MIRA
INFORM REPORT
|
Report Date : |
04.04.2007 |
IDENTIFICATION
DETAILS
|
Name : |
PATMAN AND G.
HOSPITALITY PRIVATE LIMITED |
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Registered Office : |
38, Kakad Udhyog Unit,
Bhavan Co-operative Society Limited, Lady Jamshedji Cross Road No. 3, Mahim,
Mumbai – 400016, Maharashtra |
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Country : |
India |
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Financials (as on) : |
31.03.2006 |
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Date of Incorporation : |
15.05.1995 |
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Com. Reg. No.: |
11-88380 |
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CIN No.: [Company
Identification No.] |
U55101MH1995PTC088380 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
MUMP15877B |
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PAN No.: [Permanent
Account No.] |
AACCP1821B |
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Legal Form : |
Private Limited Liability
Company |
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Line of Business : |
To carry on the
business of caterers for public amusement, hotels, restaurants, resorts,
motels, cafes, taverns, refreshment, rooms, boarding & lodging, house keepers,
beer house, licensed victuallers, wine, beer and spirit merchants, aerated,
mineral and artificial water and other drinks, purveyors in India or in any
other part of the world. |
RATING &
COMMENTS
|
MIRA’s Rating : |
Ba |
|
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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Maximum Credit Limit : |
USD 40000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Usually correct |
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Litigation : |
Clear |
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Comments : |
Subject is an
established company having satisfactory track. Trade relations are fair.
General financial position is satisfactory. Payments are usually correct and as per commitments. The company can
be considered normal for business dealings at usual trade terms and
conditions. |
LOCATIONS
|
Registered Office : |
38, Kakad Udhyog
Unit, Bhavan Co-operative Society Limited, Lady Jamshedji Cross Road No. 3, Mahim,
Mumbai – 400016, Maharashtra, India |
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Tel. No.: |
91-22-24376682 |
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Mobile No.: |
91-9820478386 /
9820313030 |
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Fax No.: |
91-22-24331570 |
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E-Mail : |
SOLE
PROPRIETOR/PARTNERS/DIRECTORS
|
Name : |
Mr. Vinaykumar S.
Patel |
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Designation : |
Director |
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Address : |
12 Anew Rajendra Apartments,
L J Cross Road, Mahim, Mumbai – 400016, Maharashtra, India |
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Date of Birth/Age : |
29.03.1944 |
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Date of Appointment : |
15.05.1995 |
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Name : |
Mr. Ravi N.
Manchandani |
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Designation : |
Director |
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Address : |
B – 907, Vinit Tower,
Juhu Versova Link Road, Seven Bunglow, Andheri [West], Mumbai – 400016,
Maharashtra, India |
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Date of Birth/Age : |
03.08.1971 |
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Date of Appointment : |
15.05.1995 |
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Tel. No. : |
91-22-26354855 |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
|
Names of Shareholders |
|
No. of Shares |
|
Mr. Vinay Santosh
Patel |
|
35000 |
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Mr. Ravi Niranjan
Manchandani |
|
35000 |
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Mr. Jahangir
Khursheed Vatcha |
|
15000 |
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Mr. Girish Ramdas
Punjabi |
|
15000 |
BUSINESS DETAILS
|
Line of Business : |
To carry on the
business of caterers for public amusement, hotels, restaurants, resorts,
motels, cafes, taverns, refreshment, rooms, boarding & lodging, house keepers,
beer house, licensed victuallers, wine, beer and spirit merchants, aerated,
mineral and artificial water and other drinks, purveyors in India or in any
other part of the world. |
GENERAL
INFORMATION
|
No. of Employees : |
60 |
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Bankers : |
The North Kanara
G.S.B. Co-operative Bank Limited A – 15, Jagruti
Co-operative Housing Society, L. J. Road, Mahim [West], Mumbai – 400016,
Maharashtra, India |
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Facilities : |
-- |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
V. Parekh &
Associates Chartered
Accountants, |
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Address : |
37, Hamam Street,
2nd Floor, Fort, Mumbai – 400001, Maharashtra, India PAN No. :
AABPP0713G |
CAPITAL STRUCTURE
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
100000 |
Equity Shares |
Rs. 10/- each |
Rs. 1.000 million |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
100000 |
Equity Shares |
Rs. 10/- each |
Rs. 1.000 million |
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
|
31.03.2006 |
31.03.2005 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
|
1.000 |
1.000 |
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2] Share Application Money |
|
0.000 |
0.000 |
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3] Reserves & Surplus |
|
9.910 |
5.189 |
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4] (Accumulated Losses) |
|
0.000 |
0.000 |
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NETWORTH |
|
10.910 |
6.189 |
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LOAN FUNDS |
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1] Secured Loans |
|
17.062 |
11.225 |
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2] Unsecured Loans |
|
0.000 |
0.000 |
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TOTAL BORROWING |
|
17.062 |
11.225 |
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DEFERRED TAX LIABILITIES |
|
0.000 |
0.000 |
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TOTAL |
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27.972 |
17.414 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
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11.909 |
8.137 |
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Capital work-in-progress |
|
0.000 |
0.000 |
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INVESTMENT |
|
0.100 |
0.165 |
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DEFERREX TAX ASSETS |
|
0.213 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
|
1.724 |
0.000 |
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Sundry Debtors |
|
25.445 |
17.109 |
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Cash & Bank Balances |
|
7.118 |
3.253 |
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Other Current Assets |
|
0.000 |
0.000 |
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Loans & Advances |
|
7.316 |
4.744 |
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Total
Current Assets |
|
41.603 |
25.106 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
|
23.303 |
14.729 |
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Provisions |
|
2.550 |
1.265 |
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Total
Current Liabilities |
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25.853 |
15.994 |
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Net Current Assets |
|
15.750 |
9.112 |
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MISCELLANEOUS EXPENSES |
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0.000 |
0.000 |
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TOTAL |
|
27.972 |
17.414 |
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PROFIT & LOSS
ACCOUNT
|
PARTICULARS |
|
31.03.2006 |
31.03.2005 |
|
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Sales Turnover |
|
133.946 |
103.937 |
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Total Income |
|
133.946 |
103.937 |
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Profit/(Loss) After Tax |
|
7.354 |
0.103 |
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Expenditures : |
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Interest |
|
1.915 |
1.334 |
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Depreciation & Amortization |
|
1.282 |
0.712 |
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Other Expenditure |
|
123.395 |
101.788 |
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Total Expenditure |
|
126.592 |
103.834 |
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KEY RATIOS
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PARTICULARS |
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31.03.2006 |
31.03.2005 |
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PAT / Total Income |
(%) |
|
5.49 |
0.09 |
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Debt Equity Ratio (Total Liability/Networth) |
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2.36 |
2.58 |
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Current Ratio (Current Asset/Current Liability) |
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|
1.60 |
1.56 |
LOCAL AGENCY
FURTHER INFORMATION
Business:
Patman Group was
started in 1995 and is headquartered in Mumbai.
Patman Group is
owned by 5 employees of the company who have senior management positions.
Services provided
include catering and facility cleaning & maintenance. Other services provided in house or
subcontracted out include security services, pest control, landscaping, office
support services, healthcare services and laundry services.
Most of the clients
are based in Mumbai and Gujarat [Western India], a few clients in Northern
India but have a very small presence in Southern and Eastern India.
- Catering represents 45% of the total
business
- Employ 2500 people
- Clients mostly in B & I, commercial
and residential markets
- Organic growth of 37% with no sales
team; Have been growing as clients expand operations and through word of
mouth
FINANCIALS OF
PATMAN GROUP
[US$
in Millions]
|
PARTICULARS |
31.03.2006 |
% |
31.03.2005 |
% |
|
Sales |
3.72 |
|
5.10 |
36.9 |
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EBITDA |
0.35 |
9.5 |
0.62 |
12.2 |
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EBIT |
0.32 |
8.7 |
0.58 |
11.4 |
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Name of the company |
PATMAN & G. HOSPITALITY PRIVATE
LIMITED |
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Presented By |
The
North Kanara G.S.B. Co-operative Bank Limited, Mahim Branch, Mumbai - 400016 |
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1) Date and description of instrument creating the change |
Agreement of hypothecation of vehicle dated 15.05.2004 |
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2) Amount secured by the charge/amount owing on the securities of charge |
Rs. 0.373 million |
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3) Short particular of the property charged. If the property acquired is subject to charge, date of the acquired of the property should be given |
Vehicle such as LMN, Makers Name – TATA MOTOR, type of body – Load Body, Engine Number – 4975P27 CVZ 86 9203, Chasala No. 379450 CV 2910191, Sitting Capacity – 1 + 2, purchased or to be purchased, of the borrower |
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4) Gist of the terms and conditions and extent and operation of the charge. |
To secure due repayment of Term loan facility granted by the bank is the borrower 1. Repayment by way of 36 monthly instalments of Rs. 0.01 million each 2. Rate of Interest : 9.5% p.a. or at such other rate as may be fixed by the bank from time to time |
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5) Name and Address and description of the person entitled to the charge. |
The North Kanara G.S.B. Co-operative Bank Limited Mahim Branch, Mumbai – 400016 |
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6) Date and brief description of instrument modifying the charge |
Not Applicable |
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7) Particulars of modifications specifying the terms and conditions or the extent of operations of the charge in which modification is made and the details of the modification. |
Not Applicable |
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Name of the company |
PATMAN & G. HOSPITALITY PRIVATE
LIMITED |
|
Presented By |
The
North Kanara G.S.B. Co-operative Bank Limited, Mahim Branch, Mumbai - 400016 |
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1) Date and description of instrument creating the change |
No instrument was executed. However, the equitable mortgage has been created, by way of deposit of title deeds, on 21.02.2003 |
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2) Amount secured by the charge/amount owing on the securities of charge |
Rs. 2.000 millions |
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3) Short particular of the property charged. If the property acquired is subject to charge, date of the acquired of the property should be given |
All that piece and parcel of land being Gala No. 437, 438 and 439 admeasuring 106.25 mtrs. Each, situated in Sector 4 at Ghansoli, Navi Mumbai, belonging to the borrower |
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4) Gist of the terms and conditions and extent and operation of the charge. |
To secure due repayment of Term Loan facility together with interest, costs, charges and expenses, granted by the bank to the borrower |
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5) Name and Address and description of the person entitled to the charge. |
The North Kanara G.S.B. Co-operative Bank Limited Mahim Branch, Mumbai – 400016 |
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6) Date and brief description of instrument modifying the charge |
No instrument was executed. However, the equitable mortgage has been extended over the immoveable properties, on 05.11.2004 |
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7) Particulars of modifications specifying the terms and conditions or the extent of operations of the charge in which modification is made and the details of the modification. |
By the 1st modification dated 15.10.2003, the charge had been enhanced from Rs. 2 millions to Rs. 7 millions [registered on 04.11.2003 under document Serial No. 33] By the 2nd modification dated 03.02.2004, the charge had been enhanced from Rs. 7 millions to Rs. 8.200 millions [Registered on 05.03.2004, under Document Serial No. 37] By this modification, the immoveable properties mentioned in column No. 3, herein above, shall now hold good to secure the various credit facilities aggregating Rs. 10 millions granted by the Bank to the borrower. Hence, the charge has been enhanced from Rs. 8.200 millions to Rs. 10 millions Therefore, the overall charge now stands at Rs. 10 million |
Form 8 Particular for creation or modification of charges
|
Corporation identity number or foreign company registrations number of the company |
U55101MH1995PTC088380 |
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Name of the company |
PATMAN AND G. HOSPITALITY PRIVATE LIMITED |
|
Address |
38, Kakad Udhyog Unit, Bhavan Co-operative Society Limited, Lady
Jamshedji Cross Road No. 3, Mahim, Mumbai – 400016, Maharashtra |
|
This Form is for |
Creation of charge |
|
Type of Charges |
Hypothecation |
|
Particular of the charge holder |
The North Kanara
G.S.B. Co-operative Bank Limited A – 15, Jagruti Co-operative Housing Society, L. J. Road, Mahim [West], Mumbai – 400016, Maharashtra, India |
|
Nature or description of the instrument creating charge |
Agreement for hypothecation of book debts |
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Date of the instrument creating charge |
09.08.2006 |
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Amount Secure by the charge |
Rs. 13.000 millions |
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Brief of the principal terms and conditions and extent and operation of the charge |
To secure the due repayment or cash credit facility granted by the bank to the company
|
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Description of the property charge whether it is a charge on |
Book debts |
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Modification charge Charge identification number of the charge to be modified |
All, present and future, book debts outstanding, monies receivable, choses in action and claims, contracts, investments and all sums due to the company |
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 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
|
Indian Rupees |
|
US Dollar |
1 |
Rs.43.13 |
|
UK Pound |
1 |
Rs.85.36 |
|
Euro |
1 |
Rs.57.64 |
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 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
5 |
|
--CREDIT LINES |
1~10 |
5 |
|
--MARGINS |
-5~5 |
- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
NO |
|
--AFFILIATION |
YES/NO |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
45 |
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 |
Unfavourable & favourable factors carry similar weight in credit
consideration. Capability to overcome financial difficulties seems
comparatively below average/normal. |
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 |
|
NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
|