MIRA
INFORM REPORT
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Report Date : |
15.05.2007 |
IDENTIFICATION DETAILS
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Name : |
KUMARAKOM LAKE RESORT PRIVATE LIMITED |
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Registered Office : |
Pallichira, Kumarakom North Post, Kottayam 686566, Kerala |
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Country : |
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Financials (as on) : |
31.03.2006 |
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Date of Incorporation : |
01.10.1997 |
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Com. Reg. No.: |
09-11822 |
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CIN No.: [Company
Identification No.] |
U55102KL1997PTC011822 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
CHNK00984E |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Heritage Resort |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
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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 850000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject is a well-established and reputed company having satisfactory
track records. Directors are reported as experienced and respectable
businessmen. Trade relations are reported as fair. Business is active.
Payments are usually correct and as per commitments. The company can be considered normal for business dealings at usual
trade terms and conditions. |
LOCATIONS
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Registered Office : |
Door No.64, Kairali Apartments, Panampilly Nagar, Cochin-682036, |
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Head Office : |
Palichira, Kumarakom North Post, Kottayam-686566, |
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Tel. No.: |
91-484-2316251 |
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Fax No.: |
91-481-2524987 |
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E-Mail : |
DIRECTORS
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Name : |
Mr. John Paul |
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Designation : |
Chairman cum Managing Director |
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Address : |
30.09.1965 |
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Date of Birth/Age : |
872, |
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Date of Appointment : |
01.10.1997 |
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Name : |
Mr. Pattara T Jose |
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Designation : |
Managing Director |
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Address : |
Pattara House, Muhamma, Alappuzha, Kerala |
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Date of Birth/Age : |
15.05.1958 |
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Date of Appointment : |
30.03.2000 |
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Name : |
Dr. John P Thomas |
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Designation : |
Director |
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Address : |
872, |
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Date of Birth/Age : |
19.06.1964 |
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Date of Appointment : |
01.10.1997 |
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Name : |
Mr. P P Joy |
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Designation : |
Director |
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Address : |
Purakkattil Arakkunam, Ernakunam, Kerala |
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Date of Birth/Age : |
27.11.1953 |
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Date of Appointment : |
01.10.1997 |
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Name : |
Mr. B Chandrashekaran Nair |
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Designation : |
Director |
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Address : |
General Manager Finance, K S I D C, |
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Date of Birth/Age : |
24.04.1949 |
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Date of Appointment : |
14.07.2001 |
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Name : |
Mr. Jose Mercy |
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Designation : |
Director |
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Address : |
Pattara House, Nuhamma, Alappuzha, Kerala |
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Date of Birth/Age : |
08.05.1967 |
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Date of Appointment : |
18.11.2002 |
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Name : |
Mr. Vishwanathan T Bhaskaran |
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Designation : |
Director |
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Address : |
Pattara House, Nuhamma, Alappuzha, Kerala |
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Date of Appointment : |
20.12.2003 |
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Name : |
Mr. Paul P john |
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Designation : |
Director |
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Name : |
Mr. Samuel Mathai Nooranal |
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Designation : |
Director |
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Address : |
3B, Garden Homes, 27, AGA, Abbas Ali road, Bangalore-560042, Karnataka |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 06.06.1997
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Names of Shareholders |
No. of Shares |
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Mr. John P Paul |
10 |
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Mr. John P Thomas |
10 |
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Mr. P P Joy |
10 |
As on 30.09.2004
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Names of Shareholders |
No. of Shares |
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Mr. John P Paul |
839000 |
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Mr. John P Thomas |
1000 |
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Mr. Pattara T Jose |
90 |
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Bloomingdale International LCC |
524000 |
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Mr. P P Joy |
1000 |
As on 31.03.2006
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Names of Shareholders |
No. of Shares |
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Foreign holdings |
99.85 |
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Directors or their relatives |
0.15 |
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Total |
100.00 |
BUSINESS DETAILS
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Line of Business : |
Heritage Resort |
GENERAL INFORMATION
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No. of Employees : |
v The South Indian Bank Limited, Kumarkom Branch, Kottayam-686563 v
State Bank of v Syndicate Bank v The Federal Bank Limited v HDFC Bank Limited v Indian Bank |
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Bankers : |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
Kumar & Biju Associates Chartered Accountants |
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Address : |
No.1, Hill top Manor, Diamond Hill, Vellayambalam,
Thiruvananthapuram-695010, Kerala |
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Associates/Subsidiaries
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CAPITAL STRUCTURE
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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2000000 |
Equity Shares |
Rs.100/- each |
Rs.200.000 millions |
Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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1365100 |
Equity Shares |
Rs.100/-
each |
Rs.136.510
millions |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
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SOURCES OF FUNDS |
31.03.2006 |
31.03.2005 |
31.03.2004 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
136.510 |
136.510 |
136.510 |
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2] Share Application Money |
63.057 |
63.057 |
59.828 |
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3] Reserves & Surplus |
14.200 |
1.000 |
1.000 |
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4] (Accumulated Losses) |
0.000 |
(4.228) |
(27.840) |
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NETWORTH |
213.767 |
196.339 |
169.498 |
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LOAN FUNDS |
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1] Secured Loans |
80.668 |
95.400 |
78.549 |
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2] Unsecured Loans |
0.000 |
0.000 |
0.000 |
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TOTAL BORROWING |
80.668 |
95.400 |
78.549 |
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DEFERRED TAX LIABILITIES |
10.027 |
0.000 |
0.000 |
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TOTAL |
304.462 |
291.739 |
248.047 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
204.184 |
215.141 |
224.111 |
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Capital work-in-progress |
2.500 |
0.351 |
0.000 |
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INVESTMENT |
0.000 |
0.000 |
0.000 |
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DEFERREX TAX ASSETS |
0.000 |
1.270 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
4.355 |
4.380 |
2.897 |
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Sundry Debtors |
9.430 |
9.256 |
8.021 |
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Cash & Bank Balances |
5.346 |
2.056 |
5.390 |
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Other Current Assets |
3.412 |
2.789 |
4.973 |
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Loans & Advances |
89.981 |
66.423 |
8.214 |
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Total
Current Assets |
112.524 |
84.904 |
29.495 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
10.968 |
9.379 |
7.545 |
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Provisions |
4.666 |
1.985 |
0.000 |
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Total
Current Liabilities |
15.634 |
11.364 |
7.545 |
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Net Current Assets |
96.890 |
73.540 |
21.950 |
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MISCELLANEOUS EXPENSES |
0.888 |
1.437 |
1.986 |
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TOTAL |
304.462 |
291.739 |
248.047 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
31.03.2006 |
31.03.2005 |
31.03.2004 |
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Sales Turnover |
0.000 |
0.000 |
0.000 |
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Other Income |
0.000 |
121.625 |
96.657 |
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Total Income |
0.000 |
121.625 |
96.657 |
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Profit/(Loss) Before Tax |
0.000 |
24.822 |
4.592 |
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Provision for Taxation |
0.000 |
1.210 |
0.000 |
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Profit/(Loss) After Tax |
0.000 |
23.612 |
4.592 |
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Expenditures : |
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Financial Cahrges |
0.000 |
10.646 |
10.341 |
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Depreciation & Amortization |
0.000 |
15.985 |
15.628 |
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Other Expenditure |
0.000 |
43.541 |
40.127 |
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Total Expenditure |
0.000 |
70.172 |
66.096 |
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KEY RATIOS
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PARTICULARS |
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31.03.2006 |
31.03.2005 |
31.03.2004 |
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PAT / Total Income |
(%) |
NA |
20.40 |
4.75 |
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Net Profit Margin (PBT/Sales) |
(%) |
NA |
0.00 |
0.00 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
NA |
8.27 |
1.81 |
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Return on Investment (ROI) (PBT/Networth) |
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NA |
0.12 |
0.02 |
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Debt Equity Ratio (Total Liability/Networth) |
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0.45 |
0.54 |
0.04 |
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Current Ratio (Current Asset/Current Liability) |
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7.20 |
7.47 |
0.00 |
LOCAL AGENCY FURTHER INFORMATION
Form 8 Particular for creation or modification of charges
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Name of the company |
KUMARKOM LAKE
RESORT PRIVATE LIMITED |
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Presented By |
MR. S P KAMMATHY, MANAGER,
SOUTH INIDAN BANK LIMITED, KUMARAKOM BRANCH, KOTTAYAM-686563 |
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1) Date and description of instrument creating the change |
Agreement of hypothecation (Goods, Machinery, Vehicle, Book Debts and other assets) dated 07.08.2004. |
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2) Amount secured by the charge/amount owing on the securities of charge |
Rs.100.000 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 |
Plant, Equipment, Furniture and Antiques of book value Rs.29.299 millions on 31.03.2003. |
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4) Gist of the terms and conditions and extent and operation of the charge. |
Interest @ 8% p.a. Repayable in 72 equal monthly installments of Rs.5.140 millions inclusive of interest. Out of the FSL Rs.100 millions Bank has allowed FCTL at LIBOR plus 3% for an amount of USD 1081314.88 and the FCTL loan is repayable in 12 half yearly installments with roll over in every 6 months. |
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5) Name and Address and description of the person entitled to the charge. |
The South Indian Bank Limited Kumarkom Branch Kottayam-686563 |
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6) Date and brief description of instrument modifying the charge |
N.A. |
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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. |
N.A. |
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Corporation identity number or foreign company registrations number of the company |
U55102KL1997PTC011822 |
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Name of the company |
KUMARAKOM LAKE RESORT PRIVATE LIMITED |
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Address |
Door No.64, Kairali Apartments, Panampilly Nagar, Cochin-682036, |
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This Form is for |
Creation of charge |
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Type of Charges |
Equitable mortgage or mortgage of property by depositing the title
deeds |
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Particular of the charge holder |
State Bank of Overseas Branch St, Mark’s Road, Bangalore-560001, |
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Nature or description of the instrument creating charge |
Equitable mortgage by deposit of title deeds – No instrument – Confirmatory – Memorandum of entry issued by the South Indian Bank Limited, Kumarkom Branch, Kerala |
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Date of the instrument creating charge |
26.05.2006 |
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Amount Secure by the charge |
Rs.202.800 millions |
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Brief of the principal terms and conditions and extent and operation of the charge |
The security herein specified have been provided to the credit facilities enjoyed by John Distilleries Limited as collateral security by way of Second Charge subject to first charge in favour of The South Indian Bank Limited, Kumarkom Branch. Rate of interest, repayment as specified by the Bank from time to time. |
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Particulars of the Property charged |
Equitable mortgage of the Company’s immovable property situate at Sy. Nos. 82/1, 82/3-2, 87/7-4, 87/7-1, 87/7-2, 86/14-3, 88/14-2, 87/9-2, 86/15/2, 88/23, 83/13-2, 82/8-3, 82/9, 82/10-2, 82/8-2 having total extent of 3 hectares 54 acres 58 Sq.mtrs at Kumarakom Villag3e, Kottayam Taluk, Kottayam District together with plant and madchinerypresent and fuiture erected / to be eerected thereon. |
Website Details :
Subject has been the destination of many travellers, especially foreign
nationals. In order to make subject reach out to people all over the world and help
them make their travel plans by the click of the mouse, they are open to
reservations on the net. Their Heritage Canal View Villa, Heritage Lake View
Villa, Meandering Pool Villa, Meandering Pool Duplex Villa and Presidential
Suite with Private Pool are available for online reservation.
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Single |
10500 |
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Double |
10500 |
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Heritage |
Single |
14500 |
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Double |
14500 |
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Meandering Pool Duplex Villa |
Single |
17500 |
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Double |
17500 |
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Meandering Pool Villa |
Single |
12500 |
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Double |
12500 |
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Presidential Suite with Private Pool |
Single |
45000 |
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Double |
45000 |
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Single |
11500 |
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Double |
11500 |
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Heritage |
Single |
15500 |
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Double |
15500 |
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Meandering Pool Duplex Villa |
Single |
19500 |
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Double |
19500 |
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Meandering Pool Villa |
Single |
13500 |
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Double |
13500 |
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Presidential Suite with Private Pool |
Single |
55000 |
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Double |
55000 |
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Single |
18000 |
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Double |
18000 |
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Heritage |
Single |
22000 |
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Double |
22000 |
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Meandering Pool Duplex Villa |
Single |
27000 |
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Double |
27000 |
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Meandering Pool Villa |
Single |
20000 |
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Double |
20000 |
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Presidential Suite with Private Pool |
Single |
55000 |
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Double |
55000 |
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Single |
9500 |
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Double |
9500 |
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Heritage |
Single |
11500 |
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Double |
11500 |
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Meandering Pool Duplex Villa |
Single |
12500 |
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Double |
12500 |
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Meandering Pool Villa |
Single |
10500 |
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Double |
10500 |
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Presidential Suite with Private Pool |
Single |
35000 |
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Double |
35000 |
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Tariff is subject to change without notice. Please contact us for the
latest season and off-season tariffs.
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
|
Indian Rupees |
|
US Dollar |
1 |
Rs.40.93 |
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|
1 |
Rs.81.20 |
|
Euro |
1 |
Rs.55.42 |
SCORE & RATING EXPLANATIONS
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SCORE FACTORS |
RANGE |
POINTS |
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HISTORY |
1~10 |
5 |
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PAID-UP CAPITAL |
1~10 |
5 |
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OPERATING SCALE |
1~10 |
5 |
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FINANCIAL CONDITION |
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--BUSINESS SCALE |
1~10 |
6 |
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--PROFITABILIRY |
1~10 |
4 |
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--LIQUIDITY |
1~10 |
5 |
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--LEVERAGE |
1~10 |
5 |
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--RESERVES |
1~10 |
5 |
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--CREDIT LINES |
1~10 |
5 |
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--MARGINS |
-5~5 |
-- |
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DEMERIT POINTS |
|
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--BANK CHARGES |
YES/NO |
YES |
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--LITIGATION |
YES/NO |
NO |
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--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
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MERIT POINTS |
|
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--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
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--EXPORT ACTIVITIES |
YES/NO |
NO |
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--AFFILIATION |
YES/NO |
YES |
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--LISTED |
YES/NO |
NO |
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--OTHER MERIT FACTORS |
YES/NO |
YES |
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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 |
|