|
Report Date : |
29.07.2013 |
IDENTIFICATION DETAILS
|
Name : |
WADHWA RESIDENCY PRIVATE LIMITED |
|
|
|
|
Registered
Office : |
“The Address” Opposite R City Mall, LBS Marg, Ghatkopar (West),
Mumbai-400086, Maharashtra |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as
on) : |
31.03.2012 |
|
|
|
|
Date of
Incorporation : |
16.08.2005 |
|
|
|
|
Com. Reg. No.: |
11-155359 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs.0.240
Million |
|
|
|
|
CIN No.: [Company Identification
No.] |
U70100MH2005PTC155359 |
|
|
|
|
Legal Form : |
Private Limited Liability Company |
|
|
|
|
Line of Business
: |
Real Estate Developers and Construction. |
|
|
|
|
No. of Employees
: |
200 [Approximately] |
RATING & COMMENTS
|
MIRA’s Rating : |
B (36) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Maximum Credit Limit : |
USD 495000 |
|
|
|
|
Status : |
Moderate |
|
|
|
|
Payment Behaviour : |
Slow but correct |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is a part of “Wadhwa Group”. It is an established company having a moderate track record. There appears
dip in the profitability during 2012. The external borrowing appears to be
huge which act as a threat to the liquidity position. However, trade relations are reported to be fair. Business is active.
Payments are reported to be slow but correct. 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.
RBI DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available RBI Defaulters’ list.
EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of
31-03-2012.
INFORMATION PARTED BY [GENERAL DETAILS]
|
Name : |
Ms. Shagupta |
|
Designation : |
Accounts Department |
|
Contact No.: |
91-22-67308400 |
|
Date : |
27.07.2013 |
LOCATIONS
|
Registered Office : |
“The Address” Opposite R City Mall, LBS Marg, Ghatkopar (West),
Mumbai-400086, Maharashtra, India |
|
Tel. No.: |
91-22-61296500/61296507-12 |
|
Fax No.: |
Not Available |
|
E-Mail : |
|
|
Website : |
|
|
Location : |
Owned |
|
|
|
|
Head Office : |
3rd Floor, Platina, Plot No. C-59, G Block, Bandra Kurla Complex,
Bandra (East), Mumbai-400051, Maharashtra, India |
|
Tel. No.: |
91-22-67308400 |
|
Fax No.: |
91-22-67308401 |
DIRECTORS
AS ON 28.09.2012
|
Name : |
Mr. Vijay Vasudev Wadhwa |
|
Designation : |
Director |
|
Address : |
101, Ritu Apartments, 208, B.J. Road, Bandra (West), Mumbai-400050,
Maharashtra, India |
|
Date of Birth/Age : |
30.09.1952 |
|
Date of Appointment : |
16.08.2005 |
|
Din No.: |
00390427 |
|
|
|
|
Name : |
Mr. Sanjay Rajkumar Chhabraia |
|
Designation : |
Director |
|
Address : |
13/14, Solitaire, Central Avenue Road, Santacruz (West),
Mumbai-400054, Maharashtra, India |
|
Date of Birth/Age : |
15.08.1970 |
|
Date of Appointment : |
16.08.2005 |
|
Din No.: |
00390438 |
|
|
|
|
Name : |
Mr. Navin Amarlal Makhija |
|
Designation : |
Director |
|
Address : |
D-1, Jeevan Jyoti, 14th Road, Khar (West), Mumbai-400052,
Maharashtra, India |
|
Date of Birth/Age : |
28.11.1981 |
|
Date of Appointment : |
16.08.2005 |
|
Din No.: |
00390435 |
|
|
|
|
Name : |
Mr. Jaydeep Janak Bakshi |
|
Designation : |
Additional Director |
|
Address : |
C-82, Shatdal, 5th Floor, Azad Lane, Andheri (West),
Mumbai-400058, Maharashtra, India |
|
Date of Birth/Age : |
11.09.1970 |
|
Date of Appointment : |
19.12.2011 |
|
Din No.: |
01892939 |
|
|
|
|
Name : |
Mr. Apurva Sohanlal Muthalia |
|
Designation : |
Additional Director |
|
Address : |
301, Aditya, 11th Road, Khar (West), Mumbai-400052,
Maharashtra, India |
|
Date of Birth/Age : |
31.08.1974 |
|
Date of Appointment : |
19.12.2011 |
|
Din No.: |
01871491 |
KEY EXECUTIVES
|
Name : |
Ms. Shagupta |
|
Designation : |
Accounts Department |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 28.09.2012
|
Names of Shareholders |
|
No. of Shares |
|
Wadhwa Group Holdings Private Limited, India |
|
13125 |
|
Vijay Vasudev Wadhwa Nominee of Wadhwa Group Holdings Private Limited,
India |
|
875 |
|
Iira India Private Limited, Mauritius |
|
9770 |
|
Il & FS Trust Company Limited, India |
|
210 |
|
Precilion Holding Limited, Cyprus |
|
20 |
|
|
|
|
|
TOTAL
|
|
24000 |
AS ON 28.09.2012
|
Equity Share Breakup |
|
Percentage of Holding |
|
Category |
|
|
|
Foreign holdings [Foreign institutional investors, Foreign Companies, Foreign Financial Institutions, Non-resident Indian or Overseas corporate bodies or others] |
|
40.79 |
|
Bodies
corporate |
|
59.21 |
|
TOTAL |
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Real Estate Developers and Construction. |
|
|
|
|
Terms : |
|
|
Selling : |
L/C / Cash and Credit |
|
|
|
|
Purchasing : |
L/C / Cash and Credit |
GENERAL INFORMATION
|
Customers : |
End Users |
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|
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No. of Employees : |
200 [Approximately] |
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|
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Bankers : |
Not Available |
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|
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Facilities : |
|
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Financial Institution : |
Tel
No.: 91-11-41523700 |
|
|
|
|
Auditors : |
|
|
Name : |
Walker Chandiok and Company Chartered Accountants |
|
Address : |
16th Floor, Tower II, India Bulls Finance Centre, S.B.
Marg, Elphinstone (West), Mumbai-400013, Maharashtra, India |
|
PAN No: |
AAAFW4298E |
|
|
|
|
Holding Company : |
Wadhwa Group Holdings Private Limited, India [U45200MH1982PTC026214] |
|
|
|
|
Other Related Parties: |
|
CAPITAL STRUCTURE
AS ON 31.03.2012
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
50000 |
Equity Shares |
Rs.10/- each |
Rs.0.500 Million |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
24000 |
Equity Shares |
Rs.10/- each
|
Rs.0.240
Million |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES
OF FUNDS |
|
31.03.2012 |
31.03.2011 |
|
I.
EQUITY AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
|
0.240 |
0.140 |
|
(b) Reserves & Surplus |
|
123.723 |
13.605 |
|
(c) Money
received against share warrants |
|
0.000 |
0.000 |
|
|
|
|
|
|
(2)
Share Application money pending allotment |
|
0.000 |
0.000 |
|
Total Shareholders’ Funds (1) + (2) |
|
123.963 |
13.745 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a)
long-term borrowings |
|
6670.000 |
3870.000 |
|
(b) Deferred tax
liabilities (Net) |
|
0.264 |
0.000 |
|
(c)
Other long term liabilities |
|
2.727 |
1.733 |
|
(d)
long-term provisions |
|
1.045 |
0.303 |
|
Total
Non-current Liabilities (3) |
|
6674.036 |
3872.036 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a)
Short term borrowings |
|
789.989 |
1829.261 |
|
(b)
Trade payables |
|
41.340 |
164.940 |
|
(c)
Other current liabilities |
|
5710.037 |
4795.753 |
|
(d)
Short-term provisions |
|
0.033 |
3.203 |
|
Total
Current Liabilities (4) |
|
6541.399 |
6793.157 |
|
|
|
|
|
|
TOTAL |
|
13339.398 |
10678.938 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a)
Fixed Assets |
|
|
|
|
(i)
Tangible assets |
|
20.345 |
7.056 |
|
(ii)
Intangible Assets |
|
0.000 |
0.100 |
|
(iii)
Capital work-in-progress |
|
0.000 |
2.534 |
|
(iv) Intangible assets under
development |
|
0.000 |
0.000 |
|
(b)
Non-current Investments |
|
0.000 |
0.000 |
|
(c)
Deferred tax assets (net) |
|
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
|
619.879 |
681.180 |
|
(e)
Other Non-current assets |
|
0.000 |
0.000 |
|
Total
Non-Current Assets |
|
640.224 |
690.870 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a)
Current investments |
|
0.000 |
385.258 |
|
(b)
Inventories |
|
11984.531 |
9058.000 |
|
(c)
Trade receivables |
|
0.000 |
0.000 |
|
(d)
Cash and cash equivalents |
|
191.765 |
217.405 |
|
(e)
Short-term loans and advances |
|
468.057 |
307.834 |
|
(f)
Other current assets |
|
54.821 |
19.571 |
|
Total
Current Assets |
|
12699.174 |
9988.068 |
|
|
|
|
|
|
TOTAL |
|
13339.398 |
10678.938 |
|
SOURCES OF FUNDS |
|
|
31.03.2010 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
|
|
0.100 |
|
|
2] Share Application Money |
|
|
0.000 |
|
|
3] Reserves & Surplus |
|
|
0.030 |
|
|
4] (Accumulated Losses) |
|
|
0.000 |
|
|
NETWORTH |
|
|
0.130 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
|
|
4500.000 |
|
|
2] Unsecured Loans |
|
|
513.550 |
|
|
TOTAL BORROWING |
|
|
5013.550 |
|
|
DEFERRED TAX LIABILITIES |
|
|
0.294 |
|
|
|
|
|
|
|
|
TOTAL |
|
|
5013.974 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
|
|
5.825 |
|
|
Capital work-in-progress |
|
|
0.000 |
|
|
|
|
|
|
|
|
INVESTMENT |
|
|
0.000 |
|
|
DEFERREX TAX ASSETS |
|
|
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
|
|
6429.723 |
|
|
Sundry Debtors |
|
|
0.000 |
|
|
Cash & Bank Balances |
|
|
151.612 |
|
|
Other Current Assets |
|
|
0.000 |
|
|
Loans & Advances |
|
|
482.090 |
|
Total
Current Assets |
|
|
7063.425 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
|
|
60.862 |
|
|
Other Current Liabilities |
|
|
1994.043 |
|
|
Provisions |
|
|
0.380 |
|
Total
Current Liabilities |
|
|
2055.285 |
|
|
Net Current Assets |
|
|
5008.140 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
|
|
0.009 |
|
|
|
|
|
|
|
|
TOTAL |
|
|
5013.974 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
|
|
|
|
|
|
|
|
|
SALES |
NA |
NA |
NA |
|
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
TOTAL |
NA |
NA |
NA |
|
|
|
|
|
|
|
|
|
PROFIT / (LOSS)
BEFORE TAX |
NA |
NA |
NA |
|
|
|
|
|
|
|
|
|
Less |
TAX |
NA |
NA |
NA |
|
|
|
|
|
|
|
|
|
|
PROFIT / (LOSS)
AFTER TAX |
10.219 |
13.574 |
0.102 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Professional and Consultancy Expenses |
NA |
9.774 |
3.732 |
|
|
|
|
|
|
|
|
|
Earnings /
(Loss) Per Share (Rs.) |
576.80 |
1014.85 |
10.25 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
Debt Equity Ratio (Total Debt/Networth) |
|
60.17
|
414.64 |
38565.77 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.94
|
1.47 |
3.44 |
LOCAL AGENCY FURTHER INFORMATION
DETAILS OF CURRENT MATURITIES OF LONG TERM
DEBT:
|
Particulars |
31.03.2012 [Rs. in millions] |
31.03.2011 [Rs. in millions] |
31.03.2010 [Rs. in millions] |
|
Current
Maturities of Long Term Debt |
50.000 |
1284.282 |
NA |
|
Sr. No. |
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 |
No |
|
5] |
Type of Business |
Yes |
|
6] |
Line of Business |
Yes |
|
7] |
Promoter's background |
Yes |
|
8] |
No. of employees |
Yes |
|
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 |
Yes |
|
13] |
Reasons for variation <> 20% |
-- |
|
14] |
Estimation for coming financial year |
No |
|
15] |
Capital in the business |
Yes |
|
16] |
Details of sister concerns |
Yes |
|
17] |
Major suppliers |
No |
|
18] |
Major customers |
No |
|
19] |
Payments terms |
Yes |
|
20] |
Export / Import details (if applicable) |
No |
|
21] |
Market information |
-- |
|
22] |
Litigations that the firm / promoter involved in |
-- |
|
23] |
Banking Details |
Yes |
|
24] |
Banking facility details |
Yes |
|
25] |
Conduct of the banking account |
-- |
|
26] |
Buyer visit details |
-- |
|
27] |
Financials, if provided |
Yes |
|
28] |
Incorporation details, if applicable |
Yes |
|
29] |
Last accounts filed at ROC |
Yes |
|
30] |
Major Shareholders, if available |
Yes |
|
31] |
PAN of Proprietor/Partner/Director, if available |
No |
|
32] |
Date
of Birth of Proprietor/Partner/Director, if available |
Yes |
|
33] |
Voter ID No of Proprietor/Partner/Director, if available |
No |
|
34] |
External Agency Rating, if available |
No |
INDEX OF CHARGES:
|
S. No. |
Charge ID |
Date of Charge
Creation/Modification |
Charge amount
secured |
Charge Holder |
Address |
Service Request
Number (SRN) |
|
1 |
10354166 |
20/04/2012 |
500,000,000.00 |
INDIABULLS
FINANCIAL SERVICES LIMITED |
F-60 MALHOTRA
BUILDING, 2ND FLOOR, CANNAUGHT PALACE, NEW DELHI-110001, INDIA |
B39143854 |
|
2 |
10195936 |
19/04/2011 * |
7,570,000,000.00 |
INDIABULLS
FINANCIAL SERVICES LIMITED |
F-60 MALHOTRA
BUILDING, 2ND FLOOR, CANNAUGHT PALACE, NEW DELHI-110001, INDIA |
B13279336 |
|
* Date of charge modification |
||||||
BACKGROUND AND NATURE OF OPERATIONS:
Subject a
subsidiary of Wadhwa group Holdings Private Limited was incorporated in India on
16 August 2005 as a private limited company. The Company is engaged primarily
in the business of real estate development for residential purposes. It is
currently constructing a residential project called "The Address"
located at Ghatkopar (Mumbai).
OPERATIONS:
During the year
company has earned a profit of Rs. 10.218 Millions. During the year Project
under the name “The Address” has been commenced and construction activities are
in full swing. Also good response from customers has been received for 80:20
Scheme launched by the company. The Directors are pursuing various business
proposals and are hopeful of presenting a better picture in the ensuing years
to come.
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 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 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.58.91 |
|
|
1 |
Rs.90.67 |
|
Euro |
1 |
Rs.78.22 |
INFORMATION DETAILS
|
Information
Gathered by : |
PLK |
|
|
|
|
Report Prepared
by : |
TPT |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
4 |
|
PAID-UP CAPITAL |
1~10 |
4 |
|
OPERATING SCALE |
1~10 |
4 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
4 |
|
--PROFITABILIRY |
1~10 |
4 |
|
--LIQUIDITY |
1~10 |
4 |
|
--LEVERAGE |
1~10 |
4 |
|
--RESERVES |
1~10 |
4 |
|
--CREDIT LINES |
1~10 |
4 |
|
--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 |
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
36 |
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.