MIRA
INFORM REPORT
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Report Date : |
17.09.2011 |
IDENTIFICATION DETAILS
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Name : |
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Registered
Office : |
No. 4769, Main Bazar, Pahar Ganj, |
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Country : |
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Date of
Incorporation : |
25.07.2011 |
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Capital
Investment / Paid-up Capital : |
Not Available |
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PAN No.: [Permanent Account No.] |
AAHFC4969P |
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Legal Form : |
Partnership concern with an unlimited liability of the partners |
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Line of Business
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Proposed Hotel |
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No. of Employees
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Not Available |
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 |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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Status : |
New Concern |
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Payment Behaviour : |
Unknown |
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Litigation : |
Clear |
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Comments : |
Subject is a new partnership concern and yet to establish itself
gradually. Partners are reported to be experienced and respectable
businessmen. Trade relations are reported as fair. Payment terms are unknown.
The concern can be considered for business dealings with some caution.
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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
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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
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Name : |
Mr. Gulshan Gulati |
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Designation : |
Chartered Accountant |
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Contact No.: |
91-9810972499 |
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Date : |
15.09.2011 |
LOCATIONS
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Registered Office : |
No. 4769, Main Bazar, Pahar Ganj, |
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Tel. No.: |
91-11-23519134 |
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Mobile No.: |
91-9810972499 (Mr. Gulshan Gulati) |
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Fax No.: |
Not Available |
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E-Mail : |
PARTNERS
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Name : |
Mr. Jagdish Chand Grover |
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Designation : |
Partner |
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Name : |
Mr. Raj Kumar Bahl |
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Designation : |
Partner |
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Name : |
Mrs. Reena Wadhwa |
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Designation : |
Partner |
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Name : |
Mrs. Mohini |
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Designation : |
Partner |
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Name : |
Mrs. Puja Gulati |
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Designation : |
Partner |
KEY EXECUTIVES
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Name : |
Mr. Gulshan Gulati |
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Designation : |
Chartered Accountant |
BUSINESS DETAILS
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Line of Business : |
Proposed Hotel |
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Terms : |
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Selling : |
Cash and Credit (30 days) |
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Purchasing : |
Cash and Credit (30 days) |
GENERAL INFORMATION
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No. of Employees : |
Not Available |
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Bankers : |
Indian Overseas Bank, |
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Banking
Relations : |
-- |
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Auditors : |
Not Available |
CAPITAL STRUCTURE
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Capital Investment : |
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Owned : |
Not Available |
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Borrowed : |
Not Available |
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Total : |
Not Available |
FINANCIAL DATA
[all figures are
in Rupees Millions]
NEW CONCERN
Note : Sole Proprietory and Partnership concerns are
exempted from filing their financials with the Government Authorities or Registry.
LOCAL AGENCY FURTHER INFORMATION
AGES AND RELATIONS OF PARTNERS AND GUARANTORS
Partners
(Rs. in millions)
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S.no |
Name |
Age |
Relation |
Net Worth |
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1 |
Mr. Raj Kumar Bahl |
67 |
Father of Mr. Pankaj Bahl, Guarantor and family friend of other partners |
0.793 |
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2 |
J.C. Grover |
65 |
Father of Rajesh Grover, Guarantor and family friend of other partners |
1.461 |
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3 |
Reena Wadhwa |
41 |
Wife of Raj Kumar Wadhwa, Guarantor and family friend of other partners |
1.515 |
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4 |
Mohini |
57 |
Mother of Mr. Gulshan Gulati, Guarantor and family friend of other partners |
2.348 |
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5 |
Puja Gulati |
34 |
Wife of Mr. Gulshan Gulati, Guarantor and family friend of other partners |
1.271 |
Guarantors
(Rs. in millions)
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S.no |
Name |
Age |
Relation |
Net Worth |
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1 |
Mr. Raj Kumar Wadhwa |
50 |
Husband of Mrs. Reena Wadhawa |
0.500 |
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2 |
Mr. Pankaj Bahl |
38 |
S/o Raj Kumar Bahl |
0.350 |
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3 |
Mr. Rajesh Grover |
36 |
S/o Sri J.C. Grover |
0.366 |
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4 |
Mr. Gulshan Gulati |
36 |
Son of Mrs. Mohini and husband of Pooja Gulati |
1.200 |
COMMERCIAL
VISIBILITY
The
Besides project is also having ground floor area of around 5000 sq ft. (except reserved for restaurant) which will also be available to be let out to shops/multinational food chain on outright basis. The project is also having one Restaurant on ground floor and roof top restaurant which attracts lots of foreign tourists and is in very good demand.
The project is expected to do good in commercial terms and prove profitable both for bank as well as partners of the Firm.
FINANCIAL VIABILITY
The partners of firm have already invested good handsome
money in completing the project and are well capable of completing the project
after getting sufficient sanctions from the bank. The partners jointly have
good sources and understandable mutual terms between themselves to contribute
the funds in absence of immediately requirement of fund by the project.
All Partners of Subject are main promoters of project. In addition following Person(s) shall also be supporting the project being family members of Partners:-
1. Mr. Raj Kamal Wadhawa, husband of Reena Wadhawa to support maintenance of the project.
2. Mr. Rajesh Grover s/o Sri J.C. Grover and Mr. Pankaj Bahel s/o Raj Kumar Bahel shall look after the management of business development in terms of hotel booking, booking of shops, Restaurants, interaction with customers, dialogue with foreign tourists.
3. Mr. Gulshan Gulati, C.A by profession to look after the financial as well as managerial aspects of project from accounting to finance, registration with various departments, Compliances with applicable laws and scope for expansion of business activities.
4. Mr. J.C. Grover and Mr. Raj kumar Bahl, partners of Subject shall look after the day to day problems of project and resolving them with their past experience of more than 30 years.
5. Smt. Reena Wadhawa, Smt. Mohini and Smt Puja Gulati shall look forward to do the hospitality, making attracting schemes, tours , packages and organizing hotel activities at regular intervals and also the scope for expansion of project through exploring the possibilities and opportunities on internet.
MANAGERIAL COMPETENCE
Mr. Raj Kumar Wadhwa is an experienced person in this hotel business for last two years and it is his second project after completing one project at Vasundhara, Ghaziabad Uttar Pradesh.
He has been in this construction business for more than 20 years and well versed with completion of Residential and Commercial project (s).
He has adequate competence, knowledge and energy to run this project with support of other partners and their family members which include the following:
1. Mr. Rajesh Grover S/o Mr. J.C Grover, partner of Subject.
2. Mr. Pankaj Bahl S/o Mr. Raj Kumar Bahl, partner of Subject.
3. Mr. Gulshan Gulati S/o Smt. Mohini Gulati and husband of Smt. Puja Gulati both partners of Subject.
PARTNERS CONTRIBUTION TO PROJECT
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PARTICULARS |
AMOUNT (Rs. in millions) |
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Partners
contribution to cost of Land |
6.959 |
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Partners
contribution to cost of Improvement |
4.593 |
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Cost of
constructing the structure |
15.700 |
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Building
Regularization fee paid to MCD |
0.700 |
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TOTAL |
27.952 |
TECHNICALLY FEASIBILITY
OF PROJECT
The Project, subject, is feasible technically on the ground
that it is centrally located in the heart of capital and very close to
important destination such as New Delhi Railway Station,
Due to this reason, Project is in very good demand by foreign tourists as well as local guests. In addition project is having an edge over the other hotels due to its new construction with superior quality, usage of modern techniques, optimum use of electrical devices, lift etc in the hotel.
These facilities will help the project to generate new business ventures for the firm.
COST OF PROJECT AND MEANS OF FINANCE:
(Rs. in millions)
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COST OF PROJECT: |
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1 LAND |
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(1) Land Situated at Land Situated At 4769
Main Bazar Pahar Ganj 585Square Yard @ 0.00 |
6.959 |
6.959 |
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6.959 |
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2 BUILDING |
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(1) Building Situated at Building
Situated At Cost of Construction 0Square Feet @ 0.00 |
0.000 |
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Add: Expenditure Incurred |
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(1) Bathroom Fittings |
1.000 |
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(2) Sewerage Work |
0.500 |
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(3) Labour |
2.000 |
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(4) Steel Railing |
1.500 |
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(5) Stone Marble |
2.500 |
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(6) Painting |
1.600 |
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(7) Pop Work |
3.000 |
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(8) Cost of Construction of Structure - Already
Incurred |
15.700 |
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(9) Cp Fittings 800000.00 |
0.800 |
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(10) Electric Work Including Connection, Wires,
Lights, Fans and Labour |
1.000 |
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Electric Work Including Wires, Lights, Fans And
Labour |
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Electric Work Including Wires, Lights, Fans |
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Sub Total |
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29.600 |
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(2) Building Situated at Cost of Improvement 0
@ 0.00 |
0.000 |
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Add: Expenditure Incurred |
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(1) Cost of Improvement - Amount Paid To Tenants
For Vacating The Property |
4.593 |
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Sub Total |
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4.593 |
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34.193 |
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3 Indigenous Plant and Machinery |
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(1) Lift |
2.000 |
2.000 |
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(2) Generator Set |
1.500 |
1.500 |
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(3) Water Boiling Plant |
0.500 |
0.500 |
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4.000 |
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4 Furniture and Fixture |
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(1) Funiture-39 Rooms |
1.560 |
1.560 |
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(2) Tv-39 Rooms |
0.780 |
0.780 |
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(3) Fridge-39 Rooms |
0.195 |
0.195 |
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(4) Air Conditioner-39 Rooms |
1.560 |
1.560 |
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(5) Furniture-lobby |
0.500 |
0.500 |
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(6) Tv-lobby |
0.100 |
0.100 |
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(7) Air Conditioner-lobby |
0.200 |
0.200 |
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(8) Furniture-restaurent |
0.300 |
0.300 |
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(9) Mattresses |
0.900 |
0.900 |
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(10) Bed Sheets, Pillow Covers Etc. |
0.450 |
0.450 |
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(11) Crockery |
0.355 |
0.355 |
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6.900 |
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5 Other Assets |
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(1) Conversion Charges- Mcd |
1.600 |
1.600 |
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(2) Parking Charges- Mcd |
0.900 |
0.900 |
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(3) Building Regularization Fees- Mcd- Already Paid |
0.700 |
0.700 |
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3.200 |
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Total Cost of Project |
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55.252 |
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MEANS OF FINANCE: |
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(1) PROMOTER'S AND OWENER'S CONTRIBUTION |
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(1) Partners Contribution to Land Cost |
6.959 |
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(2) Partner Contribution to Cost of Improvement-
Amount Paid to Tenants for Vacating the Property |
4.593 |
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(3) Cost of Constructing the Structure |
15.700 |
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(4) Building Regularization Fees Paid to Mcd |
0.700 |
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Sub Total |
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27.952 |
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(2) PROPOSED LOAN |
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(1) Loan Against Property |
27.300 |
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Total Means of Finance |
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55.252 |
BREAK EVEN ANALYSIS
(Rs. in millions)
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PARTICULARS |
PROJECTED
YEARS |
|||||
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31.03.2013 |
31.03.2014 |
31.03.2015 |
31.03.2016 |
31.03.2017 |
31.03.2018 |
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A. Sales |
27.060 |
28.815 |
28.815 |
30.570 |
30.570 |
32.325 |
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B. Variable Cost |
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1. Total Cost of
Goods sold- Fixed Direct Expenses |
0.000 |
0.000 |
0.000 |
0.000 |
0.000 |
0.000 |
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2. Other
Variable Expenses |
10.529 |
11.517 |
13.354 |
15.359 |
17.728 |
20.299 |
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3. Total of B |
10.529 |
11.517 |
13.354 |
15.359 |
17.728 |
20.299 |
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C. Contribution (A-B) |
16.531 |
17.298 |
15.461 |
15.211 |
12.842 |
12.026 |
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D. P/V Ratio |
61.09 |
60.03 |
53.66 |
49.76 |
42.01 |
37.20 |
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E. Break Even Sales (In Value) |
12.912 |
11.735 |
11.474 |
10.519 |
10.140 |
8.647 |
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F. Break Even Sales (In Units)(Rooms) |
2765 |
2294 |
2190 |
1807 |
1689 |
1059 |
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
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Indian Rupees |
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US Dollar |
1 |
Rs.47.47 |
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1 |
Rs.74.95 |
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Euro |
1 |
Rs.65.79 |
RATING EXPLANATIONS
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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 |
|
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 |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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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 |
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<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
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NB |
New Business |
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This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.