|
Report Date : |
19.04.2012 |
IDENTIFICATION DETAILS
|
Name : |
KORINDO WORLD ENTERPRISES PRIVATE LIMITED |
|
|
|
|
Registered
Office : |
791/1 Kuthambakkam Madura, |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as
on) : |
31.03.2008 |
|
|
|
|
Date of
Incorporation : |
19.05.2004 |
|
|
|
|
Com. Reg. No.: |
053264 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs.0.200 Million |
|
|
|
|
CIN No.: [Company Identification No.] |
U51219TN2004PTC053264 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
CHEK08207D |
|
|
|
|
PAN No.: [Permanent Account No.] |
AACCK3571B |
|
|
|
|
Legal Form : |
Private Limited Liability Company. |
|
|
|
|
Line of Business
: |
Providing Construction Services. |
|
|
|
|
No. of Employees
: |
Not Available |
RATING & COMMENTS
|
MIRA’s Rating : |
Ca |
|
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 : |
Moderate |
|
|
|
|
Payment Behaviour : |
Unknown |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is an established company having moderate track. The
management has not filed the financials of the company with the government
department after the year 2008. Payments are unknown. The company can be considered for business dealings on a secured 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 – September 30, 2011
|
Country Name |
Previous Rating (30.06.2011) |
Current Rating (30.09.2011) |
|
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 : |
791/1 Kuthambakkam Madura, Irulapalayam Village, Sriperumpudur-602107,
Tamilnadu, India |
|
Tel. No.: |
91-44-23746898 |
|
Fax No.: |
91-44-23746888 |
|
E-Mail : |
DIRECTORS
AS ON 30.09.2008
|
Name : |
Jun Ho Choi |
|
Designation : |
Director |
|
Address : |
B-Nelson Court, 117, Nelson Manickam Road, Chennai-600029, Tamilnadu,
India |
|
Date of Birth/Age : |
24.11.1947 |
|
Date of Appointment : |
11.05.2004 |
|
Date of Cessation : |
09.02.2011 |
Directorship in
Other Companies :
|
S.No. |
CIN |
Name
of the Company |
Current
designation of the director |
Date
of appointment at current designation |
Original
date of appointment |
Date
of cessation |
Company
Status |
Defaulting
status |
|
1 |
U51219TN2004PTC053264 |
KORINDO WORLD ENTERPRISES
PRIVATE LIMITED |
Director |
19/05/2004 |
19/05/2004 |
09/02/2011 |
Active |
|
|
2 |
U51900TN2007PTC065254 |
KORINDO
ENTERPRISES PRIVATE LIMITED |
Director |
01/03/2011 |
01/11/2007 |
- |
Active |
NO |
|
Name : |
Mehrotra Vikash |
|
Designation : |
Director |
|
Address : |
20 Alipore Road, Kolkate-700027, West Bengal, India |
|
Date of Birth/Age : |
29.09.1975 |
|
Date of Appointment : |
02.09.2005 |
Directorship in
Other Companies :
|
S.No. |
CIN |
Name
of the Company |
Current
designation of the director |
Date
of appointment at current designation |
Original
date of appointment |
Date
of cessation |
Company
Status |
Defaulting
status |
|
1 |
U51219TN2004PTC053264 |
KORINDO WORLD
ENTERPRISES PRIVATE LIMITED |
Director |
02/09/2005 |
02/09/2005 |
- |
Active |
|
Name : |
Beni Madhab Mehrotra |
|
Designation : |
Director |
|
Address : |
20 Alipore Road, Kolkate-700027, West Bengal, India |
|
Date of Birth/Age : |
02.11.1928 |
|
Date of Appointment : |
02.09.2005 |
Directorship in
Other Companies :
|
S.No. |
CIN |
Name
of the Company |
Current
designation of the director |
Date
of appointment at current designation |
Original
date of appointment |
Date
of cessation |
Company
Status |
Defaulting
status |
|
1 |
U51219TN2004PTC053264 |
KORINDO WORLD
ENTERPRISES PRIVATE LIMITED |
Director |
02/09/2005 |
02/09/2005 |
02/03/2009 |
Active |
|
|
2 |
U51909WB1996PTC078937 |
ZOOM COMMODITIES
PVT LTD |
Director |
14/11/2005 |
14/11/2005 |
- |
Active |
NO |
|
Name : |
Murtuza Mohamdally Mijiawala |
|
Designation : |
Director |
|
Address : |
No 53, Sembudoss Street, 3rd Floor, Chennai-600001,
Tamilnadu, India |
|
Date of Birth/Age : |
16.12.1962 |
|
Date of Appointment : |
09.02.2011 |
Directorship in Other
Companies :
|
S.No. |
CIN |
Name
of the Company |
Current
designation of the director |
Date
of appointment at current designation |
Original
date of appointment |
Date
of cessation |
Company
Status |
Defaulting
status |
|
1 |
U51219TN2004PTC053264 |
KORINDO WORLD
ENTERPRISES PRIVATE LIMITED |
Director |
09/02/2011 |
09/02/2011 |
- |
Active |
|
Name : |
Zainulabedin Mohamed Bhai Miyajiwala |
|
Designation : |
Director |
|
Address : |
62 Nainappan Street, 3rd Floor, Mannady, Chennai-600001,
Tamilnadu, India |
|
Date of Birth/Age : |
05.02.1966 |
|
Date of Appointment : |
09.02.2011 |
Directorship in Other
Companies :
|
S.No. |
CIN |
Name
of the Company |
Current
designation of the director |
Date
of appointment at current designation |
Original
date of appointment |
Date
of cessation |
Company
Status |
Defaulting
status |
|
1 |
U51219TN2004PTC053264 |
KORINDO WORLD
ENTERPRISES PRIVATE LIMITED |
Director |
09/02/2011 |
09/02/2011 |
- |
Active |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 30.09.2008
|
Names of Shareholders |
|
No. of Shares |
|
Jun Ho Choi |
|
10000 |
|
Mehrotra Vikash |
|
8000 |
|
Beni Madhab Mehrotra |
|
2000 |
|
Total |
|
20000 |
AS ON 30.09.2008
|
Category |
Percentage |
|
Directors or relatives of Directors |
100.00 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Providing Construction Services. |
GENERAL INFORMATION
|
No. of Employees : |
Not Available |
||||||||||||
|
|
|
||||||||||||
|
Bankers : |
HDFC Bank |
||||||||||||
|
|
|
||||||||||||
|
Facilities : |
|
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
S Vishnu And Co Chartered Accountant |
|
Address : |
16/23 Swagatham Apartments, Shenoy Road, Nungambakkam, Chennai-600034,
Tamilnadu, India |
|
|
|
|
Associates/Subsidiaries : |
NIL |
CAPITAL STRUCTURE
AS ON 31.03.2008
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
100000 |
Equity Shares |
Rs.10/- each |
Rs.1.000 Million |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
20000 |
Equity Shares |
Rs.10/- each |
Rs.0.200
Million |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2008 |
31.03.2007 |
31.03.2006 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
0.200 |
0.200 |
0.200 |
|
|
2] Share Application Money |
5.200 |
5.200 |
2.102 |
|
|
3] Reserves & Surplus |
0.000 |
0.000 |
0.000 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
5.400 |
5.400 |
2.302 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
0.000 |
0.000 |
0.000 |
|
|
2] Unsecured Loans |
8.902 |
11.302 |
0.050 |
|
|
TOTAL BORROWING |
8.902 |
11.302 |
0.050 |
|
|
DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
14.302 |
16.702 |
2.352 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
8.184 |
6.926 |
0.092 |
|
|
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 |
2.146
|
2.546 |
0.000 |
|
|
Sundry Debtors |
12.008
|
2.505 |
0.050 |
|
|
Cash & Bank Balances |
1.496 |
1.426 |
0.448 |
|
|
Other Current Assets |
0.000
|
0.000 |
0.000 |
|
|
Loans & Advances |
14.236
|
2.647 |
0.055 |
|
Total
Current Assets |
29.886
|
9.124 |
0.553 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
25.616
|
6.427 |
0.000 |
|
|
Other Current Liabilities |
12.484
|
0.542 |
0.017 |
|
|
Provisions |
0.000
|
0.000 |
0.000 |
|
Total
Current Liabilities |
38.100
|
6.969 |
0.017 |
|
|
Net Current Assets |
(8.214)
|
2.155 |
0.536 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
14.332 |
7.621 |
1.724 |
|
|
|
|
|
|
|
|
TOTAL |
14.302 |
16.702 |
2.352 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2008 |
31.03.2007 |
31.03.2006 |
|
|
|
|
|
|
|
|
SALES |
80.900 |
21.200 |
0.884 |
|
|
|
|
|
|
|
Less |
EXPENSES |
107.718 |
29.432 |
1.861 |
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX |
(6.412) |
(5.731) |
(0.978) |
|
|
|
|
|
|
|
Less |
TAX |
0.000 |
0.165 |
0.000 |
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
|
(6.412) |
(5.896) |
(0.978) |
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
-- |
-- |
-- |
KEY RATIOS
|
PARTICULARS |
|
31.03.2008 |
31.03.2007 |
31.03.2006 |
|
Net Profit Margin (PBT/Sales) |
(%) |
(7.82)
|
(27.03) |
(110.63) |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
(16.84)
|
(35.70) |
(151.62) |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
(1.18)
|
(1.06) |
(0.42) |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
8.70
|
3.38 |
0.02 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
0.78
|
1.31 |
32.52 |
LOCAL AGENCY FURTHER INFORMATION
|
Check List by
Info Agents |
Available in
Report (Yes / No) |
|
1) Year of Establishment |
Yes |
|
2) Locality of the firm |
Yes |
|
3) Constitutions of the firm |
Yes |
|
4) Premises details |
Yes |
|
5) Type of Business |
Yes |
|
6) Line of Business |
Yes |
|
7) Promoter's background |
Yes |
|
8) No. of employees |
No |
|
9) Name of person contacted |
No |
|
10) Designation of contact person |
No |
|
11) Turnover of firm for last three years |
Yes |
|
12) Profitability for last three years |
Yes |
|
13) Reasons for variation <> 20% |
-- |
|
14) Estimation for coming financial year |
No |
|
15) Capital in the business |
Yes |
|
16) Details of sister concerns |
-- |
|
17) Major suppliers |
No |
|
18) Major customers |
No |
|
19) Payments terms |
No |
|
20) Export / Import details (if
applicable) |
-- |
|
21) Market information |
-- |
|
22) Litigations that the firm / promoter
involved in |
-- |
|
23) Banking Details |
Yes |
|
24) Banking facility details |
-- |
|
25) Conduct of the banking account |
-- |
|
26) Buyer visit details |
-- |
|
27) Financials, if provided |
Yes |
|
28) Incorporation details, if applicable |
Yes |
|
29) Last accounts filed at ROC |
-- |
|
30) Major Shareholders, if available |
Yes |
Business Operations:
During the year the company achieved a
turnover of Rs.80.900 millions but incurred a loss of Rs.6.412 Millions. The
increase in the steel price and high overhead cost has resulted in loss. The
directors are confident that the company will increase the sales volume as well
as earn income in the coming years.
Fixed Assets:
·
Air Conditioner
·
Plant and Machinery
·
Mobile Phone and
Telephone
·
Car
·
Computers
·
Two Wheelers
·
Factory Building
·
Office Equipment
·
Electrical Fittings
·
Furniture and Fittings
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.51.50 |
|
|
1 |
Rs.81.98 |
|
Euro |
1 |
Rs.67.54 |
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.