MIRA
INFORM REPORT
|
Report Date : |
06.10.2007 |
IDENTIFICATION
DETAILS
|
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) : |
31.03.2007 |
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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 12000000 |
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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
records. 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 : |
45 years |
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Qualification: |
Civil Engineer |
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Experience: |
21 years |
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Date of Appointment : |
11.04.1989 |
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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 : |
43 years |
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Qualification: |
B.Sc., M A (Maths) |
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Experience: |
16 years |
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Date of Appointment : |
17.08.1992 |
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Last Employment Held: |
Lecturer |
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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 : |
48 years |
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Qualification: |
FCA, FCS, MBA, AMIIA ( |
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Experience: |
23 years |
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Date of Appointment : |
15.10.2003 |
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Last Employment Held: |
Shamken Group |
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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 |
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Name : |
Mr. Jai Bhagwan Goel |
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Designation : |
Whole Time Director |
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Date of Birth/Age : |
47 years |
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Qualification: |
Civil Engineer |
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Experience: |
27 years |
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Date of Appointment : |
05.06.2006 |
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Last Employment Held: |
DDA |
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Other Directorship Held: |
v Omaxe
Entertainment Limited v Omtech
Infrastructure and Construction Limited v Omaxe Buildwell Private
Limited v Omaxe Connaught
Place Mall Limited v Omaxe Buildhome
Private Limited v Jai Bhoomi
Projects Limited v J B Realcon
Private Limited v Omaxe Housing
and Infrastructure Limited v Omaxe Township
Limited v Relaible Manpower Solutions Limited v Omaxe Realtors Private
Limited v Omaxe Pragati
Maidan Exhibition Limited v Omaxe Orissa
Developers Limited |
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Name : |
Mr. Balmiki Prasad Singh |
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Designation : |
Independent Director |
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Name : |
Mr. Devi Dayal |
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Designation : |
Independent Director |
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Other Directorship Held: |
v GVK Industries
Limited v Jindel Saw Limited v Sunair Hotels
Limited |
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Name : |
Mr. Padmanabh Pundrikray Vora |
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Designation : |
Independent Director |
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Other Directorship Held: |
v Jhagadia Copper
Limited v National Securities
Depository Limited v Zandu
Pharmaceuticals Works Limited v Reliance Capital
Trustee Company Limited v Zandu Chemicals
Limited |
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Name : |
Lt. Gen (Retd.) Bhopinder Singh |
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Designation : |
Independent Director |
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Name : |
Mr. P K Gupta |
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Designation : |
Independent Director |
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Name : |
Mr. Arvind Parakh |
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Designation : |
Whole Time Director, CEO – Corporate Strategy and Finance |
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Other Directorship Held: |
v Jindal Stainless
( v Jindal Stainless
FZE v Taj Capital
Partners Private Limited v Jindal Stainless
UK Limited v Jindal Stainless
Italy s.r.l. |
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Name : |
Mr. Vipin Aggarwal |
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Designation : |
Executive Director |
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Other Directorship Held: |
v Contact India
Commodities Private Limited v Contact
Warehouse Management Private Limited v V2 Consultancy
Services Private Limited v Amardeep Estates
and Services Private Limited |
KEY EXECUTIVES
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Name : |
Mr. Venkat Rao |
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Designation : |
Company Secretary and Senior General manager (Finance) |
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Name : |
Mr. Daleep Moudgil |
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Designation : |
Senior Vice President (Projects) |
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Date of Birth/Age : |
47 years |
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Qualification: |
B.E.(Civil) |
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Experience: |
27 years |
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Date of Appointment : |
15.11.2001 |
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Last Employment Held: |
Era Construction India Limited |
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Name : |
Mr. Rakesh Garg |
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Designation : |
Senior Vice President (Corporate) |
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Date of Birth/Age : |
33 years |
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Qualification: |
B. Sc. (Hons.) |
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Experience: |
11 years |
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Date of Appointment : |
23.05.1996 |
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Name : |
Mr. Arvind Parakh |
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Designation : |
CEO – Corporate Strategy and Finance |
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Date of Birth/Age : |
50 years |
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Qualification: |
B. Sc. (Hons.), CA |
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Experience: |
25 years |
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Date of Appointment : |
04.10.2006 |
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Last Employment Held: |
Jindal Stainless Limited – |
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Name : |
Mr. Sunil Gupta |
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Designation : |
CEO – Corporate Strategy and Business Development |
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Date of Birth/Age : |
51 years |
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Qualification: |
B. Sc., MBA |
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Experience: |
25 years |
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Date of Appointment : |
05.06.2006 |
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Last Employment Held: |
Zee Network |
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Name : |
Mr. Brijinder Ahuja |
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Designation : |
Advisor – Corporate Strategy |
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Date of Birth/Age : |
49 years |
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Qualification: |
MBA |
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Experience: |
26 years |
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Date of Appointment : |
22.05.2006 |
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Last Employment Held: |
Beechson Plc |
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Name : |
Mr. Rajeev Kumar Goel |
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Designation : |
Senior Vice President (Construction) |
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Date of Birth/Age : |
44 years |
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Qualification: |
AMIE (Civil) |
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Experience: |
24 years |
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Date of Appointment : |
01.09.2006 |
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Last Employment Held: |
Municipal Corporation, |
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Name : |
Mr. Manish Gupta |
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Designation : |
Senior Vice President (investments and Strategy Planning) |
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Date of Birth/Age : |
41 years |
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Qualification: |
PGDBM, BE (Electronics) |
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Experience: |
16 years |
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Date of Appointment : |
09.05.2005 |
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Last Employment Held: |
Continental Engines Limited |
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Name : |
Mr. Apoorva Joshi |
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Designation : |
Advisor – Corporate Co-ordination
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Date of Birth/Age : |
38 years |
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Qualification: |
B. Sc., PG Diploma in System Management |
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Date of Appointment : |
22.11.2005 |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
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Category Code |
Category of Shareholders |
No. of Shares |
Percentage of
Holding |
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(A) |
Shareholding of
Promoter and Promoter Group |
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(1) |
Indian |
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(a) |
Individual / Hindu Undivided Family |
11608380 |
7.49 |
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(b) |
Bodies Corporate |
143345100 |
92.51 |
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Sub-total (A) |
154953480 |
100.00 |
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(B) |
Public
Shareholding |
0.000 |
0.000 |
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Sub-total (B) |
0.000 |
0.000 |
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GRAND TOTAL |
154953480 |
100.00 |
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 : |
1084 |
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Bankers : |
v
Yes Bank
Limited 9th Floor, Nehru Centre, Discovery of v State Bank of v Indian Overseas
Bank v Axis Bank
Limited v Indian Bank v Allahabad Bank v Syndicate Bank v Bank of
Maharashtra v State Bank of v Punjab National
Bank v The Jammu and
Kashmir Bank Limited v Karur Vysya bank v State Bank of v Hongkong and
Shanghai Banking Corporation v Vijaya Bank |
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Facilities : |
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Banking
Relations : |
Good |
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Auditors : |
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Name : |
v RSM and Company Chartered Accountants v Doogar and
Associates Chartered Accountants |
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Associates/Subsidiaries : |
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CAPITAL STRUCTURE
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
210000000 |
Equity Shares |
Rs.10/- each |
Rs. 2100.000 Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
154953480 |
Equity Shares |
Rs.10/- each |
Rs. 1549.530
Millions |
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2007 |
31.03.2006 |
31.03.2005 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
1549.530 |
774.767 |
110.054 |
|
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2] Share Application Money |
0.940 |
0.000 |
318.975 |
|
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3] Reserves & Surplus |
1662.220 |
1321.323 |
420.245 |
|
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
3212.690 |
2096.090 |
849.274 |
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LOAN FUNDS |
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1] Secured Loans |
8833.020 |
3701.170 |
1726.949 |
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2] Unsecured Loans |
307.650 |
4.754 |
0.000 |
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TOTAL BORROWING |
9140.670 |
3705.924 |
1726.949 |
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DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
6.861 |
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TOTAL |
12353.360 |
5802.014 |
2583.084 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
256.760 |
175.167 |
156.764 |
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Capital work-in-progress |
9.170 |
2.872 |
6.338 |
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INVESTMENT |
295.370 |
131.451 |
49.707 |
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DEFERREX TAX ASSETS |
11.970 |
4.502 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
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Inventories |
3991.340
|
8729.020
|
1765.859 |
|
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Sundry Debtors |
116.410
|
169.273
|
181.159 |
|
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Cash & Bank Balances |
1267.510
|
919.330
|
474.367 |
|
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Other Current Assets |
9280.600
|
0.000
|
0.000 |
|
|
Loans & Advances |
3667.650
|
1936.354
|
2956.359 |
|
Total
Current Assets |
18323.510
|
11753.977
|
5377.744 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
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|
|
|
Current Liabilities |
6445.110
|
5765.873
|
2860.474 |
|
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Provisions |
168.680
|
500.082
|
147.434 |
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Total
Current Liabilities |
6613.790
|
6265.955
|
3007.908 |
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Net Current Assets |
11709.720
|
5488.022
|
2369.836 |
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MISCELLANEOUS EXPENSES |
70.370 |
0.000 |
0.439 |
|
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TOTAL |
12353.360 |
5802.014 |
2583.084 |
|
PROFIT & LOSS
ACCOUNT
|
PARTICULARS |
31.03.2007 |
31.03.2006 |
31.03.2005 |
|
|
Sales Turnover |
9408.660 |
8251.486 |
4476.526 |
|
|
Other Income |
66.990 |
51.145 |
10.392 |
|
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Total Income |
9475.650 |
8302.631 |
4486.918 |
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Profit/(Loss) Before Tax |
1829.280 |
1608.343 |
217.635 |
|
|
Provision for Taxation |
580.980 |
324.317 |
88.320 |
|
|
Profit/(Loss) After Tax |
1248.300 |
1284.026 |
129.315 |
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Expenditures : |
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|
|
|
|
|
Raw Material Consumed |
6590.400 |
5483.733 |
3639.578 |
|
|
Increase/(Decrease) in Finished Goods |
0.000 |
2.566 |
(4.968) |
|
|
Salaries, Wages, Bonus, etc. |
213.600 |
136.299 |
84.472 |
|
|
Managerial Remuneration |
0.000 |
35.052 |
8.504 |
|
|
Payment to Auditors |
0.000 |
4.152 |
0.961 |
|
|
Interest and Finance charges |
297.440 |
167.206 |
47.688 |
|
|
Insurance Expenses |
0.000 |
6.294 |
4.572 |
|
|
Power & Fuel |
0.000 |
29.853 |
34.237 |
|
|
Depreciation & Amortization |
35.910 |
32.791 |
25.352 |
|
|
Other Expenditure |
509.020 |
796.337 |
428.887 |
|
Total Expenditure |
7646.370 |
6694.283 |
634.673 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2007 |
31.03.2006 |
31.03.2005 |
|
PAT / Total Income |
(%) |
13.17
|
15.47 |
2.88 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
19.44
|
19.49 |
4.86 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
9.85
|
13.48 |
3.93 |
|
|
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|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.57
|
0.77 |
0.26 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
4.90
|
4.76 |
5.58 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
2.77
|
1.88 |
1.79 |
LOCAL AGENCY
FURTHER INFORMATION
Milestones
v
2001 – Extended from
civil construction and contracting to real estate solutions
v
2001 – One of the First
construction company in
v
2002 – One of the first
real estate development company to introduce the concept of a ‘sample
apartment’ for prospective buyers.
v
2002 - One of the first real estate company in
v
2003 – Embarked upon the
development of
v
2004 - Launched
v
2004 – Launched “The
Forest”, among the first luxury apartments in Noida
v
2005 - Embarked upon ‘
v
2006 – Embarked on the
landmark ‘
Business
Changes in the
Capital Structure
The Share Capital of the company was changed / altered as follows:
i)
The Authorized Share capital of the Company was increased from Rs. 1000.000
millions to Rs. 2100 millions be creation of 110.000 millions new Equity Shares
of Rs. 10.00 each in order to accommodate the issue of Bonus Shares as well as
issue of Shares under the initial Public Offering on 28.09.2006.
ii)
77476740 Equity Shares of Rs. 10.00 each were allotted on 30.09.2006 as
Bonus Shares in the ratio of 1:1
iii)
17796520 Equity Shares (Public Issue) of Rs. 10.00 each were allotted on
02.08.2007 under the Initial Public Offering at a premium of Rs. 300.00 per
share.
Initial Public Offer
To further augment of the Capital base for future growth plans, the
company made a successful initial public offering (IPO) through 100%
The directors took that opportunity to thank all the investors for their
overwhelming response to the IPO and confidence reposed by them in their
business.
Omaxe ESOP Plan
Alpha
The Company had issued ESOP pursuant to the special resolution passed in
the Extra Ordinary General Meeting held on 04.01.2007.
Subsequent to the requirements of the SEBI (ESOS and ESPS) Guidelines,
1999, attached below are the disclosure requirements for the Omaxe ESOP Plan
Alpha (or the “Plan” or the “Scheme”)
Industry Structure
and Developments
Indian economy is on robust growth track. For the past three year,
average GDP growth was over 8% and “Sensex” has consistently been beating its
own all time high. Exports have been surging and
There has been a tremendous demand for quality Real Estate. Developments
in the retail, hospitality and entertainment industries, Community services and
IT and ITES etc. and vice versa as well as owing to the fact that quality real
estate development prompts rising of standards of retail, hospitality etc. has
triggered this ever increasing demand.
Opportunities and
Threats
There are huge opportunities available in the emerging real estate
market in
Apart from normal business risks, the Company is facing competition from
its old competitors as well as new entrants in the same line of business.
However, since the Company is a well established player and has a professional
management team coupled with infusion of high-tech approach, subject has
created a niche for itself in the market.
Segment-wise
performance
The Company through its subsidiaries has two streams of activities viz,
real estate and construction. The Company has real estate division as its main
stream of business.
Outlook
Although the real estate development remains the mainstay of the group,
it intends to diversify more aggressively into other related areas like
hospitality etc.
Financial
Performance with respect to operational Performance
The Company has achieved a turnover of Rs. 9475.650 millions and Rs.
14399.240 millions and Net Profit is Rs. 1248.300 millions and 2439.620
Millions during the period under review on Standalone and Consolidated basis,
respectively. The Company has been consistently making profits and paying
dividends enhancing the stakeholders value.
In terms of operational performance, be it Commercial and Residential
Complexes, integrated townships, the Company has carved a mark of excellence in
all these fields.
Contingent
Liabilities
|
Particulars |
As
on 31.03.2007 (Rs.
in Millions) |
|
Claims against
the Company not acknowledged as debts |
19.490 |
|
|
|
|
Bank Guarantees |
|
|
In respect of the Company |
951.590 |
|
In respect of subsidiaries |
429.050 |
|
In respect of third parties |
10.520 |
|
|
|
|
Disputed tax
amounts |
|
|
Sales Tax |
13.770 |
|
Income Tax |
7.730 |
|
|
|
|
Cess under building and other construction workers (regulation of
employment and conditions of services) Act, 1996 in respect of which writ
petition filed by Builders Association of India challenging the levy is
pending before the Supreme Court |
|
|
In respect of Projects in |
0.980 |
Fixed Assets
·
Buildings
·
Plant and Machinery
·
Furniture and Fixtures
·
Vehicles
·
Computer and Printers
Form 8
|
Name of the company |
OMAXE
CONSTRUCTION LIMITED |
|
Presented By |
Venkat Rangat Rao,
Company Secretary |
|
1) Date and description of instrument creating the change |
Hypothecation Agreement dated:14.10.2005 Annexed herewith Loan Agreement Between Omaxe Construction Limited and
Hudco Limited |
|
2) Amount secured by the charge/amount owing on the securities of charge |
Term Loan Rs.550.000 Millions |
|
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, |
|
4) Gist of the terms and conditions and extent and operation of the charge. |
Further detailed
out in Loan Agreement mentioned above) |
|
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, |
|
6) Date and brief description of instrument modifying the charge |
Letter dated 09.12.2005
evidencing the Deposit of title for creation of Equitable Mortgage |
|
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. |
|
This form is for |
Creation of
Charge |
|
Charge
identification number of the charge to be modified |
-- |
|
Corporate
identity number of the company |
U74899DL1989PLC035389 |
|
Name of the
company |
OMAXE Limited |
|
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 |
|
Type of charge |
Immovable
Property |
|
Particular of
charge holder |
L65190MH2003PLC143249 Yes Bank Limited 9th
Floor, Nehru Centre, Discovery of |
|
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. |
|
Date of
instrument Creating the charge |
29.01.2007 |
|
Amount secured by
the charge |
Rs.350.000
Millions |
|
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 Claims period)- UP front 1.5% P.A. 0.75%
Guarantee Commission Equivalent to 2.63 Million will be Payable within
fifteen days on acceptance of Facility letter if 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 -- |
|
Short particulars
of the property charged |
Exclusive charge
on plot of land admeasuring approx. 18.5129 Acres village |
|
Date of latest
modification prior to the present modification |
-- |
|
Particulars of
the present modification |
-- |
As Per web Site:
ABOUT THE COMPANY
BACKGROUND
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 organization matching International Standards maintaining Integrity, High Ethical Standards and Transparency. Provide an environment of professionalism, competence, teamwork, and service excellence.
Their
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. 39.49 |
|
|
1 |
Rs.80.41 |
|
Euro |
1 |
Rs.55.76 |
SCORE & RATING
EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
7 |
|
OPERATING SCALE |
1~10 |
7 |
|
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 |
|