MIRA
INFORM REPORT
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Report Date : |
08.09.2011 |
IDENTIFICATION DETAILS
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Name : |
OBEROI MALL LIMITED (w.e.f. 21.06.2011) |
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Formerly Known
As : |
OBEROI MALL PRIVATE LIMITED HILLTOP CONSTRUCTIONS PRIVATE LIMITED |
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Registered
Office : |
Commerz, 3rd Floor, International Business Park, Oberoi
Garden City, Off. Western Express Highway, Goregaon (East), Mumbai – 400063,
Maharashtra |
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Country : |
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Financials (as
on) : |
31.03.2011 |
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Date of
Incorporation : |
25.05.2001 |
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Com. Reg. No.: |
11-132119 |
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Capital
Investment / Paid-up Capital : |
Rs.0.100
Million |
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CIN No.: [Company Identification
No.] |
U45202MH2001PLC132119 |
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TAN No.: [Tax Deduction & Collection
Account No.] |
MUMO03461D |
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PAN No.: [Permanent Account No.] |
AAACO6944Q |
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Legal Form : |
A Closely Held Public Limited Liability Company. |
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Line of Business
: |
Company is involved in the business of Real Estate. |
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No. of Employees
: |
Not Available |
RATING & COMMENTS
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MIRA’s Rating : |
Ba (52) |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Maximum Credit Limit : |
USD 3000000 |
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Status : |
Good |
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Payment Behaviour : |
Usually Correct |
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Litigation : |
Clear |
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Comments : |
Subject is a well established and reputed company having fine track.
The company is doing well. Directors are reported to be experienced,
respectable and resourceful businessmen. Trade relations are reported as
fair. Business is active. Payments are reported to be usually correct and as
per commitments. The company can be considered normal for business dealings at usual
trade terms and conditions. |
NOTES:
Any query related to this report can be made
on e-mail: infodept@mirainform.com
while quoting report number, name and date.
INFORMATION DECLINED BY
|
Name : |
Mr. Hitesh Naik |
|
Designation : |
Deputy General Manager in Accounts and Taxation |
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Contact No.: |
91-22-66773315 (Direct No.) 91-22-66773333 (Board Line No.) |
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Date : |
07.09.2011 |
LOCATIONS
|
Registered Office : |
Commerz, 3rd Floor, International Business Park, Oberoi Garden
City, Off. Western Express Highway, Goregaon (East), Mumbai – 400063,
Maharashtra, India |
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Tel. No.: |
91-22-40990824/ 66773333 |
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Fax No.: |
91-22-40990889/ 66773334 |
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E-Mail : |
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Website : |
DIRECTORS
(AS ON 23.06.2011)
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Name : |
Mr. Vikas Ranvir Oberoi |
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Designation : |
Chairman Cum Managing Director |
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Address : |
Plot No.70, 12th N S Road, J V P D Scheme, Juhu, Mumbai –
400049, Maharashtra, India |
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Date of Birth/Age : |
08.09.1969 |
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Date of Appointment : |
09.04.2003 |
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DIN No.: |
00011701 |
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Name : |
Mr. Bindu Ranvir Oberoi |
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Designation : |
Director |
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Address : |
Plot No.70, 12th N S Road, J V P D Scheme, Juhu, Mumbai –
400049, Maharashtra, India |
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Date of Birth/Age : |
20.08.1968 |
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Date of Appointment : |
29.09.2007 |
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DIN No.: |
00837711 |
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Name : |
Mr. Saumil Ashwin Daru |
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Designation : |
Director |
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Address : |
C-51, Grenville Park, LBS Marg, Ghatkopar (West), Mumbai – 400086,
Maharashtra, India |
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Date of Birth/Age : |
04.12.1970 |
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Date of Appointment : |
21.06.2011 |
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DIN No.: |
03533268 |
KEY EXECUTIVES
|
Name : |
Mr. Hitesh Naik |
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Designation : |
Deputy General Manager in Accounts and Taxation |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
(AS ON 23.06.2011)
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Names of Shareholders |
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No. of Shares |
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Vikas Ranvir Oberoi |
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5 |
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Oberoi Realty Limited, India |
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89990 |
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Bindu Oberoi and Oberoi realty Limited, India |
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1 |
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Saumil Daru and Oberoi Realty Limited, India |
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1 |
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Raman Sapru and Oberoi Realty Limited, India |
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1 |
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Rajendra Chandorkar and Oberaoi Realty Limited, India |
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1 |
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Arunkumar Kotian and Oberaoi Realty Limited, India |
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1 |
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Total |
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90000 |
(AS ON 04.08.2011)
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Category |
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Percentage |
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Bodies corporate |
|
99.99 |
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Directors or relatives of directors |
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0.01 |
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Total
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|
100.00 |
BUSINESS DETAILS
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Line of Business : |
Company is involved in the business of Real Estate. |
GENERAL INFORMATION
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No. of Employees : |
Not Available |
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Bankers : |
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Facilities : |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
P. Raj and Company Chartered Accountant |
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Address : |
3/1218, Navjivan Commercial Premises Co-Operative Society Limited,
Lamington Road, Mumbai – 400008, Maharashtra, India |
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Tel. No.: |
91-22-23054459/ 23012074/ 23002048 |
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Fax No.: |
91-22-23012074 |
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Email : |
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Website : |
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Holding Company : |
· Oberoi Realty Limited, India (Formerly known as Kingston Properties Private Limited) U45200MH1998PLC114818 |
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Fellow Subsidiary : |
· Oberoi Constructions Private Limited · Kingston Property Services Private Limited |
CAPITAL STRUCTURE
(AS ON 23.06.2011)
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
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450000 |
Equity Share |
Rs.10/- each |
Rs.4.500 Millions |
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Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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|
|
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|
90000 |
Equity Share |
Rs.10/- each |
Rs.0.900
Million |
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(AS ON 31.03.2010)
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
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|
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|
50000 |
Equity Share |
Rs.10/- each |
Rs.0.500 Millions |
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Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
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|
10000 |
Equity Share |
Rs.10/- each |
Rs.0.100
Million |
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|
(Above Equity shares are held by Oberoi
Realty Limited through itself and its nominees) |
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|
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
|
SHAREHOLDERS FUNDS |
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1] Share Capital |
0.100 |
0.100 |
0.100 |
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|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
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|
3] Reserves & Surplus |
729.047 |
329.027 |
0.000 |
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|
4] (Accumulated Losses) |
0.000 |
0.000 |
(0.223) |
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NETWORTH |
729.147 |
329.127 |
(0.123) |
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|
LOAN FUNDS |
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|
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1] Secured Loans |
0.000 |
0.000 |
0.000 |
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2] Unsecured Loans |
245.881 |
550.022 |
902.882 |
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TOTAL BORROWING |
245.881 |
550.022 |
902.882 |
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DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.165 |
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TOTAL |
975.028 |
879.149 |
902.924 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
1387.667 |
1376.090 |
8.219 |
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Capital work-in-progress |
6.183 |
0.862 |
1328.605 |
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INVESTMENT |
0.000 |
0.000 |
0.000 |
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DEFERREX TAX ASSETS |
14.597 |
19.706 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
0.000
|
0.000 |
0.000 |
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Sundry Debtors |
43.175
|
50.629 |
0.114 |
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Cash & Bank Balances |
22.203
|
0.493 |
8.369 |
|
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Other Current Assets |
0.000
|
0.000 |
0.000 |
|
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Loans & Advances |
11.159
|
14.003 |
3.469 |
|
Total
Current Assets |
76.537
|
65.125 |
11.952 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
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|
Sundry Creditor |
7.484
|
15.128 |
21.783 |
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Other Current Liabilities |
502.355
|
567.506 |
424.069 |
|
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Provisions |
0.117
|
0.000 |
0.000 |
|
Total
Current Liabilities |
509.956
|
582.634 |
445.852 |
|
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Net Current Assets |
(433.419)
|
(517.509) |
(433.900) |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
975.028 |
879.149 |
902.924 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
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SALES |
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Income |
608.121 |
526.253 |
0.195 |
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Less |
EXPENSES |
|
|
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|
Prior Period Adjustments |
0.000 |
0.373 |
(0.025) |
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PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION |
584.934 |
458.417 |
0.220 |
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Less/ Add |
DEPRECIATION/
AMORTISATION |
33.678 |
32.121 |
0.190 |
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PROFIT BEFORE TAX |
551.256 |
426.296 |
0.030 |
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Less |
TAX |
151.119 |
97.046 |
0.227 |
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PROFIT AFTER TAX
|
400.137 |
329.250 |
(0.197) |
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Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
-- |
(0.223) |
(0.026) |
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BALANCE CARRIED
TO THE B/S |
-- |
329.027 |
(0.223) |
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IMPORTS |
|
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|
Capital Goods |
-- |
0.805 |
7.731 |
|
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Others |
-- |
-- |
-- |
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TOTAL IMPORTS |
-- |
0.805 |
7.731 |
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Earnings Per
Share (Rs.) |
40,013.66 |
32,925.01 |
(19.63) |
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KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
37.65
|
29.58 |
0.15 |
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Return on Investment (ROI) (PBT/Networth) |
|
0.76
|
1.30 |
(0.24) |
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Debt Equity Ratio (Total Liability/Networth) |
|
1.04
|
3.44 |
(10965.32) |
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Current Ratio (Current Asset/Current Liability) |
|
0.15
|
0.11 |
0.03 |
LOCAL AGENCY FURTHER INFORMATION
SUNDRY CREDITORS
DETAILS:
|
Particulars |
31.03.2010 |
31.03.2009 |
31.03.2008 |
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|
(Rs. In Millions) |
||
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Sundry Creditors
|
|
|
|
|
For Capital
Goods |
|
|
|
|
- Outstanding Due to Micro and
Small Enterprises |
-- |
4.596 |
-- |
|
- Outstanding Due to Other than Micro and Small Enterprises |
-- |
10.478 |
21.783 |
|
For Others |
|
|
|
|
- Outstanding Due to Micro and
Small Enterprises |
0.046 |
-- |
-- |
|
- Outstanding Due to Other than Micro and Small Enterprises |
7.438 |
0.054 |
-- |
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|
|
|
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Total |
7.484 |
15.128 |
21.783 |
NOTE:
The Registered office of the company has been shifted from International
Business Park, Oberoi Garden City, Off Western Express Highway, Goregaon
(East), Mumbai – 400063, Maharashtra, India, to the present address w.e.f.
21.09.2009.
OPERATION:
The company has recorded an income of Rs.608.121 Millions as compared to
Rs.526.253 Millions in the previous year. The Profit before tax has increased
to Rs.551.256 Millions for the year ended 31st March, 2010 as compared to
Rs.426.669 Millions for the previous year. After deducting provision for
taxation, the company earned a Net Profit of Rs.400.137 Millions for the year
as compared to Net profit after tax of Rs.329.250 Millions in the previous
year.
Barring unforeseen circumstances, the Directors are optimistic about
better performance during the current year.
CHANGE IN THE
STATUS OF THE HOLDING COMPANY
During the year under review, Company’s holding Company ‘Oberoi Realty
Limited’ (formerly Kingston Properties Private Limited) had converted into a public
limited Company.
CONTINGENT LIABILITIES NOT PROVIDED FOR
|
Particulars |
31.03.2010 |
31.03.2009 |
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Bank Guarantee (Gross) |
4.800 |
Nil |
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A suit has been filed against the company in connection with alleged infringement
of trademarks, seeking damages of Rs.2 millions. In view of the management,
the claim is not maintainable hence no provision is made for the same in the
books of account. On November 27, 2009 an agreement has been entered into
between the plaintiff and the company whereby the plaintiff has agreed to
withdraw aforesaid suit. In respect of property situated at Mumbai held by the company, company
and its holding company are made a party to the suit filed against the
company, seeking possession of a portion of land admeasuring 108 square
meters. The matter is pending before Hon’ble Bombay High Court. In respect of premises in the
mall situated at Mumbai, arbitration proceedings have been initiated by the
company, before sole arbitrator against a lessee for recovery of an amount of
Rs.16.330 Million along with interests. The company has also initiated an
arbitration proceeding against a lessee who has filed counter claim and has
sough an order directing the company to pay an amount of Rs.2.550 Millions
being the security deposit which was forfeited with interests at the rate of
24% per Annuam The company believes that claim of the lessee is not
sustainable and therefore no provision in respect of interests has been made.
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Capital Contracts (Net of Advances) |
5.497 |
11.677 |
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FIXED ASSETS
· Freehold Land
· Premises
· Building
· Plant and Machinery
· Electrical Installations
· Furniture and Fixtures
· Office Equipments
· Computers
· Vehicles
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.46.13 |
|
|
1 |
Rs.74.18 |
|
Euro |
1 |
Rs.64.88 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILIRY |
1~10 |
6 |
|
--LIQUIDITY |
1~10 |
6 |
|
--LEVERAGE |
1~10 |
6 |
|
--RESERVES |
1~10 |
6 |
|
--CREDIT LINES |
1~10 |
6 |
|
--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 |
|
52 |
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.