MIRA
INFORM REPORT
|
Report Date : |
10.05.2012 |
IDENTIFICATION DETAILS
|
Name : |
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Registered
Office : |
No.22, 5th |
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Country : |
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Financials (as
on) : |
31.03.2011 |
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Date of
Incorporation : |
25.04.2007 |
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Com. Reg. No.: |
08-042601 |
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Capital
Investment / Paid-up Capital : |
Rs.5.000 millions |
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CIN No.: [Company Identification
No.] |
U45201KA2007PTC042601 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
BLRK07974B |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Builder and Developer |
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No. of Employees
: |
Not Available |
RATING & COMMENTS
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MIRA’s Rating : |
Ba (44) |
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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 86000 |
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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 Krishna Enterprises, a partnership concern started in the year
1990. It is an
established 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 – September 30, 2011
|
Country Name |
Previous Rating (30.06.2011) |
Current Rating (30.09.2011) |
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|
A1 |
A1 |
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Risk Category |
ECGC
Classification |
|
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 |
LOCATIONS
|
Registered Office/ Corporate Office : |
No.22, 5th |
|
Tel. No.: |
91-80-23534114/ 43485800 |
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Fax No.: |
Not Available |
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E-Mail : |
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Website : |
DIRECTORS
As on 30.09.2011
|
Name : |
Mr. Ravi Anil Kumar |
|
Designation : |
Managing Director |
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Address : |
No.357/A, Krishna Gokula, 1st
Stage, II Phase, Mathikere, |
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Date of Birth/Age : |
08.08.1964 |
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Date of Appointment : |
25.04.2007 |
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DIN No.: |
01232872 |
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Name : |
Mr. |
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Designation : |
Joint Managing Director |
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Address : |
No.357/A, Krishna Gokula, 1st
Stage, II Phase, Mathikere, |
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Date of Birth/Age : |
25.02.1969 |
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Date of Appointment : |
25.04.2007 |
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DIN No.: |
01232870 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 30.09.2011
|
Names of Shareholders |
|
No. of Shares |
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|
250000 |
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|
250000 |
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Total |
|
500000 |
As on 30.09.2011
|
Equity Share Breakup |
|
Percentage of Holding |
|
Category |
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Directors
or relatives of directors |
|
100.00 |
BUSINESS DETAILS
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Line of Business : |
Builder and Developer |
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GENERAL INFORMATION
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No. of Employees : |
Not Available |
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Bankers : |
v
South
Indian Bank v ICICI Bank |
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Facilities : |
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Banking
Relations : |
-- |
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Financial Institution : |
v The v
Dewan Housing Finance Corporation Limited, Warden
House, 2nd Floor, |
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Auditors : |
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Name : |
Pee Dee Kapur and Company Chartered Accountants |
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Address : |
801, |
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Tel. No.: |
91-11-26416060/ 26419090 |
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Fax No.: |
91-11-26417979 |
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E-Mail : |
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Income-tax
PAN of auditor or auditor's firm : |
AAGFP1264R |
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Related Parties : |
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CAPITAL STRUCTURE
As on 31.03.2011
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
500000 |
Equity Shares |
Rs.10/- each |
Rs.5.000 millions |
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Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
500000 |
Equity Shares (Allotted for consideration other than cash) |
Rs.10/- each |
Rs.5.000 millions |
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FINANCIAL DATA
[all figures are in
Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
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|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
5.000 |
5.000 |
5.000 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
16.436 |
15.225 |
15.183 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
21.436 |
20.225 |
20.183 |
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LOAN FUNDS |
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1] Secured Loans |
0.277 |
25.150 |
37.795 |
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2] Unsecured Loans |
144.126 |
138.234 |
137.818 |
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TOTAL BORROWING |
144.403 |
163.384 |
175.613 |
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DEFERRED TAX LIABILITIES |
0.553 |
0.476 |
0.266 |
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TOTAL |
166.392 |
184.085 |
196.062 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
39.842 |
41.376 |
42.802 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENT |
0.000 |
0.000 |
0.000 |
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DEFERRED TAX ASSETS |
0.000 |
0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
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|
Inventories |
140.771
|
80.599 |
59.918 |
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|
Sundry Debtors |
8.513
|
7.551 |
7.646 |
|
|
Cash & Bank Balances |
6.128
|
3.553 |
6.079 |
|
|
Other Current Assets |
0.000
|
0.000 |
0.000 |
|
|
Loans, Advances & Deposits |
56.771
|
114.836 |
145.140 |
|
Total
Current Assets |
212.183
|
206.539 |
218.783 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
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|
Sundry Creditors |
30.639
|
22.806 |
27.633 |
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Other Current Liabilities |
53.993
|
40.930 |
35.978 |
|
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Provisions |
1.028
|
0.148 |
1.994 |
|
Total
Current Liabilities |
85.660
|
63.884 |
65.605 |
|
|
Net Current Assets |
126.523
|
142.655 |
153.178 |
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MISCELLANEOUS EXPENSES |
0.027 |
0.054 |
0.082 |
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TOTAL |
166.392 |
184.085 |
196.062 |
|
PROFIT & LOSS ACCOUNT
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|
PARTICULARS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
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Sales and Contract Receipts |
137.900 |
58.352 |
145.310 |
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Other Income |
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|
1.025 |
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TOTAL |
137.900 |
58.352 |
146.335 |
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|
Less |
EXPENSES |
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|
Office Expenses |
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Administrative Expenses |
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Advertising Expenses |
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TOTAL |
131.767 |
53.893 |
137.341 |
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PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION |
6.133 |
4.459 |
8.994 |
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|
Less/ Add |
DEPRECIATION/
AMORTISATION |
3.818 |
4.058 |
2.340 |
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PROFIT BEFORE
TAX |
2.315 |
0.401 |
6.654 |
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Less |
TAX |
1.104 |
0.359 |
2.272 |
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PROFIT AFTER TAX
|
1.211 |
0.042 |
4.382 |
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Earnings Per
Share (Rs.) |
2.42 |
0.08 |
8.76 |
|
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KEY RATIOS
|
PARTICULARS |
|
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
PAT / Total Income |
(%) |
0.88
|
0.07 |
2.99 |
|
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|
Net Profit Margin (PBT/Sales) |
(%) |
NA
|
NA |
4.58 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
0.92
|
0.16 |
2.54 |
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Return on Investment (ROI) (PBT/Networth) |
|
0.11
|
0.02 |
0.33 |
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|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
10.73
|
11.24 |
11.95 |
|
|
|
|
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|
|
Current Ratio (Current Asset/Current Liability) |
|
2.48
|
3.23 |
3.33 |
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 |
No |
|
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 |
Yes |
|
17) Major
suppliers |
No |
|
18) Major
customers |
No |
|
19) Payments
terms |
No |
|
20) Export /
Import details (if applicable) |
No |
|
21) Market
information |
-- |
|
22) Litigations
that the firm / promoter involved in |
-- |
|
23) Banking
Details |
Yes |
|
24) Banking
facility details |
Yes |
|
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 |
Yes |
|
30) Major
Shareholders, if available |
Yes |
Note:
The registered office of the company has been shifted from 357/9,
BUSINESS OPERATIONS
AND FINANCIAL RESULTS:
During the year the total Income amounted to Rs.137.900 millions as
against Rs.58.400 millions when compared to the corresponding previous year,
showing an increase of 136%. The PBDT amounted to Rs.6.133 millions as against
Rs.4.459 millions in the corresponding previous year. The Profit after taxation
during the year is Rs.1.211 millions as compared to Rs.0.042 million in the
previous year.
The Net Worth (aggregate of paid-up share capital and reserves less
intangible assets) amounted to Rs.21.400 millions as at the close of 31st
March, 2011. The Net Worth Value per equity shares worked out to Rs.4.282
against face value of Rs.10 per share.
FINANCE:
The Authorised Share Capital of the company is Rs.5.000 millions and the
Paid up Share Capital of the Company is Rs.5.000 millions. During the year
there is no change in the Authorised Share Capital and Paid up Share Capital of
the Company.
Further, the Company has repaid Term Loans which were taken from the
South Indian Bank and ICICI bank in earlier years. During the year, the Company
has taken Vehicle Loan from Reliance Capital Limited the outstanding balance of
the same as on 31st March, 2011 stood at Rs.0.277 million. The
balance of Unsecured Loans availed from directors and their relatives stood at
Rs.78.486 millions. (Previous Year Rs.71.134 millions). The aggregate of all
unsecured loans from Inter-Corporate and others as on 31st March,
2011 stood at Rs.144.126 millions (Previous Year Rs.138.234 millions).
There is no material changes and commitments affecting the financials
position of the company from the end of financial year 2010-2011.
CONTINGENT
LIABILITIES NOT PROVIDED FOR: (As on 31.03.2011)
The Order U/s 143(3) of the Income Tax Act, 1961 has been Passed by
disallowing the claim U/s 80IB(10) and levied a Tax of Rs.12.298 millions for
the Asst Year 2006-07 of the Erstwhile Partnership Firm for which the Company
has taken Over all the Assets and Liabilities as on 31.03.2007. The Company has
preferred an Appeal against the order of ACIT, Circle 6(1),
Bankers Charges
Report as per Registry
|
Corporate
identity number of the company |
U45201KA2007PTC042601 |
|
Name of the
company |
|
|
Address of the
registered office or of the principal place of business in |
No.22, 5th E-Mail: pdkco@yahoo.co.in |
|
This form is for |
Creation of
charge |
|
Type of charge |
Immovable
Property |
|
Particular of
charge holder |
CIN No.: L65910MH1984PLC032639 Dewan Housing Finance Corporation Limited, Warden House, 2nd
Floor, E-Mail: pkkumar@dhfl.com |
|
Nature of
description of the instrument creating or modifying the charge |
Registered
Memorandum of Deposit of Title Deeds, Executed on 25th January,
2012 by Krishna Enterprises (Housing and Infrastructures) India Private
Limited in favour of Dewan Housing Finance Corporation Limited for Mortgage
of Immovable property as primary Security of Mortgage Loan of Rs.40.000
millions. |
|
Date of
instrument Creating the charge |
25.01.2012 |
|
Amount secured by
the charge |
Rs.40.000
millions |
|
Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest: 2.75% p.a. above
RPLR of the Lender, (which is at present 18.25% p.a.) i.e. 21.00% p.a. at
monthly rest payable monthly. Terms of
Repayment: Repayable in 36
monthly installments, starting from the date of first disbursement. Extent and
Operation of the charge: Extent Rs.40.000
millions. Primary Security by way of Mortgage of Immovable Property being
N.A. land Situated at |
|
Short particulars
of the property charged |
All piece and
parcel of portion of Land bearing Sy.No. 134/4 (Old Sy.No.134/2), measuring
24 Guntas (out of 04 Acres 27 Guntas), Situated at All piece and
parcel of portion of Land bearing Sy.No.133/9 (Old Sy.No.133/8), measuring 22
Guntas (out of 01 Acre 16 Guntas), Situated at All piece and
parcel of portion of Land bearing Sy.No.134/4 (Old Sy.No.134/2), measuring 04
Acres 03 Guntas(out of 4 Acres 27 Guntas), Situated at All piece and parcel
of portion of Land bearing Sy.No.133/9 (Old Sy.No.133/8), measuring 34 Guntas
(out of 01 Acre 16 Guntas), Situated at |
FIXED ASSETS:
v Land
v Building
v Office Interior
v Motor Vehicles
v Computer and Printers
v Computer D’ Link Wireless Software
v Office Equipments
v Construction Machineries
v Kitchen Equipments
v Mobile Hand Set and Telephone
v Software
v WEB Design
v Furniture and Fixtures
v Lab Equipments (Q.C)
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.53.46 |
|
|
1 |
Rs.86.27 |
|
Euro |
1 |
Rs.69.40 |
INFORMATION DETAILS
|
Report Prepared
by : |
SMN |
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 |
4 |
|
--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 |
|
44 |
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.