MIRA
INFORM REPORT
|
Report Date : |
24.01.2011 |
Note :- Given address has been changed to Amit House,
1902, Sadashiv Peth,
NOTE: - We once again spoke
with Mr. Arun Rasabe and he has confirmed that AMIT ENTPERISES which was a
partnership concern had been converted into a closely held public limited
liability company in the year 2008.
IDENTIFICATION DETAILS
|
Name : |
AMIT ENTERPRISES HOUSING LIMITED |
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Registered
Office : |
Amit House, 1902, Sadashiv Peth, |
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Country : |
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Financials (as
on) : |
31.03.2009 |
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Date of
Incorporation : |
01.04.2008 |
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Com. Reg. No.: |
25-131731 |
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CIN No.: [Company Identification
No.] |
U45200PN2008PLC131731 |
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Legal Form : |
A Closely Held Public Limited Liability Company. |
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Line of Business
: |
Construction of Residential and Building. |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (45) |
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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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Maximum Credit Limit : |
USD 478000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Usually correct |
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Litigation : |
Clear |
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Comments : |
Subject is a successor of Amit Enterprises a partnership concern started
in 1983. It is a company having satisfactory track. Trade relations are
reported as fair. Business is active. Payments are reported to be usually
correct and as per commitments. The company can be considered normal for business dealings at usual trade
terms 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) |
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|
A1 |
A1 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
INFORMATION PARTED BY
|
Name : |
Mr. Arun Rasabe |
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Designation : |
Finance Head |
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Contact No.: |
91-20-24489494 |
|
Date : |
12.01.2011 |
LOCATIONS
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Registered Office : |
Amit House, 1902, Sadashiv Peth, |
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Tel. No.: |
91-20-24489494 |
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Fax No.: |
91-20-24431554 |
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E-Mail : |
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Website : |
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Area : |
1000 sq. ft. |
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Location : |
Owned |
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Branch Office : |
506, Ceejay House, |
DIRECTORS
As on 30.09.2010
|
Name : |
Mr. Kishore Pate |
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Designation : |
Director |
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Address : |
601, Giving Gaurav, Plot No. 487/2A/2, Swanand Society, Sahakar Nagar
No. 2, Pune – 411009, Maharashtra, India |
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Date of Birth/Age : |
06.08.1960 |
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Qualification : |
B. A. |
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Date of Appointment : |
01.04.2008 |
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Name : |
Mr. Sanjeev Pate |
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Designation : |
Director |
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Address : |
Dattakrupa Shriram Society, Sahakar Nagar No. 1, Pune – 411009, |
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Date of Birth/Age : |
23.07.1965 |
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Qualification : |
B.Com. |
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Date of Appointment : |
01.04.2008 |
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Name : |
Mr. Rajendra Pate |
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Designation : |
Director |
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Address : |
4, Sant Tukaram Society, Sant Nagar, Aranyeshwar, Pune – 411009, |
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Date of Birth/Age : |
01.05.1962 |
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Qualification : |
Civil Engineering |
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Date of Appointment : |
01.04.2008 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 30.09.2010
|
Names of Shareholders |
|
No. of Shares |
|
Mr. Rajendra Pate |
|
1661110 |
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Mr. Sanjeev Pate |
|
1661110 |
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Mr. Kishore Pate |
|
1661110 |
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Mrs. Bharati Pate |
|
3340 |
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Mrs. Sharada Pate |
|
5555 |
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Mrs. Vandana Pate |
|
5555 |
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Mr. Rohan Pate |
|
2220 |
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Total |
|
5000000 |
As on 30.09.2010
|
Category |
Percentage |
|
Directors or relatives of Directors |
100.00 |
|
Total |
100.00 |
BUSINESS DETAILS
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Line of Business : |
Construction of Residential and Building. |
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Imports : |
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Products : |
Construction Material |
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Countries : |
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Terms : |
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Selling : |
Cash and Credit |
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Purchasing : |
Cash and Credit (30 days) |
GENERAL INFORMATION
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Customers : |
Corporate or Individual |
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No. of Employees : |
200 (Approximately) |
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Bankers : |
Abhyudaya Co-operative Bank Limited K. K. Tower, Off. G. D. Ambedkar Marg, |
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Facilities : |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
S. N. Gogate and Associates Chareterd Accountant |
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Address : |
Sanket, 2123, Sadashiv Peth, Vijayanagar Colony, Pune – 411030, |
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Associates/Subsidiaries : |
Megh Realtors Private Limited CIN No. :
U70102PN2007PTC129596 |
CAPITAL STRUCTURE
As on 31.03.2009
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
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|
5000000 |
Equity Shares |
Rs.10/- each |
Rs.50.000 Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
5000000 |
Equity Shares |
Rs.10/- each |
Rs.50.000
Millions |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE SHEET
|
SOURCES OF FUNDS |
|
|
31.03.2009 |
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|
SHAREHOLDERS FUNDS |
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|
|
|
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1] Share Capital |
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|
50.000 |
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2] Share Application Money |
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|
0.000 |
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3] Reserves & Surplus |
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|
69.413 |
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4] (Accumulated Losses) |
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|
0.000 |
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NETWORTH |
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|
119.413 |
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LOAN FUNDS |
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1] Secured Loans |
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621.936 |
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2] Unsecured Loans |
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|
267.858 |
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TOTAL BORROWING |
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889.794 |
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DEFERRED TAX LIABILITIES |
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0.705 |
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TOTAL |
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1009.912 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
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45.236 |
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Capital work-in-progress |
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|
0.000 |
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INVESTMENT |
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130.796 |
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DEFERREX TAX ASSETS |
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0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
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1961.157 |
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Sundry Debtors |
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2.106 |
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Cash & Bank Balances |
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|
21.353 |
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Other Current Assets |
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0.000 |
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Loans & Advances |
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|
19.907 |
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Total
Current Assets |
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|
2004.523 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Sundry Creditors |
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|
175.009 |
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Other Current Liabilities |
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|
985.601 |
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Provisions |
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|
10.400 |
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Total
Current Liabilities |
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1171.010 |
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Net Current Assets |
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|
833.513 |
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MISCELLANEOUS EXPENSES |
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|
0.367 |
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TOTAL |
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1009.912 |
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PROFIT & LOSS ACCOUNT
|
|
PARTICULARS |
|
|
31.03.2009 |
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SALES |
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Income |
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352.782 |
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Other Income |
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|
6.937 |
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TOTAL (A) |
|
|
359.719 |
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Less |
EXPENSES |
|
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|
|
|
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Construction Expenses |
|
|
242.991 |
|
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Employee Remuneration and Benefits |
|
|
11.662 |
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Administrative and Other Expenses |
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|
17.856 |
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Preliminary Expenses |
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|
0.041 |
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TOTAL (B) |
|
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272.550 |
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Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
|
|
87.169 |
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Less |
FINANCIAL
EXPENSES (D) |
|
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4.142 |
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PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
|
|
83.027 |
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Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
|
|
2.508 |
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PROFIT BEFORE
TAX (E-F) (G) |
|
|
80.519 |
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Less |
TAX (I) |
|
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11.106 |
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PROFIT AFTER TAX
(G-I) (J) |
|
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69.413 |
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Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
|
|
0.000 |
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BALANCE CARRIED
TO THE B/S |
|
|
69.413 |
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Earnings Per
Share (Rs.) |
|
|
13.88 |
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Expected Sales ( 2010-2011 ) : Rs.1000.000 Millions
KEY RATIOS
|
PARTICULARS |
|
|
|
31.03.2009 |
|
PAT / Total Income |
(%) |
|
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19.30 |
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Net Profit Margin (PBT/Sales) |
(%) |
|
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22.82 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
|
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3.93 |
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Return on Investment (ROI) (PBT/Networth) |
|
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0.67 |
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Debt Equity Ratio (Total Liability/Networth) |
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|
17.26 |
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Current Ratio (Current Asset/Current Liability) |
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|
1.71 |
LOCAL AGENCY FURTHER INFORMATION
SUNDRY CREDITORS
DETAILS :
(Rs.
in Millions)
|
Particulars |
31.03.2009 |
|
Creditors for Materials |
71.036 |
|
Creditors for Properties |
103.973 |
|
Total |
175.009 |
Bankers Charges
Report as per Registry
|
This form is for |
Creation of
charge |
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Corporate
identity number of the company |
U45200PN2008PLC131731 |
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Name of the
company |
AMIT ENTERPRISES HOUSING LIMITED |
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Address of the
registered office or of the principal place of business in |
Amit House, 1902, Sadashiv Peth, |
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Type of charge |
Immovable
Property |
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Particular of
charge holder |
Abhyudaya Co-operative Bank Limited K. K. Tower, Off. G. D. Ambedkar Marg, |
|
Nature of description
of the instrument creating or modifying the charge |
Deed of Mortgage |
|
Date of
instrument Creating the charge |
09.06.2010 |
|
Amount secured by
the charge |
Rs.400.000
Millions |
|
Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest
: Rate of Interest:
@14% p. a. or at such other rates as may be decided, by the Bank from, time
to time. Terms of
Repayment : Term Loan of
Rs.370.000 Millions repayable by way of 48 Equated Monthly instalments of
Rs.10.110 millions each plus interest @ 14% p.a.. Margin : As may be
decided, from time to time, by the Bank. Extent and
Operation of the charge : To secure the due
repayment of the following Credit aggregating of Rs.400.000 Millions,
together with Interest, all costs, charges and expenses and all other monies
thereon, granted by the Bank to the Company. 1) Secured
Overdraft against Immovable Property of Rs.30.000 Millions. 2) Term Loan of
Rs.370.000 Millions. |
|
Short particulars
of the property charged |
1) Land bearing S.#.60,Hissa # 2/2,Northern
Portion adm.7980 sq.mtr. and Southern Portion adm.2070 sq.mtr., out of area
of 2H 47R out of total area 3 H 54 R, at Undri, Haveli, Pune 2) Land bearing S. No.60, Hissa No.3, adm.
area of 2 H 59 R i.e. 25900 sq. mtrs. situated at Undri, Tal. Haveli, Dist.
Pune. |
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.45.70 |
|
|
1 |
Rs.72.78 |
|
Euro |
1 |
Rs.61.65 |
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 |
5 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--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 |
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.