Kendo NumericTextbox not showing correct decimal value

Kendo NumericTextbox not showing correct decimal value

I'm defining a Kendo numeric textbox in my MVC 4 project as indicated below
@(Html.Kendo().NumericTextBoxFor(m => m.Rate)
.Name("Rate")
.Decimals(2)
.Min(0)
.Max(99999)
)
The value as received from the model is 100, but is displayed as 10,000.00
by the Kendo NumericTextbox. When I save this model back to the database
it is saved as 100. So it looks like it is only the display that is the
problem here.