MIRA
INFORM REPORT
|
Report Date : |
09.02.2008 |
IDENTIFICATION
DETAILS
|
Name : |
VASUKAMAL 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.: |
11-164002 |
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CIN No.: [Company
Identification No.] |
U45201MH2006PTC164002 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
MUMV14750B |
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PAN No.: [Permanent
Account No.] |
AACCV |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Builders and Property Developers. |
RATING &
COMMENTS
|
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 364 |
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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
|
Registered Office : |
425 – A, Vasukamal, 14th Road, Near Agarwal Nursing Home,
Bandra (West), Mumbai – 400050, Maharashtra, India |
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Tel No.: |
91-22-2600 4150 / 2600 5281 / 82 / 2600 8654 |
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Fax No.: |
91-22-2600 2152 |
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E-Mail : |
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Website : |
DIRECTORS
|
Name : |
Mr. Vijay Vasudev Wadhwa |
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Designation : |
Director |
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Address : |
101, Ritu Apartments, 208 B. J. Road Bandra (West), Mumbai – 400050,
Maharashtra, India |
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Date of Birth/Age : |
30.09.1952 |
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Tel No.: |
91-22-26004150 |
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Fax No.: |
91-22-26002152 |
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Income-tax PAN : |
AAMPW5578M |
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Voter’s identity Card No.: |
MT/08/036/147335 |
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Date of Appointment : |
23.08.2006 |
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Name : |
Mrs. Vinita Vijay Wadhwa |
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Designation : |
Director |
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Address : |
101, Ritu Apartments, 208 B. J. Road Bandra (West), Mumbai – 400050,
Maharashtra, India |
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Date of Birth/Age : |
29.09.1954 |
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Tel No.: |
91-22-26004150 |
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Fax No.: |
91-22-26002152 |
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Income-tax PAN : |
AAJPW9604R |
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Date of Appointment : |
23.08.2006 |
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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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Tel No.: |
91-22-26004150 |
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Fax No.: |
91-22-26002152 |
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Income-tax PAN : |
ACUPC7225K |
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Date of Appointment : |
23.08.2006 |
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Email : |
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Name : |
Mrs. Ritu Navin Makhija |
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Designation : |
Director |
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Address : |
101, Ritu Apartments, 208 B. J. Road Bandra (West), Mumbai – 400050,
Maharashtra, India |
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Date of Birth/Age : |
25.08.1982 |
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Date of Appointment : |
23.08.2006 |
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Name : |
Mr. Navin Amarlal Makhija |
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Designation : |
Director |
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Address : |
D/1, Jeevan Jyot, 14th Road, Khar (W), Mumbai – 400052,
Maharashtra, India |
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Date of Birth/Age : |
28.11.1981 |
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Date of Appointment : |
23.08.2006 |
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Other Directorship Companies : |
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|
Name : |
Vinita Estate Private Limited |
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Designation : |
Director |
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CIN Company : |
U45200MH1982PTC026214 |
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Name : |
Dipti Real Tors Private Limited |
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Designation : |
Director |
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CIN Company : |
U70100MH2000PTC124667 |
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Name : |
Raghuleela Estate Private limited |
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Designation : |
Director |
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CIN Company : |
U45200MH2003PTC142488 |
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Name : |
Raghuleela Leasing and Constructions Private limited |
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Designation : |
Director |
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CIN Company : |
U45200MH2005PTC155358 |
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Name : |
Raghuleela Leasing and Real Estate Private limited |
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Designation : |
Director |
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CIN Company : |
U70101MH2005PTC155360 |
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Name : |
Raghuleela Leassors and Developers Private limited |
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Designation : |
Director |
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CIN Company : |
U70100MH2005PTC155359 |
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Name : |
Raghuleela Properties Private limited |
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Designation : |
Director |
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CIN Company : |
U45200MH2003PTC142487 |
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Name : |
Raghunandan Leasing and Real Estate Private limited |
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Designation : |
Director |
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CIN Company : |
U70200MH2005PTC152360 |
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Name : |
Raghunath Leassors and Real Estate Private limited |
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Designation : |
Director |
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CIN Company : |
U70200MH2005PTC152361 |
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Name : |
Raghuveer Leasing and Real Estate Private limited |
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Designation : |
Director |
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CIN Company : |
U70200MH2005PTC152362 |
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Name : |
Rajdhani Properties Private Limited |
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Designation : |
Director |
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CIN Company : |
U70101MH1982PTC026517 |
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Name : |
Rituvarsha Estate Private Limited |
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Designation : |
Director |
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CIN Company : |
U45200MH1986PTC041050 |
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Name : |
Vasukamal Fiscals Private Limited |
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Designation : |
Director |
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CIN Company : |
U65910MH1994PTC082629 |
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Name : |
Vishwaroop InfoTech Private Limited |
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Designation : |
Director |
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CIN Company : |
U72900MH2004PTC144569 |
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Name : |
Wadhwa and Associates Real Tors Private limited |
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Designation : |
Director |
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CIN Company : |
U45200MH2004PTC146445 |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
|
Names of Shareholders |
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No. of Shares |
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Mr. Vijay Vasudev Wadhwa |
|
3000 |
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Mrs. Vinita Vijay Wadhwa |
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3000 |
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Mr. Sanjay Rajkumar Chhabria |
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1000 |
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Mrs. Ritu Navin Makhija |
|
1000 |
|
Mr. Navin Amarlal Makhija |
|
1000 |
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Mrs. Ritu Vijay Wadhwa |
|
1000 |
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Total |
|
10000 |
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Category |
|
Percentage |
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Directors or relatives of directors |
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Builders and Property Developers. |
GENERAL
INFORMATION
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Bankers : |
Not Available |
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Banking
Relations : |
- |
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Auditors : |
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Name : |
Rohira Mehta and Associates Chartered Accountant |
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Address : |
5, Meghdoot, Near SNDT College, Juhu Road, Santacruz (West), Mumbai –
400054, Maharashtra, India |
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Groups of
Companies : |
· Raghuleela Leasing And Construction Private Limited 45200MH2005PTC155358 · Raghuleela Lessors And Developers Private Limited U70100MH2005PTC155359 · Raghuleela Leasing And Real Estates Private Limited U70101MH2005PTC155360 · Raghunath Lessors And Real Estates Private Limited U70200MH2005PTC152361 · Raghuveer Leasing And Real Estates Private Limited U70200MH2005PTC152362 · Raghunandan Leasing And Real Estates Private Limited U70200MH2005PTC152360 · Wadhwa Estates And Developers (India) Private Limited U70109MH2000PTC129870 · Vishwaroop Infotech Private Limited U72900MH2004PTC14569 · Dipti Realtors Private Limited U70100MH2000PTC124667 |
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Associates/Subsidiaries : |
·
Vasukamal
Properties Private Limited ·
Vishwaroop
Properties Private Limited ·
Vijay
Associates (Wadhwa) Developers Address: 425 – A, Vasukamal 14th Road, Bandra (West), Mumbai – 400 050, Maharashtra, India Tel No: 91-22-2600 4150 / 2600 5281 / 82 / 2600 8654 Fax No: 91-22-2600 2152 Email: info@wadhwadevelopers.com |
CAPITAL STRUCTURE
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
10000 |
Equity Share |
Rs.10/- each |
Rs.0.100 Million |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
10000 |
Equity Share |
Rs.10/- each |
Rs.0.100 Million |
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
|
|
31.03.2007 |
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|
SHAREHOLDERS FUNDS |
|
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|
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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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(0.009) |
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NETWORTH |
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|
0.091 |
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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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|
10.000 |
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TOTAL BORROWING |
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|
10.000 |
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DEFERRED TAX LIABILITIES |
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|
0.000 |
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TOTAL |
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10.091 |
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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 |
|
|
0.081 |
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Other Current Assets |
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|
10.000 |
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Loans & Advances |
|
|
0.000 |
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Total
Current Assets |
|
|
10.081 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Current Liabilities |
|
|
0.000 |
|
|
Provisions |
|
|
0.005 |
|
Total
Current Liabilities |
|
|
0.005 |
|
|
Net Current Assets |
|
|
10.076 |
|
|
|
|
|
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|
MISCELLANEOUS EXPENSES |
|
|
0.015 |
|
|
|
|
|
|
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TOTAL |
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10.091 |
|
PROFIT & LOSS
ACCOUNT
|
PARTICULARS |
|
|
31.03.2007 |
|
Total Income |
|
|
-- |
|
|
|
|
|
|
Profit/(Loss) Before Tax |
|
|
[0.009] |
|
Provision for Taxation |
|
|
-- |
|
Profit/(Loss) After Tax |
|
|
[0.009] |
|
|
|
|
|
|
Total Expenditure |
|
|
0.009 |
KEY RATIOS
|
PARTICULARS |
|
|
|
31.03.2007 |
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|
Return on Total Assets (PBT/Total Assets} |
(%) |
|
|
0.09 |
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Return on Investment (ROI) (PBT/Networth) |
|
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|
0.09 |
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|
Debt Equity Ratio (Total Liability/Networth) |
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|
109.94 |
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Current Ratio (Current Asset/Current Liability) |
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2016.2 |
LOCAL AGENCY
FURTHER INFORMATION
Form 8:
|
Corporate
identity number (CIN) Foreign company registration number |
U45201MH2006PTC164002 |
|
Name of the
Company |
VASUKAMAL PROPERTIES PRIVATE LIMITED |
|
Address |
425 – A, Vasukamal, 14th Road, Near Agarwal Nursing Home,
Bandra (West), Mumbai – 400050, Maharashtra, India |
|
This form is for |
Creation of
Chrage |
|
Type of Charge |
Immovable
Property |
|
Particulars of
the charge holder |
Anchor Electronic
and Electricals Private Limited Plot No. G-9,
Basushree Bldga Cross Road, MIDC Marol, Andheri (East), Mumbai – 400093,
Maharashtra, India CIN : U31909MH1990PTC056808 Email : rajesh_karani@rediffmail.com |
|
Nature or
description of the instrument(s) creating or modifying the charge |
Indenture of
Mortgage |
|
Date of the instrument
creating or modifying the charge |
11.07.2007 |
|
Amount secured by
the charge |
Rs.650.000
Millions |
|
Brief particulars
of the principal terms and conditions and extent and operation of the charge |
Rate of Interest
: 12% P. A. Terms of Repayment
: The said loan has
to be repaid on 11.04.2008 Called as “Due Date” and with one months notice
the same shall be extended uoto 11.10.2008 but at a interest rate of 18% p.a.
from 12th April, 2008 to 11th October, 2008 Margin : Nil Extent and operation
of the charge : The loan has been
secured against mortgage of 3rd Floor, ADMG 30383.52 sq. ft.
Carpet Area, Plus 996.96 sq. ft. Deck area of trade center, Building No.18
Bearing CTS No. 4207(PT) of village kole kalyan. The loan has to be repaid on
11.04.2008 with R. O. I. 12% p.a. and the same can be extended upto
11.10.2008 by giving one months notice with R. O. I. 18% p.a. extended
period. |
|
Short particulars
of the property charged (including location of the property) |
The loan has been
secured against mortgage of 3rd Floor, ADMG 30383.52 sq. ft.
Carpet Area, Plus 996.96 sq. ft. Deck area of trade center, Building No.18
Bearing CTS No. 4207(PT) of village kole kalyan. |
|
Particular of the
present modification |
N.A. |
WEBSITE DETAILS:
About Sister Concern:
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 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.39.55 |
|
UK Pound |
1 |
Rs.76.85 |
|
Euro |
1 |
Rs.57.27 |
SCORE & RATING
EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
3 |
|
PAID-UP CAPITAL |
1~10 |
3 |
|
OPERATING SCALE |
1~10 |
--- |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
--- |
|
--PROFITABILIRY |
1~10 |
--- |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
--- |
|
--CREDIT LINES |
1~10 |
7 |
|
--MARGINS |
-5~5 |
--- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
NO |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
NO |
|
--AFFILIATION |
YES/NO |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
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
|
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. |
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 |
|