MIRA
INFORM REPORT
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Report Date : |
05.02.2008 |
IDENTIFICATION
DETAILS
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Name : |
VISHWAROOP PROPERTIES PRIVATE LIMITED |
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Registered Office : |
425-A, Vasukamal, 14th Road, Near Agarwal Nursing Home,
Bandra [West], Mumbai – 400050, Maharashtra |
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Country : |
India |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
23.08.2006 |
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Com. Reg. No.: |
11-164005 |
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CIN No.: [Company
Identification No.] |
U45201MH2006PTC164005 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
MUMV14749A |
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PAN No.: [Permanent
Account No.] |
AACCV3094Q |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Builders and Property Developers |
RATING &
COMMENTS
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MIRA’s Rating : |
Ca |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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 |
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Maximum Credit Limit : |
USD 300 |
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Status : |
New Company |
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Payment Behaviour : |
Usually correct |
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Litigation : |
Clear |
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Comments : |
Subject is a new company of well known Vijay Associates – Wadhwa
Developers who has business interest in Shopping Mall [Raghuleela], Commercial
Complex, residential flats and hospitality industry. Wadhwas also participate in bidding of realty tenders running into +
Rs. 1000 millions. They are said to be resourceful developers and made very good fortunes
in recent past. They have emerged as one of the leading developers in
India. The company can be considered for any business dealings on merits at
usual trade terms and conditions. |
LOCATIONS
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Registered Office : |
425-A, Vasukamal, 14th Road, Near Agarwal Nursing Home,
Bandra [West], Mumbai – 400050, Maharashtra, India |
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Tel. No.: |
91-22-26004150 |
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Fax No.: |
91-22-26002152 |
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E-Mail : |
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Website : |
DIRECTORS
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Name : |
Mr. Sanjay Rajkumar Chhabria |
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Designation : |
Director |
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Address : |
13/14, Solitaire, 1st Floor, Central Avenue Road, Santacruz
[West], Mumbai – 400054, Maharashtra, India |
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Date of Birth/Age : |
15.08.1970 |
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Date of Appointment : |
23.08.2006 |
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Other Directorship : |
Vinita Estate Private Limited CIN No.: U45200MH1982PTC026214 Atvi Farms Private Limited CIN No.: U01110MH1994PTC083968 Dipti Realtors Private Limited CIN No.: U70100MH2000PTC124667 Raghuleela Estate Private Limited CIN No.: U45200MH2003PTC142488 Raghuleela Leasing and Constructions Private Limited CIN No.: U45200MH2005PTC155358 Raghuleela Leasing and Real Estate Private Limited CIN No.: U70101MH2005PTC155360 Raghuleela Lessors and Developers Private Limited CIN No.: U70100MH2005PTC155359 Raghuleela Properties Private Limited CIN No.: U45200MH2003PTC142487 Raghunandan Leasing and Real Estate Private Limited CIN No.: U70200MH2005PTC152360 Raghunath Lessors and Real Estate Private Limited CIN No.: U70200MH2005PTC152361 Raghuveer Leasing and Real Estate Private Limited CIN No.: U70200MH2005PTC152362 Rajdhani Properties Private Limited CIN No.: U70101MH1982PTC026517 Rituvarsha Estate Private Limited CIN No.: U45200MH1986PTC041050 Vishwaroop Infotech Private Limited CIN No.: U72900MH2004PTC144569 Wadhwa and Associates Realtors Private Limited CIN No.: U45200MH2004PTC146445 |
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Name of Partnership Firm : |
Vijay Associates [Wadhwa] 425-A, Vasukamal, 14th Road, Near Agarwal Nursing Home,
Bandra [West], Mumbai – 400050, Maharashtra, India |
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Name : |
Mrs. Ritu Sanjay Chhabria |
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Designation : |
Director |
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Address : |
13/14, Solitaire, 1st Floor, Central Avenue Road, Santacruz
[West], Mumbai – 400054, Maharashtra, India |
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Date of Birth/Age : |
03.06.1971 |
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Other Directorship : |
Vishwaroop Infotech Private Limited CIN No.: U72900MH2004PTC144569 |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
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Names of Shareholders |
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No. of Shares |
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Sanjay Rajkumar Chhabria |
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2500 |
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Ritu Sanjay Chhabria |
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2500 |
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Vishwaroop S. Chhabria |
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5000 |
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Total |
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10000 |
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Equity Share
Breakup |
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Percentage of
Holding |
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Category |
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Directors or relatives of directors |
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100.00 |
BUSINESS DETAILS
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Line of Business : |
Builders and Property Developers |
GENERAL
INFORMATION
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Bankers : |
Not Available |
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Facilities : |
-- |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
Rohira Mehta and Associates Chartered Accountants |
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Address : |
5, Meghdoot, Near S N D T College, Juhu Road, Santacruz [West], Mumbai
– 400054, Maharashtra, India |
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Group Company : |
Vinita Estate Private Limited CIN No.: U45200MH1982PTC026214 Atvi Farms Private Limited CIN No.: U01110MH1994PTC083968 Dipti Realtors Private Limited CIN No.: U70100MH2000PTC124667 Raghuleela Estate Private Limited CIN No.: U45200MH2003PTC142488 Raghuleela Leasing and Constructions Private Limited CIN No.: U45200MH2005PTC155358 Raghuleela Leasing and Real Estate Private Limited CIN No.: U70101MH2005PTC155360 Raghuleela Lessors and Developers Private Limited CIN No.: U70100MH2005PTC155359 Raghuleela Properties Private Limited CIN No.: U45200MH2003PTC142487 Raghunandan Leasing and Real Estate Private Limited CIN No.: U70200MH2005PTC152360 Raghunath Lessors and Real Estate Private Limited CIN No.: U70200MH2005PTC152361 Raghuveer Leasing and Real Estate Private Limited CIN No.: U70200MH2005PTC152362 Rajdhani Properties Private Limited CIN No.: U70101MH1982PTC026517 Rituvarsha Estate Private Limited CIN No.: U45200MH1986PTC041050 Vishwaroop Infotech Private Limited CIN No.: U72900MH2004PTC144569 Wadhwa and Associates Realtors Private Limited CIN No.: U45200MH2004PTC146445 |
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Associates/Subsidiaries : |
Vijay
Associates (Wadhwa) Developers
Navrit
Properties Private Limited Vasukamal
Properties Private Limited |
CAPITAL STRUCTURE
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
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50000 |
Equity Shares |
Rs. 10/- each |
Rs. 0.500 Million |
Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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10000 |
Equity Shares |
Rs. 10/- each |
Rs. 0.100 Million |
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
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SOURCES OF FUNDS |
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31.03.2007 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
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0.100 |
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2] Share Application Money |
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0.000 |
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3] Reserves & Surplus |
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0.000 |
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4] (Accumulated Losses) |
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[0.012] |
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NETWORTH |
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0.088 |
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LOAN FUNDS |
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1] Secured Loans |
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0.000 |
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2] Unsecured Loans |
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45.212 |
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TOTAL BORROWING |
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45.212 |
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DEFERRED TAX LIABILITIES |
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TOTAL |
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45.300 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
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0.000 |
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Capital work-in-progress |
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0.000 |
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INVESTMENT |
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0.000 |
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DEFERREX TAX ASSETS |
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0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
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0.000 |
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Sundry Debtors |
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0.000 |
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Cash & Bank Balances |
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0.007 |
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Other Current Assets |
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45.273 |
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Loans & Advances |
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0.000 |
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Total
Current Assets |
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45.280 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
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0.000 |
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Provisions |
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0.006 |
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Total
Current Liabilities |
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0.006 |
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Net Current Assets |
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45.274 |
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MISCELLANEOUS EXPENSES |
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0.026 |
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TOTAL |
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45.300 |
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KEY RATIOS
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PARTICULARS |
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31.03.2007 |
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Debt Equity Ratio (Total Liability/Networth) |
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513.84 |
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Current Ratio (Current Asset/Current Liability) |
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7546.67 |
LOCAL
AGENCY FURTHER INFORMATION
Vijay Associates (Wadhwa) Developers is a name
synonymous with stellar developments. With over 800 successfully completed projects
since its inception in the last four decades, the Group is known for delivering
creations par excellence. Initial developments included niche residential
projects across Mumbai, followed by landmark commercial developments, socially
responsible ventures and retail projects.
Each of the Group's pioneering creations are trailblazing - the use of
innovative architectural and design elements with path breaking technology set
newer benchmarks and higher targets to achieve every time. It is this dynamic
approach that inspires the Group to exceed all past performances and live up to
the corporate philosophy, 'Raising your expectations' - in terms of product,
performance and professionalism. Harmony, the award winning project at Madh
Island speaks volumes for the Group's exemplary standards of quality and
design.
The Group's many prestigious residential projects, in various stages of
development, include Anmol
(Goregaon), Imperial Heights (Oshiwara) and Solitaire (Powai)
Vijay Associates (Wadhwa) Developers' large presence
is seen at Bandra Kurla Complex -
Trade Centre and Platina - state-of-the-art developments which
are attracting the best MNCs at fabulous lease rentals - bearing ample
testimony to their exceptional quality and unmatched features - the hallmark of
every Wadhwa creation.
Vijay Associates (Wadhwa) Developers' dynamic and
visionary Chairman, Mr. Vijay
Wadhwa has encouraged his team of professionals to foray into new
growth areas - Raghuleela
Properties Pvt. Ltd. has been set up and is operational as a
completely professional Mall Management Company and Kambala Hospitality Ltd., the Group's Food
and Beverage Company is successfully running a chain of theme restaurants and
specialises in banquet services
Vijay Associates (Wadhwa) Developers has also
diversified into IT Park development, with its first - Vishwaroop IT Park, Vashi - already getting
prepared for fit-outs.
The Group's major contributions to society include educational and charitable
institutions like Arya Vidya
Mandir at Bandra Kurla Complex and Home for the Aged at Borivali.
The Group has recently commenced its Pune operations with a hotel and IT Park
project in the pipeline.
In keeping with the exponential growth plans, the Group will soon launch an
exclusive township project of epic proportions.
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 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.39.38 |
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UK Pound |
1 |
Rs.77.48 |
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Euro |
1 |
Rs.58.38 |
SCORE & RATING
EXPLANATIONS
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SCORE FACTORS |
RANGE |
POINTS |
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HISTORY |
1~10 |
3 |
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PAID-UP CAPITAL |
1~10 |
3 |
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OPERATING SCALE |
1~10 |
- |
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FINANCIAL CONDITION |
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--BUSINESS SCALE |
1~10 |
- |
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--PROFITABILIRY |
1~10 |
- |
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--LIQUIDITY |
1~10 |
5 |
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--LEVERAGE |
1~10 |
5 |
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--RESERVES |
1~10 |
- |
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--CREDIT LINES |
1~10 |
7 |
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--MARGINS |
-5~5 |
- |
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DEMERIT POINTS |
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--BANK CHARGES |
YES/NO |
YES |
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--LITIGATION |
YES/NO |
NO |
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--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
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MERIT POINTS |
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--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
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--EXPORT ACTIVITIES |
YES/NO |
NO |
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--AFFILIATION |
YES/NO |
YES |
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--LISTED |
YES/NO |
NO |
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--OTHER MERIT FACTORS |
YES/NO |
YES |
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TOTAL |
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23 |
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
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
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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 |
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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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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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26-40 |
B |
Unfavourable & favourable factors carry similar weight in credit consideration.
Capability to overcome financial difficulties seems comparatively below
average. |
Small |
|
11-25 |
Ca |
Adverse factors are apparent. Repayment of interest and principal sums
in default or expected to be in default upon maturity |
Limited with
full security |
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<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
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NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
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