group housing
projects,13 integrated townships,13 shopping malls and commercial complexes and
1 hotel. The company is at present developing over 140 million sq ft of
saleable area across 30 towns in 9 states in Northern and
VISION AND
Vision
Create a progressive organisation matching International Standards maintaining Integrity, High Ethical Standards and Transparency. Provide an environment of professionalism, competence, teamwork, and service excellence .
Mission
Our Mission is to bring quality Residential & Commercial real estate of international
standards, comparable with global developers within the reach of all. We are
committed to achieving excellence in Real Estate Development, for the benefit of the nation and our beloved countrymen.
Dealers
Domestic Dealers Co ordination
Bhupinder Kaur
+91 98 1809 9211
Looking for International Associates
Ashish Jain
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 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 |
Rs.40.93 |
|
|
1 |
Rs.81.20 |
|
Euro |
1 |
Rs.55.42 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
7 |
|
OPERATING SCALE |
1~10 |
7 |
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FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
9 |
|
--PROFITABILIRY |
1~10 |
6 |
|
--LIQUIDITY |
1~10 |
9 |
|
--LEVERAGE |
1~10 |
9 |
|
--RESERVES |
1~10 |
8 |
|
--CREDIT LINES |
1~10 |
8 |
|
--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 |
YES |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
69 |
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 |
Unfavourable & favourable factors carry similar weight in credit
consideration. Capability to overcome financial difficulties seems
comparatively below average/normal. |
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 |
|
NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
|