MIRA
INFORM REPORT
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Report Date : |
25.10.2008 |
IDENTIFICATION DETAILS
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Name : |
OCEANUS DWELLINGS PRIVATE LIMITED |
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Registered Office : |
No. 297, 1st Floor, 1st Cross, 7th
Main, BTM 2nd Stage, |
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Country : |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
24.02.2003 |
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Com. Reg. No.: |
08-31632 |
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CIN No.: [Company
Identification No.] |
U07010KA2003PTC031632 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
BLRO00958G |
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PAN No.: [Permanent
Account No.] |
AAACO6011G |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Contractor and Developers of only Residential Projects and
Appartments. |
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 980000 |
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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 well-established and reputed company having satisfactory
track. Trade relations are fair. Business is active. Payments are reported as
slow at present due to the current recession in the industry at present. The company can be considered normal for business dealings. |
LOCATIONS
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Registered Office : |
No. 297, 1st Floor, 1st Cross, 7th
Main, BTM 2nd Stage, |
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Tel. No.: |
91-80-26688766 |
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Mobile No.: |
91-98454 45440 |
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Fax No.: |
91-80-26688878 |
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E-Mail : |
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Website : |
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Branch Office : |
Located at ·
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Thiruvananthapuram ·
·
Trissur ·
Kannur ·
Palakkad ·
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DIRECTORS
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Name : |
Mr. P K Chacko |
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Designation : |
Managing Director |
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Address : |
297, 1st Floor, 1st Cross, 7th Main,
BTM Layout, II Stage, |
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Date of Birth/Age : |
15.03.1971 |
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Date of Appointment : |
24.02.2003 |
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Name : |
Mrs. Daisy Chacko |
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Designation : |
Director |
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Address : |
297, 1st Floor, 1st Cross, 7th Main,
BTM Layout, II Stage, |
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Date of Birth/Age : |
17.05.1973 |
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Date of Appointment : |
24.02.2003 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
(As on 29.09.2007)
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Names of Shareholders |
No. of Shares |
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P K Chacko |
191400 |
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Daisy Chacko |
43500 |
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Samyak C Veera |
100 |
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Samyak C Veera |
34000 |
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Total |
269000 |
List of Allotment (As on 31.03.2004)
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Names of Allottees |
No. of Shares |
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P K Chacko |
10000 |
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Total |
10000 |
List of Allotment (As on 30.01.2007)
Preference Shares
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Names of Allottees |
No. of Shares |
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Samyak C Veera |
34000 |
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Total |
34000 |
List of Allotment (As on 30.01.2007)
Equity Shares
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Names of Allottees |
No. of Shares |
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Samyak C Veera |
100 |
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Total |
100 |
List of Allotment (As on 30.05.2008)
Preference Shares
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Names of Allottees |
No. of Shares |
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Samyak C Veera |
12456 |
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Total |
12456 |
Equity shares Breakup (percentage of total equity)
(As on 30.09.2007)
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Category |
Percentage |
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Foreign holdings (Foreign institutional investor(s), Foreign
companie(s) Foreign financial institution(s), Non-resident Indian(s) or Overseas
corporate bodies or Others |
0.05 |
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Directors or Relative of director |
99.95 |
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Total |
100.00 |
BUSINESS DETAILS
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Line of Business : |
Contractor and Developers of only Residential Projects and
Appartments. |
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Products : |
Construction of Apartments and Property Developments |
GENERAL INFORMATION
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Suppliers : |
·
Integrated Services ·
Potential Services Consultants Private Limited ·
Savitha Rao ·
Akshy Electricals ·
H R Johnson ( ·
Ramakrishna (Sollings) ·
Regency Ceramic Limited ·
Seamak Hitech Products |
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Bankers : |
·
ICICI Bank ·
American Express Bank Limited ·
Indian Bank ·
Allahabad Bank ·
Union Bank of |
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Facilities : |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
Mohamed Saleem and Company Chartered Accountants |
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Address : |
Third Floor, Vinod Complex, No. 25/1, |
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Tel. No.: |
91-80-22278073 |
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Fax No.: |
91-80-22237081 |
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Associates/Subsidiaries : |
·
Oceanus Infrastructure
Private Limited CIN No.: U45203KA2006PTC040210 Total Income : Rs.0.346 million Authorised Capital : Rs.1000.000 millions Issued,
Subscribed & Paid-up Capital : Rs.192.827 millions ·
Ornella Decorators |
CAPITAL STRUCTURE
(As on 30.09.2007)
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
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9000000 |
Equity Shares |
Rs.100/- each |
Rs.900.000 millions |
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1000000 |
Equity Shares |
Rs.100/- each |
Rs.100.000 millions |
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Total |
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Rs.1000.000 millions
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Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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Equity Shares |
Rs.100/- each |
Rs.23.500 millions |
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34000 |
Equity Shares |
Rs.100/- each |
Rs.3.400 millions |
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Total |
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Rs.26.900 millions |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
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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 |
26.900 |
8.100 |
8.100 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
169.330 |
16.052 |
3.556 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
196.230 |
24.152 |
11.656 |
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LOAN FUNDS |
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1] Secured Loans |
12.919 |
30.986 |
45.605 |
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2] Unsecured Loans |
12.920 |
15.920 |
9.830 |
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TOTAL BORROWING |
25.839 |
46.906 |
55.435 |
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DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
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TOTAL |
222.069 |
71.058 |
67.091 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
32.232 |
18.004 |
18.746 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENT |
70.075 |
0.000 |
0.000 |
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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 |
203.658
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111.729 |
40.909 |
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Sundry Debtors |
0.000
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0.000 |
1.145 |
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Cash & Bank Balances |
23.415
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13.093 |
0.321 |
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Other Current Assets |
0.000
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0.000 |
0.000 |
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Loans & Advances |
498.542
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74.331 |
30.700 |
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Total
Current Assets |
725.615
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199.153 |
73.075 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
594.399
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139.508 |
23.433 |
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Provisions |
11.486
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6.628 |
1.339 |
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Total
Current Liabilities |
605.885
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146.136 |
24.772 |
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Net Current Assets |
119.730
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53.017 |
48.303 |
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MISCELLANEOUS EXPENSES |
0.032 |
0.037 |
0.042 |
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TOTAL |
222.069 |
71.058 |
67.091 |
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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 |
476.372 |
244.166 |
63.687 |
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Other Income |
0.000 |
3.117 |
13.734 |
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Total Income |
476.372 |
247.283 |
77.421 |
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Profit/(Loss) Before Tax |
33.128 |
19.124 |
2.840 |
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Provision for Taxation |
11.486 |
6.628 |
1.340 |
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Profit/(Loss) After Tax |
21.642 |
12.496 |
1.500 |
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Expenditures : |
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Construction Expenses |
0.000 |
186.941 |
45.059 |
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Administrative Expenses |
0.000 |
26.707 |
21.900 |
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Finance Charges |
0.000 |
11.199 |
5.947 |
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Depreciation & Amortization |
4.323 |
3.312 |
1.675 |
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Other Expenditure |
438.921 |
0.000 |
0.000 |
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Total Expenditure |
443.244 |
228.159 |
74.581 |
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KEY RATIOS
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PARTICULARS |
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31.03.2007 |
31.03.2006 |
31.03.2005 |
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PAT / Total Income |
(%) |
4.54
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5.05 |
1.94 |
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Net Profit Margin (PBT/Sales) |
(%) |
6.95
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7.83 |
4.46 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
4.37
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8.81 |
3.09 |
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Return on Investment (ROI) (PBT/Networth) |
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0.17
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0.79 |
0.24 |
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Debt Equity Ratio (Total Liability/Networth) |
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3.22
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7.99 |
6.88 |
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Current Ratio (Current Asset/Current Liability) |
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1.20
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1.36 |
2.95 |
LOCAL AGENCY FURTHER INFORMATION
FINANCIAL RESULTS
During the period the company has achieved the profit of Rs.21.642 millions
after providing depreciation of Rs.4.324 millions and provisions for Income Tax
and FBT of Rs.11.486 millions. The Directors of the company were able to
reasonably establish the business of the company during the previous year and
with the existing encouraging trends in the real estate and property
development field, they hope to do much better in the years to come.
REVIEW OF
OPERATIONS
The directors are glad to inform that the company’s performance has been
up to their expectations during the last year. The growth in performance is
largely attributed to the existing buoyancy in the property development field
and the proactive measures employed by the management.
FIXED ASSETS
·
Plant and Machinery
·
Computers
·
Furniture and Fixtures
·
Vehicles
WEB DETAILS
OCEANUS GROUP
A construction Group pulsating with verve and vigour. Versatile- where
no assignment is too big to handle, no project too complex; be it Residential,
Commercial, Infrastructure, Retail, Entertainment or IT space development. An ISO
9001:2000 and ISO 14001:2004 Certified company, ranked among the best in the
field. Consistent in performance. Delivering on promise, every single time.
Professionalism reflected in every venture. The name behind hundreds of glowing
smiles. Oceanus. Now represented by a celebrity who shares its spunk and
spirit. The Super-star beyond compare. The one and only Mohanlal !!
ABOUT OCEANUS
OCEANUS A Group where
thought is deliberately integrated into every facet of business. Where every
square foot of space exudes maximum utility wher the stereotypes are discarded.
Where traditional values seamlessly merge with youthful enthusiasm. Where
managerial and administrative prowess go hand in hand with creative skills and
sound technical know how, to deliver to every customer, spaces designed on pure
Intelligence !!
OCEANUS Renowned for its
choice of locations when planning a project, and the future it promises for the
investors. Because, with every home that Oceanus builds, comes that guarantee
of not just the best of comforts and conveniences, but of immense
value-appreciation. Because Oceanus firmly believes, that a home of one's own
is among the most Precious things in life !!
OCEANUS Steadfast in adherence
to statutory requirements. Revered principles of the ancient wisdom of
"Vaastu" follwed in letter and spirit. Equally conscious is the
Group, to its responsibility towards our environment, needless to mention the
numerous water, waste-management, greening and other eco-friendly initiatives.
Because, beyond just offering living spaces, is our bigger aim-that of making
life much sweeter !!
OCEANUS A group with a
keen eye for detail. Where every aspect of a project, from foundation to
finishes, is diligently monitored by trained professionals. Tiles, paints and
fittings are handpicked after meticulous scrutiny for performance and
durability. Architecture, landscaping and other services are rendered by the
best in their respective fields. Because, Oceanus believes in offering living
spaces of finest quality. Such is its eye for aesthetics !!
CURRENT PROJECTS - BANGALORE
OCEANUS Greendale
yet another land mark, Oceanus Greendale, an
on-going project by Oceanus, located off Banaswadi outer ring road, is an
architectural grandeur, aesthetically designed by a professional architects for
environment friendly luxury apartments.
OCEANUS Monarda
An on-going luxury Apartments project, located off Sarjapur Ring Road -
in the IT corridor of Hi-Tech city, Bangalore, has meticulously designed
spacious Apartments with all the modern amenities and good greenery which makes
it a comfortable cosy home
OCEANUS Splendour
"The idyllic blend of Comfort and Class...."
Oceanus Splendour, Soon to be very own residential address, right in the
heart of Bangalore. Here, can choose 2/3 BHK luxury apartments set amidst lush
greenery. Add to this premium comforst and amenities, and have always dreamed
of. A lifestyle that harmonises with the family's cherised aspirations.
OCEANUS Greendale II Phase
"Soon, your lifestyle will turn others green. With envy, of
course!!"
Yet another land mark, near to Oceanus Greendale Phase I, an on-going
project by Oceanus. Here, can choose 2/3 BHK luxury apartments set amidst lush
greenery. Add to this premium comforst and amenities, and have always dreamed
of.
OCEANUS Iris
"The idyllic
blend of Comfort and Class...."
Oceanus Iris, Soon to be very own
residential address, right in the heart of Bangalore. Here, can choose 2/3 BHK
luxury apartments set amidst lush greenery. Add to this premium comforst and
amenities, and have always dreamed of.
CURRENT PROJECTS – MYSORE
OCEANUS Royale
Soon to be very own residential address, right in the heart of Mysore Town.
Here, can choose 2BHK, 2BHK + Study and 3 BHK luxury apartments set amidst lush
greenery. Add to this premium comforst and amenities, and have always dreamed
of. A lifestyle that harmonises with the family's cherised aspirations.
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.49.95 |
|
UK Pound |
1 |
Rs.79.56 |
|
Euro |
1 |
Rs.63.65 |
SCORE & RATING EXPLANATIONS
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SCORE FACTORS |
RANGE |
POINTS |
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HISTORY |
1~10 |
3 |
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PAID-UP CAPITAL |
1~10 |
5 |
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OPERATING SCALE |
1~10 |
6 |
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FINANCIAL CONDITION |
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--BUSINESS SCALE |
1~10 |
7 |
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--PROFITABILIRY |
1~10 |
5 |
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--LIQUIDITY |
1~10 |
6 |
|
--LEVERAGE |
1~10 |
6 |
|
--RESERVES |
1~10 |
6 |
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--CREDIT LINES |
1~10 |
6 |
|
--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 |
|
TOTAL |
|
50 |
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 |
|