MIRA INFORM REPORT
|
Report No. : |
321701 |
|
Report Date : |
11.05.2015 |
IDENTIFICATION DETAILS
|
Name : |
RAHEJA UNIVERSAL (PVT) LIMITED (w.e.f. 09.08.2012) |
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Formerly Known
As : |
RAHEJA UNIVERSAL PRIVATE LIMITED (w.e.f. 25.06.2012 ) RAHEJA UNIVERSAL LIMITED (w.e.f. 25.01.2010 ) RAHEJA UNIVERSAL PRIVATE LIMITED (w.e.f. 25.09.2009) K RAHEJA UNIVERSAL PRIVATE LIMITED GARDEN VIEW PROPERTIES AND HOTELS PRIVATE LIMITED |
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Registered Office : |
Raheja Centre Point, 294, CST Road, Kalina, Santacruz (East), Mumbai –
400098, Maharashtra |
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Tel. No.: |
91-22-66414141 |
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Country : |
India |
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Financials (as
on) : |
31.03.2014 |
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Date of
Incorporation : |
05.11.1980 |
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Com. Reg. No.: |
11-023430 |
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Capital
Investment / Paid-up Capital : |
Rs. 2355.360 Million |
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CIN No.: [Company Identification
No.] |
U45200MH1980PTC023430 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
MUMR23890G |
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PAN No.: [Permanent Account No.] |
AABCG7955Q AADCR8949P |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Subject is engaged in Real Estate Development, Construction, Project Management, Finance and Investment. |
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No. of Employees
: |
Information declined by Management |
RATING & COMMENTS
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MIRA’s Rating : |
Ba (54) |
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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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Status : |
Good |
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Payment Behaviour : |
Regular |
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Litigation : |
Exist |
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Comments : |
Subject is one of well-established and reputed real estate company
having fine track record. The rating takes into consideration long and established track record
of business operations backed by reputed brand name of real estate segment
and proven track record of project executions. Rating also takes into account of promoters extensive industry
experience in real estate business and decent operational risk profile of the
company. Trade relations are reported as fair. Payments are reported to be
regular and as per commitment. In view of proven track of business operations backed by resourceful
and experienced promoters, the company can be considered for business
dealings at usual trade terms and condition. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
EXTERNAL AGENCY RATING
NOT AVAILABLE
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
31-03-2014.
INFORMATION DECLINED BY
|
Name : |
Mr. Santosh Kumar |
|
Designation : |
Account Officer |
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Contact No.: |
91-22-66414141 |
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Date : |
08.05.2015 |
LOCATIONS
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Registered Office : |
Raheja Centre Point, 294, CST Road, Kalina, Santacruz (East), Mumbai –
400098, Maharashtra, India |
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Tel. No.: |
91-22-66414141/ 66414343 |
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Fax No.: |
91-22-66414242/ 66414333 |
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E-Mail : |
mail@rahejauniversal.com
(Corporate) sales@rahejauniversal.com (Sales) marketing@rahejauniversal.com
(Marketing) contractors@rahejauniversal.com
(Contractors) vendors@rahejauniversal.com
(Suppliers and Vendors) |
|
Website : |
DIRECTORS
As on 27.09.2014
|
Name : |
Mr. Suresh Lachmandas Raheja |
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Designation : |
Chairman |
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Address : |
Raheja House, 53-A, Pali Hill,
Bandra (West), Mumbai-400050, Maharashtra, India |
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Date of Birth/Age : |
12.04.1947 |
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Date of Appointment : |
02.02.2009 |
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PAN No. : |
AABPR3610A |
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Voter ID No. : |
MT/08/036/196891 |
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DIN No. : |
00488139 |
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Name : |
Mr. Rahul Suresh Raheja |
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Designation : |
Vice-Chairman |
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Address : |
Raheja House, 53-A, Pali Hill, Bandra (West), Mumbai-400050, Maharashtra, India |
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Date of Birth/Age : |
21.08.1974 |
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Date of Appointment : |
29.08.1992 |
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PAN No. : |
AABPR3611B |
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DIN No. : |
00066763 |
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|
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Name : |
Mr. Ashish Suresh Raheja |
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Designation : |
Managing Director |
|
Address : |
Raheja House, 53-A, Pali Hill, Bandra (West), Mumbai-400050, Maharashtra, India |
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Date of Birth/Age : |
10.04.1978 |
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Date of Appointment : |
10.04.1996 |
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PAN No. : |
AFVPR4804D |
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DIN No. : |
00454170 |
KEY EXECUTIVES
|
Name : |
Mr. Santosh Kumar |
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Designation : |
Account Officer |
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Name : |
Mr. Natesan Balakrishnan |
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Designation : |
Company Secretory |
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Address : |
D-1, Shree Ram Nagar, S.V. Road, Andheri (West), Mumbai – 400058,
Maharashtra, India |
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Date of Birth/Age : |
11.11.1955 |
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Date of Appointment : |
14.12.2007 |
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PAN No. : |
AAEPN8284B |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 27.09.2014
|
Names of Shareholders |
No. of Shares |
|
Raheja Suresh Lachmandas Jointly with Raheja Meena Suresh |
58884000 |
|
Raheja Meena Suresh Jointly with Raheja Suresh Lachmandas |
58884000 |
|
Raheja Rahul Suresh Jointly with Raheja Suresh Lachmandas |
58884000 |
|
Raheja Ashish Suresh Jointly with Raheja Suresh Lachmandas |
58884000 |
|
Kartik Properties Private Limited, India |
1 |
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K. Raheja Developers Private Limited, India |
1 |
|
Vaishnav Proprties and Investments Private Limited, India |
1 |
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Total |
235536003 |
As on 27.09.2014
Equity Share Break up (Percentage of Total Equity)
|
Category |
Percentage of Holding |
|
Bodies corporate |
0.01 |
|
Directors or relatives of Directors |
99.99 |
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Total |
100.00 |
%20LIMITED%20-%20321701_MIRA%2011-May-2015_files/image010.gif)
BUSINESS DETAILS
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Line of Business : |
Subject is engaged in Real Estate Development,
Construction, Project Management, Finance and Investment. |
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Products : |
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Brand Names : |
-- |
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Agencies Held : |
-- |
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Exports : |
-- |
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Imports : |
-- |
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Terms : |
-- |
PRODUCTION STATUS: NOT AVAILABLE
GENERAL INFORMATION
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Suppliers : |
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Customers : |
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No. of Employees : |
Information declined by Management |
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Bankers : |
Jammu and Kashmir Bank Limited, (Corporate Headquarters), M.A. Road,
Srinagar, Kashmir, Srinagar - 190001, Jammu and Kashmir, India |
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Facilities : |
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Banking
Relations : |
-- |
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Financial
Institution : |
· IDBI Trusteeship Services Limited, Asian Bldg., Ground Floor, 17, R.Kamani Marg, Ballard Estate, Mumbai - 400001, Maharashtra, India · Kotak Mahindra Prime Limited, 36-38A Nariman Bhavan, 227, Nariman Point, Mumbai - 400021, Maharashtra, India · Housing Development Finance Corporation Limited, Ramon House 169, Backbay Reclamation, H T Parekh Marg, Mumbai - 400020, Maharashtra, India · Indiabulls Housing Finance Limited, F-60 Malhotra Building 2nd Floor Connaught Place, New Delhi - 110001, India |
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Auditors : |
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Name : |
K. N. Gandhi and Company Chartered Accountants |
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Address : |
11-A, Gulmohar, 1st Floor, S. V. Road, Khar (West), Mumbai – 400052, Maharashtra, India |
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Income-tax
PAN of auditor or auditor's firm : |
AAAPG8340D |
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Memberships : |
-- |
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Collaborators : |
-- |
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Subsidiary
Companies : |
· Casagrande Developers Private Limited CIN No.: U70100MH2006PTC161743 · Chalez Properties And Investments Private Limited CIN No.: U70101MH2000PTC128493 · Dynasty Realty Private Limited CIN No.: U70102MH2007PTC167919 · Havana Properties Private Limited CIN No.: U45200MH2007PTC168109 · Odyssey Developers Private Limited CIN No.: U70100MH2006PTC161745 · Raheja Hospitality Private Limited CIN No.: U45200MH2006PTC161245 · Raheja Pride Developers Private Limited CIN No.: U45200MH2006PTC160605 · Snow White Real Estate Private Limited CIN No.: U70200MH1995PTC087628 · Surmee Agencies Private Limited CIN No.: U51900MH1986PTC041762 · Raheja District Iii Private Limited CIN No.: U70200MH2006PTC159230 |
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Other Related Party
: |
Raheja Krishna Enterprise |
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Enterprises which
are owned, or have significant influence of or are partners with Key management
personnel and their relatives : |
· Adhunik Developers Private Limited CIN No.: U45200MH1991PTC063797 · Alexandria Properties Private Limited CIN No.: U45200MH2007PTC167920 · Ambrosia Properties Private Limited CIN No.: U45200MH2007PTC167918 · Ardios Ventures Private Limited CIN No.: U45202MH2008PTC178513 · Arjuna Agencies Private Limited CIN No.: U51109MH1987PTC043450 · Aryaman Properties And Investments Private Limited CIN No.: U70100MH2000PTC128484 · Babylon Properties Private Limited CIN No.: U45200MH2007PTC168107 · Balkrishna Developers Private Limited CIN No.: U45200MH1992PTC067478 · Bombay Film Enterprises Private Limited CIN No.: U74999MH1971PTC015513 · Dreamscapes Properties Private Limited CIN No.: U45400MH2008PTC179050 · Florentine Properties Private Limited CIN No.: U45200MH2007PTC168110 · Hamilton Properties Private Limited CIN No.: U70102MH2007PTC167921 · Imperial Realty Private Limited CIN No.: U45200MH2007PTC168111 · Insignia Developers Private Limited CIN No.: U70100MH2006PTC161744 · Insignia Enterprises Private Limited CIN No.: U51900MH2007PTC175374 · K. Raheja Assets Private Limited CIN No.: U65993MH2007PTC174531 · K. Raheja Developers · K Raheja Developers Private Limited CIN No.: U45200MH1986PTC041764 · Kartik Properties Private Limited CIN No.: U45200MH1986PTC040633 · Lachmandas Sewaram Charities · Marg Enterprises · Mars Properties Private Limited CIN No.: U45200MH1986PTC041420 · Shivramkrishna Properties Private Limited CIN No.: U45203MH2008PTC178507 · One Raheja International Corporate City Private Limited CIN No.: U45203MH2008PTC186968 · Papeyon Developers Private Limited CIN No.: U65990MH1990PTC059542 · Pegaus Properties Private Limited CIN No.: U45200MH2008PTC178514 · Portof Ino Properties Private Limited CIN No.: U45203MH2008PTC178509 · Prayag Agencies Private Limited CIN No.: U51100MH1986PTC041323 · Radha Krishna Properties Private Limited CIN No.: U45200MH1986PTC041765 · Raheja Holdings Private Limited CIN No.: U67120MH2008PTC177257 · Raheja International · Corporate City Private Limited CIN No.: U45203MH2008PTC186966 · Raheja Leasing And Investments Private Limited CIN No.: U65910MH1989PTC050260 · Raheja Legal Trust · Raheja Life Styles Private Limited CIN No.: U45200MH2006PTC161111 · Raheja Living Private Limited CIN No.: U45200MH2006PTC161154 · Raheja Logistics Private Limited CIN No.: U63011MH2008PTC179051 · Raheja Metroplex Private Limited CIN No.: U70102MH2006PTC161234 · Raheja Timblo Developers Private Limited CIN No.: U45203MH2008PTC178373 · Raheja Universal Lifescapes Private Limited CIN No.: U45203MH2008PTC178375 · Rahejapolis Developers Private Limited CIN No.: U45201MH2006PTC165492 · Shreekrishna Agencies Private Limited CIN No.: U51109MH1987PTC043448 · Solaris Properties Private Limited CIN No.: U45400MH2007PTC172813 · Star City Entertainment Private Limited CIN No.: U70100MH1991PTC064484 · Two Raheja International Corporate City Private Limited CIN No.: U45203MH2008PTC186967 · Vaishnav Properties And Investments Private Limited CIN No.: U65993MH2000PTC128485 · Vistana Properties Private Limited CIN No.: U70109MH2007PTC167342 |
CAPITAL STRUCTURE
After 27.09.2014
Authorised Capital : Rs. 3500.000 Million
Issued, Subscribed & Paid-up Capital : Rs.
2357.860 Million
As on 27.09.2014
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
344,200,000 |
Equity Shares |
Rs.10/- each |
Rs. 3442.000 Million |
|
5,800,000 |
Preference Shares |
Rs.10/- each |
Rs. 58.000 Million |
|
|
|
|
|
|
|
Total |
|
Rs. 3500.000
Million |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
235,536,003 |
Equity Shares |
Rs.10/- each |
Rs. 2355.360 Million |
FINANCIAL DATA
[all figures are
in Rupees Million]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
I.
EQUITY
AND LIABILITIES |
|
|
|
|
(1)Shareholders'
Funds |
|
|
|
|
(a) Share Capital |
2355.360 |
2355.360 |
2355.360 |
|
(b) Reserves & Surplus |
1546.440 |
1463.898 |
1319.203 |
|
(c) Money
received against Share Warrants |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
(2)
Share Application Money Pending Allotment |
0.000 |
0.000 |
0.000 |
|
Total
Shareholders’ Funds (1) + (2) |
3901.800 |
3819.258 |
3674.563 |
|
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(3) Non-Current
Liabilities |
|
|
|
|
(a) Long-term Borrowings |
8587.237 |
7762.840 |
4592.710 |
|
(b) Deferred Tax Liabilities (Net) |
0.000 |
0.000 |
0.990 |
|
(c) Other Long Term
Liabilities |
5.206 |
23.226 |
16.112 |
|
(d) Long-Term
Provisions |
0.001 |
0.005 |
0.005 |
|
Total Non-Current
Liabilities (3) |
8592.444 |
7786.071 |
4609.817 |
|
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(4) Current Liabilities |
|
|
|
|
(a) Short
term Borrowings |
966.784 |
1219.579 |
1669.551 |
|
(b) Trade
Payables |
1638.024 |
1521.164 |
1452.191 |
|
(c) Other
Current Liabilities |
8476.601 |
6774.269 |
7091.238 |
|
(d) Short-Term
Provisions |
0.444 |
0.476 |
0.354 |
|
Total Current
Liabilities (4) |
11081.853 |
9515.488 |
10213.334 |
|
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|
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|
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TOTAL |
23576.097 |
21120.817 |
18497.714 |
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II.
ASSETS |
|
|
|
|
(1) Non-Current Assets |
|
|
|
|
(a) Fixed
Assets |
|
|
|
|
(i)
Tangible Assets |
458.479 |
434.928 |
507.608 |
|
(ii)
Intangible Assets |
13.900 |
18.325 |
24.921 |
|
(iii)
Capital Work-in-progress |
0.000 |
35.497 |
0.000 |
|
(iv)
Intangible Assets under Development |
0.000 |
0.000 |
0.000 |
|
(b) Non-Current Investments |
939.123 |
974.937 |
987.101 |
|
(c) Deferred Tax Assets (net) |
24.282 |
10.658 |
0.000 |
|
(d)
Long-Term Loan and Advances |
27.633 |
433.113 |
376.971 |
|
(e) Other
Non-Current Assets |
0.000 |
0.000 |
10.066 |
|
(f) Foreign currency monetary
item translation difference asset account |
0.000 |
0.000 |
53.854 |
|
Total Non-Current
Assets |
1463.417 |
1907.458 |
1960.521 |
|
|
|
|
|
|
(2) Current Assets |
|
|
|
|
(a)
Current Investments |
350.665 |
350.665 |
350.015 |
|
(b)
Inventories |
16117.327 |
13206.613 |
11033.965 |
|
(c) Trade
Receivables |
79.712 |
60.256 |
57.522 |
|
(d) Cash
and Cash Equivalents |
135.024 |
486.780 |
208.054 |
|
(e)
Short-Term Loans and Advances |
4433.768 |
4279.585 |
4286.383 |
|
(f) Other
Current Assets |
996.184 |
829.460 |
601.254 |
|
Total
Current Assets |
22112.680 |
19213.359 |
16537.193 |
|
|
|
|
|
|
TOTAL |
23576.097 |
21120.817 |
18497.714 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
|
|
|
|
|
|
|
|
|
TOTAL REVENUES |
|
|
2060.592 |
|
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
NA |
|
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE EXCEPTIONAL ITEMS INTEREST, TAX, DEPRECIATION AND
AMORTISATION |
|
|
526.723 |
|
|
|
|
|
|
|
|
|
Less |
EXCEPTIONAL
ITEMS |
|
|
191.799 |
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE INTEREST, TAX,
DEPRECIATION AND AMORTISATION |
NA |
NA |
334.924 |
||
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES |
|
|
246.020 |
|
|
|
|
|
|
|
|
|
PROFIT
/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION |
|
|
88.904 |
||
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION |
|
|
47.234 |
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE TAX |
|
|
41.670 |
||
|
|
|
|
|
|
|
|
Less |
TAX |
|
|
19.219 |
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) AFTER TAX |
120.062 |
198.610 |
22.451 |
||
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Operating Receipts |
0.433 |
7.108 |
3.461 |
|
|
TOTAL EARNINGS |
0.433 |
7.108 |
3.461 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Construction Material / Equipments |
53.023 |
85.532 |
60.659 |
|
|
TOTAL IMPORTS |
53.023 |
85.532 |
60.659 |
|
|
|
|
|
|
|
|
|
|
Earnings /
(Loss) Per Share (Rs.) |
0.51 |
0.84 |
0.10 |
|
%20LIMITED%20-%20321701_MIRA%2011-May-2015_files/image003.gif){kind=small}
KEY RATIOS
|
PARTICULARS |
|
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
NA
|
NA |
0.24 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
NA
|
NA |
0.01 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
2.45 |
2.35 |
1.70 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
2.00 |
2.02 |
1.62 |
FINANCIAL ANALYSIS
[all figures are
in Rupees Million]
DEBT EQUITY RATIO
|
Particular |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(Rs.
In Million) |
(Rs.
In Million) |
(Rs.
In Million) |
|
Share Capital |
2355.360 |
2355.360 |
2355.360 |
|
Reserves & Surplus |
1319.203 |
1463.898 |
1546.440 |
|
Net
worth |
3674.563 |
3819.258 |
3901.800 |
|
|
|
|
|
|
long-term borrowings |
4592.710 |
7762.840 |
8587.237 |
|
Short term borrowings |
1669.551 |
1219.579 |
966.784 |
|
Total
borrowings |
6262.261 |
8982.419 |
9554.021 |
|
Debt/Equity
ratio |
1.704 |
2.352 |
2.449 |
%20LIMITED%20-%20321701_MIRA%2011-May-2015_files/image012.gif)
LOCAL AGENCY FURTHER INFORMATION
CURRENT MATURITIES
OF LONG TERM DEBTS
|
Particulars |
31.03.2014 (Rs.
In Millions) |
31.03.2013 (Rs.
In Millions) |
31.03.2012 (Rs.
In Millions) |
|
|
|
|
|
|
Current Maturities of Long Term Debts |
3466.932 |
1901.105 |
4242.104 |
|
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 |
No |
|
9] |
Name of person contacted |
Yes |
|
10] |
Designation of contact
person |
Yes |
|
11] |
Turnover of firm for last
three years |
Yes |
|
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 |
No |
|
20] |
Export / Import details
(if applicable) |
No |
|
21] |
Market information |
-- |
|
22] |
Litigations that the firm
/ promoter involved in |
Yes |
|
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] |
Date of Birth of
Proprietor/Partner/Director, if available |
Yes |
|
32] |
PAN 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 |
LITIGATION DETAILS
|
LITIGATION DETAILS |
|||||||||
|
BENCH:- BOMBAY |
|||||||||
|
PRESENTATION DATE: 15.05.2014 |
|||||||||
|
LODGING NO:- |
ARBPL/824/2014 |
FAILING DATE:- |
15.05.2014 |
REG. NO.:- |
ARBP/868/2014 |
REG. DATE:- |
30.06.2014 |
||
|
PETITIONER:- |
M/S. B.E. BILLIMORIA AND COMPANY LIMITED |
RESPONDENT:- |
M/S. RAHEJA UNIVERSAL PRIVATE LIMITED |
||||||
|
PETN.ADV:- |
M.S. DELHVI (0) |
RESP. ADV.:- |
SHRI. NILESH S. DAS (0) |
||||||
|
DISTRICT:- |
MUMBAI |
||||||||
|
BENCH:- |
SINGLE |
||||||||
|
STATUS:- |
ADMITTED (UNREADY) |
CATEGORY:- |
ARBITRATION ACT. |
||||||
|
NEXT DATE:- |
06.07.2015 |
STAGE:- |
FOR DIRECTION [ORIGINAL SIDE MATTERS] |
||||||
|
CORAM:- |
HON’BLE SHRI JUSTICE R.D. DHANUKA |
|
|
||||||
|
LAST DATE:- |
16.04.2015 |
STATE:- |
ARBP FOR ADMISSION - FRESH |
||||||
|
ACT:- |
ARBITRATION AND CONCILIATION ACT 1956 |
UNDER SECTION:- |
34 |
||||||
UNSECURED LOANS
|
PARTICULAR |
31.03.2014 (Rs.
In Million) |
31.03.2013 (Rs.
In Million) |
|
LONG TERM
BORROWINGS |
|
|
|
Rupee term loans from banks |
403.333 |
491.667 |
|
Rupee term loans from others |
187.500 |
320.000 |
|
|
|
|
|
SHORT TERM
BORROWINGS |
|
|
|
Rupee term loans from banks |
0.000 |
300.000 |
|
Working capital loans from banks |
703.785 |
676.577 |
|
Loans repayable on demand from others |
13.000 |
10.421 |
|
Total |
1307.618 |
1798.665 |
ECONOMIC OVERVIEW
The global economy appears to be settling down with the modest growth in developed economies, stabilization of growth in emerging economies and a decline in systemic risks with some uncertainties in few European nations. In many emerging market economies, structural reforms are urgently needed to close infrastructure gaps, strengthen productivity and boost potential growth over the coming years. They are now looking ahead with cautious optimism as the rays of steady recoveries are emerging not from the east but from the west particularly the United States. Investment and trade are both showing signs of picking up, but growth will remain moderate by past standards. Advanced economies are gaining momentum and driving the pick-up in global growth but tighter credit and supply side bottlenecks are dampening growth in emerging economies.
Parliamentary election results in May month brought a single-party majority to Indias lower house for the first time since 1984, which should provide an opportunity to initiate reforms that proved difficult for coalition governments in past. The new government outlined a 10-point plan to revive the Indian economy, prioritizing infrastructure and investment reform, the prompt resolution of inter-ministerial issues, efficient policy execution and government policy stability.
A survey by global consultancy firm Ernst and Young (EandY) sees India as the worlds most attractive investment destination. With the opening up of foreign direct investment (FDI) in several sectors, India is today an eye-catching destination for overseas investors. The relaxation of norms by the government has created a vast opportunity for foreign players, who are competing for a greater role in the Indian market. The stakes held by foreign institutional investors (FII) in Indian companies touched a record high in the fourth quarter of FY 14. The estimated value of FII holdings in India stands at US$ 279 billion. Private equity (PE) investments in the Indian real estate sector grew by 13 per cent at Rs 70000.000 Million (US$ 1.17 billion) in fiscal 2013 as against Rs 62000.000 Million (US$ 1.03 billion) in fiscal 2012, as per a report by Cushman and Wakefield.
REAL ESTATE SCENARIO
IN INDIA
THE INDIAN REAL
ESTATE SECTOR
The Real Estate sector in India has come a long way by becoming one of the fastest growing markets in the world. It is not only attracting domestic real estate developers, but foreign investors as well. The growth of the industry is attributed mainly to a large population base, rising income level and rapid urbanization.
The sector comprises of four segments -Housing, Retail, Commercial (including Industrial) and Hospitality. While housing contributes 5%-6% of the countrys gross domestic product (GDP), the remaining three sub segments are also growing at a rapid pace, meeting the increasing infrastructural needs.
The real estate sector has transformed from being unorganized to a dynamic and organized sector over the past decade. Governmental policies have been instrumental in providing support after recognizing the need for Infrastructural development in order to ensure better standard of living for its citizens.
The Real Estate of India is still on promising stage. The sector happens to be the second largest employer after agriculture and is expected to grow at the rate of 30% over the next decade. A growing migration population due to increasing opportunity, together with healthy infrastructure development, is underpinning demand in the regions residential real estate market.
RESIDENTIAL REAL
ESTATE DEVELOPMENT IN INDIA
While the Indias gripping urbanization growth story has been fascinating global investors so far, an underlying truth gradually emerged in 2013 - economic growth, the consumption story and property prices not rising consistently, and there could be intermittent hurdles or growth risks. The presently cautious market sentiment is likely to continue, at least until the first half of FY 2015. However, the second half is likely to witness gradual revival in absorption. Residential real estate capital values will increase in a subdued range of 10-12% year-on-year pan-India for the whole year.
In line with the recent initiatives of the government as well as the RBI to push for growth in infrastructure and real estate sectors specifically in affordable housing, the additional funds allocated in the hands of commercial banks through a SLR cut is positive for both these sectors. The investment cycle is picking up, as is evidenced by the recent Index of Industrial Production (IIP) and Purchasing Managers Index (PMI) numbers. Therefore, banks? willingness to lend the excess liquidity generated to these priority sectors is likely to be high. As far as interest rates are concerned, the real estate sector will have to wait a little longer for a rate cut.
Generalised inflation and interest rates are just one aspect of the costs incurred by developers in India. The other major aspect is construction cost, which has been rising at around 17% year on year for last 4-5 years. The reason for this imbalance is largely due to the supply-side constraints. The signals coming from the monetary and fiscal authorities are currently positive. To that extent, the real estate sector certainly has reason to look forward with enthusiasm.
With scarce availability of land in the urban agglomeration, redevelopment will emerge as another growth driver subsequent to land acquisition brought forth by the amendments to Land Acquisition, Rehabilitation and Resettlement Act, 2013. Indian cities present an exceptional opportunity for developers in this respect. As per the latest available census data on households, only 50% of the residential units are in good condition, while the remaining are either merely liveable or in dilapidated condition.
As per Cushman and Wakefield, based on the estimated growth of population across India, the total new housing demand across India will be nearly 12 million units during the financial years 2013-17. The top eight cities will constitute about 23 per cent out of the total demand. These cities are National Capital region (NCR), Mumbai, Kolkata, Chennai, Hyderabad, Bangalore, Pune and Ahmedabad. Of the total demand in top eight cities, middle income group (MIG) and higher income group (HIG) categories constitute a majority of the demand at 2.5 million units. The demand for lower income group (LIG) will be a mere 3,00,000 units in these eight cities, due to expected increase in the housing and income standards in these key economic centers. The gap between cumulative supply and demand in HIG and MIG segments during the financial years 2013-2017 is estimated to be about 45 per cent in the top eight cities. The majority of developers in major cities are concentrating on this segment which would help reduce the supply-demand gap. The supply of residential units is expected to be highest in the cities of Mumbai and the NCR in order to cater to the rising demand. Despite the expected increase in the demand and supply, the gap in Tier-I cities is likely to remain substantial, with demand exceeding supply.
COMMERCIAL REAL
ESTATE DEVELOPMENT IN INDIA:
The growth of commercial real estate development in India has been fuelled by increased revenue growth of companies in the services businesses especially in the IT and ITeS sectors. As these sectors continue to grow and generate additional employment, it will result in increased demand for commercial space.
Commercial Real Estate development is rapidly taking place at all upcoming cities in India and in the developing tier-2 and 3 cities. Most of the corporate houses involved in IT services prefer to establish their offices in such cities due to cheaper land rate. Commercial real estate market in India is gaining pace in the international marketing equation, according to which, India is the primary market in the world. This is because of the huge population and wide consumption of this population. Hence the companies interested in property investment in India are plunging into Indian market to set their footprints which has given a primary boost to commercial real estate market.
Knight Frank India research recently showed that the countrys demand for office space will grow by 8-9 per cent. The commercial office space is expected to clock absorption to the tune of 35-36 mn sq. ft. in FY 2014. It expects absorption to be maximum in the IT/ITeS sector dominated markets as the sector outlook has eased considerably. Outlook for the three major industries- IT/ITeS, BFSI and manufacturing will be crucial for the growth of the commercial real estate market. In the case of the IT/ITeS sector, India is witnessing a good turn around due to growth in traditional markets (USA) and the under penetrated European market. Moreover, new verticals such as utilities, media and healthcare will further boost the IT/ITeS sector.
This sector is expected to grow by 12-14 per cent in FY 2015 coupled with overall optimism in the economy, which would bode well for the Indian commercial real estate including industrial sector.
REAL ESTATE SCENARIO
IN MUMBAI:
The greater Mumbai area covers an area of 437.71 square kilometres that constitutes 0.14 per cent of the total area of the state of Maharashtra. Mumbai is the capital city of the state and is also the commercial, entertainment and fashion capital of India. Mumbai is made up of seven connected small islands and the suburban area of Salsette Island. It is well-connected by air, road and rail to other major cities in India. Mumbai's traditional textile industry has made way for the new economy of financial services, call centers and other business process outsourcing services, information technology, engineering, healthcare and entertainment services. Headquarters of a number of financial institutions like the Bombay Stock Exchange, the Reserve Bank of India, the National Stock Exchange and the Life Insurance Corporation are located in Mumbai. India's leading conglomerates such as Tata, Birla, Godrej and Reliance are also based in Mumbai. The main commercial areas in Mumbai are in the island city such as Nariman Point, Ballard Estate, Lower Parel, Worli; the western suburbs of Bandra Kurla, Andheri and Malad; the central suburbs such as Powai; and outlying cities such as Thane and Navi Mumbai. The concentration of corporate offices in these areas has led to an increase in the demand for residential property (both high-end and affordable) in and around these areas. As a result of its status as a commercial, industrial and economic hub coupled with its relatively small total land area and natural geographic boundaries as an island city, Mumbai has a greater population density than most other major cities across the world and as such, land is very scarce and demand for available land is very high. Furthermore, there is nearly no undeveloped land remaining in Mumbai except for government-controlled set aside areas. As a result, demand for property has been far greater than supply resulting in high barriers to entry in the real estate market due to the necessity of large amounts of capital to become an established developer.
In the residential real estate sector, most new launches in FY 2013-2014 were in the mid-ranged segment in suburban and peripheral locations in Mumbai. The commercial sector improved infrastructure facilities with better connectivity has resulted in an increased demand in the locations along the western express highway, such as Bandra-Kurla Complex. This demand was mainly driven by the banking and financial sectors, followed by the information technology and information technology enabled services sectors.
THEIR BUSINESS
OVERVIEW:
They are one of the leading real estate development companies in India with operations primarily in the MMR with nearly three decades of experience. They believe that the MMR is one of the most attractive real estate markets in India in terms of depth of demand for real estate developments across business segments and price points and therefore, a key element of their business strategy is to continue to focus on the MMR premium real estate market while selectively evaluating opportunities in other locations across India.
They and/or their Promoter Group have developed more than 5 million sq.ft. including the area attributable to third parties, their joint venture partners and joint development partners. Their portfolio of real estate development projects has historically focused on projects in the luxury residential segment (including apartments and villas); however, recently they have also focused on the commercial segment (including corporate office blocks). They intend to pursue large scale residential and commercial developments, and mixed use developments.
They believe that they are recognised as a premium real estate development company and have established a strong brand image and a successful track record of execution across a portfolio of residential and commercial real estate developments. Accordingly, the elements of their business strategy include enhancing their design and execution capabilities and maintaining and enhancing their brand.
Their operations span different aspects of real estate development, including (i) the identification of potential projects and land, (ii) legal and technical due diligence, (iii) financial closure, (iv) acquisition of title to land and/or development rights, (v) project conceptualisation, design and planning, (vi) obtaining the necessary approvals, (vii) market research, (viii) facilities management, (ix) project execution, (x) branding and marketing, and (xi) sales.
THEIR COMPETITIVE
STRENGTHS
1. Strong brand
2. Strong execution track record
3. Ability to identify land and develop projects with potential for value appreciation
4. Strong portfolio of Ongoing Projects in Mumbai
5. Experienced and qualified management team
THEIR STRATEGY GOING
FORWARD
1. Continued focus on the MMR real estate market
2. Continue to conceptualize and develop innovative projects
3. Continue to focus on high quality developments
4. Maintain and enhance their brand
AWARDS AND RECOGNITIONS:
|
SR. NO. |
AWARD /
RECOGNITION |
AWARD FOR |
AWARD WON BY |
ISSUING
AUTHORITY |
|
1 |
PRECERTIFICATION FOR "LEED INDIA SILVER RATING" |
DEMONSTRATING AN INTENT TO DESIGN AND BUILD A HIGH PERFORMANCE BUILDING |
RAHEJA CHRYSALIS |
INDIAN GREEN BUILDING COUNCIL (IGBC) GREEN HOMES |
|
|
|
|
|
|
|
2 |
PRECERTIFICATION FOR "LEED INDIA GOLD RATING" |
DEMONSTRATING AN INTENT TO DESIGN AND BUILD A HIGH PERFORMANCE BUILDING |
RAHEJA EXOTICA-IV, V & VI |
INDIAN GREEN BUILDING COUNCIL (IGBC) GREEN HOMES |
|
|
|
|
|
|
|
3 |
PRECERTIFICATION FOR "LEED INDIA GOLD RATING" |
DEMONSTRATING AN INTENT TO DESIGN AND BUILD A HIGH PERFORMANCE BUILDING |
RAHEJA REFLECTIONS-II |
INDIAN GREEN BUILDING COUNCIL (IGBC) GREEN HOMES |
CONTINGENT
LIABILITIES:
|
PARTICULARS |
31.03.2014 (Rs.
In Millions) |
31.03.2013 (Rs.
In Millions) |
|
a. Corporate guarantees provided for Director |
2000.000 |
2000.000 |
|
b. Guarantees given by banks on behalf of the company |
5.000 |
4.000 |
|
c. Letters of credit opened by bank on behalf of the company |
90.097 |
12.294 |
|
d. Claims against the company not acknowledged as debts |
|
|
|
i) Service Tax demands as per Show Cause Notices received from Service Tax Authority |
24.894 |
25.371 |
|
ii) Service Tax demands as per assessment orders against which the company has preferred appeal with the Central Excise and Service Tax Appellate Tribunal, Mumbai |
31.439 |
29.043 |
|
iii) Income Tax (TDS) demands as per assessment orders against which the company has preferred appeal with the CIT, Appeals, Mumbai(*) |
8.648 |
9.679 |
|
iv) Karnataka Value Added Tax |
0.457 |
0.000 |
|
v) Others (#) |
4000.000 |
4000.000 |
|
|
|
|
|
|
|
|
|
NOTE (*) The company has not provided for demands by the Income Tax Authority towards non-payment of income tax deducted at source (TDS) for various assessment years aggregating to Rs. 8.648 Million (Pr. Yr. Rs. 9.679 Million). The same has already been fully paid by the company and the company has preferred appeal with the Commissioner of Income Tax (CIT), Appeals, Mumbai against the said demands. (#) (i) The company is in the process of discussion and negotiation with Option Deposit Holders of its erstwhile commercial project since the commercial project is now changed to residential project in view of change in market demand. The amount of compensation as may be mutually agreed between the parties shall be paid by the company, together with the refund of option deposit received from such parties on completion of the ongoing discussion and negotiation. (ii) Maharashtra Value Added Tax: a. The company is a member of The Maharashtra Chamber of Housing Industry (MCHI), who had filed a writ petition in the Honble High Court of Bombay challenging the levy of VAT by the Government of Maharashtra (MVAT) w.e.f. 20th June, 2006 under the Maharashtra Value Added Tax Act, 2002 on property under construction. The said writ petition had been dismissed by the Honble High Court of Bombay. b. The MCHI had appealed to the Hon?ble Supreme Court of India against the order of the Hon?ble High Court of Bombay and the Hon?ble Supreme Court of India passed an interim order on 28th August, 2012. The Honble Supreme Court of India passed its final order on 26th September, 2013 and has confirmed levy of MVAT by Govt. of Maharashtra as constitutionally valid. The Honble Supreme Court had also directed Govt. of Maharashtra vide the said final order, to bring clarity in Rules providing for valuation of goods for the purpose of levy of MVAT. c. As per directions given by the Honble Supreme Court vide its interim order dtd. 28th August, 2012, the company has paid on 31st October, 2012 the MVAT as applicable for the period 20th June, 2006 to 31st March, 2010 as per experts? guidance based on the relevant provisions of MVAT then prevailing, on its sale of flats under construction. Demand on various customers to pay the MVAT had accordingly been raised and MVAT due net of recoveries from customers had been shown as MVAT receivable from customers, in the company’s financial statements as on 31st March, 2013. d. The Maharashtra Govt. has issued notification no.VAT 1513/CR-147/Taxation-1 on 29th January, 2014 providing guidelines for computing MVAT payable on purchase of an under-construction flat, depending on the stage of construction at which purchaser enters into Agreement for Sale. The company has accordingly re-calculated MVAT payable by various customers as per experts guidance and has filed the revised MVAT returns as per guidelines issued by the MVAT department. e. As per agreements for sale executed with the purchasers, such MVAT liability needs to be borne by the purchasers of the premises. In some cases undertaking to pay such liability has also been obtained from the purchasers. The company has raised demand on customers in earlier years and has partly recovered moneys against the same. Accordingly, demand shall be raised on customers to pay the differential MVAT to the company. In case of non-recovery or short-recovery of any such MVAT amount from the customers, the company shall take experts advice on steps to be taken by it for their recovery as well as accounting and tax treatment (direct as well as indirect taxes) of the said unrecovered amounts. |
||
FIXED ASSETS
TANGIBLE ASSETS
· Land
· Buildings
· Plant and Equipments (Construction Equipments)
· Furniture and Fixtures
· Motor Vehicles
· Office Equipments
· Computer Systems and Peripherals
INTANGIBLE ASSETS
· Computer Software
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. 64.05 |
|
|
1 |
Rs. 99.04 |
|
Euro |
1 |
Rs. 71.76 |
INFORMATION DETAILS
|
Information
Gathered by : |
PPT |
|
|
|
|
Analysis Done by
: |
KAR |
|
|
|
|
Report Prepared
by : |
MRI |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL
CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILITY |
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 |
YES |
|
--LITIGATION |
YES/NO |
YES |
|
--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 |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
54 |
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.