MIRA INFORM REPORT
|
Report Date : |
22.04.2011 |
IDENTIFICATION DETAILS
|
Name : |
CARNOUSTIE MANAGEMENT PRIVATE LIMITED |
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Registered
Office : |
326, Master Mind 1, Royal Palm, Aarey Colony, Goregaon (E), Mumbai –
400090, Maharashtra, India |
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Country : |
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Financials (as
on) : |
31.03.2010 |
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Date of
Incorporation : |
04.09.2006 |
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Com. Reg. No.: |
11-164290 |
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CIN No.: [Company Identification
No.] |
U92419MH2006PTC164290 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
MUMC14822D |
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PAN No.: [Permanent Account No.] |
AACCC9741R |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Providing real estate, hospitality, security services |
RATING & COMMENTS
|
MIRA’s Rating : |
B (31) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Maximum Credit Limit : |
USD 4800000 |
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Status : |
Moderate |
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Payment Behaviour : |
Slow |
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Litigation : |
Clear |
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Comments : |
Subject is a part of Carnoustie Group. It is an established company
having moderate track. There appears some accumulated losses recorded by the
company. Profitability position of the company is under pressure. However,
trade relations are fair. Business is active. Payments are reported to be
slow. The company can be considered for business dealings on a secured
tradeterms and conditions. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – April 1, 2010
|
Country Name |
Previous Rating (31.12.2009) |
Current Rating (01.04.2010) |
|
|
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
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High |
B2 |
|
Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
INFORMATION PARTED BY (PARTIAL DETAILS)
|
Name : |
Mr. V. P. Singh |
|
Designation : |
Head Operations – Orissa and |
|
Contact No.: |
91-9910604383 |
|
Date : |
15.04.2011 |
LOCATIONS
|
Registered Office : |
326, Master Mind 1, Royal Palm, Aarey Colony, Goregaon (E), Mumbai –
400090, Maharashtra, India |
|
Tel. No.: |
91-22-65296482 |
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Fax No.: |
91-22-28790480 |
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E-Mail : |
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Website : |
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Head Office : |
A-150, Sector 43, Noida – 201301, |
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Tel. No.: |
91-120-2570150/3229983 |
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Mobile No.: |
91-9910604383 (Mr. V P Singh) |
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Fax No.: |
91-120-2577150/4233440 |
DIRECTORS
As On 17.09.2010
|
Name : |
Mr. Randeep Waraich |
|
Designation : |
Director |
|
Address : |
302 Jai Jagdamba Apartments, |
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Date of Birth/Age : |
11.04.1967 |
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Qualification : |
Ex-NDA |
|
Experience : |
16 Years |
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Date of Appointment : |
04.09.2006 |
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DIN No.: |
00023570 |
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|
|
Name : |
Mr. Rajesh Malik |
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Designation : |
Director |
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Address : |
B-1/415, Janak Puri, |
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Date of Birth/Age : |
09.02.1962 |
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Qualification : |
C.A |
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Experience : |
23 Years |
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Date of Appointment : |
04.09.2006 |
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DIN No.: |
00017254 |
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Name : |
Mr. Robert A. Hurt |
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Designation : |
Chairman |
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Name : |
Frankie Chew |
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Designation : |
Director |
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Name : |
Mr. Harjit Singh Gill |
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Designation : |
Director, European Operations |
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Name : |
Mr. Jon Hunt |
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Designation : |
Director |
KEY EXECUTIVES
|
Name : |
Mr. Ajit Singh Waraich |
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Designation : |
CEo Carnausite Construction |
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Name : |
Mr. Kishore Talwar |
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Designation : |
Head Operations – North Eastern |
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Name : |
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Designation : |
Head Logistics and Security |
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Name : |
Mr. Rajesh Rajadhyaksha |
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Designation : |
Head Operations – |
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Name : |
Mr. Surinder M. Talwar |
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Designation : |
Head Operations – Himachal Pradesh and Uttrakhand |
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Name : |
Mr. V. P. Singh |
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Designation : |
Head Operations – Orissa and |
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Name : |
Mr. Rajvinder Singha |
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Designation : |
GM Operations |
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Name : |
K. D. Pareek |
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Designation : |
Group Coordinator |
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Name : |
Mr. Parveen Kumar Suhag |
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Designation : |
Company Secretary |
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Address : |
S-256-C, School Block, Shakarpur, |
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Date of Birth/Age : |
18.04.1977 |
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Date of Appointment : |
09.06.2010 |
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Pan No.: |
AUXPK7066R |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As On 17.09.2010
|
Names of Shareholders |
|
No. of Shares |
|
Rajesh Malik |
|
3510000 |
|
Randeep Waraich |
|
3510000 |
|
Unitech Limited – |
|
863630 |
|
Bikanervala Real Estates Private Limited – |
|
28333 |
|
Sanjay Rastogi |
|
3333 |
|
Omkar Realtors and Developer Private Limited – |
|
36666 |
|
Shivalik Ventures Private Limited – |
|
66666 |
|
Total |
|
8018628 |
As On 17.09.2010
|
Category |
Percentage |
|
Bodies corporate |
12.41 |
|
Directors or relatives of Directors |
87.55 |
|
Other top fifty shareholders |
0.04 |
|
Total |
100.00 |
BUSINESS DETAILS
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Line of Business : |
Providing real estate, hospitality, security services |
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Products : |
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Imports : |
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Countries : |
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GENERAL INFORMATION
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Customers : |
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No. of Employees : |
150 (In Office) |
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Bankers : |
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Facilities : |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
Prashant Kumar and Associates Chartered Accountant |
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Address : |
7/8, Punjabi Bagh Extension, |
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Tel. No.: |
91-11-25225536 |
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E-Mail : |
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Pan No.: |
AAAPK4160B |
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Subsidiaries : |
CIN: U45200MH2007PTC172999
CIN: U45200MH2007PTC172274
CIN: U55101MH2007PTC173009
CIN: U45200DL2008PTC180188
CIN: U45400WB2007PTC117378
CIN: U70200DL2007PTC170296
CIN: U70101WB2007PTC117632
CIN: U45400DL2008PTC173149
CIN: U51102MH2007PTC168738
CIN: U74899DL2006PTC144401
CIN: U70102MH2007PTC174065
CIN: U45200MH2008PTC182275
|
CAPITAL STRUCTURE
As On 31.03.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
25000000 |
Equity Shares |
Rs. 10/- each |
Rs. 250.000 Millions |
|
1500000 |
2% Redeemable Preference Shares |
Rs. 100/- each |
Rs. 150.000 Millions |
|
|
Total |
|
Rs. 400.000
Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
Equity Shares – Class A |
|
|
|
20000 |
Equity Shares |
Rs. 10/- each |
Rs. 0.200
Million |
|
5000000 |
Equity Shares |
Rs. 10/- each |
Rs. 50.000
Millions |
|
2000000 |
Equity Shares |
Rs. 4.50/- each |
Rs. 9.000
Millions |
|
|
Equity Shares – Class B |
|
|
|
946628 |
Equity Shares |
Rs. 10/- each |
Rs. 9.466
Millions |
|
|
Total |
|
Rs. 68.666 Millions |
After 17.09.2010
Authorised Capital : Rs. 400.000
Millions
Issued, Subscribed & Paid-up Capital : Rs. 157.553 Millions
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
68.666 |
12.783 |
10.300 |
|
|
2] Share Application Money |
99.503 |
210.002 |
0.000 |
|
|
3] Reserves & Surplus |
1105.476 |
576.914 |
504.900 |
|
|
4] (Accumulated Losses) |
(60.860) |
(43.860) |
(11.401) |
|
|
NETWORTH |
1212.785 |
755.839 |
503.799 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
0.000 |
0.000 |
0.000 |
|
|
2] Unsecured Loans |
176.313 |
26.250 |
26.250 |
|
|
TOTAL BORROWING |
176.313 |
26.250 |
26.250 |
|
|
DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
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TOTAL |
1389.098 |
782.089 |
530.049 |
|
|
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APPLICATION OF FUNDS |
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|
|
|
|
|
|
|
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|
FIXED ASSETS [Net Block] |
138.058 |
7.154 |
5.626 |
|
|
Capital work-in-progress |
18.081 |
1.517 |
0.000 |
|
|
|
|
|
|
|
|
INVESTMENT |
12.456 |
5.296 |
2.713 |
|
|
DEFERREX TAX ASSETS |
24.668 |
17.579 |
4.804 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
0.000
|
0.000 |
0.000 |
|
|
Sundry Debtors |
0.000
|
0.000 |
0.000 |
|
|
Cash & Bank Balances |
272.761
|
205.719 |
111.901 |
|
|
Other Current Assets |
0.000
|
0.000 |
0.000 |
|
|
Loans & Advances |
1266.813
|
946.301 |
634.776 |
|
Total
Current Assets |
1539.574
|
1152.020 |
746.677 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
1.081
|
0.132 |
1.171 |
|
|
Other Current Liabilities |
342.192
|
400.951 |
229.897 |
|
|
Provisions |
0.466
|
0.446 |
0.196 |
|
Total
Current Liabilities |
343.739
|
401.529 |
231.264 |
|
|
Net Current Assets |
1195.835
|
750.491 |
515.413 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.052 |
1.493 |
|
|
|
|
|
|
|
|
TOTAL |
1389.098 |
782.089 |
530.049 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
23.533 |
4.411 |
3.800 |
|
|
|
Other Income |
0.000 |
0.000 |
0.000 |
|
|
|
TOTAL (A) |
23.533 |
4.411 |
3.800 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Administrative and Other Expenses |
45.563 |
47.295 |
18.913 |
|
|
|
TOTAL (B) |
45.563 |
47.295 |
18.913 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
(22.030) |
(42.884) |
(15.113) |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
(22.030) |
(42.884) |
(15.113) |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
2.039 |
1.903 |
0.902 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
(24.069) |
(44.787) |
(16.015) |
|
|
|
|
|
|
|
|
|
Less |
TAX (I) |
(7.069) |
(12.328) |
(4.608) |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-I) (J) |
(17.000) |
(32.459) |
(11.407) |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
(43.861) |
(11.402) |
0.005 |
|
|
|
|
|
|
|
|
|
|
BALANCE CARRIED
TO THE B/S |
(60.861) |
(43.861) |
(11.402) |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
(3.00) |
(45.08) |
NA |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
(72.24)
|
(735.86) |
(300.18) |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
(102.28)
|
(1015.35) |
(421.45) |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
(1.43)
|
(3.86) |
(2.13) |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
(0.02)
|
(0.06) |
(0.03) |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
0.43
|
0.57 |
0.51 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
4.48
|
2.87 |
3.23 |
LOCAL AGENCY FURTHER INFORMATION
The Registered Office of the company has been shifted from 38, Patwa
Chambers, 3rd Floor, 104-108,
Fixed assets:
- Motors
vehicle car
- Motors
vehicle others
- Cellular
phone
- Furniture and
fixtures
- Computers and
accessories
- Office
equipments
- Prototype
tent
- Land at Noida
in sector 16A
AS
PER WEBSITE DETAILS
PROFILE:
Carnoustie Group is based on the opportunities to develop Sports,
Corporate and Hospitality Infrastructure.
The group has further diversified into:
- Construction
- Housing
- Golf Course
Construction
- Project Management
- Consulting
- Trading
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.44.30 |
|
|
1 |
Rs.72.92 |
|
Euro |
1 |
Rs.64.69 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
4 |
|
PAID-UP CAPITAL |
1~10 |
4 |
|
OPERATING SCALE |
1~10 |
4 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
3 |
|
--PROFITABILIRY |
1~10 |
3 |
|
--LIQUIDITY |
1~10 |
3 |
|
--LEVERAGE |
1~10 |
3 |
|
--RESERVES |
1~10 |
4 |
|
--CREDIT LINES |
1~10 |
3 |
|
--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 |
|
31 |
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 |
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 |
|
- |
NB |
New Business |
- |
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or
its officials.