MIRA INFORM REPORT

 

 

Report No. :

341773

Report Date :

18.09.2015

 

IDENTIFICATION DETAILS

 

Name :

OBEROI REALTY LIMITED

 

 

Registered Office :

Commerz, 3rd Floor, International Business Park, Oberoi Garden City, Off Western Express Highway, Goregaon (East), Mumbai – 400063, Maharashtra

Tel. No.:

91-22-66773333

 

 

Country :

India

 

 

Financials (as on) :

31.03.2015

 

 

Date of Incorporation :

08.05.1998

 

 

Com. Reg. No.:

11-114818

 

 

Capital Investment / Paid-up Capital :

Rs.3282.380 Million

 

 

CIN No.:

[Company Identification No.]

L45200MH1998PLC114818

 

 

IEC No.:

0304068357

 

 

TAN No.:

[Tax Deduction & Collection Account No.]

Not Available

 

 

PAN No.:

[Permanent Account No.]

AABCK0235H

 

 

Legal Form :

A Public Limited Liability Company. The Company’s Shares are Listed on the Stock Exchanges.

 

 

Line of Business :

Subject is engaged primarily in the business of real estate development and hospitality.

 

 

No. of Employees :

Information declined by the management 

 

 

RATING & COMMENTS

 

MIRA’s Rating :

A (66)

 

RATING

STATUS

PROPOSED CREDIT LINE

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

 

Maximum Credit Limit :

USD

 

 

Status :

Good

 

 

Payment Behaviour :

Regular

 

 

Litigation :

Exist

 

 

Comments :

Subject is a flagship company of Oberoi Realty Group.

 

It is a well-established company incorporated in the year 1998 having a fine track record.

 

Available financial indicates company strong financial risk profile marked by healthy net worth position with negligible debt and decent profitability margin of the company.

 

The rating also take into consideration, the leased assets and an operating hotel which may supports the revenue profile during the prevailing slowdown in the industry.

 

However, trade relations are fair. Business is active. Payment terms are reported as regular and as per commitments.

 

In view of professional and experienced management along with established brand and strong market position, the company can be considered good 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.

 

ECGC Country Risk Classification List – March 31, 2015

 

Country Name

Previous Rating

(31.12.2014)

Current Rating

(31.03.2015)

India

A1

A1

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low

 

A2

Moderate

 

B1

High

 

B2

Very High

 

C1

Restricted

 

C2

Off-credit

 

D

 

 

EXTERNAL AGENCY RATING

 

Rating Agency Name

CARE

Rating

Proposed Short-term commercial Paper: A1+

Rating Explanation

Very strong degree of safety and carry lowest credit risk.

Date

20.07.2015

 

 

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 31-03-2015.

 

INFORMATION DECLINED

 

MANAGEMENT NON CO-OPERATIVE (91-22-66773333)

 

LOCATIONS

 

Registered Office / Corporate Office:

Commerz, 3rd Floor, International Business Park, Oberoi Garden City, Off Western Express Highway, Goregaon (East), Mumbai – 400063, Maharashtra, India

Tel. No.:

91-22-66773333

Fax No.:

91-22-66773334

E-Mail :

sales@oberoirealty.com

corporate@oberoirealty.com

Website :

http://www.oberoirealty.com

 

 

DIRECTORS

 

AS ON 31.03.2015

 

Name :

Mr. Vikas Ranvir Oberoi

Designation :

Managing director

Address :

Plot No.70, 12th N S Road,, J. V. P. D. Scheme, Juhu, Vile Parle, Mumbai - 400049, Maharashtra, India

Date of Birth/Age :

08.09.1969

Date of Appointment :

08.05.1998

DIN No.:

00011701

 

 

Name :

Mr. Saumil Ashwin Daru

Designation :

Whole-time director

Address :

A-2301 Oberoi Woods, Off Western Express Highway, Goregaon East, Mumbai - 400063, Maharashtra, India

Date of Birth/Age :

04.12.1970

Date of Appointment :

10.05.2014

DIN No.:

03533268

 

 

Name :

Mr. Anil Harish

Designation :

Director

Address :

13, C.C.I. Chambers, 1st Floor, Dinshaw Wacha Road, Mumbai - 400020, Maharashtra, India

Date of Birth/Age :

19.03.1954

Date of Appointment :

18.09.2009

DIN No.:

00001685

 

 

Name :

Mr. Tilokchand Punamchand Ostwal

Designation :

Director

Address :

103 Falcon's Crest, G.D. Ambekar Marg, Parel, Mumbai - 400012, Maharashtra, India

Date of Birth/Age :

07.11.1954

Date of Appointment :

12.12.2007

DIN No.:

00821268

 

 

Name :

Mr. Bindu Ranvir Oberoi

Designation :

Director

Address :

Plot No.70, 12th N S Road, J V P D Scheme, Juhu, Vile Parle, Mumbai - 400049, Maharashtra, India

Date of Appointment :

01.12.2006

DIN No.:

00837711

 

 

Name :

Mr. Venkatesh S Mysore

Designation :

Director

Address :

The Imperial, North Tower Apt 4305, BB Nakashe Marg, Tardeo, Mumbai -  400034, Maharashtra, India

Date of Birth/Age :

30.12.1958

Date of Appointment :

26.07.2011

DIN No.:

01401447

 

 

Name :

Mr. Karamjit Singh Kalsi

Designation :

Director

Address :

1930 Broadway, Apartment 3k/4l, New York, 10023, United States Of America

Date of Appointment :

12.09.2014

DIN No.:

02356790

 

 

KEY EXECUTIVES

 

Name :

Mr. Saumil Daru

Designation :

Chief Finance Officer

Address :

A- 2301, Oberoi Woods, Off Western Express Highway, Goregaon (East), Mumbai - 400063, Maharashtra, India

Date of Appointment :

10.05.2014

PAN No:

AAAPD4035G

 

 

Name :

Mr. Bhaskar Sudarshan Kshirsagar

Designation :

Secretary

Address :

B-2/26, Vishramyog Society, Near Don Bosco, Borivali (West), Mumbai - 400092, Maharashtra, India

Date of Appointment :

01.11.2007

PAN No:

ANRPK0820G

 

 

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

 

AS ON 20.07.2015

 

Category  of Shareholders

No. of Shares

Percentage of Holding

(A) Shareholding of Promoter and Promoter Group

 

 

http://www.bseindia.com/include/images/clear.gif(1) Indian

 

 

http://www.bseindia.com/include/images/clear.gifIndividuals / Hindu Undivided Family

212872504

62.74

http://www.bseindia.com/include/images/clear.gifAny Others (Specify)

33302442

9.82

http://www.bseindia.com/include/images/clear.gifOthers

33302442

9.82

http://www.bseindia.com/include/images/clear.gifSub Total

246174946

72.56

http://www.bseindia.com/include/images/clear.gif(2) Foreign

 

 

Total shareholding of Promoter and Promoter Group (A)

246174946

72.56

(B) Public Shareholding

 

 

http://www.bseindia.com/include/images/clear.gif(1) Institutions

 

 

http://www.bseindia.com/include/images/clear.gifMutual Funds / UTI

2972773

0.88

http://www.bseindia.com/include/images/clear.gifFinancial Institutions / Banks

65116

0.02

http://www.bseindia.com/include/images/clear.gifForeign Institutional Investors

73084586

21.54

http://www.bseindia.com/include/images/clear.gifSub Total

76122475

22.44

http://www.bseindia.com/include/images/clear.gif(2) Non-Institutions

 

 

http://www.bseindia.com/include/images/clear.gifBodies Corporate

1954073

0.58

http://www.bseindia.com/include/images/clear.gifIndividuals

 

 

http://www.bseindia.com/include/images/clear.gifIndividual shareholders holding nominal share capital up to Rs. 0.100 Million

2625013

0.77

http://www.bseindia.com/include/images/clear.gifIndividual shareholders holding nominal share capital in excess of Rs. 0.100 Million

1034719

0.30

http://www.bseindia.com/include/images/clear.gifAny Others (Specify)

11364577

3.35

http://www.bseindia.com/include/images/clear.gifNon Resident Indians

190136

0.06

http://www.bseindia.com/include/images/clear.gifClearing Members

148587

0.04

http://www.bseindia.com/include/images/clear.gifOthers

11024594

3.25

http://www.bseindia.com/include/images/clear.gifOthers

1260

0.00

http://www.bseindia.com/include/images/clear.gifSub Total

16978382

5.00

Total Public shareholding (B)

93100857

27.44

Total (A)+(B)

339275803

100.00

(C) Shares held by Custodians and against which Depository Receipts have been issued

0

0.00

http://www.bseindia.com/include/images/clear.gif(1) Promoter and Promoter Group

0

0.00

http://www.bseindia.com/include/images/clear.gif(2) Public

0

0.00

http://www.bseindia.com/include/images/clear.gifSub Total

0

0.00

Total (A)+(B)+(C)

339275803

0.00

 

 

BUSINESS DETAILS

 

Line of Business :

Subject is engaged primarily in the business of real estate development and hospitality.

 

 

Brand Names :

Not Available

 

 

Agencies Held :

Not Available

 

 

Exports :

Not Divulged

 

 

Imports :

Not Divulged

 

 

Terms :

Not Divulged

 

PRODUCTION STATUS: NOT AVAILABLE

 

 

GENERAL INFORMATION

 

Suppliers :

Reference :

Not Divulged

Name of the Person :

Not Divulged

Contact No.:

Not Divulged

Since How Long Known :

Not Divulged

Maximum Limit Dealt :

Not Divulged

Experience :

Not Divulged

Remark:

Not Divulged

 

 

Customers :

Reference :

Not Divulged

Name of the Person :

Not Divulged

Contact No.:

Not Divulged

Since How Long Known :

Not Divulged

Maximum Limit Dealt :

Not Divulged

Experience :

Not Divulged

Remark:

Not Divulged

 

 

No. of Employees :

Information declined by the management 

 

 

Bankers :

Banker Name

Not Divulged

Branch Address

Not Divulged

Person Name (With Designation)

Not Divulged

Contact Number

Not Divulged

Name of Account Holder

Not Divulged

Account Number

Not Divulged

Account Since (Date/Year of Account Opening)

Not Divulged

Average Balance Maintained (If Possible)

Not Divulged

Credit Facilities Enjoyed (If any)

Not Divulged

Account Operation

Not Divulged

Remarks (If any)

Not Divulged

 

Banking Relations :

 

 

 

Finance Institute:

Axis Trustee Services Limited, Axis House, 2nd Floor, Bombay Dyeing Mills Compound,, Pandurang Budhkar Marg, Worli, Mumbai, Maharashtra - 400025, India

 

 

Auditors :

 

Name :

P. Raj and Company

Chartered Accountants

 

 

Memberships :

Not Available

 

 

Collaborators :

Not Available

 

 

Subsidiaries:
  • Oberoi Constructions Limited
  • Oberoi Mall Limited
  • Kingston Property Services Limited
  • Kingston Hospitality and Developers Private Limited
  • Sight Realty Private Limited
  • Buoyant Realty Private Limited (up to March 3, 2015)
  • Perspective Realty Private Limited
  • Expressions Realty Private Limited
  • Incline Realty Private Limited
  • Integrus Realty Private Limited

 

 

Jointly controlled entities:
  • Sangam City Township Private Limited
  • Astir Realty LLP
  • I-Ven Realty Limited
  • Buoyant Realty LLP (from March 4, 2015)

 

 

Joint venture of subsidiaries:
  • Oasis Realty

 

 

Entities where key management personnel have significant influence:
  • R S Estate Developers Private Limited
  • Oberoi Foundation
  • R. S. V. Associates
  • Neo Realty Private Limited

 

 

CAPITAL STRUCTURE

 

AS ON 31.03.2015

 

Authorised Capital :

No. of Shares

Type

Value

Amount

 

 

 

 

425000000

Equity Shares

Rs.10/- each

Rs.4250.000 Million

 

 

 

 

 

Issued, Subscribed & Paid-up Capital :

No. of Shares

Type

Value

Amount

 

 

 

 

328237969

Equity Shares

Rs.10/- each

Rs.3282.380 Million

 

 

 

 

 

Note:

 

A. Reconciliation of shares outstanding at the beginning and at the end of the year

 

Particular

in No.

Rs. In Million

Equity shares

 

 

At the beginning of the year

32,82,33,262

3282.333

Add: Issue of fresh shares on exercise

of options vested under Employee

Stock Option Scheme

4,707

0.047

At the end of the year

32,82,37,969

3282.380

 

 

B. Terms / rights attached to equity shares

 

The Company has only one class of equity shares having par value of H10 per share. Each shareholder of equity shares is entitled to one vote per share. The Company declares dividends in Indian rupees. The dividend proposed by the Board of Directors is subject to the approval of the shareholders in the ensuing Annual General Meeting.

 

During the year ended March 31, 2015, the amount of per share dividend recognised as proposed for distribution

to equity shareholders is H2 (H2), which is subject to approval of shareholders in ensuing Annual General Meeting.

 

C. Details of shareholders holding more than 5% shares in the Company

 

Particular

in No.

% Holding

Equity shares

 

 

Vikas Oberoi

21,28,72,504

64.85%

R S Estate Developers Private Limited

3,33,00,000

10.15%

 

 

Particular

in No.

% Holding

Equity shares

 

 

Vikas Oberoi

21,28,72,504

64.85%

R S Estate Developers Private Limited

3,33,00,000

10.15%

SSIII Indian Investments Two Limited

3,10,55,247

9.46%

 

As per the of the Company, including its register of shareholders / members and other declarations received from shareholders regarding beneficial interest, the above shareholding represents both legal and beneficial ownership of shares.

 

D. Shares reserved for issue under options

 

The Company instituted an Employees Stock Option Scheme (‘ESOP 2009’) pursuant to the Board and Shareholders’ resolution dated December 04, 2009. As per ESOP 2009, the Company is authorised to grant 14,43,356 options comprising equal number of equity shares in one or more tranches to the eligible employees of the Company and its subsidiaries. The employee will have the option to exercise the right within three years from the date of vesting of options. Under ESOP 2009, 13,49,553 options have been granted, out of which as on date of balance sheet 7,32,534 options are outstanding.

 

The following information relates to the Employee Stock Options as on March 31, 2015

 

Particulars

Number of

Options

Exercise price

(Rs.)

Weighted average

exercise price

(Rs.)

Weighted average contractual

life of options as on the date of

grant (years)

Outstanding at the beginning of the year

10,36,837

260

260

4.20

Less: Lapsed / forfeited / cancelled during the year

2,99,596

--

--

--

Less: Exercised during the year

4,707

260

260

--

Outstanding at the end of the year

7,32,534

260

260

4.20

Exercisable at the end of the year

7,32,534

260

260

4.20

 

The employee share based payments have been accounted using the intrinsic value method measured by a difference between the market price of the underlying equity shares as at the date of grant and the exercise price. Since the market price of the underlying equity shares on the grant date is same as exercise price of the option, the intrinsic value of option is determined as H Nil. Hence no compensation expense has been recognised. Under the fair value method, the basic and diluted EPS would have been higher by Re.0.11.

 

 

FINANCIAL DATA

[all figures are in Rupees Million]

 

 

ABRIDGED BALANCE SHEET

 

SOURCES OF FUNDS

31.03.2015

31.03.2014

31.03.2013

 

 

 

 

I.              EQUITY AND LIABILITIES

 

 

 

(1)Shareholders' Funds

 

 

 

(a) Share Capital

3282.380

3282.333

3282.333

(b) Reserves & Surplus

26410.369

24058.915

21781.477

(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)

29692.749

27341.248

25063.810

 

 

 

 

(3) Non-Current Liabilities

 

 

 

(a) long-term borrowings

0.000

0.000

0.000

(b) Deferred tax liabilities (Net)

227.210

203.111

129.976

(c) Trade payables

6.458

104.364

65.228

(d) Other long term liabilities

466.996

429.866

270.492

(e) long-term provisions

11.244

9.636

10.887

Total Non-current Liabilities (3)

711.908

746.977

476.583

 

 

 

 

(4) Current Liabilities

 

 

 

(a) Short term borrowings

1270.368

0.000

0.000

(b) Trade payables

263.942

170.049

187.696

(c) Other current liabilities

9174.389

6800.570

7966.828

(d) Short-term provisions

825.003

777.195

777.714

Total Current Liabilities (4)

11533.702

7747.814

8932.238

 

 

 

 

TOTAL

41938.359

35836.039

34472.631

 

 

 

 

II.          ASSETS

 

 

 

(1) Non-current assets

 

 

 

(a) Fixed Assets

 

 

 

(i) Tangible assets

8825.181

5274.100

5439.436

(ii) Intangible Assets

13.829

19.375

18.470

(iii) Capital work-in-progress

61.481

4229.118

3804.250

(iv) Intangible assets under development

0.000

0.000

0.000

(b) Non-current Investments

3186.132

3166.123

3157.764

(c) Deferred tax assets (net)

0.000

0.000

0.000

(d)  Long-term Loan and Advances

2886.590

2909.981

2923.912

(e) Other Non-current assets

0.000

0.000

0.000

Total Non-Current Assets

14973.213

15598.697

15343.832

 

 

 

 

(2) Current assets

 

 

 

(a) Current investments

698.950

663.600

637.500

(b) Inventories

10327.855

8754.076

5881.993

(c) Trade receivables

276.123

591.947

352.260

(d) Cash and cash equivalents

874.813

3444.634

9216.545

(e) Short-term loans and advances

14449.448

6432.908

2929.125

(f) Other current assets

337.957

350.177

111.376

Total Current Assets

26965.146

20237.342

19128.799

 

 

 

 

TOTAL

41938.359

35836.039

34472.631

 

 

 

PROFIT & LOSS ACCOUNT

 

 

PARTICULARS

31.03.2015

31.03.2014

31.03.2013

 

SALES

 

 

 

 

Income

6992.406

6225.570

5950.457

 

Other Income

618.149

832.988

1474.493

 

TOTAL (A)

7610.555

7058.558

7424.950

 

 

 

 

 

Less

EXPENSES

 

 

 

 

Operating costs

2178.537

2055.630

2193.069

 

Employee benefits expense

477.482

401.560

349.682

 

Other expenses

351.942

267.933

205.240

 

Prior period income / (expenses)

0.000

0.000

0.687

 

TOTAL (B)

3007.961

2725.123

2748.678

 

 

 

 

 

Less

PROFIT/ (LOSS)  BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (C)

4602.594

4333.435

4676.272

 

 

 

 

 

Less

FINANCIAL EXPENSES (D)

1.747

2.617

3.365

 

 

 

 

 

 

PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)

4600.847

4330.818

4672.907

 

 

 

 

 

Less/ Add

DEPRECIATION/ AMORTISATION (F)

335.116

223.323

236.687

 

 

 

 

 

 

PROFIT/ (LOSS)  BEFORE TAX (E-F)   (G)

4265.731

4107.495

4436.220

 

 

 

 

 

Less

TAX (H)

1218.032

1156.254

1161.497

 

 

 

 

 

 

PROFIT/ (LOSS)  AFTER TAX  (G-H)   (I)

3047.699

2951.241

3274.723

 

 

 

 

 

 

EARNINGS IN FOREIGN CURRENCY

 

 

 

 

Sale of residential units

58.399

41.655

54.857

 

Hospitality services

545.973

506.232

450.422

 

TOTAL EARNINGS

604.372

547.887

505.279

 

 

 

 

 

 

IMPORTS

 

 

 

 

Raw Materials

21.159

188.671

489.880

 

Capital Goods

6.614

2.979

26.424

 

TOTAL IMPORTS

27.773

191.650

516.304

 

 

 

 

 

 

Earnings / (Loss) Per Share (Rs.)

 

 

 

Basic

9.29

8.99

9.98

Diluted

9.28

8.99

9.97

 

 

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

 

Particulars

 

31.03.2015

31.03.2014

31.03.2013

Current Maturities of Long term debt

NA

NA

NA

Cash generated / (used) from operations

3544.218

(2065.815)

489.245

Net cash inflow / (outflow) from operating activities

2323.541

(3153.236)

(562.197)

 

 

QUARTERLY RESULTS

 

PARTICULARS

 

 

 

30.06.2015

1st Quarter

Audited / UnAudited

 

 

 

 

 

 

 

Net Sales

 

 

1683.100

Total Expenditure

 

 

651.900

PBIDT (Excl OI)

 

 

1031.200

Other Income

 

 

675.400

Operating Profit

 

 

1706.600

Interest

 

 

0.200

Exceptional Items

 

 

NA

PBDT

 

 

1706.400

Depreciation

 

 

105.300

Profit Before Tax

 

 

1601.100

Tax

 

 

331.800

Provisions and contingencies

 

 

NA

Profit After Tax

 

 

1269.300

Extraordinary Items

 

 

NA

Prior Period Expenses

 

 

NA

Other Adjustments

 

 

NA

Net Profit

 

 

1269.300

 

 

KEY RATIOS

 

PARTICULARS

 

 

31.03.2015

31.03.2014

31.03.2013

Net Profit Margin

(PAT / Sales)

(%)

43.59

47.41

55.03

 

 

 

 

 

Operating Profit Margin

(PBIDT/Sales)

(%)

65.82

69.61

78.59

 

 

 

 

 

Return on Total Assets

(PBT/Total Assets}

(%)

11.03

14.44

16.13

 

 

 

 

 

Return on Investment (ROI)

(PBT/Networth)

 

0.14

0.15

0.18

 

 

 

 

 

Debt Equity Ratio

(Total Debt /Networth)

 

0.04

0.00

0.00

 

 

 

 

 

Current Ratio

(Current Asset/Current Liability)

 

2.34

2.61

2.14

 

 

STOCK PRICES

 

Face Value

Rs.10.00/-

Market Value

Rs.261.65/-

 

 

FINANCIAL ANALYSIS

[all figures are in Rupees Million]

 

DEBT EQUITY RATIO

 

Particular

31.03.2013

31.03.2014

31.03.2015

 

(Rs. In Million)

(Rs. In Million)

(Rs. In Million)

Share Capital

3282.333

3282.333

3282.380

Reserves & Surplus

21781.477

24058.915

26410.369

Money received against share warrants

0.000

0.000

0.000

 Share Application money pending allotment

0.000

0.000

0.000

Net worth

25063.810

27341.248

29692.749

 

 

 

 

long-term borrowings

0.000

0.000

0.000

Short term borrowings

0.000

0.000

1270.368

Total borrowings

0.000

0.000

1270.368

Debt/Equity ratio

0.000

0.000

0.043

 

YEAR-ON-YEAR GROWTH

 

Year on Year Growth

31.03.2013

31.03.2014

31.03.2015

 

(Rs. In Million)

(Rs. In Million)

(Rs. In Million)

Sales

5950.457

6225.570

6992.406

 

 

4.623

12.318

 

 

NET PROFIT MARGIN

 

Net Profit Margin

31.03.2013

31.03.2014

31.03.2015

 

(Rs. In Million)

(Rs. In Million)

(Rs. In Million)

Sales

5950.457

6225.570

6992.406

Profit

3274.723

2951.241

3047.699

 

55.03%

47.41%

43.59%

 

LOCAL AGENCY FURTHER INFORMATION

 

Sr. No.

Check list by info agents

Available in Report (Yes/No)

1

Year of establishment

Yes

2

Constitution of the entity -Incorporation details

Yes

3

Locality of the entity

Yes

4

Premises details

No

5

Buyer visit details

--

6

Contact numbers

Yes

7

Name of the person contacted

No

8

Designation of contact person

No

9

Promoter’s background

Yes

10

Date of Birth of Proprietor / Partners / Directors

Yes

11

Pan Card No. of Proprietor / Partners

No

12

Voter Id Card No. of Proprietor / Partners

No

13

Type of business

Yes

14

Line of Business

Yes

15

Export/import details (if applicable)

No

16

No. of employees

No

17

Details of sister concerns

Yes

18

Major suppliers

No

19

Major customers

No

20

Banking Details

No

21

Banking facility details

Yes

22

Conduct of the banking account

--

23

Financials, if provided

Yes

24

Capital in the business

Yes

25

Last accounts filed at ROC, if applicable

Yes

26

Turnover of firm for last three years

Yes

27

Reasons for variation <> 20%

--

28

Estimation for coming financial year

No

29

Profitability for last three years

Yes

30

Major shareholders, if available

Yes

31

External Agency Rating, if available

No

32

Litigations that the firm/promoter involved in

Yes

33

Market information

--

34

Payments terms

No

35

Negative Reporting by Auditors in the Annual Report

No

 

 

LITIGATION DETAILS

 

CASE DETAILS

BENCH:-BOMBAY

 

Presentation Date:-

11/03/2015

Lodging No.:-

ITXAL/320/2015

Filing Date:-

11/03/2015

 

 

Petitioner:-

PR. COMMISSIONER OF INCOME TAX CENTRAL-2

 

Respondent:-

M/S. OBEROI REALTY LIMITED. (FORMERLY KNOWN AS M/S. KINGSTON PROPERTIES P.LIMITED.)

 

Petn.Adv.:-

PADMA DIVAKAR (I3287)

 

Resp.Adv.:-

0 (0)

 

 

District:-

MUMBAI

 

 

Bench:-

SINGLE

Status:-

Pre-Admission

Category:-

TAX APPEALS

 

Last Date:-

23/07/2015

Stage:-

FOR REJECTION [ORIGINAL SIDE MATTERS]

 

Last Coram:-

REGISTRAR(OS)/PROTHONOTARY & SR. MASTER

 

 

Act :-

Income Tax Act, 1961

Under Section:-

260A

 

 

 

NATURE OF BUSINESS

 

The Company is engaged in the activities of Real Estate Development and Hospitality. On the real estate development front, the Company develops residential, commercial, retail and social infrastructure projects. There was no change in the nature of the business of the Company during the year.

 

 

FINANCIAL PERFORMANCE

 

During the year, the Total Revenue stood at Rs.7610.555 Million as compared to Rs.7058.558 Million for the previous year, representing an increase of 7.82%; profit before tax stood at Rs.4265.731 Million for the year as compared to Rs.4107.495 Million for the previous year, representing an increase of 3.85%; profit after tax stood at Rs.3047.699 Million as compared to Rs.2951.241 Million for the previous year, representing an increase of 3.27%.

 

MANAGEMENT DISCUSSION AND ANALYSIS

 

ECONOMIC REVIEW

GLOBAL ECONOMY

 

Global growth in 2014 was lower than initially expected, continuing a pattern of disappointing outturns over the past several years. At the same time, demand for oil has weakened due to the slowdown in China and the persistent sluggishness of the Eurozone and Japan. Several major forces are driving the global outlook: soft commodity prices; persistently low interest rates but increasingly divergent monetary policies across major economies; and weak world trade. In particular, the sharp decline in oil prices since mid-2014 will support global activity and help offset some of the headwinds to growth in oil-importing developing economies like India. However, it will dampen growth prospects for oil-exporting countries, with significant regional repercussions.

 

INDIAN ECONOMY

 

The overall economic situation in the country is looking better and the basic parameters of the Indian economy are moving in the right direction. According to the Indian Finance Ministry, the annual growth rate of the Indian economy is projected to have increased to 7.4% in 2014-15 as compared with 6.9% in the fiscal year 2013-14.

 

Indian inflation has moderated sharply as global oil prices have slumped since last year. Further, with inflation being at a record low, the Reserve Bank of India has reduced repo rate by 50 basis points in Q4 of 2014-15. This will result in the reduction in interest rates, which will further boost the overall Indian economy.

 

OUTLOOK

 

FY2016 outlook would be governed by the implementation of REIT Regulations, the proposed New Real Estate Bill and the New Development Plan for Mumbai. They expect FY2016 to be the start of growth year for the Indian economy as a whole in view of various measures being taken by the new government to boost manufacturing and

infrastructure development in the country. Economists expect India’s GDP growth in the range of 7.0-8.0% for FY2016. The company will target to ensure steady operations and deliver high quality projects for its customers.

 

UNSECURED LOAN

(Rs. In Million)

Particulars

As on

31.03.2015

As on

31.03.2014

SHORT TERM BORROWING

 

 

Loans from subsidiary company

199.568

0.000

Loan from director

1070.800

0.000

Total

1270.368

0.000

 

 

INDEX OF CHARGES

S.NO.

CHARGE ID

DATE OF CHARGE CREATION/MODIFICATION

CHARGE AMOUNT SECURED

CHARGE HOLDER

ADDRESS

SERVICE REQUEST NUMBER (SRN)

1

10508289

23/07/2015 *

6,000,000,000.00

AXIS TRUSTEE SERVICES LIMITED

AXIS HOUSE, 2ND FLR, BOMBAY DYEING MILLS COMPOUND,
, PANDURANG BUDHKAR MARG, WORLI,, MUMBAI, MAHARAS
HTRA - 400025, INDIA

C61422820

 

* Date of charge modification

 

CONTINGENT LIABILITIES

 

(Rs. In Million)

Particulars

31.03.2015

31.03.2014

 

 

 

Indemnity bonds given in favour of the government under Export

Promotion Capital Goods Scheme (net of bank guarantees)

86.377

136.576

Litigations

 

 

a) Legal cases against the Company not acknowledged as

debt (excluding certain matters where amounts are not

ascertainable)

193.360

0.547

b) MVAT matters in dispute

32.055

49.560

c) Income-tax matters in dispute

88.188

172.227

d) Service tax matters in dispute

20.383

21.809

e) Property tax matters in dispute

39.515

0.000

Claims against the Company not acknowledged as debt

0.000

384.506

Certain other additional matters which are under dispute but

which are not acknowledged as debt by the Company

Amount not

ascertainable

Amount not

ascertainable

Corporate guarantees given (excluding corporate guarantee given for raising debentures in a subsidiary

6196.644

3500.000

 

FIXED ASSETS

 

Tangible Assets

 

 

Intangible Assets

 

 

UNAUDITED STANDALONE FINANCIAL RESULTS FOR THE QUARTER ENDED 30TH JUNE, 2015

Rs. In Million

 

 

Quarter ended

Sr No

Particulars

30.06.2015

Unaudited

1

a) Net Sales / Income from Operations

1672.500

 

b) Other operating Income

10.600

 

Total (a+b)

1683.100

2

Expenses :

 

 

a)   Operating Cost

446.900

 

b)   Employee Benefit Expenses

118.300

 

c)   Depreciation and Amortisation

105.300

 

d)   Other Costs

86.700

 

Total Expenditure (a+b+c+d)

757.200

3

Profit from Operations before other income and finance costs (1 - 2)

925.900

4

Other Income

675.400

5.

Profit from ordinary activities before finance costs (3 + 4)

1601.300

6

Finance Costs

0.200

7

Profit from ordinary activities before tax (5 - 6)

1601.100

8

Tax Expense

331.800

9

Net Profit for the period (7 - 8)

1269.300

10

Paid-up Equity Share Capital Equity Shares of Rs. 10/- each

3282.800

11

Reserves excluding revaluation reserves as per Balance Sheet of previous accounting year

 

12

Basic and Diluted Earnings per share (Face Value of Rs.10/-)

 

 

Basic EPS

 

 

-       Before Extraordinary Items

3.87

 

-       After Extraordinary Items

3.87

 

Diluted

 

 

-       Before Extraordinary Items

3.87

 

-       After Extraordinary Items

3.87

 

 

 

A

PARTICULARS OF SHAREHOLDING

 

13

Public Shareholding :

 

 

a) Number of Shares

82100857

 

b) Percentage of shareholding (%)

25.01%

14

Promoters and promoter group Shareholding

 

 

a) Pledged / Encumbered

 

 

b) Non-Encumbered

 

 

- Number of Shares

246174946

 

- Percentage of shares (as a % of the total shareholding of Promoter and Promoter Group)

100.00%

 

- Percentage of shares (as a % of the total share capital of the company)

74.99%

 

 

 

B

Investors Complaints

 

 

Pending at the beginning of the quarter

--

 

Received during the quarter

---

 

Disposed of during the quarter

---

 

Remaining unresolved at the end of the quarter

--

 

Note:

 

1. The above results for the quarter ended June 30, 2015 have been reviewed by the Audit Committee and approved by the Board of Directors at its meeting held on July 18, 2015 and have been subjected to a Limited Review by the Statutory Auditors of the Company.


2. The figures of the last quarter are the balancing figures between audited figures in respect of full financial year and published year to date figures up to the third quarter of the respective financial year.


3. Since the nature of the real estate business of the Company is such that profits / losses do not necessarily accrue evenly over the period, the result of a quarter may not be representative of the profits / losses for the year.


4. Previous period figures have been regrouped, re-arranged and re-classified wherever necessary to conform to current period's classification.

 

Unaudited Standalone segment wise revenue, results and capital Employed for the quarter ended June 30, 2015

 

 

 

Quarter ended

Sr No

Particulars

30.06.2015

Unaudited

 

Segment Revenue

 

(a)

Real estate

1374.800

(b)

Hospitality

308.300

 

Total

1683.100

 

Less: Inter segment revenue

--

 

Net income from operations

1683.100

 

 

 

 

Segment Results

(profit before tax, interest and unallocable expenditure)

 

(a)

Real estate

887.700

(b)

Hospitality

48.00

 

Total

935.700

 

 

 

 

Add/(less)

 

i)

Interest and finance charges

(0.200)

ii)

Unallocable income net of Unallocable Expenses*

665.600

 

Total

1601.100

 

Capital Employed

(Segment assets less segment liabilities)

 

(a)

Real estate

25042.000

(b)

Hospitality

2231.900

 

Total capital employed in segment

27273.900

 

Add: Uallocated capital employed 

3697.900

 

 

 

 

Total capital employed in the company

30971.800

 

* Unallocated capital employed includes temporary surplus Income earned on temporary investment of the same has been show in ‘Unnnallocable Income net of Unallocable Expenditure’.

 

 

CMT REPORT (Corruption, Money Laundering & Terrorism]

 

The Public Notice information has been collected from various sources including but not limited to: The Courts, India Prisons Service, Interpol, etc.

 

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 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.66.50

UK Pound

1

Rs.101.99

Euro

1

Rs.75.03

 

 

INFORMATION DETAILS

 

Information Gathered by :

SUP

 

 

Analysis Done by :

DIV

 

 

Report Prepared by :

KVT

 

 

SCORE & RATING EXPLANATIONS

 

SCORE FACTORS

 

RANGE

POINTS

HISTORY

1~10

7

PAID-UP CAPITAL

1~10

7

OPERATING SCALE

1~10

8

FINANCIAL CONDITION

 

 

--BUSINESS SCALE

1~10

7

--PROFITABILITY

1~10

8

--LIQUIDITY

1~10

7

--LEVERAGE

1~10

7

--RESERVES

1~10

8

--CREDIT LINES

1~10

7

--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

YES

--OTHER MERIT FACTORS

YES/NO

YES

DEFAULTER

 

 

--RBI

YES/NO

NO

--EPF

YES/NO

NO

TOTAL

 

66

 

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

 

--

 

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.