MIRA
INFORM REPORT
|
Report Date : |
09.02.2007 |
IDENTIFICATION DETAILS
|
Name : |
PATMAN
AND G. HOSPITALITY PRIVATE LIMITED |
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|
|
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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 |
|
|
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 records. 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 : |
patman_g@yahoo.com |
DIRECTORS
|
Name : |
Mr.
Vinaykumar S. Patel |
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Designation : |
Director
|
|
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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|
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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
|
Names
of Shareholders |
|
No. of Shares |
|
Mr.
Vinay Santosh Patel |
|
35000 |
|
Mr.
Ravi Niranjan Manchandani |
|
35000 |
|
Mr.
Jahangir Khursheed Vatcha |
|
15000 |
|
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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|
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Banking Relations : |
Satisfactory
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Auditors : |
V.
Parekh & Associates Chartered
Accountants, 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 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
|
1.000 |
1.000 |
|
|
2] Share Application Money |
|
0.000 |
0.000 |
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|
3] Reserves & Surplus |
|
9.910 |
5.189 |
|
|
4] (Accumulated Losses) |
|
0.000 |
0.000 |
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NETWORTH |
|
10.910 |
6.189 |
|
|
LOAN FUNDS |
|
|
|
|
|
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 |
|
|
DEFERRED TAX LIABILITIES |
|
0.000 |
0.000 |
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|
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|
|
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TOTAL |
|
27.972 |
17.414 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
|
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 |
|
|
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 |
|
|
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 |
|
25.853 |
15.994 |
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Net Current Assets |
|
15.750 |
9.112 |
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MISCELLANEOUS EXPENSES |
|
0.000 |
0.000 |
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|
|
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TOTAL |
|
27.972 |
17.414 |
|
PROFIT
& LOSS ACCOUNT
|
PARTICULARS |
|
31.03.2006 [Estimated] |
31.03.2005 [Estimated] |
|
Sales Turnover [including other
income] |
|
30.000 |
20.000 |
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|
|
|
|
|
Profit/(Loss)
Before Tax |
|
N.A. |
N.A. |
|
Provision
for Taxation |
|
N.A. |
N.A. |
|
Profit/(Loss)
After Tax |
|
N.A. |
N.A. |
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|
|
|
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Total
Expenditure |
|
N.A. |
N.A. |
KEY
RATIOS
|
PARTICULARS |
|
|
31.03.2006 |
31.03.2005 |
|
Debt
Equity Ratio (Total
Liability/Networth) |
|
|
3.93 |
4.39 |
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Current
Ratio (Current
Asset/Current Liability) |
|
|
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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|
|
|
|
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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 |
|
Presented By |
The North Kanara G.S.B. Co-operative Bank Limited, Mahim Branch,
Mumbai - 400016 |
|
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 |
|
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 |
|
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 |
|
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 |
|
Date of the instrument creating charge |
09.08.2006 |
|
Amount Secure by the charge |
Rs. 13.000 millions |
|
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
|
|
Description of the property charge whether it is a charge on |
Book debts |
|
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.44.06 |
|
UK
Pound |
1 |
Rs.86.34 |
|
Euro |
1 |
Rs.57.46 |
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 |
|