MIRA
INFORM REPORT
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Report Date : |
17.07.2008 |
IDENTIFICATION
DETAILS
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Name : |
KUMAR PROPERTIES PRIVATE LIMITED |
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Registered Office : |
102, Krishna Chambers,
59, New Marine Lines, Mumbai – 400020, Maharashtra |
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Country : |
India |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
03.03.2000 |
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Com. Reg. No.: |
11-14550 |
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CIN No.: [Company
Identification No.] |
U70101PN2000PTC014550 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
MUMK10512F |
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Legal Form : |
Private Limited
Liability Company |
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Line of Business : |
Subject is
engaged in Real Estate Development. |
RATING &
COMMENTS
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MIRA’s Rating : |
B |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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26-40 |
B |
Unfavourable & favourable factors carry similar weight in credit
consideration. Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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Status : |
Moderate |
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Payment Behaviour : |
Usually correct |
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Litigation : |
Clear |
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Comments : |
Subject is a part
of Kumar Developers Group who made good fortunes in current real estate boom
in Pune and Metro cities. Kumar builders
enjoy favourable reputation in the realty market. Their trade relations are
fair. Payments are usually correct
and as per commitments. Although company
has registered substantial losses, it can be regarded as normal for business
dealings at usual trade terms and conditions since directors are resourceful
and experienced developers. Their
combines means are large. Mr. Harish
Malkani of the company declined to part with any information. |
INFORMATION
DECLINED BY
|
Name : |
Mr. Harish
Malkani |
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Date : |
19.05.2008 |
LOCATIONS
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Registered Office : |
102, Krishna Chambers,
59, New Marine Lines, Mumbai – 400020, Maharashtra, India |
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Tel. No. : |
91-22-22624876/4797 |
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Fax No. : |
91-22-22624796 |
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E-mail : |
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Website : |
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Head Office : |
783, Bhawani
Peth, Opposite Nishat Theatre, Pune – 411048, Maharashtra, India |
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Correspondence
Office : |
1st
Floor, 2413, East Street Camp, Pune – 411001, Maharashtra, India |
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Tel. No.: |
91-20-26350660 / 26358820
/ 30528888 / 30583663 / 30583650 / 51 / 52 / 53 / 54 |
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Fax No.: |
91-20-26353365 |
DIRECTORS
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Name : |
Mr. Rajas
Vimalkumar Jain |
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Designation : |
Director |
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Address : |
11, Naiper Road, Solapur
Bazar Camp, Pune – 411001, Maharashtra, India |
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Date of Birth/Age : |
09.11.1971 |
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Date of Appointment : |
03.03.2000 |
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Name : |
Mr. Vimalkumar
Kesarimal Jain |
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Designation : |
Director |
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Address : |
11, Naiper Road,
Solapur Bazar Camp, Pune – 411001, Maharashtra, India |
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Date of Birth/Age : |
02.02.1949 |
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Date of Appointment : |
01.05.2000 |
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Name : |
Mr. Kewalkumar
Kesarimal Jain |
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Designation : |
Director |
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Address : |
Flat No. 7 & 8,
Kumar Castle, Convent Street Camp, Pune – 411001, Maharashtra, India |
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Date of Birth/Age : |
11.05.1957 |
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Date of Appointment : |
01.05.2000 |
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Name : |
Mr. Hitesh
Kewalkumar Jain |
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Designation : |
Director |
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Address : |
Flat No. 7 & 8,
Kumar Castle, Convent Street Camp, Pune – 411001, Maharashtra, India |
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Date of Birth/Age : |
17.06.1980 |
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Date of Appointment : |
05.03.2000 |
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Name : |
Mr. Resarimal
Vimalkumar Jain |
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Designation : |
Director |
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Date of Birth/Age : |
02.02.1949 |
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Date of Appointment : |
01.05.2000 |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
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Names of
Shareholders (as on 31.03.2007):- |
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No. of Shares |
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Mr. Rajas
Vimalkumar Jain |
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405 |
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Mr. Hitesh
Kewalkumar Jain |
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248 |
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K H Oswal [HUF] |
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100 |
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Mr. Inderkumar
Kesarimal Jain |
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247 |
Equity Shares Breakup (Percentage of Total Equity): (as on 31.03.2007):-
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Sr No. |
Category |
Percentage |
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1 |
Directors or relative of directors |
100.00 |
BUSINESS DETAILS
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Line of Business : |
Subject is
engaged in Real Estate Development. |
GENERAL
INFORMATION
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Bankers : |
HDFC Bank Limited |
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Facilities : |
Secured Loans
from the above bank |
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Banking Relations : |
-- |
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Auditors : |
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Name1 : |
Prafull Jain
& Associates Chartered
Accountants, |
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Address: |
9, Hermes Kunj,
9, Mangaldas Road, Pune – 411001, Maharashtra, India |
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Tel. No.: |
91-20-26131170 |
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Name 2: |
Ramesh Ramu and Associates Chartered Accountants |
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Address : |
30 Prestige Point 283 Shukrawar Peth, Pune – 411 002, Maharashtra,
India |
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Associates/Subsidiaries : |
Nil |
CAPITAL STRUCTURE
(As on 31.03.2007)
:-
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
1000 |
Equity Shares |
Rs. 100/- each |
Rs. 0.100 million |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
1000 |
Equity Shares |
Rs. 100/- each |
Rs. 0.100 million |
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
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SOURCES OF FUNDS |
31.03.2007 |
31.03.2006 |
31.03.2005 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
0.100 |
0.100 |
0.100 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
0.000 |
0.000 |
0.000 |
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4] (Accumulated Losses) |
[11.179] |
[8.408] |
[14.349] |
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NETWORTH |
[11.079] |
[8.308] |
[14.249] |
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LOAN FUNDS |
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1] Secured Loans |
0.000 |
0.075 |
0.250 |
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2] Unsecured Loans |
39.834 |
38.400 |
53.584 |
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TOTAL BORROWING |
39.834 |
38.475 |
53.834 |
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DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
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TOTAL |
28.755 |
30.167 |
39.585 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
0.317 |
0.549 |
0.722 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENT |
0.000 |
0.000 |
0.000 |
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DEFERREX TAX ASSETS |
4.748 |
4.585 |
8.081 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
37.524
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35.812 |
129.438 |
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Sundry Debtors |
0.000
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3.154 |
0.000 |
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Cash & Bank Balances |
0.035
|
0.006 |
0.101 |
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Other Current Assets |
0.000
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0.000 |
0.000 |
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Loans & Advances |
4.311
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4.146 |
17.297 |
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Total
Current Assets |
41.870
|
43.118 |
146.836 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
18.180
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18.085 |
116.054 |
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Provisions |
0.000
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0.000 |
0.000 |
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Total
Current Liabilities |
18.180
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18.085 |
116.054 |
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Net Current Assets |
23.690
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25.033 |
30.782 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
28.755 |
30.167 |
39.585 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
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31.03.2007 |
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Sales Turnover |
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1.610 |
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Other Income |
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0.000 |
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Total Income |
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1.610 |
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Profit/(Loss) Before Tax |
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[2.921] |
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Provision for Taxation |
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0.150 |
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Profit/(Loss) After Tax |
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[2.771] |
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Total Expenditure |
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4.531 |
KEY RATIOS
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PARTICULARS |
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31.03.2007 |
31.03.2006 |
31.03.2005 |
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PAT / Total Income |
(%) |
[181.43]
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NA |
NA |
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Net Profit Margin (PBT/Sales) |
(%) |
[181.43]
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NA |
NA |
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Return on Total Assets (PBT/Total Assets} |
(%) |
[6.22]
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NA |
NA |
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Return on Investment (ROI) (PBT/Networth) |
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0.26
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NA |
NA |
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Debt Equity Ratio (Total Liability/Networth) |
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[5.19]
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[6.80] |
[11.92] |
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Current Ratio (Current Asset/Current Liability) |
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2.30
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2.38 |
1.27 |
LOCAL AGENCY
FURTHER INFORMATION
FIXED ASSETS
· Computers
· Furniture & Fixtures
· Office Equipments
· Vehicles
WEBSITE DETAILS:-
The Kumar Properties Group is a well diversified, value driven enterprise.
Founded by Mr. K.H. Oswal on 15 August 1966, the group initially catered to the rental segment. In the ‘70s it progressed to construction of branded apartments.
In the ‘80s it shifted to high-rise buildings and bungalow projects.
In the ‘90s it pioneered luxurious, mega complexes.
At the turn of the millennium, the company diversified into IT parks and commercial buildings,
With a strategic shift to large townships and commercial malls, the journey is far from over. In fact, it has just begun.
Expertise, gained over the years in construction, has been deployed to build infrastructure projects. Kamdar Constructions Private Limited, valued for various turnkey construction projects in the commercial, industrial and infrastructural sectors, is a part of the Kumar Properties Group.
They also have established a strategic alliance with GIC Real Estate Pte Limited (a Government of Singapore Enterprise).
The Group has a major presence in the blooming agri-biotech
industry.
CMT REPORT
(Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts, India Prisons Service,
Interpol, etc.
1] INFORMATION ON
DESIGNATED PARTY
No records exist designating subject or any of its beneficial owners,
controlling shareholders or senior officers as terrorist or terrorist
organization or whom notice had been received that all financial transactions
involving their assets have been blocked or convicted, found guilty or against
whom a judgement or order had been entered in a proceedings for violating
money-laundering, anti-corruption or bribery or international economic or
anti-terrorism sanction laws or whose assets were seized, blocked, frozen or
ordered forfeited for violation of money laundering or international
anti-terrorism laws.
2] Court Declaration :
No records exist to suggest that subject is
or was the subject of any formal or informal allegations, prosecutions or other
official proceeding for making any prohibited payments or other improper
payments to government officials for engaging in prohibited transactions or
with designated parties.
3] Asset Declaration :
No records exist to suggest that the property or assets of the subject
are derived from criminal conduct or a prohibited transaction.
4] Record on Financial
Crime :
Charges or conviction
registered against subject: None
5] Records on Violation of
Anti-Corruption Laws :
Charges or
investigation registered against subject: None
6] Records on Int’l
Anti-Money Laundering Laws/Standards :
Charges or
investigation registered against subject: None
7] Criminal Records
No
available information exist that suggest that subject or any of its principals have
been formally charged or convicted by a competent governmental authority for
any financial crime or under any formal investigation by a competent government
authority for any violation of anti-corruption laws or international anti-money
laundering laws or standard.
8] Affiliation with
Government :
No record
exists to suggest that any director or indirect owners, controlling
shareholders, director, officer or employee of the company is a government
official or a family member or close business associate of a Government
official.
9] Compensation Package :
Our market
survey revealed that the amount of compensation sought by the subject is fair
and reasonable and comparable to compensation paid to others for similar
services.
10] Press Report :
No press reports / filings exists on
the subject.
CORPORATE
GOVERNANCE
MIRA INFORM as part of its Due Diligence do provide comments on
Corporate Governance to identify management and governance. These factors often
have been predictive and in some cases have created vulnerabilities to credit
deterioration.
Our Governance Assessment focuses principally on the interactions
between a company’s management, its Board of Directors, Shareholders and other
financial stakeholders.
CONTRAVENTION
Subject is not known to have contravened any existing local laws,
regulations or policies that prohibit, restrict or otherwise affect the terms
and conditions that could be included in the agreement with the subject.
FOREIGN EXCHANGE
RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs. 43.17 |
|
UK Pound |
1 |
Rs. 86.46 |
|
Euro |
1 |
Rs. 68.68 |
SCORE & RATING
EXPLANATIONS
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SCORE FACTORS |
RANGE |
POINTS |
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HISTORY |
1~10 |
6 |
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PAID-UP CAPITAL |
1~10 |
6 |
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OPERATING SCALE |
1~10 |
4 |
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FINANCIAL CONDITION |
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--BUSINESS SCALE |
1~10 |
4 |
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--PROFITABILIRY |
1~10 |
- |
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--LIQUIDITY |
1~10 |
5 |
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--LEVERAGE |
1~10 |
5 |
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--RESERVES |
1~10 |
- |
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--CREDIT LINES |
1~10 |
6 |
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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 |
NO |
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--LISTED |
YES/NO |
NO |
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--OTHER MERIT FACTORS |
YES/NO |
YES |
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TOTAL |
|
36 |
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 |
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|
>86 |
Aaa |
Possesses an extremely sound financial base with the strongest capability
for timely payment of interest and principal sums |
Unlimited |
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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 |
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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 |
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NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
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