MIRA
INFORM REPORT
|
Report Date : |
05.03.2011 |
Note:
The Registered office of the company has been
shifted from 126, Arts College Road, Coimbatore-641018,
IDENTIFICATION DETAILS
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Name : |
RAKINDO DEVELOPERS PRIVATE LIMITED |
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Registered Office : |
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Country : |
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Financials (as on) : |
31.03.2010 |
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Date of Incorporation : |
08.10.2007 |
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Com. Reg. No.: |
18-70817 |
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CIN No.: [Company
Identification No.] |
U70101TN2007PTC070817 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
CMBR04881C |
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Legal Form : |
Private Limited Liability Company. |
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Line of Business : |
Subject is engaged in the business of promoting and developing residential ands commercial real estate. |
RATING & COMMENTS
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MIRA’s Rating : |
B (26) |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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Maximum Credit Limit : |
USD 13000000 |
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Status : |
Moderate |
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Payment Behaviour : |
Slow |
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Litigation : |
Clear |
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Comments : |
Subject is a Joint Venture between Rakeen, a Joint Stock company
promoted by the Government of Ras- Al- Khaimah, UAE and Trimex Group, It is a company having moderate track. There appears some accumulated
losers recorded by the company. However, trade relations are reported as
fair. Business is active. Payments are
reported to be slow. The company can be considered for business dealings with some caution. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – April 1, 2010
|
Country Name |
Previous Rating (31.12.2009) |
Current Rating (01.04.2010) |
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A1 |
A1 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
LOCATIONS
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Registered Office : |
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Tel. No.: |
91-44-24991177/ 24994554/ 24995665 |
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Fax No.: |
91-44-24994224 |
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E-Mail : |
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Website : |
DIRECTORS
As on 06.07.2010
|
Name : |
Dr. Khater Abdulla Massaad |
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Designation : |
Chairman cum Managing Director |
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Address : |
Villa No.2, Street No.31B, Community 154, Khuzam, Ras Al Khaimah. |
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Date of Birth/Age : |
17.06.1953 |
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Date of Appointment : |
03.12.2007 |
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DIN No.: |
01497970 |
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Name : |
Mr. Rajendra Prasad Madhusudana Rao Koneru |
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Designation : |
Managing Director |
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Address : |
10, Crescent Avenue, K.P. Puram, Chennai – 600 028, |
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Date of Birth/Age : |
12.07.1950 |
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Date of Appointment : |
19.02.2008 |
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DIN No.: |
00038068 |
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Name : |
Mr. Wahid Metwally Youssef
Attalla |
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Designation : |
Director |
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Address : |
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Date of Birth/Age : |
05.08.1952 |
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Date of Appointment : |
07.04.2009 |
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DIN No.: |
02046215 |
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Name : |
Mr. Kishore Kumar Rama Rao
Kothapalli |
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Designation : |
Director |
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Address : |
3 Whisper Valley, Hussian Shawalidarga, Toli Chowki, |
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Date of Birth/Age : |
25.02.1961 |
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Date of Appointment : |
08.10.2007 |
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DIN No.: |
01559520 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 06.07.2010
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Names of Shareholders |
|
No. of Shares |
|
Vimaladevi Rajendra Prasad
Koneru 10 Crescent Avenue, K P Puram, Chennai-600028, |
|
5000 |
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Pradeep Rajendra Prasad Koneru 10 Crescent Avenue, R.A. Puram, Chennai-600028, |
|
5000 |
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Rakeen Private Limited International Finance Services Limited, |
|
331551093 |
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Total |
|
331561093 |
Equity Share Breakup (Percentage of Total
Equity)
As on 06.07.2010
|
Category |
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Percentage of Holding |
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Foreign holdings [Foreign institutional investors, Foreign Companies, Foreign Financial Institutions, Non-resident Indian or Overseas corporate bodies or others] |
|
100.00 |
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Total |
|
100.00 |
BUSINESS DETAILS
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Line of Business : |
Subject is engaged in the business of promoting and developing residential ands commercial real estate. |
GENERAL INFORMATION
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Bankers : |
Not Available |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
BSR and Company Chartered Accountants |
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Address : |
10, |
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Tel. No.: |
91-44-39145000 |
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Fax No.: |
91-44-39145999 |
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Holding Company : |
Rakeen Private Limited – |
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Ultimate Holding Company : |
Rakeen Development PJSC, United Arab
Emirates |
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Fellow Subsidiaries : |
Rakindo Kovai Township Limited |
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Subsidiaries : |
Rakindo
Kumarakom Resorts Private Limited CIN No.: U55109TN2008PTC066618 Rakindo Kochi
Township Private Limited CIN No.: U45200TN2008PTC066986 Rakindo Hosur
Township Private Limited CIN No.: U45400TN2008PTC068423 Rakindo Builders
Private Limited CIN No.: U45201TZ2007PTC013843 |
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Enterprises in which shareholders have significant influence : |
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CAPITAL STRUCTURE
As on 31.03.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
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400000000 |
Equity Shares |
Rs.10/- each |
Rs.4000.000 millions |
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Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
331561093 |
Equity Shares |
Rs.10/- each |
Rs. 3315.611
Millions |
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Notes:
Of the above, 331551093 shares are held by the
holding company Rakeen Private Limited –
The ultimate holding company is Rakeen
Development PJSC,
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
|
31.03.2010 |
08.10.2007 to
31.12.2008 |
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|
SHAREHOLDERS FUNDS |
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1] Share Capital |
|
3315.611 |
3563.111 |
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2] Share Application Money |
|
0.000 |
0.000 |
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3] Reserves & Surplus |
|
0.000 |
0.000 |
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4] (Accumulated Losses) |
|
(52.708) |
(25.670) |
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NETWORTH |
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3262.903 |
3537.441 |
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LOAN FUNDS |
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1] Secured Loans |
|
0.000 |
0.000 |
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2] Unsecured Loans |
|
0.000 |
0.000 |
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TOTAL BORROWING |
|
0.000 |
0.000 |
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DEFERRED TAX LIABILITIES |
|
0.000 |
0.000 |
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TOTAL |
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3262.903 |
3537.441 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
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3.173 |
3.517 |
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Capital work-in-progress |
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0.000 |
0.000 |
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INVESTMENT |
|
30.763 |
240.947 |
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DEFERREX TAX ASSETS |
|
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 |
|
0.000 |
0.000 |
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Cash & Bank Balances |
|
11.315 |
0.894 |
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Other Current Assets |
|
0.000 |
0.000 |
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Loans & Advances |
|
3223.877 |
3297.415 |
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Total
Current Assets |
|
3235.192 |
3298.309 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Sundry Creditors |
|
5.284 |
4.194 |
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Other Current Liabilities |
|
0.941 |
1.138 |
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Provisions |
|
0.000 |
0.000 |
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Total
Current Liabilities |
|
6.225 |
5.332 |
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Net Current Assets |
|
3228.967 |
3292.977 |
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MISCELLANEOUS EXPENSES |
|
0.000 |
0.000 |
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TOTAL |
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3262.903 |
3537.441 |
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PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
|
31.03.2010 |
08.10.2007 to
31.12.2008 |
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SALES |
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Dividend Income |
|
5.573 |
24.301 |
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Interest Income |
|
0.369 |
0.000 |
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TOTAL (A) |
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5.942 |
24.301 |
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Less |
EXPENSES |
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Administrative Expenses |
|
32.055 |
49.289 |
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TOTAL (B) |
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32.055 |
49.289 |
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Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
|
[26.113] |
[24.988] |
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Less |
FINANCIAL
EXPENSES (D) |
|
0.330 |
0.053 |
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PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
|
[26.443] |
[25.041] |
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Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
|
0.595 |
0.374 |
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PROFIT BEFORE
TAX (E-F) (G) |
|
[27.038] |
[25.415] |
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Less |
TAX (H) |
|
0.000 |
[0.255] |
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PROFIT AFTER TAX
(G-H) (I) |
|
[27.038] |
[25.160] |
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Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
|
[25.670] |
0.000 |
|
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BALANCE CARRIED
TO THE B/S |
|
[52.708] |
[25.670] |
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|
|
|
|
|
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Earnings Per
Share (Rs.) |
|
[0.08] |
[0.21] |
|
KEY RATIOS
|
PARTICULARS |
|
|
31.03.2010 |
08.10.2007 to
31.12.2008 |
|
PAT / Total Income |
(%) |
|
(455.03) |
(105.63) |
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Net Profit Margin (PBT/Sales) |
(%) |
|
(485.16) |
(104.58) |
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Return on Total Assets (PBT/Total Assets} |
(%) |
|
(0.83) |
(0.77) |
|
|
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Return on Investment (ROI) (PBT/Networth) |
|
|
(0.008) |
(0.01) |
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Debt Equity Ratio (Total Liability/Networth) |
|
|
0..001 |
0.00 |
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|
Current Ratio (Current Asset/Current Liability) |
|
|
519.71 |
606.99 |
LOCAL AGENCY FURTHER INFORMATION
BACKGOUND:
Subject was incorporate as a private limited company on 08 October 2007 under the provisions of the Indian Companies Act 1956. it is engaged in the business of promoting and developing residential ands commercial real estate.
Business Prospects
and Future Outlook:
The company through its subsidiaries has already acquired land at
Kumarakom and Koochi in the State of
During the period, the company has advanced moneys to its associates
companies for development of projects of Pallikaranai, Kotturpuram and
FIXED ASSETS:
- Furniture and
Fixtures
- Computer
Equipments
- Office
Equipments
WEBSITE DETAILS:
Corporate Profile:
Nice virtual ‘hello’ and a handshake after, where exactly do they begin?
Probably where most meaningful introductions start - the name.
Given that you are looking them up, you must be the Seeker of The
Superior.
They are With only so much pride that the credentials will allow, they
call themselves the lifestylists of life spaces. More on that later.
Rakindo is a coming together of Rakeen, UAE, and The Trimex Group of
Kovai Hills, a spectacular residential life space at the Nilgiris
foothills, is the perfect example. Here, world villas and seriously stunning
indulgences dot the pristine lawns of an 18 hole championship golf course
cuddled by hill ranges that resemble the ramparts of a medieval fort. The
property is a total of 850 acres where nature and her cohorts swamp
infrastructure, not the other way around. Shades of Shangri La, but with Kovai
Hills for a title.
For a vignette of the other properties - Kumarakom Wetlands and Chennai
Marina, hurry the cursor to the ‘Projects’ link. There’s enough extravagance to
convince you that, as
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts,
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.44.96 |
|
|
1 |
Rs.73.37 |
|
Euro |
1 |
Rs.62.33 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
4 |
|
PAID-UP CAPITAL |
1~10 |
4 |
|
OPERATING SCALE |
1~10 |
3 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
3 |
|
--PROFITABILIRY |
1~10 |
2 |
|
--LIQUIDITY |
1~10 |
4 |
|
--LEVERAGE |
1~10 |
4 |
|
--RESERVES |
1~10 |
-- |
|
--CREDIT LINES |
1~10 |
2 |
|
--MARGINS |
-5~5 |
- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
NO |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
NO |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
26 |
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 |
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 |
|
- |
NB |
New Business |
- |
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.