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|
MIRA INFORM REPORT
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Report No. : |
489290 |
|
Report Date : |
02.02.2018 |
IDENTIFICATION DETAILS
|
Name : |
K RAHEJA CORP PRIVATE LIMITED |
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|
|
|
Formerly Known
As : |
PARAMOUNT HOTELS PRIVATE LIMITED (w.e.f. 29.03.2001) PARAMOUNT HOTELS LIMITED (w.e.f. 01.07.1994) PARAMOUNT HOTELS PRIVATE LIMITED |
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Registered
Office : |
Plot No.C-30, Block G, Opposite SIDBI, Bandra Kurla Complex, Bandra
(East), Mumbai – 400051, Maharashtra |
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Tel. No.: |
91-22-26564000 |
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Country : |
India |
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Financials (as
on) : |
31.03.2016 |
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Date of
Incorporation : |
08.11.1979 |
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Com. Reg. No.: |
11-021866 |
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Capital
Investment / Paid-up Capital : |
INR 604.800 Million |
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CIN No.: [Company Identification
No.] |
U55100MH1979PTC021866 |
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IEC No.: |
0390002747 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
Not Available |
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PAN No.: [Permanent Account No.] |
AAACP0522B |
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GSTIN/UIN : |
Not Divulged |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
(Registered Activity) |
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No. of Employees
: |
Information declined by the management |
RATING & COMMENTS
(Mira Inform has adopted New Rating mechanism w.e.f. 23rd
January 2017)
|
MIRA’s Rating : |
A |
|
Credit Rating |
Explanation |
Rating Comments |
|
A |
Acceptable Risk |
Business dealings permissible with
moderate risk of default |
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Status : |
Good |
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Payment Behaviour : |
Slow but correct |
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Litigation : |
Clear |
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Comments : |
Subject was incorporated in the year 1979 and is based in Mumbai, Maharashtra. The company is a real estate development company. It develops residential and commercial development in Mumbai, Pune, Bengaluru, Coimbatore and Hyderabad. The company also provides services like land sourcing and acquisition, obtaining all approvals, includes zoning and clean land titles, project support and leasing and sales. Management has not files its financials with the registrar of companies after 2016. For the financial year 2016, the company reported a drop growth in its revenue as compared to its previous year but reflecting negative result driven by high operating expenses. However, the company’s sound financial profile is reflected by its average solvency indicators due to moderately leverage debt balance sheet profile along with sound net worth base and moderate liquidity position. Rating also takes into consideration, the company’s established track record of business operations marked by promoters’ extensive industry experienced in real estate business and reputed brand name in the real estate development segment. Rating strength is partially offset by non-availability of latest financials and susceptibility of its operations to market fluctuation risk marked by cyclicality inherent in the real estate segment and working capital intensive operations. Payment are seems to be slow but correct. In view of aforesaid, 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
|
Rating Agency Name |
Not Available |
|
Rating |
Not Available |
|
Rating Explanation |
Not Available |
|
Date |
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
31-03-2016.
BIFR (Board for Industrial & Financial Reconstruction) LISTING
STATUS
Subject’s name is not listed as a Sick Unit in
the publicly available BIFR (Board for Industrial & Financial
Reconstruction) list as of 02.02.2018
IBBI (Insolvency and Bankruptcy Board of India) LISTING STATUS
Subject’s name is not listed in the publicly
available IBBI (Insolvency and Bankruptcy Board of India) list as of report
date.
INFORMATION DENIED BY
|
Name : |
Mr. Pranav |
|
Designation : |
Assistant Manager |
|
Contact No.: |
91-22-26564000 |
|
Date : |
01.02.2018 |
LOCATIONS
|
Registered
Office/ Corporate office1 : |
Plot No.C-30, Block G, Opposite SIDBI, Bandra Kurla Complex, Bandra (East),
Mumbai – 400051, Maharashtra, India |
|
Tel. No.: |
91-22-26564000 |
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Fax No.: |
91-22-26565738 / 26564899 |
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E-Mail : |
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Website : |
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Shoppers Stop / Corporate office 2: |
Eureka Towers , 9th Floor, C- Wing, Plot No.
504, Link Road , Malad (West), Mumbai – 400 064, Maharashtra, India |
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Tel. No.: |
91-22-66887688 |
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Fax No.: |
91-22-28808877 |
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Regional / Site Offices: |
Located At : · Bangalore, Karnataka, India · S.G. Marg, Jacob Circle, Mahalaxmi, Mumbai – 400011, Maharashtra, India · Mindspace Navi Mumbai, Maharashtra, India · Plot No. I.T.5 at MIDC, Airoli Knowledge Park, Airoli ·
Survey
No. 144 and 145, Samrat Ashoka Path, Airport Road, Commerzone, Pune - 411006,
Maharashtra, India ·
Survey
No. 27/1, 27/2, NIBM, Raheja Vista Premiere, Pune - 411028, Maharashtra,
India ·
Survey
No. 273, Next to Aditya Nisarg, Viva, Pune, Maharashtra, India ·
Plot
Bearing S.No. 14/1, 15/1, NH4 A Bypass Road, Near Naveclear City, Village Panellim,
Taluka Tiswadi, Viva, Goa- 403402, India ·
Mindspace
West Hyderabad, Telangana, India ·
Mindspace
East Hyderabad ·
Raheja
Vista, Hyderabad ·
Quiescent
Heights ·
Mindspace
Gandhinagar, Ahmedabad, Gujarat, India |
DIRECTORS
As on 31.03.2017
|
Name : |
Mr. Chandru
Lachmandas Raheja |
|
Designation : |
Director |
|
Address : |
4th Floor, Raheja House, Auxilium Convent Road, Pali Hill, Bandra (West), Mumbai – 400050, Maharashtra, India |
|
Date of Birth/Age : |
12.10.1940 |
|
Qualification : |
B.Com, LLB |
|
Date of Appointment : |
10.08.1983 |
|
PAN No.: |
AAAPR5867Q |
|
DIN No.: |
00027979 |
|
|
|
|
Name : |
Mr. Ravi Chandru
Raheja |
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Designation : |
Director |
|
Address : |
4th Floor, Raheja House, Auxilium Convent Road, Pali Hill, Bandra (West), Mumbai – 400050, Maharashtra, India |
|
Qualification : |
MBA |
|
Date of Birth/Age : |
23.09.1971 |
|
Date of Appointment : |
12.12.1996 |
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PAN No.: |
AADPR5769A |
|
DIN No.: |
00028044 |
|
|
|
|
Name : |
Mr. Neel Chandru
Raheja |
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Designation : |
Director |
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Address : |
4th Floor, Raheja House, Auxilium Convent Road, Pali Hill, Bandra (West), Mumbai – 400050, Maharashtra, India |
|
Date of Birth/Age : |
27.06.1974 |
|
Qualification : |
Degree in Law |
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Date of Appointment : |
16.05.2004 |
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PAN No.: |
AAAPR5866R |
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DIN No.: |
00029010 |
|
|
|
|
Name : |
Mr. Ramesh Mohanlal Valecha |
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Designation : |
Director |
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Address : |
602 - 6th Floor, Uday Bhanu, 65/O, Main Avenue, Santacruz (West), Mumbai – 400054, Maharashtra, India |
|
Date of Birth/Age : |
25.12.1955 |
|
Date of Appointment : |
30.09.2011 |
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PAN No.: |
AAAPV8392E |
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DIN No.: |
00389678 |
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|
|
|
Name : |
Mr. Vinod Nandlal Rohira |
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Designation : |
Director |
|
Address : |
1001/B, Seamist Building, 14th Manuel Gonsalves Road, Bandra (West), Mumbai – 400050, Maharashtra, India |
|
Date of Appointment : |
03.03.2015 |
|
Qualification : |
B.Com, LLB, MBA |
|
PAN No.: |
AABPR1111N |
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DIN No.: |
00460667 |
KEY EXECUTIVES
|
Name : |
Mr. Pranav |
|
Designation : |
Assistant Manager |
|
|
|
|
Name : |
Ms. Dipali Praful Bhanushali |
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Designation : |
Company Secretary |
|
Address : |
A-602, Black Smith Tower - I, Rushi CHS, Above Union Bank of India, Sector - 6, A Iroli, Navi Mumbai – 400708, Maharashtra, India |
|
Date of Appointment : |
01.04.2015 |
|
PAN No.: |
BDVPB0871R |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 31.03.2016
|
Names of Shareholders |
|
No. of Shares |
|
Palm Shelter Estate Development LLP* |
|
590400 |
|
Jyoti C. Raheja Jointly with Chandru L. Raheja |
|
590400 |
|
Chandru L. Raheja Jointly with Jyoti C. Raheja |
|
590400 |
|
Casa Maria Properties LLP* |
|
590400 |
|
Raghukool Estate Developement LLP* |
|
590400 |
|
Capstan Trading LLP* |
|
590400 |
|
Anbee Constructions LLP* |
|
590400 |
|
Cape Trading LLP* |
|
590400 |
|
Chandru L. Raheja, Karta of Chandru Lachmandas Raheja HUF Jointly with Jyoti C. Raheja |
|
230400 |
|
Ravi C. Raheja Jointly with Chandru L. Raheja Jointly with Jyoti C. Raheja |
|
547200 |
|
Neel C. Raheja Jointly with Chandru L. Raheja Jointly with Jyoti C. Raheja |
|
547199 |
|
Neel C. Raheja Jointly with Ramesh M. Valecha |
|
1 |
|
Total |
|
6048000 |
Note: * Company has received intimations with proof of conversion from these shareholders in respect of their conversion from “Private Limited” companies to LLP and hence the shareholding is mentioned as above.
Equity Share Break up (Percentage of Total Equity)
As on 30.09.2016
|
Category |
Percentage |
|
Promoters (Individual/Hindu Undivided Family-Indian) |
41.43 |
|
Promoters (Body corporate) |
58.57 |
|
Total |
100.00 |
BUSINESS DETAILS
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Line of Business : |
(Registered Activity) |
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Products/ Services : |
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Brand Names : |
Not Available |
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Agencies Held : |
Not Available |
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Exports : |
Not Divulged |
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Imports : |
Not Divulged |
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Terms : |
Not Divulged |
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 the management |
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Bankers : |
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Facilities : |
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Auditors : |
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|
Name : |
G. M. Kapadia and Company Chartered Accountants |
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Address : |
1007, Raheja Chambers, 213, Nariman Point, Mumbai – 400021, Maharashtra, India |
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Income-tax
PAN of auditor or auditor's firm : |
AAAFG4713G |
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Memberships : |
Not Available |
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Collaborators : |
Not Available |
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Enterprises which
are owned, or have significant influence of or are partners with Key management
personnel and their relatives : |
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Subsidiaries : (As on 31.03.2016) |
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Subsidiary of
KRCSPL : (As on 31.03.2016) |
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Associates : (As on 31.03.2016) |
*Imperial Serviced Offices and Property Management Private Limited. has ceased to be an Associate of the Company w.e.f. 10th February, 2016 and therefore the report on performance and financial statement of Imperial is not provided. |
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Joint Venture : (As on 31.03.2016) |
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CAPITAL STRUCTURE
As on 30.09.2016
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
7100000 |
Equity Shares |
INR 100/- each |
INR 710.000 Million |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
6048000 |
Equity Shares |
INR 100/- each |
INR 604.800
Million |
|
|
|
|
|
FINANCIAL DATA
[all figures are
in INR Million]
ABRIDGED
BALANCE SHEET (STANDALONE)
|
SOURCES OF FUNDS |
31.03.2016 |
31.03.2015 |
31.03.2014 |
|
I.
EQUITY
AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
604.800 |
604.800 |
604.800 |
|
(b) Reserves and Surplus |
2707.259 |
2976.817 |
2719.919 |
|
(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) |
3312.059 |
3581.617 |
3324.719 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
11893.199 |
8526.956 |
12490.935 |
|
(b) Deferred tax liabilities (Net) |
9.444 |
14.907 |
36.976 |
|
(c) Other long-term
liabilities |
827.806 |
661.199 |
598.856 |
|
(d) long-term
provisions |
57.653 |
48.395 |
6.439 |
|
Total Non-current
Liabilities (3) |
12788.102 |
9251.457 |
13133.206 |
|
|
|
|
|
|
(4)
Current Liabilities |
|
|
|
|
(a) Short-term
borrowings |
4185.817 |
4204.752 |
5687.415 |
|
(b) Trade
payables |
189.655 |
259.375 |
485.069 |
|
(c) Other
current liabilities |
3803.490 |
5561.230 |
5597.716 |
|
(d) Short-term
provisions |
63.378 |
139.771 |
255.394 |
|
Total Current
Liabilities (4) |
8242.340 |
10165.128 |
12025.594 |
|
|
|
|
|
|
TOTAL |
24342.501 |
22998.202 |
28483.519 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1)
Non-current assets |
|
|
|
|
(a) Fixed
Assets |
|
|
|
|
(i)
Tangible assets |
857.148 |
812.826 |
1206.613 |
|
(ii)
Intangible Assets |
0.910 |
2.464 |
0.000 |
|
(iii) Tangible assets capital
work-in-progress |
0.000 |
0.000 |
0.000 |
|
(iv)
Intangible assets under development |
9.021 |
11.587 |
24.925 |
|
(b) Non-current Investments |
10602.690 |
10346.591 |
4923.163 |
|
(c) Deferred tax assets (net) |
0.000 |
0.000 |
0.000 |
|
(d)
Long-term loans and advances |
6589.822 |
4841.129 |
10942.956 |
|
(e) Other
Non-current assets |
132.219 |
249.117 |
182.742 |
|
Total Non-Current
Assets |
18191.810 |
16263.714 |
17280.399 |
|
|
|
|
|
|
(2)
Current assets |
|
|
|
|
(a) Current
investments |
224.988 |
125.687 |
140.895 |
|
(b)
Inventories |
3867.147 |
3827.535 |
8572.117 |
|
(c) Trade
receivables |
78.413 |
109.875 |
257.181 |
|
(d) Cash and
bank balances |
561.180 |
319.514 |
338.878 |
|
(e)
Short-term loans and advances |
367.300 |
914.265 |
561.417 |
|
(f) Other
current assets |
1051.663 |
1437.612 |
1332.632 |
|
Total
Current Assets |
6150.691 |
6734.488 |
11203.120 |
|
|
|
|
|
|
TOTAL |
24342.501 |
22998.202 |
28483.519 |
PROFIT
& LOSS ACCOUNT (STANDALONE)
|
|
PARTICULARS |
31.03.2016 |
31.03.2015 |
31.03.2014 |
|
|
SALES |
|
|
|
|
|
Total
Revenue from operations |
2856.266 |
4471.054 |
4337.805 |
|
|
Other Income |
254.753 |
265.060 |
144.812 |
|
|
TOTAL |
3111.019 |
4736.114 |
4482.617 |
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
Cost of Materials
Consumed |
31.972 |
27.229 |
26.029 |
|
|
Purchases of
Stock-in-Trade |
0.000 |
0.000 |
0.000 |
|
|
Changes in inventories of
finished goods, work-in-progress and Stock-in-Trade |
366.367 |
847.736 |
1092.985 |
|
|
Employee benefit expense |
181.007 |
198.092 |
48.702 |
|
|
CSR expenditure |
0.000 |
3.597 |
0.000 |
|
|
Other expenses |
778.992 |
684.612 |
728.800 |
|
|
Prior period items before tax |
0.000 |
0.096 |
(7.203) |
|
|
Exceptional items before tax |
0.000 |
34.978 |
0.086 |
|
|
TOTAL |
1358.338 |
1796.340 |
1889.399 |
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE INTEREST, TAX,
DEPRECIATION AND AMORTISATION |
1752.681 |
2939.774 |
2593.218 |
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES |
1837.223 |
2373.776 |
2277.589 |
|
|
|
|
|
|
|
|
PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION |
(84.542) |
565.998 |
315.629 |
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION |
190.478 |
171.751 |
74.328 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS)
BEFORE TAX |
(275.020) |
394.247 |
241.301 |
|
|
|
|
|
|
|
Less |
TAX |
(5.463) |
137.350 |
46.666 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS)
AFTER TAX |
(269.557) |
256.897 |
194.635 |
|
|
|
|
|
|
|
Add |
PREVIOUS YEARS’ BALANCE BROUGHT FORWARD |
2238.882 |
1981.985 |
1787.350 |
|
|
|
|
|
|
|
|
Balance
Carried to the B/S |
1969.325 |
2238.882 |
1981.985 |
|
|
|
|
|
|
|
|
Earnings / (Loss) Per
Share (INR) |
(44.57) |
42.48 |
32.18 |
CURRENT MATURITIES OF LONG TERM DEBT DETAILS
|
Particulars |
31.03.2016 |
31.03.2015 |
31.03.2014 |
|
Current Maturities of Long term debt |
2420.368 |
3366.363 |
3546.027 |
|
Cash generated from operations |
NA |
NA |
NA |
|
Net cash flows from (used in) operations |
2062.144 |
1150.157 |
613.658 |
|
Net cash flow from operating activity |
1930.274 |
780.215 |
458.168 |
KEY
RATIOS
EFFICIENCY RATIOS
|
PARTICULARS |
31.03.2016 |
31.03.2015 |
31.03.2014 |
|
Average Collection Days (Sundry
Debtors / Income * 365 Days) |
10.02 |
8.97 |
21.64 |
|
|
|
|
|
|
Account Receivables Turnover ( Income / Sundry Debtors) |
36.43 |
40.69 |
16.87 |
|
|
|
|
|
|
Average Payment Days (Sundry Creditors / Purchases * 365 Days) |
2165.15 |
3476.88 |
6802.04 |
|
|
|
|
|
|
Inventory Turnover (Operating Income / Inventories) |
0.45 |
0.77 |
0.30 |
|
|
|
|
|
|
Asset Turnover (Operating Income / Net Fixed Assets) |
2.02 |
3.56 |
2.11 |
LEVERAGE RATIOS
|
PARTICULARS |
31.03.2016 |
31.03.2015 |
31.03.2014 |
|
Debt Ratio ((Borrowing
+ Current Liabilities) / Total Assets) |
0.93 |
0.96 |
0.99 |
|
|
|
|
|
|
Debt Equity Ratio (Total Liability / Networth) |
5.59 |
4.49 |
6.53 |
|
|
|
|
|
|
Current Liabilities to Networth (Current Liabilities / Net Worth) |
2.49 |
2.84 |
3.62 |
|
|
|
|
|
|
Fixed Assets to Networth (Net Fixed Assets / Networth) |
0.26 |
0.23 |
0.37 |
|
|
|
|
|
|
Interest Coverage Ratio (PBIT / Financial Charges) |
0.95 |
1.24 |
1.14 |
PROFITABILITY RATIOS
|
PARTICULARS |
|
31.03.2016 |
31.03.2015 |
31.03.2014 |
|
Net Profit Margin [(PAT / Sales)
* 100] |
% |
(9.44) |
5.75 |
4.49 |
|
|
|
|
|
|
|
Return on Total Assets ((PAT / Total Assets) * 100) |
% |
(1.11) |
1.12 |
0.68 |
|
|
|
|
|
|
|
Return on Investment (ROI) ((PAT / Networth) * 100) |
% |
(8.14) |
7.17 |
5.85 |
SOLVENCY RATIOS
|
PARTICULARS |
31.03.2016 |
31.03.2015 |
31.03.2014 |
|
Current Ratio (Current
Assets / Current Liabilities) |
0.75 |
0.66 |
0.93 |
|
|
|
|
|
|
Quick Ratio ((Current Assets – Inventories) / Current
Liabilities) |
0.28 |
0.29 |
0.22 |
|
|
|
|
|
|
G-Score Ratio Financial (Networth / Total Assets) |
0.14 |
0.16 |
0.12 |
|
|
|
|
|
|
G-Score Ratio Debt (Debts / Equity Capital) |
30.59 |
26.62 |
35.92 |
|
|
|
|
|
|
G-Score Ratio Liquidity (Total Current Assets / Total Current Liabilities) |
0.75 |
0.66 |
0.93 |
Total
Liability = Short-term Debt + Long-term Debt + Current Maturities of Long-term
debts
FINANCIAL ANALYSIS
[all figures are
in INR Million]
DEBT EQUITY RATIO
|
Particular |
31.03.2014 |
31.03.2015 |
31.03.2016 |
|
|
(INR
In Million) |
(INR
In Million) |
(INR
In Million) |
|
Share Capital |
604.800 |
604.800 |
604.800 |
|
Reserves & Surplus |
2719.919 |
2976.817 |
2707.259 |
|
Money received against share
warrants |
0.000 |
0.000 |
0.000 |
|
Share Application money
pending allotment |
0.000 |
0.000 |
0.000 |
|
Net
worth |
3324.719 |
3581.617 |
3312.059 |
|
|
|
|
|
|
Long-term borrowings |
12490.935 |
8526.953 |
11893.199 |
|
Short term borrowings |
5687.415 |
4204.752 |
4185.817 |
|
Current maturities of
long-term debts |
3546.027 |
3366.363 |
2420.368 |
|
Total
borrowings |
21724.377 |
16098.068 |
18499.384 |
|
Debt/Equity
ratio |
6.534 |
4.495 |
5.585 |
YEAR-ON-YEAR GROWTH
|
Year
on Year Growth |
31.03.2014 |
31.03.2015 |
31.03.2016 |
|
|
(INR
In Million) |
(INR
In Million) |
(INR
In Million) |
|
Sales |
4337.805 |
4471.054 |
2856.266 |
|
|
|
3.072 |
(36.116) |
NET PROFIT MARGIN
|
Net
Profit Margin |
31.03.2014 |
31.03.2015 |
31.03.2016 |
|
|
(INR
In Million) |
(INR
In Million) |
(INR
In Million) |
|
Sales |
4337.805 |
4471.054 |
2856.266 |
|
Profit/ (Loss) |
194.635 |
256.897 |
(269.557) |
|
|
4.49% |
5.75% |
(9.44%) |
ABRIDGED
BALANCE SHEET (CONSOLIDATED)
|
SOURCES OF FUNDS |
|
31.03.2016 |
31.03.2015 |
|
I.
EQUITY
AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
|
604.800 |
604.800 |
|
(b) Reserves and Surplus |
|
(56.888) |
724.061 |
|
(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) |
|
547.912 |
1328.861 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
|
27306.504 |
19808.013 |
|
(b) Deferred tax liabilities (Net) |
|
68.933 |
23.209 |
|
(c) Other long-term
liabilities |
|
1591.583 |
1194.033 |
|
(d) long-term
provisions |
|
194.351 |
185.164 |
|
Total Non-current
Liabilities (3) |
|
29161.371 |
21210.419 |
|
|
|
|
|
|
(4)
Current Liabilities |
|
|
|
|
(a) Short-term
borrowings |
|
5747.520 |
5863.480 |
|
(b) Trade payables |
|
419.068 |
570.393 |
|
(c) Other
current liabilities |
|
4809.895 |
7571.136 |
|
(d) Short-term
provisions |
|
147.849 |
216.243 |
|
Total Current
Liabilities (4) |
|
11124.332 |
14221.252 |
|
|
|
|
|
|
TOTAL |
|
41327.501 |
37360.959 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1)
Non-current assets |
|
|
|
|
(a) Fixed
Assets |
|
|
|
|
(i)
Tangible assets |
|
2212.487 |
2188.894 |
|
(ii)
Intangible Assets |
|
1849.164 |
1692.270 |
|
(iii) Tangible assets
capital work-in-progress |
|
1207.288 |
852.328 |
|
(iv)
Intangible assets under development |
|
0.000 |
0.000 |
|
(b) Non-current Investments |
|
19675.617 |
17052.684 |
|
(c) Deferred tax assets (net) |
|
10.996 |
10.782 |
|
(d)
Long-term loans and advances |
|
8276.552 |
7280.738 |
|
(e) Other
Non-current assets |
|
146.356 |
295.375 |
|
Total Non-Current
Assets |
|
33378.460 |
29373.071 |
|
|
|
|
|
|
(2)
Current assets |
|
|
|
|
(a)
Current investments |
|
224.988 |
126.191 |
|
(b)
Inventories |
|
4045.320 |
4134.642 |
|
(c) Trade
receivables |
|
452.029 |
392.487 |
|
(d) Cash and
bank balances |
|
763.934 |
412.310 |
|
(e)
Short-term loans and advances |
|
1112.776 |
1481.911 |
|
(f) Other
current assets |
|
1349.994 |
1440.347 |
|
Total
Current Assets |
|
7949.041 |
7987.888 |
|
|
|
|
|
|
TOTAL |
|
41327.501 |
37360.959 |
PROFIT
& LOSS ACCOUNT (CONSOLIDATED)
|
|
PARTICULARS |
|
31.03.2016 |
31.03.2015 |
|
|
SALES |
|
|
|
|
|
Total
Revenue from operations |
|
5308.324 |
6343.552 |
|
|
Other Income |
|
0.000 |
0.000 |
|
|
TOTAL |
|
5308.324 |
6343.552 |
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
Cost of Materials
Consumed |
|
40.407 |
66.147 |
|
|
Purchases of
Stock-in-Trade |
|
0.000 |
0.000 |
|
|
Changes in inventories of
finished goods, work-in-progress and Stock-in-Trade |
|
366.366 |
653.293 |
|
|
Employee benefit expense |
|
1069.972 |
986.734 |
|
|
CSR expenditure |
|
0.000 |
0.000 |
|
|
Other expenses |
|
1538.455 |
1330.884 |
|
|
Prior period items before tax |
|
(0.654) |
3.663 |
|
|
Exceptional items before tax |
|
0.000 |
34.978 |
|
|
TOTAL |
|
3014.546 |
3075.699 |
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE INTEREST, TAX,
DEPRECIATION AND AMORTISATION |
|
2293.778 |
3267.853 |
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES |
|
2943.178 |
3192.972 |
|
|
|
|
|
|
|
|
PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION |
|
(649.400) |
74.881 |
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION |
|
394.972 |
370.434 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS)
BEFORE TAX |
|
(1044.372) |
(295.553) |
|
|
|
|
|
|
|
Less |
TAX |
|
95.639 |
134.190 |
|
|
|
|
|
|
|
|
TOTAL PROFIT (LOSS)
FOR PERIOD BEFORE MINORITY INTEREST |
|
(1140.011) |
(429.743) |
|
|
|
|
|
|
|
Add |
PROFIT (LOSS) OF
MINORITY INTEREST |
|
71.647 |
67.926 |
|
Add |
SHARE OF PROFIT
(LOSS) OF ASSOCIATES |
|
32.578 |
1.419 |
|
|
|
|
|
|
|
|
TOTAL PROFIT (LOSS)
FOR PERIOD |
|
(1035.786) |
(360.398) |
|
|
|
|
|
|
|
|
Earnings / (Loss) Per
Share (INR) |
|
(171.26) |
(59.59) |
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 |
Yes |
|
8 |
Designation of contact person |
Yes |
|
9 |
Promoter’s background |
Yes |
|
10 |
Date of Birth of Proprietor / Partners /
Directors |
Yes |
|
11 |
Pan Card No. of Proprietor / Partners |
Yes |
|
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 |
Yes |
|
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 |
No |
|
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 |
-- |
|
33 |
Market information |
-- |
|
34 |
Payments terms |
No |
|
35 |
Negative Reporting by Auditors in the
Annual Report |
No |
CORPORATE INFORMATION
(As on 31.03.2016)
The company was incorporated as a Private Limited Company, on 8th November, 1979. The Company is engaged in Real Estate, Hotel, Treasury and other Commercial segments.
Brief description of
the Company’s working during the year/State of Company’s affair:- (As on
31.03.2016)
The Company is engaged in development, sale, leasing of real estate residential and commercial properties and hotel operations and is partially in financing out of surplus funds.
UNSECURED LOAN
|
PARTICULARS |
31.03.2016 (INR
in Million) |
31.03.2015 (INR
in Million) |
|
Long-term Borrowings |
|
|
|
Rupee term loans from banks |
600.000 |
2067.495 |
|
Term loans from others |
1702.958 |
0.000 |
|
Short-term
borrowings |
|
|
|
Rupee term loans from banks |
94.269 |
166.567 |
|
Rupee term loans from others |
2739.188 |
2509.960 |
|
Total |
5136.415 |
4744.022 |
INDEX
OF CHARGES
|
Charges Registered |
|||||||
|
SNo |
SRN |
Charge Id |
Charge Holder Name |
Date of Creation |
Date of Modification |
Amount |
Address |
|
1 |
G51082311 |
100117389 |
ADITYA BIRLA FINANCE LIMITED |
10/08/2017 |
- |
1100000000.0 |
Indian Rayon Compound, Veraval GUJARAT 362266 INDIA |
|
2 |
G49479512 |
100113098 |
KOTAK MAHINDRA BANK LIMITED |
21/07/2017 |
- |
1550000000.0 |
27BKC, C 27, G Block Bandra Kurla Complex, Bandra (E),Mumbai MAHARASHTRA 400051 INDIA |
|
3 |
C79786992 |
10621632 |
KOTAK MAHINDRA PRIME LIMITED |
19/01/2016 |
- |
1000000000.0 |
27BKC, C 27, G Block Bandra Kurla Complex, Bandra (E),Mumbai MAHARASHTRA 400051 INDIA |
|
4 |
C76387844 |
10614344 |
HOUSING DEVELOPMENT FINANCE CORPORATION LIMITED |
31/12/2015 |
- |
8400000000.0 |
RAMON HOUSE 169BACKBAY RECLAMATIONH T PAREKH MARG MUMBAI MAHARASHTRA 400020 INDIA |
|
5 |
C58465667 |
10579017 |
Indian Overseas Bank |
17/06/2015 |
- |
2000000000.0 |
Large Corporate Branch, No. 701, 7th floor, Naman Corporate Link, Plot no. 31, Block G, BKC Bandra Mumbai MAHARASHTRA 400050 INDIA |
|
6 |
C36001212 |
10534973 |
HOUSING DEVELOPMENT FINANCE CORPORATION LIMITED |
10/11/2014 |
- |
5350000000.0 |
RAMON HOUSE 169BACKBAY RECLAMATIONH T PAREKH MARG MUMBAI MAHARASHTRA 400020 INDIA |
|
7 |
C05655279 |
10501100 |
JAMMU AND KASHMIR BANK LIMITED |
09/05/2014 |
- |
1650000000.0 |
(CORPORATE HEADQUARTERS),M.A.ROAD,SRINAGAR,KASHMIR SRINAGAR JAMMU KASHMIR 190001 INDIA |
|
8 |
B91571059 |
10465231 |
Indian Overseas Bank |
28/11/2013 |
- |
1000000000.0 |
7th floor, Naman Corporate Link, Plot No. 31,Block 'G', Bandra Kurla Complex, Bandra (EAST) Mumbai MAHARASHTRA 400051 INDIA |
|
9 |
B55886667 |
10371171 |
CENTRAL BANK OF INDIA |
25/07/2012 |
- |
500000000.0 |
Corporate Finance Branch,Central Bank of India Bldg, 1st floor, M.G.Road Mumbai MAHARASHTRA 400023 INDIA |
|
10 |
G36407518 |
10317990 |
HOUSING DEVELOPMENT FINANCE CORPORATION LIMITED |
21/10/2011 |
26/08/2016 |
4500000000.0 |
RAMON HOUSE 169BACKBAY RECLAMATION H T PAREKH MARG MUMBAI MAHARASHTRA 400020 INDIA |
CONTINGENT
LIABILITIES: (As on 31.03.2016)
The Company has provided securities, corporate guarantees and shortfall undertakings to certain Banks / Institutions in respect of Loans / Debentures etc. of group companies aggregating to INR 20086.470 Million (P.Y. INR 15446.470 Million). Outstanding balances as on 31/03/2015 of such borrowing against such guarantees etc. is INR 16459.662 Million (P.Y. INR 11113.403 Million).
Contingent Liability of the Company under various Bank Guarantees INR 19.073 Million (P.Y. INR 13.370 Million).
In respect of the development rights which the Company (as Developer) had acquired, the Company had filed and
registered with ROC a pre-existing charge to the extent of the Developer’s portion undivided right title and interest in the land admeasuring approx. 60064.83 sq. mts. together with the construction area of the Developer’s portion. The Company had subsequently transferred its development to another company, the said registration with ROC is continuing.
Income Tax due on account of dispute for INR 0.859 Million (P.Y. INR 0.859 Million).
In respect of Option Money Deposits, the Company is contingently liable for any interest / compensation payable, if any, to the Option Holders in the event of their not exercising the option to purchase, as may be mutually decided, in terms of the respective Option Agreements. Income and Expenditure on Option Deposit, if any on cancellation is recognised in the year of cancellation.
The Company is registered with Software Technology Park of India (STPI) as Infrastructure Service Provider (ISP) for its Commerzone Division at Pune. The Company has submitted an application to exit from above scheme. The same is pending approval from relevant authorities. If the approval is received Company will have to make the payment of duty benefits availed under this scheme of INR 14.741 Million.
Company is contingently liable to pay Labour Cess on account of its ongoing construction project. The amount of Labour Cess is yet to be determined by the collecting authority. In management view, the amount is not material in nature.
A Suit was instituted by Saraswati Industries (Exports) Private Limited against the Company for refund of an advance paid towards booking of certain units constructed at Powai together with interest at 9% p.a. amounting to INR 7.371 Million (P.Y. INR 7.371 Million) The matter is transferred from High Court to City Civil Court on 27.09.2012. The matter is pending.
The Company has received show cause notices for payment of service tax amounting to INR 74.673 Million on reimbursement of electricity expenses received from customers and additional demand of service tax amounting to INR 8.633 Million on notional Interest on security deposits received from customers for the premises let out to them. The Company has filed appropriate replies to the tax authorities against the aforesaid demands and show cause notices. In respect of the matter of notional interest on security deposits, the company had received similar show cause notice for an earlier period, and in respect of which the company had preferred an appeal before CESTAT. The Honorable Tribunal has held in the favour of the Company allowing the appeal and dropping the demand and the matter has reached finality. In view of the same the company has applied to the revenue authority to adjudicate and cancel the aforesaid demand of service tax of INR 8.632 Million on notional Interest on security deposits.
The Deputy Commissioner of Sales Tax, Large Tax Payer Unit-3, Mumbai has completed the assessments and issued the Order of Assessment of Tax for the financial years 2006-07, 2007-08, 2008-09, 2009-10 and 2010-11. The assessment for the financial years 2011-12 and 2012-13 are in process. The Company has recomputed flats / units wise VAT amounts as per the Order of Assessment received and the Company is in the process of recovering the revised VAT amounts from the flat / unit holders. Provision in respect of balance outstanding interest amount of INR 40.749 Million charged u/s. 30 (2) and u/s. 30 (3) of MVAT Act,2002 in the Order of Assessment and Notice of Demand received and applicable interest in respect of the pending assessments has not been made in view of the appeals filed by the Company before the Joint Commissioner of Sales Tax ( Appeal -VI ),Mumbai and the same are pending and in view of the stay to coercive recovery of interest granted by Division Bench of Supreme Court in the SLP No. 17709 of 2012 which continues till it is finally disposed by Supreme Court and appeals filed by the Company.
FIXED ASSETS
- Land
- Buildings
- Other building
- Plant and equipment
- Other plant and equipment
- Furniture and fixtures
- Vehicles
- Motor vehicles
- Office equipment
- Computer equipments
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts,
1] INFORMATION ON
DESIGNATED PARTY
No records exist designating subject or any of its beneficial owners,
controlling shareholders or senior officers as terrorist or terrorist
organization or whom notice had been received that all financial transactions involving
their assets have been blocked or convicted, found guilty or against whom a
judgement or order had been entered in a proceedings for violating
money-laundering, anti-corruption or bribery or international economic or
anti-terrorism sanction laws or whose assets were seized, blocked, frozen or
ordered forfeited for violation of money laundering or international
anti-terrorism laws.
2] Court Declaration :
No records exist to suggest that subject is
or was the subject of any formal or informal allegations, prosecutions or other
official proceeding for making any prohibited payments or other improper
payments to government officials for engaging in prohibited transactions or
with designated parties.
3] Asset Declaration :
No records exist to suggest that the property or assets of the subject
are derived from criminal conduct or a prohibited transaction.
4] Record on Financial
Crime :
Charges or conviction
registered against subject: None
5] Records on Violation of
Anti-Corruption Laws :
Charges or
investigation registered against subject: None
6] Records on Int’l
Anti-Money Laundering Laws/Standards :
Charges or
investigation registered against subject: None
7] Criminal Records
No
available information exist that suggest that subject or any of its principals
have been formally charged or convicted by a competent governmental authority
for any financial crime or under any formal investigation by a competent
government authority for any violation of anti-corruption laws or international
anti-money laundering laws or standard.
8] Affiliation with
Government :
No record
exists to suggest that any director or indirect owners, controlling
shareholders, director, officer or employee of the company is a government
official or a family member or close business associate of a Government
official.
9] Compensation Package :
Our market
survey revealed that the amount of compensation sought by the subject is fair
and reasonable and comparable to compensation paid to others for similar
services.
10] Press Report :
No press reports / filings exists on
the subject.
CORPORATE GOVERNANCE
MIRA INFORM as part of its Due Diligence do provide comments on
Corporate Governance to identify management and governance. These factors often
have been predictive and in some cases have created vulnerabilities to credit
deterioration.
Our Governance Assessment focuses principally on the interactions
between a company’s management, its Board of Directors, Shareholders and other
financial stakeholders.
CONTRAVENTION
Subject is not known to have contravened any existing local laws,
regulations or policies that prohibit, restrict or otherwise affect the terms
and conditions that could be included in the agreement with the subject.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
INR |
|
US Dollar |
1 |
INR 63.61 |
|
|
1 |
INR 90.17 |
|
Euro |
1 |
INR 78.94 |
INFORMATION DETAILS
|
Information
Gathered by : |
PUJ |
|
|
|
|
Analysis Done by
: |
NRG |
|
|
|
|
Report Prepared
by : |
SUD |
SCORE FACTORS
|
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 |
RATING EXPLANATIONS
|
Credit Rating |
Explanation |
Rating Comments |
|
A++ |
Minimum Risk |
Business dealings permissible with minimum
risk of default |
|
A+ |
Low Risk |
Business dealings permissible with low
risk of default |
|
A |
Acceptable Risk |
Business dealings permissible with
moderate risk of default |
|
B |
Medium Risk |
Business dealings permissible on a regular
monitoring basis |
|
C |
Medium High Risk |
Business dealings permissible preferably
on secured basis |
|
D |
High Risk |
Business dealing not recommended or on
secured terms only |
|
NB |
New Business |
No recommendation can be done due to
business in infancy stage |
|
NT |
No Trace |
No recommendation can be done as the
business is not traceable |
NB is stated where there is insufficient information to facilitate rating. However, it is not to be considered as unfavourable.
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 are as follows:
·
Financial
condition covering various ratios
·
Company
background and operations size
·
Promoters
/ Management background
·
Payment
record
·
Litigation
against the subject
·
Industry
scenario / competitor analysis
·
Supplier
/ Customer / Banker review (wherever available)
This report is issued at
your request without any risk and responsibility on the part of MIRA INFORM
PRIVATE LIMITED (MIPL) or its officials.