MIRA
INFORM REPORT
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Report Date : |
18.07.2008 |
IDENTIFICATION
DETAILS
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Name : |
RAJESH BUSINESS AND LEISURE HOTELS LIMITED |
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Registered Office : |
139 Seksaria Chambers 2nd
FLN M Road, Fort, Mumbai – 400023, Maharashtra |
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Country : |
India |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
21.11.2005 |
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Com. Reg. No.: |
156935 |
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CIN No.: [Company
Identification No.] |
U55100MH2005PLC156935 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
MUMR19276F |
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PAN No.: [Permanent
Account No.] |
MUMR19276F |
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Legal Form : |
A closely held public limited liability company |
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Line of Business : |
Construction Activity |
RATING &
COMMENTS
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MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Maximum Credit Limit : |
USD 3000000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Slow |
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Litigation : |
Clear |
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Comments : |
Subject is a construction company having good capital base. The company
had not carried out commercial activity during the year 2006-07 and hence had
not prepared any P and L Account. General financial position is satisfactory.
Payments are reported as slow but correct. The company can be considered normal for business dealings at usual
trade terms and conditions. |
LOCATIONS
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Registered Office : |
139 Seksaria Chambers 2nd
FLN M Road, Fort, Mumbai – 400023, Maharashtra, India |
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Tel. No.: |
91-22-22670717 / 22671654 |
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Mobile No.: |
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Fax No.: |
91-22-22672013 |
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E-Mail : |
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Website : |
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Head Office : |
Raj
Tower, I. C. Colony, Borivali [West], Mumbai – 400103 |
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Tel. No.: |
91-22-8955091
/ 8936719 |
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Fax No.: |
91-22-8936711 |
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Corporate Office : |
B-101, Elegant, M.I.D.C, Cross Road,
‘B’, Behind center point, Off. Andheri Kurla Road, Andheri (E), Mumbai 400
059 |
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Tel. No.: |
91-22- 67100600 |
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Fax No.: |
91-22- 26710062 |
DIRECTORS
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Name : |
Mr. Harish
Patel |
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Designation : |
Director |
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Address : |
1/24, Kailas Kiran, Tilak Road, Ghatkopar [East], Mumbai –
400077, Maharashtra, India |
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Date of Appointment : |
21.11.2005 |
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Name : |
Mr. Rajesh Patel |
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Designation : |
Director |
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Address : |
1/24, Kailas Kiran, Tilak Road, Ghatkopar [East], Mumbai –
400077, Maharashtra, India |
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Date of Appointment : |
21.11.2005 |
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Name : |
Mr. Ajay Patel |
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Designation : |
Director |
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Address : |
9/47, Vikas, Garodia Nagar, Ghatkopar [East], Mumbai – 400077,
Maharashtra, India |
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Date of Appointment : |
21.11.2005 |
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Name : |
Mr. Priyal Patel |
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Designation : |
Director |
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Address : |
Ghatkopar [East], Mumbai – 400077, Maharashtra, India |
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Date of Appointment : |
21.11.2005 |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
(As
On 31.03.2006)
|
Names
of Allottees |
No. of Shares |
|
Rajesh
Hospitality Limited |
4000000 |
(As
On 29.09.2007)
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Equity Share Breakup |
Percentage of Holding |
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Category |
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Bodies
corporate |
99.00 |
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Directors
or relatives of directors |
1.00 |
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Total |
100.00 |
BUSINESS DETAILS
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Line of Business : |
Construction Activity |
GENERAL
INFORMATION
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Bankers : |
Central Bank of India Corporate Finance Branch, MMO Building, 1st
Floor, M G Road, Mumbai – 400023, Maharashtra, India |
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Banking
Relations : |
Satisfactory |
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Auditors : |
Nilesh C. Mehta Chartered Accountants |
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Name : |
1, Alankar, Ground Floor, 251, Sion
Main Road, Sion [West], Mumbai – 400022, Maharashtra, India |
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Group Companies : |
·
Rajesh Hospitality Limited CIN No.: U28990MH1996PLC098569 ·
R R Engineering Limited CIN No.: L28990MH1996PLC098569 ·
Vikas
Export Industries - A solvent extraction unit manufacturing de-oil cake of
ground soya and rapeseeds at Rajkot ·
Ravi
Tiles Private Limited - A unit at Rajkot manufacturing glazed ceramic tiles.
It also manufactures high voltage insulators, post insulators and disc
insulators. ·
Milestone
Organic Limited - A unit at Baroda manufacturing colours, dyes and dyes
intermediates exported to Pakistan, Malaysia. ·
Chemtrol
Industries - A unit located at Baroda, manufacturing fiber
metering pumps used in chemical industries. ·
Sankalp
- A retail showroom at Borivali, exclusive for men’s wears having franchise
facility with Raymond’s Limited ·
Suzlon
Windmills - 10 Suzlon Windmills manufacturing power of 15 MW is supplied to
the states of Rajasthan, Karnataka & Maharashtra. |
CAPITAL STRUCTURE
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
15000000 |
Equity Shares |
Rs.10/-
each |
Rs.150.000
Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
5000000 |
Equity Shares |
Rs.10/-
each |
Rs.50.000
Millions |
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
|
31.03.2007 |
31.03.2006 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
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50.000 |
50.000 |
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2] Share Application Money |
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0.000 |
0.000 |
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3] Reserves & Surplus |
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561.300 |
0.000 |
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4] (Accumulated Losses) |
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0.000 |
0.000 |
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NETWORTH |
|
611.300 |
50.000 |
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LOAN FUNDS |
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1] Secured Loans |
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0.000 |
0.000 |
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2] Unsecured Loans |
|
107.832 |
72.382 |
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TOTAL BORROWING |
|
107.832 |
72.382 |
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DEFERRED TAX LIABILITIES |
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0.000 |
0.000 |
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TOTAL |
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719.132 |
122.382 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
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756.239 |
117.127 |
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Capital work-in-progress |
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0.000 |
0.000 |
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INVESTMENT |
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0.000 |
0.000 |
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DEFERREX TAX ASSETS |
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0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
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0.000 |
0.000 |
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Sundry Debtors |
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0.000 |
0.000 |
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Cash & Bank Balances |
|
0.088 |
0.089 |
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Other Current Assets |
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0.000 |
0.000 |
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Loans & Advances |
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0.000 |
0.152 |
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Total
Current Assets |
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0.088 |
0.241 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
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47.950 |
1.076 |
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Provisions |
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0.000 |
0.000 |
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Total
Current Liabilities |
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47.950 |
1.076 |
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Net Current Assets |
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(47.862) |
(0.835) |
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MISCELLANEOUS EXPENSES |
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10.755 |
6.090 |
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TOTAL |
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719.132 |
122.382 |
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KEY RATIOS
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PARTICULARS |
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31.03.2007 |
31.03.2006 |
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Debt Equity
Ratio (Total
Liability/Networth) |
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0.25 |
1.47 |
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Current
Ratio (Current
Asset/Current Liability) |
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|
0.00 |
0.22 |
LOCAL AGENCY
FURTHER INFORMATION
Form No. 8
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This
form is for |
Creation
of charge |
|
Corporate
identity number of the company |
U55100MH2005PLC156935 |
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Name
of the company |
RAJESH BUSINESS AND LEISURE
HOTELS LIMITED |
|
Address
of the registered office or of the principal place of business in India of the company |
139 Seksaria Chambers 2nd
FLN M Road, Fort, Mumbai – 400023, Maharashtra, India |
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Type
of charge |
·
Immovable
Property ·
Book
Debts ·
Movable
Property ·
Others |
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Particular
of charge holder |
Central Bank of India Corporate Finance Branch, MMO
Building, 1st Floor, M G Road, Mumbai – 400023, Maharashtra, India |
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Nature
of description of the instrument creating or modifying the charge |
Joint
term loan agreement Agreement
of hypothecation [goods, plant and machineries, book debts and other movable
assets ] Inter
creditor agreement Escrow
Agreement Memorandum
of Deposit of title deeds [all
the above agreements constitute a single charge] |
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Date
of instrument Creating the charge |
16.10.2007 |
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Amount
secured by the charge |
Rs.2000.000
Millions |
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Brief
particulars of the principal terms an conditions and extent and operation of
the charge |
·
Rate
of Interest ROI – 12.50 % p.a. as stipulated by Bank from time to time
·
Terms
of Repayment As stipulated by Bank from time to time ·
Margin
As stipulated by Bank from time to time ·
Extent
and Operation of the charge First charge [Present and future] : as stipulated from
time to time total limit of Rs.2000 Millions [Central bank of India Rs.500
Millions, bank of India Rs.500 Millions, Punjab National Bank Rs.500
Millions, Indian Overseas Bank Rs.500 Millions] ·
Others
As stipulated by Bank from time to time |
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Short
particulars of the property charged |
First
pari passu charge [Present and future] EMG
of all the piece and parcel of land adm. 10877.58 sq. mtrs or there about
situated at Bhandup in village Haryali under Mumbai suburban survey No. 62,
Plot No. 7 and Part of Sold C. T. S. Nos. 111 and 112 and subsequently
amalgamated and sub divided into 111-A/1, 111-A/2 and 111-A/3 vide
amalgamation and sub division order of the collector MSD dated 16.09.2004 and
BLD constructed thereon Hypothecation
of all entire movable and immovable fixed assets. |
AS PER WEBSITE
With an experience that spans over
four decades Subject is one of the leading construction enterprises of Mumbai.
Unquestionable quality, value of money constructions and timely delivery have become
their trademarks. From sprawling residential complexes across Mumbai, an
opulent business complex in Vikroli, a five-star hotel in Powai to a dream
resort in Karjat the group has forayed far beyond the realm of conventional
construction.
The pioneering vision of Shri
Raghavjibhai Patel, his principled approach to business and his
desire for perfection is forever evident in all their businesses. With
tenacious will and instinctive foresight he has constantly steered the company
towards new frontiers, exploring new avenues and capitalizing on novel business
opportunities.
With more than 55 multi-storied structures across the western and
central suburbs of Mumbai, they have provided their clientele with not only
viable housing solutions but also crafted esthetically furnished apartments
bundled with all the amenities of modern living. With about 45 lacs sq.ft. of
construction work completed and more than 6900 flats sold their ability to
execute large projects and produce mega-structures is unsurpassed. A consummate
design and execution set-up allows them to implement innovative construction
techniques and modern structural designs with incredible ease. They have thus
been able to constantly meet changing customer expectations and deliver supreme
client satisfaction.
GROUP COMPANIES
A
spotless reputation and astute management techniques have seen Subject grow
into a formidable enterprise. Over the years, their corporate culture and resilience
have taken them beyond construction space, diversifying into a wide mix of
industries from manufacturing oil seed extracts, dyes, pumps, insulators to
windmills. Engineering clean power, one of those precious commodities of today,
is something they have mastered. This diversity of business has added to their
strength and knowledge base providing them with a vast store of expertise and
experience.
NEWS
Radisson moves in Mumbai,
Tokyo
Singapore (2007-05-04)
A 257-ROOM Radisson Hotel Mumbai Powai is slated for launch in December 2008. Situated in the city's
business and entertainment hub, it is the 17th hotel under development in India by Carlson Hotels Worldwide -
Asia Pacific.
The hotel, which is owned by
Rajesh Business & Leisure Hotels, will have three large meeting rooms,
banquet facilities for up to 1,000 guests, three f&b outlets and a club
floor. It is 30 minutes from the domestic airport and 20 minutes from the
international airport.
Meanwhile, in Tokyo, Radisson Hotel Narita Airport has been renamed Radisson Hotel Narita. The new name is to reflect the hotel's positioning
as a major hotel with off-site
meeting facilties near Tokyo, rather than an airport hotel.
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.42.94 |
|
UK Pound |
1 |
Rs.85.78 |
|
Euro |
1 |
Rs.68.01 |
SCORE & RATING
EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
7 |
|
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 |
8 |
|
--LEVERAGE |
1~10 |
8 |
|
--RESERVES |
1~10 |
7 |
|
--CREDIT LINES |
1~10 |
7 |
|
--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 |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
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 |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
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TOTAL |
|
42 |
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 |
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