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MIRA
INFORM REPORT
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Report Date : |
20.10.2008 |
IDENTIFICATION
DETAILS
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Name : |
RAJA HOUSING LIMITED |
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Registered Office : |
Raja Mahalakshmi F-2, No. 12 Basappa Road, Shantinagar, Bangalore – 560
027, Karnataka |
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Country : |
India |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
01.05.1995 |
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Com. Reg. No.: |
05-17727 |
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CIN No.: [Company
Identification No.] |
U45101KA1995PLC017727 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
BLRR00884C |
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PAN No.: [Permanent
Account No.] |
AAACR9798M |
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Legal Form : |
A closely held public limited liability company. |
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Line of Business : |
Real Estate Development, Building Constructions Activities. |
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 110000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject is a well-established and reputed company having satisfactory
track. Trade relations are fair. Business is active. Payments are reported as
usually made as per commitments. The company can be considered good for normal business dealings. |
LOCATIONS
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Registered Office : |
Raja Mahalakshmi F-2, # 12 Basappa Road, Shantinagar, Bangalore – 560
027, Karnataka, India |
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Tel. No.: |
91-80-22104222 / 22104223 / 4 / 5 / 6
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Fax No.: |
91-80-22104227 |
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E-Mail : |
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Website : |
DIRECTORS
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Name : |
Mr. Raja Jayashankar |
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Designation : |
Director |
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Address : |
No. 3, 36th Cross, 8th Block, Jayanagar,
Bangalore – 560 082, Karnataka, India |
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Date of Appointment : |
17.02.2006 |
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Name : |
Mr. Raja Suchindra |
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Designation : |
Director |
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Address : |
No. 3, 36th Cross, 8th Block, Jayanagar,
Bangalore – 560 082, Karnataka, India |
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Date of Appointment : |
17.02.2006 |
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Name : |
Mr. Raja Dattakumar |
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Designation : |
Director |
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Address : |
No. 3, 36th Cross, 8th Block, Jayanagar, Bangalore
– 560 082, Karnataka, India |
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Date of Appointment : |
17.02.2006 |
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Name : |
Mrs. Sindhu R Suchi |
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Designation : |
Director |
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Address : |
No. 3, 36th Cross, 8th Block, Jayanagar,
Bangalore – 560 082, Karnataka, India |
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Date of Appointment : |
17.02.2006 |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
(As on 29.09.2001)
|
Names of Shareholders |
No. of Shares |
|
Raja Jaishankar |
100 |
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Raja Uday Shankar |
100 |
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Raja Dattkumar |
105100 |
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Raja Suchindra |
88100 |
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Sindhu R Suchindra |
17100 |
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Shibani Datta |
100 |
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Others |
200 |
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Total |
210800 |
List of Allottees (As on 31.12.2007)
|
Names of Allottees |
No. of Shares |
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Raja Datta |
552150 |
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Raja Suchindra |
552150 |
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Total |
1104300 |
BUSINESS DETAILS
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Line of Business : |
Real Estate Development, Building Constructions Activities. |
GENERAL
INFORMATION
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Bankers : |
·
The Dhanalakshmi Bank Limited J C Road, Bangalore – 560 002, Karnataka,
India ·
The Lakshmi Vilas Bank Limited No. 460/2, 8th B Main Road, PTK
Complex, Near Jaim Temple, 4th Block, Jayanagar, Bangalore – 560
011, Karnataka, India |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
B.R.V. Goud Chartered Accountants |
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Address : |
Sai Complex, 1st Floor, 1/1 Musem Road, Bangalore – 560
001, Karnataka, India |
CAPITAL STRUCTURE
(As on 31.03.2007)
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
5000000 |
Equity Shares |
Rs.10/- each |
Rs.50.000 millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
210800 |
Equity Shares |
Rs.10/- each |
Rs.2.108
millions |
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
|
31.03.2007 |
31.03.2006 |
31.03.2005 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
2.108 |
2.108 |
2.108 |
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2] Share Application Money |
8.043 |
8.043 |
8.790 |
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3] Reserves & Surplus |
11.569 |
5.201 |
1.399 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
21.720 |
15.352 |
12.297 |
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LOAN FUNDS |
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1] Secured Loans |
0.000 |
0.000 |
0.000 |
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2] Unsecured Loans |
3.480 |
3.403 |
2.990 |
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TOTAL BORROWING |
3.480 |
3.403 |
2.990 |
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DEFERRED TAX LIABILITIES |
0.241 |
0.000 |
0.000 |
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TOTAL |
25.441 |
18.755 |
15.287 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
18.174 |
0.081 |
0.105 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENT |
0.000 |
0.000 |
0.050 |
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DEFERREX TAX ASSETS |
0.000 |
0.037 |
0.046 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
15.868
|
20.587 |
8.424 |
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Sundry Debtors |
0.000
|
0.000 |
0.000 |
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Cash & Bank Balances |
2.401
|
0.233 |
0.980 |
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Other Current Assets |
0.012
|
0.009 |
0.000 |
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Loans & Advances |
29.599
|
29.343 |
26.265 |
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Total
Current Assets |
47.880
|
50.172 |
35.669 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
40.666
|
31.642 |
20.743 |
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Provisions |
0.000
|
0.000 |
0.000 |
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Total
Current Liabilities |
40.666
|
31.642 |
20.743 |
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Net Current Assets |
7.214
|
18.530 |
14.926 |
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MISCELLANEOUS EXPENSES |
0.053 |
0.107 |
0.160 |
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TOTAL |
25.441 |
18.755 |
15.287 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
31.03.2007 |
31.03.2006 |
31.03.2005 |
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Sales Turnover |
36.154 |
17.890 |
20.918 |
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Other Income |
40.022 |
0.001 |
0.450 |
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Total Income |
76.176 |
17.891 |
21.368 |
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Profit/(Loss) Before Tax |
13.440 |
6.139 |
2.666 |
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Provision for Taxation |
0.000 |
0.000 |
0.008 |
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Profit/(Loss) After Tax |
13.440 |
6.139 |
2.658 |
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Expenditures : |
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Depreciation & Amortization |
0.215 |
0.024 |
0.032 |
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Other Expenditure |
62.521 |
11.728 |
18.670 |
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Total Expenditure |
62.736 |
11.752 |
18.702 |
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KEY RATIOS
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PARTICULARS |
|
31.03.2007 |
31.03.2006 |
31.03.2005 |
|
PAT / Total Income |
(%) |
17.64
|
34.31 |
12.44 |
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Net Profit Margin (PBT/Sales) |
(%) |
37.17
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34.32 |
12.75 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
20.35
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12.22 |
7.45 |
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Return on Investment (ROI) (PBT/Networth) |
|
0.62
|
0.40 |
0.22 |
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Debt Equity Ratio (Total Liability/Networth) |
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2.03
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2.28 |
1.93 |
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Current Ratio (Current Asset/Current Liability) |
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1.18
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1.59 |
1.72 |
LOCAL AGENCY
FURTHER INFORMATION
Web Details
Profile
The Raja Group has enjoyed a long, valuable,
enriching and dominating presence in Bangalore. Started in 1890, when Bangalore
was at a very nascent stage and being actively involved in the exponential boom
and development of this wonderful city; they can confidently state the journey
has been fruitful and a wonderful learning experience.
Initially they started trading in grains from
which we entered into a wide spectrum of other businesses – namely silk,
jewellery, automobiles, hotels and software. Having enjoyed a phenomenal
success in these areas they identified that the Real Estate Development market
had a large potential and we decided to conquer that as well. This marked the
beginning of the Real Estate Journey.
With a vision of turning dream homes into
reality, Subject was started in 1995. Subject is currently managed by 2
brothers, Mr. Raja Datta and Mr. Raja Suchindra who bring a combined
experience, knowledge and zeal to firmly stamp the company brand in Bangalore.
With this zeal they were the first in the Real Estate Development industry to
offer Italian Modular kitchens, Vitrified Tiles and Italian Marbles as standard
specifications for all their projects.
Business
Principle
National Interest:
The Company shall be committed in all its
actions to benefit the economic development of the country and work towards
making India a developed nation. It shall not undertake any project or activity
to the detriment of the national interest or those that will have any adverse
impact on the social and cultural life. The Company shall conduct its business
affairs in accordance with the economic development, foreign policies,
objectives and priorities of the nation and shall strive to make a positive
contribution to the achievement of such goals at the regional, national and
international levels
People:
They believe in line of the HR Philosophy to
uphold the values which are at the core of the business ethics, honesty,
integrity, team work, objectivity, self respect and human dignity. They believe
in fair and trustworthy relationships.
Elimination of Child Labour:
It is the Company’s policy not to support
child labour. The Company is aware of social reality of the existence of child
labour and recognizes that this evil cannot be eradicated by simply setting up
rules or inspections. Towards this end, the Company is committed to work in a
pro-active manner to eradicate child labour by actively contributing to the
improvement of children’s social situation.
Safety, Health and Environment:
The Company attaches great importance to a
healthy environment and to the safety of its employees. The Company shall be
committed to prevent the wasteful use of natural resources and minimize any
hazardous impact on environment.
Competition:
The Company shall compete only in an ethical
and legitimate manner. It prohibits all actions that are anti-competitive or
otherwise contrary to laws that govern competitive practices in the market
place.
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.48.68 |
|
UK Pound |
1 |
Rs.84.37 |
|
Euro |
1 |
Rs.65.70 |
SCORE & RATING
EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
5 |
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FINANCIAL CONDITION |
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|
--BUSINESS SCALE |
1~10 |
6 |
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--PROFITABILIRY |
1~10 |
4 |
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--LIQUIDITY |
1~10 |
5 |
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--LEVERAGE |
1~10 |
5 |
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--RESERVES |
1~10 |
5 |
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--CREDIT LINES |
1~10 |
5 |
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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 |
NO |
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--LISTED |
YES/NO |
NO |
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--OTHER MERIT FACTORS |
YES/NO |
YES |
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TOTAL |
|
45 |
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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