MIRA
INFORM REPORT
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Report Date : |
17.12.2008 |
IDENTIFICATION
DETAILS
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Name : |
CLASSIC OCTROI CORPORATION |
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Registered Office : |
5314, Hindustan Chown, Mulund Colony, Mulund (West), Mumbai – 400080, Maharashtra
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Country : |
India |
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Financials (as on) : |
31.03.2008 |
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Year of Establishment : |
February 1991 |
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PAN No.: [Permanent
Account No.] |
AAHPP7037M |
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Legal Form : |
Sole Proprietory Concern |
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Line of Business : |
Octroi Clearing and Refund Agent |
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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Status : |
Satisfactory |
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Payment Behaviour : |
No Complaints |
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Litigation : |
Clear |
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Comments : |
Subject is a pretty old and established concern in its field. Proprietor
is reported as experiences, respectable and having satisfactory means. Trade
relations are fair. No complaints have been heard. It would be advisable to take adequate securities while dealings with
the subject. |
LOCATIONS
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Registered Office : |
5314, Hindustan Chown, Mulund Colony, Mulund (West), Mumbai – 400080,
Maharashtra, India |
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Mobile No.: |
91-9322992449/ 9821123291 |
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E-Mail : |
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Location : |
Owned |
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Corporate Office : |
C/O. United Octroi Company, LBS Marg, Mulund Checknaka, Behind Ram
Punjab Hotel, Mulund (West), Mumbai, Maharashtra, India |
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Branch Office : |
Dahisar: 3, Tare Compound, Behind Hotel Shree Krishna, Dahisar Cheknaka,
Dahisar, Mumbai – 400068, Maharashtra, India Thane: Near Shivray Hotel, Shop No.6, Lav- Ankush Appartment, E.E.H., Thane,
Maharashtra, India Vashi: M.P.H. Cheknaka, Mumbai Panvel Highway Cabin No.34, Vashi,
Maharashtra, India |
SOLE PROPRIETOR
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Name : |
Mr. Dilip H. Punjwani |
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Designation : |
Proprietor |
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Address : |
C – 302, Sagar Building, Swapna Nagari, Mulund West, Mumbai,
Maharashtra, India |
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Date of Birth/Age : |
30.08.1968 |
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Qualification : |
SSC Passed |
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Experience : |
20 years |
BUSINESS DETAILS
|
Line of Business : |
Octroi Clearing and Refund Agent |
GENERAL
INFORMATION
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Customers : |
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No. of Employees : |
30 |
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Bankers : |
Corporation Bank, Mulund Branch |
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Banking
Relations : |
- |
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Auditors : |
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Name : |
Rajesh D. Raykundaliya Chartered Accountant |
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Address : |
7, Aanda Deep, Acharya Tulsi Marg, Dombivli (East) – 421201, India |
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Associates/Subsidiaries : |
Janta Vikas Nagar, LBS Marg, Mulund Checknaka, Mulund, Mumbai –
400080, Maharashtra, India (Octori Business)
Lav-Ankush, Appartment, Near Shivraj Hotel, Shop No.6, E. E. H.,
Thane, Maharashtra, India (Octroi Business) |
CAPITAL STRUCTURE
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Capital Investment : |
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Owned : |
Rs.1.832 Millions |
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Borrowed : |
- |
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Total : |
Rs.1.832 Millions |
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
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SOURCES OF FUNDS |
|
31.03.2008 |
31.03.2007 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
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1.832 |
1.947 |
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2] Share Application Money |
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0.000 |
0.000 |
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3] Reserves & Surplus |
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0.000 |
0.000 |
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4] (Accumulated Losses) |
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0.000 |
0.000 |
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NETWORTH |
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1.832 |
1.947 |
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LOAN FUNDS |
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1] Secured Loans |
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11.488 |
8.903 |
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2] Unsecured Loans |
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1.809 |
1.847 |
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TOTAL BORROWING |
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13.297 |
10.750 |
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DEFERRED TAX LIABILITIES |
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0.000 |
0.000 |
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TOTAL |
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15.129 |
12.697 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
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3.352 |
3.373 |
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Capital work-in-progress |
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0.000 |
0.000 |
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INVESTMENT |
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1.169 |
1.116 |
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DEFERREX TAX ASSETS |
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0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
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0.000
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0.000 |
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Sundry Debtors |
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8.359
|
8.250 |
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Cash & Bank Balances |
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3.362
|
1.474 |
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Other Current Assets |
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1.072
|
0.215 |
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Loans & Advances |
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0.051
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0.000 |
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Total
Current Assets |
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12.844
|
9.939 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
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2.236
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1.731 |
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Provisions |
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0.000
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0.000 |
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Total
Current Liabilities |
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2.236
|
1.731 |
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Net Current Assets |
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10.608
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8.208 |
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MISCELLANEOUS EXPENSES |
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0.000 |
0.000 |
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TOTAL |
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15.129 |
12.697 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
31.03.2008 |
31.03.2007 |
31.03.2006 |
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Commission Received |
6.224 |
5.295 |
4.184 |
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Interests Received |
0.000 |
0.063 |
0.000 |
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Total Income |
6.224 |
5.358 |
4.184 |
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Profit/(Loss) Before Tax |
1.038 |
0.902 |
0.731 |
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Provision for Taxation |
0.215 |
0.152 |
0.000 |
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Profit/(Loss) After Tax |
0.823 |
0.750 |
0.731 |
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Expenditures : |
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Administrative Expenses |
1.549 |
1.941 |
0.000 |
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Interest |
0.978 |
0.882 |
0.000 |
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Depreciation & Amortization |
0.066 |
0.072 |
0.083 |
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Other Expenditure |
2.201 |
1.953 |
3.370 |
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Total Expenditure |
5.186 |
4.456 |
3.453 |
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KEY RATIOS
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PARTICULARS |
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31.03.2008 |
31.03.2007 |
31.03.2006 |
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PAT / Total Income |
(%) |
13.22
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13.99 |
17.47 |
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Net Profit Margin (PBT/Sales) |
(%) |
16.68
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17.03 |
17.47 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
6.41
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6.78 |
NA |
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Return on Investment (ROI) (PBT/Networth) |
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0.57
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0.46 |
NA |
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Debt Equity Ratio (Total Liability/Networth) |
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8.48
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6.41 |
NA |
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Current Ratio (Current Asset/Current Liability) |
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5.74
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5.74 |
NA |
LOCAL AGENCY
FURTHER INFORMATION
TRADE
REFERENCE:
- Bharti Airtel
Limited
- Idea Cellular
Limited
DETAILS OF SALES
FOR THE PERIOD FROM APRIL 2008 TO SEPTEMBER 2008
(RS IN MILLIONS)
|
Month |
Octroi |
Commission |
Total |
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April – 08 |
58.259 |
0.692 |
58.951 |
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May – 08 |
66.351 |
0.830 |
67.181 |
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Jun – 08 |
61.120 |
0.659 |
61.779 |
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Jul – 08 |
70.454 |
0.765 |
71.218 |
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Aug – 08 |
65.103 |
0.435 |
65.538 |
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Sep – 08 |
53.375 |
0.960 |
54.335 |
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Total |
374.662 |
4.341 |
379.003 |
PROJECTED SALES FOR
THE PERIOD FROM OCTOBER 2008 TO MARCH 2009
(RS IN MILLION)
|
Month |
Octroi |
Commission |
Total |
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Oct – 08 |
60.000 |
0.700 |
60.700 |
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Nov – 08 |
60.000 |
0.700 |
60.700 |
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Dec – 08 |
60.000 |
0.700 |
60.700 |
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Jan – 09 |
60.000 |
0.700 |
60.700 |
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Feb – 09 |
60.000 |
0.700 |
60.700 |
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Mar – 09 |
60.000 |
0.700 |
60.700 |
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Total |
360.000 |
4.200 |
364.200 |
COMPUTATION OF
TOTAL INCOME
(RS IN MILLIONS)
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INCOME FROM BUSINESS AND PROFESSION |
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2009-10 |
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As per Profit and Loss |
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1.553 |
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Income from House Property Interests Paid on
Housing Loan |
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(0.125) |
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Gross Total Income |
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1.428 |
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Less: Desucation U/S 80 C |
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LIC |
0.400 |
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Hous. Loan |
0.136 |
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|
0.536 |
0.100 |
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Deduction U/S 80 D
Mediclaim |
|
0.015 |
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Net Taxable Income |
|
1.313 |
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Rounded Off To |
|
1.313 |
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Income Tax |
|
0.299 |
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Add: Education Cess |
|
0.009 |
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Total Tax Payable |
|
0.308 |
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Less: TDS |
0.170 |
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Less: Advance Tax |
0.140 |
0.310 |
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Refund Due |
|
0.002 |
PROJECTED CAPITAL
ACCOUNT FOR THE YEAR ENDED 31.03.2009
|
Particular |
Rs. In Millions |
Particular |
Rs. In Millions |
|
|
|
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To Drawings |
0.180 |
By Balance B/d |
2.423 |
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To Int. On Home Loan |
0.125 |
By Net Profit |
1.553 |
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To Medicalaim Insurance |
0.018 |
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To Balance C/f |
3.653 |
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Total |
3.976 |
Total |
3.976 |
ABRIDGED BALANCE
SHEET
(PROJECTION)
(RS IN MILLIONS)
|
SOURCES OF FUNDS |
|
|
31.03.2009 |
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SHAREHOLDERS FUNDS |
|
|
|
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|
1] Proprietor’s Capital |
|
|
3.653 |
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2] Share Application Money |
|
|
0.000 |
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3] Reserves & Surplus |
|
|
0.000 |
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4] (Accumulated Losses) |
|
|
0.000 |
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NETWORTH |
|
|
3.653 |
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LOAN FUNDS |
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1] Secured Loans |
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|
13.584 |
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2] Unsecured Loans |
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|
2.500 |
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TOTAL BORROWING |
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|
16.084 |
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DEFERRED TAX LIABILITIES |
|
|
0.000 |
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|
|
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TOTAL |
|
|
19.737 |
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APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
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FIXED ASSETS [Net Block] |
|
|
3.301 |
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Capital work-in-progress |
|
|
0.000 |
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|
|
|
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INVESTMENT |
|
|
1.552 |
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DEFERREX TAX ASSETS |
|
|
0.000 |
|
|
|
|
|
|
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CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
|
|
0.067 |
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Sundry Debtors |
|
|
14.861 |
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Cash & Bank Balances |
|
|
1.673 |
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Other Current Assets |
|
|
0.000 |
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Loans & Advances |
|
|
0.533 |
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Total
Current Assets |
|
|
17.134 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Current Liabilities |
|
|
2.250 |
|
|
Provisions |
|
|
0.000 |
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Total
Current Liabilities |
|
|
2.250 |
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Net Current Assets |
|
|
14.884 |
|
|
|
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MISCELLANEOUS EXPENSES |
|
|
0.000 |
|
|
|
|
|
|
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TOTAL |
|
|
19.737 |
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PROFIT & LOSS
ACCOUNT
(PROJECTION)
(RS IN MILLIONS)
|
PARTICULARS |
|
|
31.03.2009 |
|
|
Commission Received |
|
|
8.500 |
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Other Income |
|
|
0.000 |
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|
Total Income |
|
|
8.500 |
|
|
|
|
|
|
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|
Profit/(Loss) Before Tax |
|
|
1.553 |
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|
Provision for Taxation |
|
|
0.000 |
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|
Profit/(Loss) After Tax |
|
|
1.553 |
|
|
|
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Expenditures : |
|
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Bank Charges |
|
|
0.250 |
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|
Int. Paid on Banks |
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|
1.200 |
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Salaries, Wages, Bonus, etc. |
|
|
2.000 |
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Office Expenses |
|
|
0.150 |
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|
Depreciation & Amortization |
|
|
0.062 |
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Other Expenditure |
|
|
3.285 |
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Total Expenditure |
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|
6.947 |
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REPORT OF
VALUATION OF IMMOVABLE PROPERTY
GENERAL
INFORMANTION
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1.Purpose for Which Valuation Made |
To ascertain present FMV for Corporation
Bank, Mulund Branch |
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2.Date on which Visit Made |
02.12.2008 |
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3.Name of the Owners |
Mr. Dilip Hemandas Punjwani |
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4.If the property is under joint ownership
co-ownership share of each owner, is the share undivided |
Single Ownership |
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5.Brief Description of the Property |
Flat No 302, 3rd Floor, C – Wing,
Swapna Sagar Co-op. Housing Society Limited, Swapna Nagari Off Bal Rajeshwar
Road, Mulund (West), Mumbai – 400080, Maharashtra, India They referred to the Xerox copy of following
document provided to them.
Brief Description: The industrial property Flat No 302, 3rd
Floor, C – Wing, Swapna Sagar Co-op. Housing Society Limited, situated at
above address is about 2 kms from mulund (West) railway station. All civix
amenities are nearby and within easy reach. The residential building is of ground +
upper floor, It is an RCC frame structure having RCC staircase and 1 lift to
access ipper floors. Amenities of the property Granamite tiles flooring, wooden flush
doors, powder coated aluminum sliding windows, granite kitchen platform, full
height glazed tiles dado in toilets, concealed wiring and plumbing etc.
Renovation work of the flat is in progress. Land Mark: Swapna Nagari Property is boundary by : East: B Wing West: Open Plot North: Swapna Nagari South: Veena Towers Accommodation: Accommodation provided in Flat consists of 1
hall, 1 kitchen, 2 bedrooms, W. C. and bath (i.e. 2 BHK) As per measurement the carpet are is 603 sq.
ft. with 25% loading, the built up area comes to 754 sq. ft. As per agreement the built up area is 760 sq
ft., which is considered for valuation. Notes and Disclaimer:
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6. Location Street, Ward No. |
Flat No 302, 3rd Floor, C – Wing,
Swapna Sagar Co-op. Housing Society Limited, Swapna Nagari Off Bal Rajeshwar
Road, Mulund (West), Mumbai – 400080, Maharashtra, India |
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7.Survey Plot No. of Land |
Survey No.243, 246, Hissa No.3, CTS No.24
(Plot) 25 (Plot) Village Mulund |
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8.It the Property Situated in residential/
Commercial/ Mixed/ Industrial Area |
Mixed Area |
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9. Classification of locality – High Class/
Middle Class/ Poor Class. |
Middle Class |
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10.Proximity to civic amenities like schools
offices, Hospitals, Market Cinemas etc. |
All civic amenities are nearby and within
easy reach. |
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11.Means and Proximity to surface Communication
by which the locality is served |
Road, bus, auto taxi private vehicles etc. |
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12. a) Is the property owner occupied,
tenant, or both |
Owner Occupied |
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b) If partly occupied, specify portion and extent
of area under owner occupation. |
Owner Occupied |
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13. Name and Registration No. of Co-Op.
Housing Society. |
Swapna Sagar Co-op Housing Society Limited Regn No. – Bom/ WT/ HSG/ TC/ 6029 of 1991
dated 29.11.1991 |
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14. Share Certificate No. and Face values. |
Share Certificate No.45, Bearing Nos. 221 to
225, Total 5 Shares of Rs.50/- each. |
SALES AND
MARKETABILITY
|
1. Give instance of sale of immovable property
in the locality on a separate sheet including the name and address of the
property, registration No., Sale price and area land sold. |
Sales instances are not readily available.
As such, local estate agent, builders and other related agencies were
contacted to ascertain fair market value. |
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2. Market Rates adopted |
Prevalent Market Rate: Rs.5500/- to Rs.6000/- per sq. ft. Rate considered for valuation: Cost of land: Rs.4500/- per sq. ft. Cost of Construction (Insurance value): Rs.1200/-
per sq. ft. Factors Considered for valuation: Location and locality facilities and
amenities, quality of construction, residential life to building, business
potential, residual life of building, business potential, supply of demand,
local nearby enquiry, market feed back of investigation. |
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3. If sale instances are not available or
relied upon, basis of arriving at the land rate. |
Enquired with local archites and real estate
consultants about the current market rates in that area and on this basis,
property is valued under “Selling Price Method” |
PRESENT FAIR
MARKET VALUATION
Valuation = Area X
Rate
A] Cost of Land
|
Area |
760 sq. ft. |
|
Rate adopted for valuation |
Rs.4500/- per sq. ft. |
|
|
|
|
Value |
Rs.3.420 Millions |
B] Cost of Construction (Insurance Value)
|
Area |
760 sq. ft. |
|
Rate adopted for valuation |
Rs.1200/- per sq. ft. |
|
|
|
|
Value |
Rs.0.912 Millions |
Total Value of the property = A + B
=3.420 + 0.912
= Rs.4.332 Millions
FIXED ASSETS:
- Computer
- Mobile Phone
- Motor Bike
- Motor Car
- Office Equipment
- Printer
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.47.82 |
|
UK Pound |
1 |
Rs.73.08 |
|
Euro |
1 |
Rs.65.56 |
SCORE & RATING
EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
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 |
|
46 |
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 |
|