|
Report Date : |
06.04.2012 |
IDENTIFICATION DETAILS
|
Name : |
K RAHEJA CORP PRIVATE LIMITED (w.e.f.
01.03.2001) |
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|
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|
Formerly Known
As : |
PARAMOUNT HOTELS PRIVATE LIMITED |
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Registered
Office : |
Plot No.C-30, Block G, Opposite. Sidbi Bandra Kurla Complex, Bandra (East), Mumbai 400051, |
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Country : |
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Financials (as
on) : |
31.03.2011 |
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Date of
Incorporation : |
08.11.1979 |
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Com. Reg. No.: |
11-021866 |
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Capital
Investment / Paid-up Capital : |
Rs.604.800 Millions |
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|
|
|
CIN No.: [Company Identification
No.] |
U55100MH1979PTC021866 |
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|
TAN No.: [Tax Deduction &
Collection Account No.] |
MUMK11916C |
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PAN No.: [Permanent Account No.] |
AAACP0522B |
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|
Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Real Estate Developers |
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|
No. of Employees
: |
Information declined by the
management. |
RATING & COMMENTS
|
MIRAs Rating : |
Ba (49) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 12010000 |
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|
Status : |
Good |
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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 fine track. General financial position
is good. Trade relations are reported as fair. Business is active. Payments
are reported to be correct and as per commitments. The company can be considered good for normal 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 PARTED BY (General Details)
|
Name : |
Ms. Amisha |
|
Designation : |
Taxation Executive |
|
Contact No.: |
91-22-26564000 |
|
Date : |
05.04.2012 |
LOCATIONS
DIRECTORS
As on 30.09.2011
|
Name : |
Mr. Chandru Lachmandas Raheja |
|
Designation : |
Director |
|
Address : |
Raheja House, 53 A, Pali
Hill, Bandra, Mumbai 400050, |
|
Date of Birth/Age : |
12.10.1940 |
|
Date of Appointment : |
10.08.1983 |
|
DIN No.: |
00027979 |
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|
|
|
Name : |
Mr. |
|
Designation : |
Director |
|
Address : |
Raheja House, 53 A, Pali
Hill, Bandra, Mumbai 400050, |
|
Date of Birth/Age : |
23.09.1971 |
|
Date of Appointment : |
12.12.1996 |
|
DIN No.: |
00028044 |
|
|
|
|
Name : |
Mr. Neel Chandru Raheja |
|
Designation : |
Director |
|
Address : |
Raheja House, 53 A, Pali
Hill, Bandra, Mumbai 400050, |
|
Date of Birth/Age : |
27.06.1974 |
|
Date of Appointment : |
16.05.1994 |
|
DIN No.: |
00029010 |
|
|
|
|
Name : |
Mr. Ramesh Mohanlal
Valecha |
|
Designation : |
Director |
|
Address : |
Raheja House, 53A Pali Hill, Bandra, Mumbai -
400050, |
|
Date of Birth/Age : |
25.12.1955 |
|
Date of Appointment : |
07.07.2011 |
|
DIN No.: |
00389678 |
KEY EXECUTIVES
|
Name : |
Ms. Amisha |
|
Designation : |
Taxation Executive |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 30.09.2011
|
Names of Shareholders |
|
No. of Shares |
|
Palm Shelter Estate Development Private
Limited, |
|
590400 |
|
Raheja Chandru Jyoti
Jointly with Raheja Lachmandas
Chandru |
|
590400 |
|
Raheja Lachmandas Chandru
Jointly with Raheja Chandru
Jyoti |
|
590400 |
|
Casa Maria Properties Private Limited, |
|
590400 |
|
Raghukool Estate Development Private Limited, |
|
590400 |
|
Capstan Trading Private Limited, |
|
590400 |
|
Anbee Constructions Private Limited, |
|
590400 |
|
Cape Trading Private Limited, |
|
590400 |
|
Mr. Chandru
L. Raheja, Karta of Chandru Lachmandas Raheja HUF Jointly with Mrs. Jyoti
C. Raheja |
|
230400 |
|
Raheja Chandru |
|
547200 |
|
Raheja Chandru Neel
Jointly with Raheja Lachmandas
Chandru Jointly with Raheja
Chandru Jyoti |
|
547199 |
|
Raheja Chandru Neel
Jointly with Valecha Mohanlal
Ramesh |
|
1 |
|
TOTAL |
|
6048000 |
Equity Share Break up (Percentage of Total Equity)
As on 31.03.2011
|
Category |
Percentage |
|
Bodies corporate |
58.58 |
|
Directors or relatives of Directors |
37.62 |
|
Other top fifty shareholders |
3.80 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Real Estate Developer |
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|
|
GENERAL INFORMATION
|
No. of Employees : |
Information declined by the
management. |
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Bankers : |
·
Yes Bank Limited, 9th Floor, Nehru
Centre, Discovery of India,, Dr. Annie Besant Road,
Worli,, Mumbai - 400018, Maharashtra,
India ·
Kotak Mahindra Bank
Limited, 36-38a, Nariman Bhavan,
227,D, Nariman Point, Mumbai - 400021, Maharashtra, India ·
IDBI Trusteeship Services Limited, Asian
Building, Ground Floor, 17, R, Kamani Marg, Ballard Estate,, Mumbai - 400001, Maharashtra, India ·
Indian Overseas Bank, Radhasaomi
Apartments, |
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Facilities : |
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Banking
Relations : |
-- |
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|
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Auditors : |
|
|
Name : |
G. M. Kapadia and Company Charted
Accountants |
|
Address : |
Tamarind House,
36 B, Tamarind Lane, Mumbai 400001, |
|
Tel. No.: |
91-22-22653996/
22655362 |
|
Fax No.: |
91-22-22655472 |
|
PAN.: |
AAAFG4713G |
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|
|
|
Subsidiaries : |
CIN No.:
U45200MH2004PTC146464 CIN No.:
U65990MH1986PTC041752
CIN No.:
U45400MH2007PTC175189
CIN No.: U45400MH2007PTC175187
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Related Parties: |
|
CAPITAL STRUCTURE
As on 31.03.2011
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
7100000 |
Equity Shares |
Rs.100/- each |
Rs.710.000
Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
6048000 |
Equity Shares |
Rs.100/- each |
Rs.604.800
Millions |
|
|
|
|
|
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
604.800 |
604.800 |
604.800 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
2396.838 |
2347.558 |
2093.678 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
3001.638 |
2952.358 |
2698.478 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
12423.345 |
12491.984 |
11844.498 |
|
|
2] Unsecured Loans |
2601.249 |
653.614 |
2431.814 |
|
|
TOTAL BORROWING |
15024.594 |
13145.598 |
14276.312 |
|
|
DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
5.311 |
|
|
|
|
|
|
|
|
TOTAL |
18026.232 |
16097.956 |
16980.101 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
1034.832 |
1079.742 |
786.448 |
|
|
FIXED ASSETS [Net Block] |
8.872 |
5.806 |
14.714 |
|
|
Capital work-in-progress |
|
|
|
|
|
|
3389.318 |
2098.517 |
2111.652 |
|
|
INVESTMENT |
6.428 |
1.765 |
19.724 |
|
|
DEFERREX TAX ASSETS |
|
|
|
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
8207.016
|
7523.662 |
6882.208 |
|
|
Sundry Debtors |
105.489
|
101.789 |
453.011 |
|
|
Cash & Bank Balances |
607.961
|
548.213 |
365.857 |
|
|
Other Current Assets |
0.000
|
0.000 |
0.000 |
|
|
Loans & Advances |
9394.831
|
8543.951 |
9302.952 |
|
Total
Current Assets |
18315.297
|
16717.615 |
17004.028 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
579.654
|
591.386 |
661.759 |
|
|
Other Current Liabilities |
4114.485
|
3205.912 |
2274.120 |
|
|
Provisions |
34.376
|
8.191 |
20.587
|
|
Total
Current Liabilities |
4728.515
|
3805.489 |
2956.466 |
|
|
Net Current Assets |
13586.782
|
12912.126 |
14047.563 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
18026.232 |
16097.956 |
16980.101 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
|
|
|
|
|
|
|
TURNOVER |
NA |
3975.535 |
NA |
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX |
79.414 |
282.447 |
343.967 |
|
|
|
|
|
|
|
Less |
TAX |
20.379 |
33.968 |
(3.153) |
|
|
|
|
|
|
|
|
PROFIT AFTER TAX |
59.035 |
248.479 |
347.120 |
|
|
|
|
|
|
|
|
Prior Year
Adjustment |
(9.756) |
5.400 |
(0.209) |
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS BALANCE BROUGHT FORWARD |
1658.904 |
1658.904 |
1658.904 |
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
49.279 |
253.879 |
346.911 |
|
|
|
|
|
|
|
|
BALANCE CARRIED
TO THE B/S |
1658.904 |
1658.904
|
1658.904 |
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
9.088 |
9.994 |
111.355 |
|
|
|
|
|
|
|
|
CIF VALUE OF
IMPORTS |
23.065 |
0.308 |
102.630 |
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
8.15 |
41.98 |
57.36 |
KEY RATIOS
|
PARTICULARS |
|
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
Return on Total Assets (PBT/Total Assets} |
(%) |
0.41
|
1.59
|
1.93
|
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.03
|
0.09
|
0.13
|
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
0.58
|
5.74
|
6.38
|
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
3.87
|
4.39
|
5.75
|
LOCAL AGENCY FURTHER INFORMATION
DETAILS OF SUNDRY
CREDITORS
(Rs. In Millions)
|
Particulars |
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
Sundry Creditors |
|
|
|
|
Creditors due small micro enterprises |
0.000 |
0.000 |
0.000 |
|
Creditors due others |
579.654 |
591.386 |
661.759 |
|
TOTAL |
579.654 |
591.386 |
661.759 |
|
Check List by Info Agents |
Available in Report (Yes / No) |
|
1) Year of Establishment |
Yes |
|
2) Locality of the firm |
Yes |
|
3) Constitutions of the firm |
Yes |
|
4) Premises details |
Yes |
|
5) Type of Business |
Yes |
|
6) Line of Business |
Yes |
|
7) Promoters background |
-- |
|
8) No. of employees |
No |
|
9) Name of person contacted |
Yes |
|
10) Designation of contact person |
Yes |
|
11) Turnover of firm for last three years |
No |
|
12) Profitability for last three years |
No |
|
13) Reasons for variation <> 20% |
-- |
|
14) Estimation for coming financial year |
No |
|
15) Capital in the business |
No |
|
16) Details of sister concerns |
No |
|
17) Major suppliers |
No |
|
18) Major customers |
No |
|
19) Payments terms |
No |
|
20) Export / Import details (if applicable) |
No |
|
21) Market information |
-- |
|
22) Litigations that the firm / promoter |
-- |
|
23) Banking Details |
Yes |
|
24) Banking facility details |
No |
|
25) Conduct of the banking account |
-- |
|
26) Buyer visit details |
-- |
|
27) Financials, if provided |
No |
|
28) Incorporation details, if applicable |
-- |
|
29) Last accounts filed at ROC |
-- |
|
30) Major Shareholders, if available |
-- |
Note: The registered
office address of the company is changed from Construction House A 24th
Road, Khar, Mumbai-400052,
FORM 8
|
Corporate
identity number of the company |
U55100MH1979PTC021866 |
|
Name of the
company |
K Raheja Corp Private Limited |
|
Address of the
registered office or of the principal place of business in |
Plot No. C-30, Block
G, Opposide SIDBI, Bandra
Kurla Complex, Bandra(E),
Mumbai-400051, Email : krsec@kraheja.com |
|
This form is for |
Creation of
charge |
|
Type of charge |
Immovable
Property |
|
Particular of
charge holder |
Indian Overseas Bank, Radhasaomi Apartments,
Email : bandbr@mummsco.iobnet.co.in |
|
Nature of instrument
creating charge |
Registered somple mortgage deed |
|
Date of
instrument Creating the charge |
25.01.2012 |
|
Amount secured by
the charge |
Rs.425.000
millions |
|
Brief of the principal
terms an conditions and extent and operation of the charge |
Rate of Interest Rate of Interest
on Corporate Term Loan is Base Rate + 3% p.a. i.e. presently 13.75% p.a. Rate of Interest
on Cash Credit limit is Base Rate + 3.25% p.a. i.e. presently 14.00% p.a. Terms of
Repayment The Corporate
Term Loan of Rs.425.000 millions with a Sub-limit of Cash Credit of
Rs.250.000 millions is to repaid as follows: Rs.175.000
millions to be repaid on 31st January 2012 and Rs.250.000 millions along with
adjustment of CC limit to be repaid on 31st January 2013. Extent and
Operation of the charge The Charge on the
immovable properties of the Company will operate to secure the Corporate Term
Loan of Rs.425.000 millions with a sub-limit- Cash Credit of Rs.250.00
millions advanced by the Lender to the Company vide its Credit Sanction
Advice dt.24.12.2011 |
|
Short particulars
of the property or asset(s) charged (including complete address and location
of the property) |
1) All piece and parcel of land or ground
being sub-divided Plot 'A' being N.A. land together with then old existing
structure standing thereon and bearing Survey no. 10A, Hissa
No.2, CTS No. 95 (pt), and admeasuring about 3952 sq. yards (equivalent to
3304.38) sq. mtrs.) Situate at village Akse and within the Greater Mumbai, Registration
Sub-District of Mumbai and Registration Districts of Mumbai and Mumbai
Suburban. 2) All those piece and parcel of N.A.
admeasuring 3093 sq.mtrs. (Equivalent to 3699 sq.
yards) bearing Survey No.9, Hissa No. 5 and Survey No. 10, Hissa
No.1, CTS No.93 and 95 situate at village Akse and
within the Greater Mumbai, Registration Sub-District of Mumbai and
Registration Districts of Mumbai and Mumbai Suburban. 3) The above properties are more particularly
described in 'Schedule of the Property' attached to the Registered Simple
Mortgage Deed. |
Contingent
Liabilities not provided for
As on 31.03.2011
i) The Company has provided securities and corporate guarantees to certain Banks / Institutions in respect of Loans / Debentures etc of group companies aggregating to Rs.6133.466 millions. (P.Y. Rs.7525.170 millions)
ii) Contingent Liability of the Company under various Bank Guarantees Rs.53.774 millions (P.Y. Rs.582.262 millions).
iii) Disputed Income Tax pending for Rs.30.511 millions (P.Y. Rs. Nil).
iv) In respect of Option Money Deposits, the Company is contingently liable for any interest / compensation payable, if any, to the Option Holders in the event of their not exercising the option to purchase, as may be mutually decided, in terms of the respective Option Agreements. Income and Expenditure on Option Deposit, if any on cancellation is recognized in the year of cancellation
v) Company has imported certain Air Conditioned Units and DG Sets under STPI Scheme without payment of import duty. If company fails to adhere to STPI regulations the company might be required to pay the duty with interest.
vi) Capital Commitment: Estimated amount of contracts remaining to be executed on capital account not provided for Rs. Nil (P.Y. Rs.14.193 millions). Estimated amount of Commitment on account of Investment in Venture Capital Funds Rs.121.521 millions (P.Y. Rs.302.609 millions)
vii) A Suit was instituted by Saraswati Industries (Exports) Pvt. Limited against the Company for refund of an advance paid towards booking of certain units constructed at Powai together with interest at 9% p.a. amounting to s.7.372 millions (P.Y. Rs.7.372 millions . The matter is still pending in the High Court.
FIXED ASSETS
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 Intl
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 companys 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.51.05 |
|
|
1 |
Rs.80.09 |
|
Euro |
1 |
Rs.67.39 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILIRY |
1~10 |
6 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
6 |
|
--CREDIT LINES |
1~10 |
5 |
|
--MARGINS |
-5~5 |
- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
NO |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
49 |
This score serves as a reference to assess SCs 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.