MIRA
INFORM REPORT
|
Report Date : |
02.08.2008 |
IDENTIFICATION
DETAILS
|
Name : |
MILESTONE ESTATE |
|
|
|
|
Registered Office : |
Club Road, Opp. KDMC, B Ward off Barave Road, Khadakpada, Kalyan (West),
Dist. Thane - 421301, Maharashtra |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as on) : |
31.03.2008 |
|
|
|
|
Date of Incorporation : |
20.05.2005 |
|
|
|
|
TAN No.: [Tax
Deduction & Collection Account No.] |
PNEM10688G |
|
|
|
|
PAN No.: [Permanent
Account No.] |
AAMFM066G |
|
|
|
|
Legal Form : |
Partnership concern with an unlimited liability of the partners. |
|
|
|
|
Line of Business : |
Engaged in the business of construction and real estate. |
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 |
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
Slow |
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|
|
|
Litigation : |
Clear |
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|
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|
Comments : |
Subject is a 3 years old concern and seems to be progressive well.
Partners are reported as experienced, respectable and having satisfactory
means of their own. Trade relations are fair. Payments are reported as slow
at times but correct. The concern can be considered normal for business dealings at usual
trade terms and conditions. |
LOCATIONS
|
Registered Office : |
Club Road, Opp. KDMC, B Ward off Barave Road, Khadakpada, Kalyan (West),
Dist. Thane - 421301, Maharashtra, India |
|
Tel. No.: |
91-251-3205829 |
|
Mobile No.: |
91-9322395000 |
|
Fax No.: |
91-251-2205444 |
|
E-Mail : |
|
|
Website : |
|
|
Location : |
Owned |
|
|
|
|
Corporate Office : |
11/12, Vitthal Chambers, 2nd Floor, Shivaji Chowk, Kalyan
(West), Thane, Maharashtra, India |
|
Tel. No.: |
91-251-6510583 / 2233331 / 2233332 |
|
Fax No.: |
91-9820798797 |
PARTNERS
|
Name : |
Mr. Shrikant D Shitole |
|
Designation : |
Partner |
|
Address : |
“Empress – C”, Mohan Hights, Khadkpada, Highway Road, Kalyan (West), Thane
– 421 301, Maharashtra, India |
|
Date of Birth/Age : |
26.10.1974 |
|
Qualification : |
B.Com, CA (Inter), CWA (Inter) |
|
Experience : |
10 Years |
|
|
|
|
Name : |
Mr. Girish N Pawar |
|
Designation : |
Partner |
|
Address : |
403 – Cyprus, Tycoons Residency, Barave Road, Khadakpada, Kalyan
(West), Thane - 421 301, Maharashtra, India |
|
Date of Birth/Age : |
15.01.1975 |
|
Qualification : |
B.Sc., CA (Inter) |
|
Experience : |
8 Years |
|
|
|
|
Name : |
Mr. Chetan V Saraf |
|
Designation : |
Partner |
|
Address : |
“101” Ceceilia Building, Dr Moose Road, Behind Gadkari, Ragayatan,
Thane – 400 602, Maharashtra, India |
|
Date of Birth/Age : |
18.07.1976 |
|
Qualification : |
ALTPS4275R |
|
Experience : |
5 Years |
BUSINESS DETAILS
|
Line of Business : |
Engaged in the business of construction and real estate. |
|
|
|
|
Terms : |
|
|
Selling : |
Credit (30 days) |
|
|
|
|
Purchasing : |
Credit (30 days) |
GENERAL
INFORMATION
|
Customers : |
Wholesalers |
|
|
|
|
No. of Employees : |
19 |
|
|
|
|
Bankers : |
Oriental Bank of Commerce Onkar Apartments, First Floor, Opp. Gurudev Hotel, New Station Road,
Kalyan (W), Dist – Thane – 421 301, Maharashtra, India |
|
|
|
|
Banking
Relations : |
- |
|
|
|
|
Auditors : |
|
|
Name : |
Rajesh P Patil and Associates Chartered Accountants |
|
Address : |
1st Floor, Madhavbaug, “B” Opp. Bank of Maharashtra,
Goshala Road, Shivaji Chowk, Kalyan (West), Thane – 421301, Maharashtra,
India |
|
Tel No.: |
91-9821180078 |
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|
|
|
|
|
|
Associates/Subsidiaries : |
Milestone Hospitalities Private Limited Club Road, Opp. KDMC, “B” Ward off Barave Road, Khadakpada, Kalyan
(West) – 421 301, Dist – Thane, Maharasahtra, India Line of Business
:
Health Club |
CAPITAL STRUCTURE
|
Capital Investment : |
|
|
Owned : |
Rs. 8.504 millions |
|
Borrowed : |
- |
|
Total : |
Rs. 8.504 millions |
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2008 |
31.03.2007 |
31.03.2006 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Partners Capital |
8.504 |
2.708 |
0.361 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
0.000 |
0.000 |
0.000 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
8.504 |
2.708 |
0.361 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
12.233 |
14.703 |
0.000 |
|
|
2] Unsecured Loans |
30.614 |
6.000 |
0.000 |
|
|
3] Security Deposit – Reliance |
1.000 |
1.000 |
0.000 |
|
|
4] Loans |
0.000 |
0.358 |
0.000 |
|
|
TOTAL BORROWING |
43.847 |
22.061 |
0.000 |
|
|
DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
52.351 |
24.769 |
0.361 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
0.456 |
0.000 |
0.000 |
|
|
Capital work-in-progress |
36.935 |
24.553 |
2.181 |
|
|
|
|
|
|
|
|
INVESTMENT |
9.746 |
0.225 |
0.225 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
0.175
|
0.168 |
0.168 |
|
|
Sundry Debtors |
7.325
|
0.000 |
0.000 |
|
|
Cash & Bank Balances |
0.252
|
0.231 |
0.042 |
|
|
Other Current Assets |
1.446
|
0.100 |
0.000 |
|
|
Loans & Advances |
12.762
|
9.151 |
0.099 |
|
Total
Current Assets |
21.960
|
9.650 |
0.309 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Current Liabilities |
14.905
|
9.601 |
2.338 |
|
|
Provisions |
1.841
|
0.058 |
0.016 |
|
Total
Current Liabilities |
16.746
|
9.659 |
2.354 |
|
|
Net Current Assets |
5.214
|
(0.009) |
(2.045) |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
52.351 |
24.769 |
0.361 |
|
PROFIT & LOSS
ACCOUNT
|
PARTICULARS |
31.03.2008 |
31.03.2007 |
31.03.2006 |
|
|
Sales Turnover |
61.822 |
24.554 |
1.981 |
|
|
Other Income |
0.000 |
0.000 |
0.000 |
|
|
Total Income |
61.822 |
24.554 |
1.981 |
|
|
|
|
|
|
|
|
Net Profit |
0.386 |
2.019 |
0.169 |
|
|
|
|
|
|
|
|
Import Value |
23.296 |
- |
- |
|
|
|
|
|
|
|
|
Expenditures : |
|
|
|
|
|
|
Cost of Goods Sold |
47.675 |
11.868 |
1.076 |
|
|
Hiring Charges |
0.083 |
0.264 |
0.122 |
|
|
Legal Expenses |
0.273 |
0.000 |
0.000 |
|
|
Bank charges |
0.042 |
0.013 |
0.002 |
|
|
Conveyance |
0.009 |
0.006 |
0.000 |
|
|
Donation |
0.010 |
0.011 |
0.000 |
|
|
Interest on Loan |
1.882 |
0.300 |
0.000 |
|
|
Office Expenses |
0.115 |
0.011 |
0.001 |
|
|
Printing Expenses |
0.040 |
0.015 |
0.000 |
|
|
Repairs and Maintenance |
0.042 |
0.000 |
0.008 |
|
|
Salary |
0.751 |
0.150 |
0.000 |
|
|
Telephone Charges |
0.047 |
0.012 |
0.000 |
|
|
Xerox and Fax |
0.002 |
0.001 |
0.000 |
|
|
Other Expenditure |
10.465 |
9.884 |
0.603 |
|
Total Expenditure |
61.436 |
22.535 |
1.812 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2008 |
31.03.2007 |
31.03.2006 |
|
PAT / Total Income |
(%) |
0.62
|
8.22 |
8.53 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
0.62
|
8.22 |
8.53 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
6.81
|
20.92 |
54.69 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.05
|
0.75 |
0.47 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
7.13
|
11.71 |
6.52 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.31
|
0.99 |
0.13 |
LOCAL AGENCY
FURTHER INFORMATION
PROJECTED
BALANCE SHEET
|
Statement of
Assets and Liability |
2008-09 |
2009-10 |
2010-11 |
2011-12 |
2012-13 |
2013-14 |
|
|
|
|
|
|
|
|
|
LIABILITY |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Capital Account |
25.389 |
30.623 |
37.731 |
41.574 |
44.562 |
49.901 |
|
Sundry Creditors and Retentions |
0.541 |
- |
- |
- |
- |
- |
|
Advance against Sale |
- |
- |
- |
- |
- |
- |
|
Deposit – Against Rent (Reliance Fresh) |
1.400 |
1.400 |
1.400 |
1.400 |
1.400 |
1.400 |
|
Provision for Tax |
4.577 |
2.131 |
2.524 |
2.889 |
3.234 |
3.061 |
|
Unsecured Loan |
15.264 |
10.264 |
10.264 |
10.264 |
10.264 |
10.264 |
|
ICICI Bank T/L |
13.569 |
12.848 |
11.781 |
10.574 |
9.154 |
7.266 |
|
Dena Bank Term Loan |
14.383 |
12.174 |
9.628 |
6.694 |
3.315 |
2.703 |
|
|
|
|
|
|
|
|
|
TOTAL |
75.123 |
69.440 |
73.328 |
73.395 |
71.929 |
74.595 |
|
|
|
|
|
|
|
|
|
ASSETS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Work In Progress |
- |
- |
- |
- |
- |
- |
|
|
|
|
|
|
|
|
|
Fixed Assets |
|
|
|
|
|
|
|
Building Account |
44.694 |
40.225 |
36.202 |
32.582 |
29.324 |
26.391 |
|
Gaming Machines |
6.000 |
5.400 |
4.860 |
4.374 |
3.937 |
3.543 |
|
Restaurant Equipments and Furnitures with computer |
5.000 |
4.500 |
4.050 |
3.645 |
3.281 |
2.952 |
|
Air Conditioners (Centralised) |
0.372 |
0.372 |
0.372 |
0.372 |
0.372 |
.372 |
|
|
|
|
|
|
|
|
|
Deposits |
|
|
|
|
|
|
|
Fixed Deposit |
0.025 |
0.025 |
0.025 |
0.025 |
0.025 |
0.025 |
|
Investment in Land |
0.200 |
0.200 |
0.200 |
0.200 |
0.200 |
0.200 |
|
|
|
|
|
|
|
|
|
Fixed Assets |
|
|
|
|
|
|
|
Investment in Land |
0.625 |
0.625 |
0.625 |
0.625 |
0.625 |
0.625 |
|
Advance against Land |
7.850 |
7.850 |
7.850 |
7.850 |
7.850 |
7.850 |
|
|
|
|
|
|
|
|
|
Receivable Against Sale of Property |
- |
- |
- |
- |
- |
- |
|
Closing stock of Materials |
- |
- |
- |
- |
- |
- |
|
Loans and Advances |
7.500 |
7.500 |
7.500 |
7.500 |
7.500 |
7.500 |
|
Advance Tax |
4.577 |
2.131 |
2.524 |
2.889 |
3.234 |
3.061 |
|
Cash and Bank Balance |
(1.720) |
0.612 |
9.120 |
13.333 |
15.581 |
22.076 |
|
|
|
|
|
|
|
|
|
Total |
75.123 |
69.440 |
73.328 |
73.395 |
71.929 |
74.595 |
PROJECTED PROFIT
& LOSS ACCOUNT
|
Income Statement
(A) |
2008-09 |
2009-10 |
2010-11 |
2011-12 |
2012-13 |
2013-14 |
|
|
|
|
|
|
|
|
|
Gross WIP |
49.660 |
- |
- |
- |
- |
- |
|
Sales |
- |
- |
- |
- |
- |
- |
|
Other Income |
- |
- |
- |
- |
- |
- |
|
Pt. of Innovative Estate |
- |
- |
- |
- |
- |
- |
|
|
|
|
|
|
|
|
|
Estimated Pt on Building |
- |
- |
- |
- |
- |
- |
|
Sale of Empress |
123.000 |
- |
- |
- |
- |
- |
|
|
|
|
|
|
|
|
|
Other Income
from Investments |
|
|
|
|
|
|
|
Net Surplus from Gaming Zone |
2.400 |
3.600 |
3.960 |
4.356 |
4.792 |
5.271 |
|
Net Surplus from Restaurant Income |
4.000 |
6.000 |
6.600 |
7.260 |
7.986 |
8.785 |
|
|
|
|
|
|
|
|
|
Other Rental
Income |
|
|
|
|
|
|
|
Reliance Fresh |
3.204 |
3.204 |
3.588 |
3.588 |
3.588 |
4.019 |
|
Cinemax |
1.716 |
1.716 |
1.716 |
1.888 |
1.888 |
1.888 |
|
Cinemax |
8.000 |
9.600 |
9.600 |
9.600 |
9.600 |
9.600 |
|
|
|
|
|
|
|
|
|
Total |
191.980 |
24.120 |
25.464 |
26.692 |
27.854 |
29.563 |
|
|
|
|
|
|
|
|
|
Expenses |
|
|
|
|
|
|
|
Purchases of Material |
7.500 |
- |
- |
- |
- |
- |
|
WIP Trf. |
36.935 |
- |
- |
- |
- |
- |
|
Other Expenses |
4.500 |
4.750 |
5.225 |
- |
6.322 |
6.954 |
|
(As per List) |
|
|
|
5.748 |
|
|
|
Interest Expenses |
1.738 |
1.658 |
1.546 |
1.405 |
1.245 |
1.039 |
|
Interest Expenses – Bank T/L |
1.815 |
1.909 |
1.573 |
1.185 |
0.739 |
0.075 |
|
Cost of Sales |
- |
- |
- |
- |
- |
- |
|
Depreciation - Building |
4.966 |
4.469 |
4.022 |
3.620 |
3.258 |
2.932 |
|
Depreciation – Gaming Machines |
0.600 |
0.600 |
0.540 |
0.486 |
0.437 |
0.394 |
|
Depreciation – Restaurant Equipments |
0.500 |
0.500 |
0.450 |
0.405 |
0.365 |
0.328 |
|
|
|
|
|
|
|
|
|
Expense of Express |
111.540 |
- |
- |
- |
- |
- |
|
Remuneration and Interest to Partner |
8.806 |
4.146 |
4.896 |
5.590 |
6.248 |
9.096 |
|
|
|
|
|
|
|
|
|
Total |
178.900 |
18.032 |
18.252 |
18.439 |
18.614 |
20.818 |
|
|
|
|
|
|
|
|
|
Surplus |
13.078 |
6.088 |
7.212 |
8.253 |
9.240 |
8.744 |
Profit Sharing Ratio
Shrikant Shitole 33.33%
Chetan Sharaf 33.33%
Girish Pawar 33.33%
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 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.42.37 |
|
UK Pound |
1 |
Rs.84.01 |
|
Euro |
1 |
Rs.65.96 |
SCORE & RATING
EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILIRY |
1~10 |
4 |
|
--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 |
YES |
|
--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. |
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 |
|