MIRA
INFORM REPORT
|
Report Date : |
28.06.2008 |
IDENTIFICATION
DETAILS
|
Name : |
K RAHEJA CORP PRIVATE LIMITED |
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Registered Office : |
Construction
House A, 24th Road, Khar (West), Mumbai – 400052, Maharashtra |
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Country : |
India |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
08.11.1979 |
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Com. Reg. No.: |
11-021866 |
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CIN No.: [Company
Identification No.] |
U55100MH1979PTC021866 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
MUMK11916C |
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PAN No.: [Permanent
Account No.] |
AAACP0522B |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Real Estate Developer |
RATING &
COMMENTS
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MIRA’s Rating : |
Aa |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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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Maximum Credit Limit : |
USD 10000000 |
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Status : |
Excellent |
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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 real estate developers who made very good fortunes
over the period of 4 decades. Their means are large. Their payments are
usually slow but correct. The group is
doing very well. It can be considered good for normal business dealings at usual trade terms and conditions. |
INFORMATION PARTED
BY
|
Name : |
Mr. Ravi Kolhe |
|
Contact No.: |
91-22-26564714 |
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Date : |
08.05.2008 |
LOCATIONS
|
Registered Office : |
Construction House
A, 24th Road, Khar (West), Mumbai – 400052, Maharashtra, India |
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Tel. No.: |
91-22-26564000 /
26002177 / 26564714 |
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Fax No.: |
91-22-26005948 |
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E-Mail : |
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Regional &
Sales Office: |
Raheja
Vihar, Powai, Mumbai : (Contact : Bipin
Kumar, Vijay Thakkar and Jeetendra Gupta) Raheja Vihar,
Off. Chandivali Farm Road, Andheri
(East), Powai, Mumbai – 400072, India Tel : 91-22-28571481 Fax : 91-22-28571708 Brooke
Ville, Mahim, Mumbai : (Contact : Raja
Wadichor) Brooke Ville,
Opposite Bafna Society, Off Mogul Lane, Mahim, Mumbai – 400016, India Tel : 91-22-4364516
K Raheja Private
Limited, Survey No. 144 and 145,
Samrat Ashok Path, Off. Airport Road, Yerwada, Pune – 411006 Tel : 91-20-26112859/ 860/861
K Raheja IT Park
(Hyderabad) Private Limited Survey No. 64, APIIC
Software Layout, Next to VSNL Hitech City, Madhapur, Hyderabad – 500 081 Tel : 91-40-23113012/ 3013 Fax : 91-40-23112717 |
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Head Office : |
HOTELS: Mumbai : "Karishma", Jn. of 6th and 12th Road, Khar (W), Mumbai - 400052. Tel: 91-22-649 4552/649 4560. Fax: 91-22-646 0465 BOOKING OFFICE New Delhi : Connaught Hotel, 37, Shahid Bhagat Singh Marg, New Delhi – 110001, India Tel: 91-22-336 4225 Fax: 91-22-334 0757 |
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Branches : |
Located at :
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DIRECTORS
|
Name : |
Mr. Raheja
Lachmandas Chandru |
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Designation : |
Director |
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Address : |
Raheja House, 53
A, Pali Hill, Bandra, Mumbai – 400050, Maharashtra, India. |
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Date of Birth/Age : |
12.10.1940 |
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Date of Appointment : |
10.08.1983 |
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Email : |
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Name : |
Mr. Raheja
Chandru Neel |
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Designation : |
Director |
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Address : |
Raheja House, 53
A, Pali Hill, Bandra, Mumbai – 400050, Maharashtra, India |
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Date of Birth/Age : |
27.06.1974 |
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Date of Appointment : |
16.05.1994 |
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Email : |
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Name : |
Mr. Raheja
Chandru Ravi |
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Designation : |
Director |
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Address : |
Raheja House, 53 A,
Pali Hill, Bandra, Mumbai – 400050, Maharashtra, India |
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Date of Birth/Age : |
23.09.1971 |
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Date of Appointment : |
12.12.1996 |
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Email : |
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Name : |
Mr. Rohira
Kishindas Nandal |
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Designation : |
Director |
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Address : |
401, Dindoshila,
15th Road, Khar, Mumbai – 400052, Maharashtra, India |
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Date of Birth/Age : |
25.01.1941 |
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Date of Appointment : |
16.09.2004 |
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Email : |
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Name : |
Mr. Dharmesh J.
Shah |
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Designation : |
Director |
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Address : |
C – 410, Veena
Sur, Opposite Kamala Ashish Tower, Mahavir Nagar, Dahanukar Wadi, Kandivali
(West), Mumabi – 400670, Maharashtra, India. |
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Date of Birth/Age : |
13.03.1969 |
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Date of Appointment : |
01.07.2005 |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
(As on 29.09.2005)
|
Names of Shareholders |
|
No. of Shares |
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Palm Shelter Estate
Development Private Limited |
|
196800 |
|
Raheja Chandru
Jyoti Raheja Lachmandas
Chandru |
|
196800 |
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Raheja Lachmandas
Chandru Raheja Chandru
Jyoti |
|
196800 |
|
Casa Maria
Properties Private Limited |
|
196800 |
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Raghukool Estate Development
Private Limited |
|
196800 |
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Capatan Trading
Private Limited |
|
196800 |
|
Anbee
Construction Private Limited |
|
196800 |
|
Cape Trading
Private Limited |
|
196800 |
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Raheja Lachmandas
Chandru Karta of
Lachmandas Chandru HUF Raheja Chandru
Jyoti |
|
76800 |
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Raheja Chandru
Ravi Raheja Lachmandas
Chandru Raheja Chandru
Jyoti |
|
182400 |
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Raheja Chandru
Neel Raheja Lachmandas
Chandru Raheja Chandru
Jyoti |
|
182400 |
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|
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Total |
|
2016000 |
(As on
30.09.2007)
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Equity Share Breakup |
|
Percentage |
|
Bodies
corporate |
|
58.58 |
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Directors
or relatives of directors |
|
37.62 |
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Other
top fifty shareholders |
|
3.80 |
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|
|
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Total |
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Real Estate Developer |
GENERAL
INFORMATION
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Bankers : |
Not Available |
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Banking
Relations : |
Good |
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Auditors : |
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Name : |
G. M. Kapadia and
Company Charted
Accountants |
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Address : |
Tamarind House, 36
– B, Tamarind Lane, Mumbai – 400001, India. |
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Tel No.: |
91-22-22653996/
22655362 |
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Fax No.: |
91-22-22655472 |
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Associates/Subsidiaries : |
CIN No.:
U65990MH1986PTC041752
CIN No.:
U45200MH2004PTC146464
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CAPITAL STRUCTURE
(AS ON 30.09.2007)
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
7100000 |
Equity Shares |
Rs.100/- each |
Rs.710.000
Millions |
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Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
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|
|
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|
6048000 |
Equity Shares |
Rs.100/- each |
Rs.604.800
Millions |
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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 |
604.800 |
604.800 |
201.600 |
|
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
1426.255 |
507.149 |
334.495 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
2031.055 |
1111.949 |
536.095 |
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LOAN FUNDS |
|
|
|
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1] Secured Loans |
5490.582 |
3214.822 |
1899.063 |
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2] Unsecured Loans |
2263.062 |
2131.703 |
1300.664 |
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TOTAL BORROWING |
7753.644 |
5346.525 |
3199.727 |
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DEFERRED TAX LIABILITIES |
27.498 |
16.100 |
23.830 |
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TOTAL |
9812.197 |
6474.574 |
3759.652 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
767.980 |
757.992 |
425.339 |
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Capital work-in-progress |
16.069 |
0.000 |
0.000 |
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INVESTMENT |
1386.748 |
1341.408 |
623.598 |
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DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
5461.037 |
6235.525 |
4212.141 |
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Sundry Debtors |
28.816 |
209.050 |
36.527 |
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Cash & Bank Balances |
60.631 |
188.926 |
95.814 |
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Other Current Assets |
0.000 |
20.302 |
721.443 |
|
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Loans & Advances |
4834.685 |
3430.704 |
2156.211 |
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Total
Current Assets |
10385.169
|
10084.507 |
7222.136 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
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Current Liabilities |
2743.769 |
5703.723 |
4494.196 |
|
|
Provisions |
0.000
|
5.709
|
17.428 |
|
Total
Current Liabilities |
2743.769
|
5709.432 |
4511.624 |
|
|
Net Current Assets |
7641.400 |
4375.075 |
2710.512 |
|
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MISCELLANEOUS EXPENSES |
0.000 |
0.099 |
0.203 |
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TOTAL |
9812.197 |
6474.574 |
3759.652 |
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PROFIT & LOSS
ACCOUNT
|
PARTICULARS |
31.03.2007 |
31.03.2006 |
31.03.2005 |
|
|
Sales Turnover |
6098.381 |
1281.162 |
366.195 |
|
|
Other Income |
0.000 |
0.000 |
0.000 |
|
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Total Income |
6098.381 |
1281.162 |
366.195 |
|
|
|
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|
|
|
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Profit/(Loss) Before Tax |
1324.272 |
281.832 |
28.351 |
|
|
Provision for Taxation |
0.000 |
0.000 |
7.285 |
|
|
Profit/(Loss) After Tax |
1324.272 |
281.832 |
21.066 |
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Expenditures : |
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Interests |
680.341 |
340.542 |
0.000 |
|
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Depreciation & Amortization |
24.570 |
18.691 |
322.993 |
|
|
Other Expenditure |
4069.198 |
640.096 |
0.000 |
|
Total Expenditure |
4774.109 |
999.329 |
322.993 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2007 |
31.03.2006 |
31.03.2005 |
|
PAT / Total Income |
(%) |
21.72
|
22.00
|
5.75 |
|
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|
Net Profit Margin (PBT/Sales) |
(%) |
21.72
|
22.00
|
7.74 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
11.87
|
2.60
|
0.34 |
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Return on Investment (ROI) (PBT/Networth) |
|
0.65
|
0.25
|
0.05 |
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Debt Equity Ratio (Total Liability/Networth) |
|
5.17
|
9.94
|
14.38 |
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|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
3.79
|
1.77
|
1.60 |
LOCAL AGENCY
FURTHER INFORMATION
FIXED ASSETS:
- Free hold land – Jetha Kotak
- Free Hold Land – The Resort
- Free Hold Land – Garden Plot
- Building – The Resort
- Ownership Flat
- Building – Powai
- Plant and Machinery
- Electrical Installation
- Computer Sysytem and Access
- Vehicles
- Furniture and Fixture
- Cutlery/ Crokery/ Utensils
- Linen and Uniforms
- Cabanas and Temp
- Erections
ACTIVITIES
- The gross receipt of the construction
Division Powai Developers were Rs.263.500 Millions
- The progress on work on the ongoing
project as well as in the new project, started during the year, in ‘Hill Crest
Developers’ was satisfactory
- The construction of Mall at Vashi is in
progress
- The company has taken up the following
new properties during the year
At Vadgaon, Sheri, Pune – For Development of Industrial Park.
At Yeravada, Pune – Fro Development of I. T. Park
At Mahalaxmi, Mumbai – for Develpoment of Construction Project.
- The business / operations of the
company Hotels ‘The Resort’ were satisfactory.
Form 8:
|
Name of the company |
K RAHEJA CORP PRIVATE LIMITED |
|
Presented By |
K RAHEJA CORP PRIVATE LIMITED |
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1) Date and
description of instrument creating the change |
19.04.2005 No instrument
being oral charge |
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2) Amount secured
by the charge/amount owing on the securities of charge |
Rs.400.000
Millions |
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3) Short particular
of the property charged. If the property acquired is subject to charge, date
of the acquired of the property should be given |
Mortgage of: All that piece or
parcel of land or ground situate lying and being at Village Tungwa. Raheja
Vihar, Powai, Mumbai – 400072 admeasuring about 6223 sq. mtrs. Relating to
proposed Building No. 338. bearing Survey No. 52, bearing City Survey No. 119
F/ 1A of Village Tungwa. And All that piece or
parcel of land or ground situate lying and being at Village Tungwa. Raheja
Vihar, Powai, Mumbai – 400 072 admeasuring about 2830 sq. mtrs. Relating to
proposed Building No. 33. bearing Survey No. 52, bearing City Survey No. 119
F/ 1A of Village Tungwa. |
|
4) Gist of the
terms and conditions and extent and operation of the charge. |
This charge will
operate as a security for the total loan of Rs.400.000 Millions as follows: The term loan of
Rs.50.000 Millions granted by Indian Overseas Bank, Bandra Branch, Mumbai to
K raheja Private Limited and The term loan of
Rs.350.000 Millions granted by Indian Overseas Bank, Bandra Branch, Mumbai to
Ivory Properties and Hotels Private Limited Rate of
Interest: For the Term
Loan of Rs.50.000 Millions granted to K. Raheja Private Limited: Interest: RTL –
PLR minus 2.5% i.e. 9%FCTL – LIBOR + 3.5% subject to change from time to
time. For the term loan of Rs.350.000 Millions granted to Ivory
Properties and Hotels Private Limited BPLR – 2.50% with
a minimum of 8.50% p.a. subject to change from time to time Repayment: The term loan of Rs.50.000 Millions
granted to K raheja Private Limited to be repaid by 30.06.2005 The term loan of
Rs.350.000 Millions granted to Ivory Properties and Hotels Private Limited to
be repaid by 28.02.2007 |
|
5) Name and
Address and description of the person entitled to the charge. |
Indian Overseas
Bank Radhasoami
Apartments, T. P. S. III, 36th Road, Bandra (West), Mumbai –
400050, India |
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6) Date and brief
description of instrument modifying the charge |
Letter dated 19.07.2005
of Indian Overseas Bank, Bandra Branch |
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7) Particulars of
modifications specifying the terms and conditions or the extent of operations
of the charge in which modification is made and the details of the
modification. |
The original charge
created on 19.04.2005 for Rs.400.000 Millions has been reduced to Rs.350.000
Millions on repayment of the Term Loan of Rs.50.000 Millions by K. Raheja
Private Limited |
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.42.79 |
|
UK Pound |
1 |
Rs.85.04 |
|
Euro |
1 |
Rs.67.34 |
SCORE & RATING
EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
8 |
|
PAID-UP CAPITAL |
1~10 |
8 |
|
OPERATING SCALE |
1~10 |
8 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
9 |
|
--PROFITABILIRY |
1~10 |
7 |
|
--LIQUIDITY |
1~10 |
9 |
|
--LEVERAGE |
1~10 |
9 |
|
--RESERVES |
1~10 |
9 |
|
--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 |
NO |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
75 |
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 |
|