MIRA INFORM REPORT

 

 

Report Date :

18.08.2011

 

IDENTIFICATION DETAILS

 

Name :

VITTHAL HOSPITALITY PRIVATE LIMITED

 

 

Registered Office :

Plot No. X-1, 2 and 3, Block EP, Sector V, Salt Lake City, Kolkata-700091, West Bengal

 

 

Country :

India

 

 

Financials (as on) :

31.03.2010

 

 

Date of Incorporation :

12.12.2006

 

 

Com. Reg. No.:

21-112076

 

 

Capital Investment / Paid-up Capital :

Rs.10.000 Millions

 

 

CIN No.:

[Company Identification No.]

U55101WB2006PTC112076

 

 

TAN No.:

[Tax Deduction & Collection Account No.]

CALV02981G

 

 

PAN No.:

[Permanent Account No.]

AACCV9018N

 

 

Legal Form :

Private Limited Liability Company

 

 

Line of Business :

Development of Hotels.

 

 

No. of Employees :

Not Available

 

 

RATING & COMMENTS

 

MIRA’s Rating :

Ca (16)

 

RATING

STATUS

 

PROPOSED CREDIT LINE

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

 

Status :

Yet to commence business

 

 

Payment Behaviour :

Unknown

 

 

Litigation :

Clear

 

 

Comments :

Though the company was incorporated in the year 2006, it is yet to commence its commercial business activities. The project of the company is still on its implementation stage. Payment terms are unknown.

 

The company can be considered for business dealings on a secured trade terms and conditions.

 

The profit and loss of the company is not available.

 

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)

India

A1

A1

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low

 

A2

Moderate

 

B1

High

 

B2

Very High

 

C1

Restricted

 

C2

Off-credit

 

D

 

 

 

LOCATIONS

 

Registered Office :

Plot No. X-1, 2 and 3, Block EP, Sector V, Salt Lake City, Kolkata-700091, West Bengal, India

Tel. No.:

91-33-40202020/40154646

Fax No.:

91-33-40202099

E-Mail :

shristi1980@gmail.com

kolkata@shristicorp.com

 

 

Corporate Office :

D-2, Southem Park, Saket Place, New Delhi-110017, India

Tel. No.:

91-11-30615600

Fax No.:

91-11-30615818

 

 

DIRECTORS

 

As on 24.09.2010

 

Name :

Sheo Shanker Ram Adhar Chaturvedi

Designation :

Director

Address :

514/B Block M, New Alipore, Kolkata-700053, West Bengal, India

Date of Birth/Age :

01.07.1942

Date of Appointment :

09.01.2009

Pan No.:

ACKPC8973E

Din No.:

00630309

 

 

Name :

Mr. Mahesh Kumar Shiwdeo Nagwan

Designation :

Director

Address :

P-40, Bangur Avenue, Block B, S Dum Dum Municipality, Kolkata-700055, West Bengal, India

Date of Birth/Age :

22.10.1962

Date of Appointment :

10.07.2009

Pan No.:

ABKPN5737C

Din No.:

00062660

 

 

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

 

As on 24.09.2010

 

Names of Shareholders

Address of Shareholders

No. of Shares

Sujit Hari Prasad Kanoria

32 Q, New Road, Alipore, Kolkata-700027, West Bengal, India

9900

Probhash Shri Tarokendra Nath Sen

18/C Shipra Suncity, Indrapuram, Ghaziabad-201012, Uttar Pradesh, India

100

Shristi Housing Development (Private) Limited

Plot No. X-1, 2 and 3, Block EP, Sector V, Salt Lake City, Kolkata-700091, West Bengal, India

990000

 

 

 

Total

 

1000000

 

 

Equity Share Breakup

 

Percentage of Holding

Category

 

 

Bodies corporate

 

99.00

Other top fifty shareholders

 

1.00

Total

 

100.00

 

 

BUSINESS DETAILS

 

Line of Business :

Development of Hotels.

 

 

GENERAL INFORMATION

 

Bankers :

Not Available

 

 

Facilities :

Secured Loan

As on 31.03.2010

(Rs. in Millions)

As on 31.03.2009

(Rs. in Millions)

Secured Loan

[Secured against hypothecation of all project assets and project documents]

200.000

200.000

Total

200.000

200.000

 

 

 

Banking Relations :

--

 

 

Financial Institution:

Srei Infrastructure Finance Limited, Vishwakarma, 86 C, Topsia Road (South), Kolkata-700046, West Bengal, India

 

 

Auditors :

 

Name :

Lihala and Company

Chartered Accountant 

Address :

11 Crooked Lane, Kolkata-700069, West Bengal, India

Tel. No.:

91-33-22487109/22435095

E-Mail :

lihalaco@hotmail.com

 

 

 

 

Holding Company:

Shristi Housing Development Private Limited [U70200WB2007PTC113303]

 

 

CAPITAL STRUCTURE

 

As on 31.03.2010

 

Authorised Capital :

No. of Shares

Type

Value

Amount

1500000

Equity Shares

Rs.10/- each

Rs.15.000 Millions

 

Issued, Subscribed & Paid-up Capital :

No. of Shares

Type

Value

Amount

1000000

Equity Shares

Rs.10/- each

Rs.10.000 Millions

 

 

As on 24.09.2010

 

Authorised Capital :

No. of Shares

Type

Value

Amount

4000000

Equity Shares

Rs.10/- each

Rs.40.000 Millions

 

Issued, Subscribed & Paid-up Capital :

No. of Shares

Type

Value

Amount

3775000

Equity Shares

Rs.10/- each

Rs.37.750 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

10.000

10.000

0.100

2] Share Application Money

27.050

0.000

0.000

3] Reserves & Surplus

0.000

0.000

0.000

4] (Accumulated Losses)

0.000

0.000

0.000

NETWORTH

37.050

10.000

0.100

LOAN FUNDS

 

 

 

1] Secured Loans

200.000

200.000

0.000

2] Unsecured Loans

0.000

0.000

0.000

TOTAL BORROWING

200.000

200.000

0.000

DEFERRED TAX LIABILITIES

0.000

0.000

0.000

 

 

 

 

TOTAL

237.050

210.000

0.100

 

 

 

 

APPLICATION OF FUNDS

 

 

 

 

 

 

 

FIXED ASSETS [Net Block]

410.354

334.016

0.000

Capital work-in-progress

0.000

0.000

0.000

 

 

 

 

INVESTMENT

0.000

0.000

0.000

DEFERREX TAX ASSETS

0.000

0.000

0.000

 

 

 

 

CURRENT ASSETS, LOANS & ADVANCES

 

 

 

 

Inventories
0.000

0.000

0.000

 

Sundry Debtors
0.000

0.000

0.000

 

Cash & Bank Balances
0.489

0.003

0.091

 

Other Current Assets
0.000

0.000

0.000

 

Loans & Advances
0.000

0.000

0.000

Total Current Assets
0.489

0.003

0.091

Less : CURRENT LIABILITIES & PROVISIONS
 

 

 

 

Sundry Creditors
170.909

124.143

 

 

Other Current Liabilities
3.135

0.089

0.020

 

Provisions
0.000

0.000

0.000

Total Current Liabilities
174.044

124.232

0.020

Net Current Assets
(173.555)

(124.229)

0.071

 

 

 

 

MISCELLANEOUS EXPENSES

0.251

0.213

0.029

 

 

 

 

TOTAL

237.050

210.000

0.100

 

 

 

KEY RATIOS

 

PARTICULARS

 

 

31.03.2010

31.03.2009

31.03.2008

Debt Equity Ratio

(Total Liability/Networth)

 
10.10

32.42

0.20

 

 
 

 

 

Current Ratio

(Current Asset/Current Liability)

 
0.00

0.00

4.55

 

 

LOCAL AGENCY FURTHER INFORMATION

 

NOTE:

 

  • The company changed its registered office from Ganga Jamuna Building, 28/1, Shakespeare Sarani, Kolkata-700047, West Bengal, India to Shree Ganesh Centre, 216, A.J.C. Bose Road, Kolkata-700017, West Bengal, India w.e.f. 21.01.2009.

 

  • The Registered Office has again shifted from Shree Ganesh Centre, 216, A.J.C. Bose Road, Kolkata-700017, West Bengal, India to the present address 01.06.2010.

 

OPERATIONS:

 

The company is yet to commence its commercial operation, therefore no profit and loss statement has been prepared for this financial year. The company has incurred a sum of Rs.0.226 million (Previous Year Rs.0.188 million) as pre-operative expenses.

 

BANKERS CHARGES REPORT AS PER REGISTRY

 

This form is for

Creation of charge

Corporate identity number of the company

U55101WB2006PTC112076

Name of the company

VITTHAL HOSPITALITY PRIVATE LIMITED

Address of the registered office or of the principal place of  business in India of the company

Shree Ganesh Centre, 216, A.J.C. Bose Road, Kolkata-700017, West Bengal, India

Type of charge

Movable Property (not being pledge)

Others 

Particular of charge holder

Srei Infrastructure Finance Limited, Vishwakarma, 86 C, Topsia Road (South), Kolkata-700046, West Bengal, India

Email

secretarial@srei.com

Nature of description of the instrument creating or modifying the charge

Deed of hypothecation (sre035)

Date of instrument Creating the charge

20.03.2009

Amount secured by the charge

Rs.200.000 Millions

Brief particulars of the principal terms an conditions and extent and operation of the charge

Rate of Interest

At (SBR - 4%) p.a., on reducing balance compounded monthly, payable annually in arrears {SBR = SREI Benchmark Rate} Current SBR is at 16.00%.

 

Terms of Repayment

The interest payments will be made annually in arrears.

 

Repayment of principal will be made in 2 equal annual installments in the following manner:

 

Rs 100.000 Millions at the end of 72 months from the disbursement date

Rs 100.000 Millions at the end  of 84 months from the disbursement date

 

Extent and Operation of the charge

As per Deed of Hypothecation

Short particulars of the property charged

First pari-passu charge by way of hypothecation of all project assets and project documents.

 

 

 

 

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.45.37

UK Pound

1

Rs.74.55

Euro

1

Rs.65.33

 

 

SCORE & RATING EXPLANATIONS

 

SCORE FACTORS

 

RANGE

POINTS

HISTORY

1~10

3

PAID-UP CAPITAL

1~10

3

OPERATING SCALE

1~10

2

FINANCIAL CONDITION

 

 

--BUSINESS SCALE

1~10

2

--PROFITABILIRY

1~10

-

--LIQUIDITY

1~10

2

--LEVERAGE

1~10

2

--RESERVES

1~10

-

--CREDIT LINES

1~10

2

--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

 

16

 

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

-

 

 

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.