MIRA
INFORM REPORT
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Report Date : |
17.05.2012 |
IDENTIFICATION DETAILS
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Name : |
MILESTONE ESTATE |
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Registered
Office : |
Club Road, Opposite KDMC, B Ward, Off |
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Country : |
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Date of
Incorporation : |
20.05.2005 |
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Capital
Investment / Paid-up Capital : |
Rs.39.175 Millions |
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TAN No.: [Tax
Deduction & Collection Account No.] |
PNEM10688G |
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PAN No.: [Permanent Account No.] |
AAMFM066G |
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Legal Form : |
Partnership concern with an unlimited liability of the partners |
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Line of Business
: |
Engaged in the business of construction and real estate. |
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No. of Employees
: |
36 (Approximately) |
RATING & COMMENTS
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MIRA’s Rating : |
Ba (48) |
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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 396700 |
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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 an established partnership concern having satisfactory track
records. Trade relations are reported as fair. Business is active. Payments
are reported to be usually correct and as per commitments. The concern 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
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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 |
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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 : |
Ms. Yogini |
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Designation : |
Account Department |
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Contact No.: |
91-251-2233331 |
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Date : |
17.05.2012 |
LOCATIONS
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Registered Office : |
Club Road, Opposite KDMC, B Ward, Off |
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Tel. No.: |
91-251-2233331/ 2233507/ 3205829 |
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Fax No.: |
91-251-2205444 |
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E-Mail : |
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Website : |
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Location : |
Owned |
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Corporate Office : |
11/12, Vitthal Chambers, 2nd Floor, Shivaji Chowk, Kalyan
(West), Thane, |
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Tel. No.: |
91-251-6510583/ 2233331/ 2233332 |
PARTNERS
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Name : |
Mr. Shrikant D. Shitole |
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Designation : |
Partner |
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Address : |
“Empress – C”, |
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Date of Birth/Age : |
26.10.1974 |
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Qualification : |
B.Com, CA (Inter), CWA (Inter) |
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Name : |
Mr. Girish N. Pawar |
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Designation : |
Partner |
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Address : |
403 – |
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Date of Birth/Age : |
15.01.1975 |
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Qualification : |
B.Sc., CA (Inter) |
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Name : |
Mr. Chetan V. Saraf |
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Designation : |
Partner |
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Address : |
“101” |
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Date of Birth/Age : |
18.07.1976 |
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Name : |
Ms. Jaymala Wagh |
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Designation : |
Partner |
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Address : |
Building 18, Flat No.503, Vasant Vihar, Thane (West), |
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Date of Birth/Age : |
30.09.1979 |
KEY EXECUTIVES
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Name : |
Ms. Yogini |
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Designation : |
Account Department |
BUSINESS DETAILS
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Line of Business : |
Engaged in the business of construction and real estate. |
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Terms : |
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Selling : |
Cash, Credit and Cheque |
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Purchasing : |
Cash, Credit and Cheque |
GENERAL INFORMATION
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Customers : |
Others (Corporate Companies) |
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No. of Employees : |
36 (Approximately) |
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Bankers : |
Oriental Bank of Commerce, Onkar Apartments, First Floor, Opposite
Gurudev Hotel, New Station Road, Kalyan (West), District – Thane – 421 301,
Maharashtra, India |
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Facilities: |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
Dadlani and Associates Chartered Accountants |
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Address : |
Kalyan, Thane, |
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Sister Concerns Company : |
Milestone
Hospitalities (Private) Limited Address: Line of Business : Health Club Springtime Clubs
and Hospitality Service (Private) Limited |
CAPITAL STRUCTURE
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PARTICULARS |
RS.
IN MILLIONS 31.03.2011
|
|
Shrikant D. Shitole |
14.097 |
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Girish N. Pawar |
10.571 |
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Jaymala Wagh |
6.023 |
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Chetan Saraf |
8.484 |
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Total |
39.175 |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
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SOURCES OF FUNDS |
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31.03.2011 |
31.03.2010 |
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SHAREHOLDERS FUNDS |
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1] Partners Capital |
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39.175 |
18.270 |
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2] Share Application Money |
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0.000 |
0.000 |
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3] Reserves & Surplus |
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60.000 |
0.000 |
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4] (Accumulated Losses) |
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0.000 |
0.000 |
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NETWORTH |
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99.175 |
18.270 |
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LOAN FUNDS |
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1] Secured Loans |
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74.924 |
52.189 |
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2] Unsecured Loans |
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62.054 |
40.393 |
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TOTAL BORROWING |
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136.978 |
92.582 |
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DEFERRED TAX LIABILITIES |
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0.000 |
0.000 |
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TOTAL |
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236.153 |
110.852 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
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228.152 |
15.475 |
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Capital work-in-progress |
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0.000 |
119.215 |
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INVESTMENT |
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7.277 |
5.257 |
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DEFERREX TAX ASSETS |
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0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
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0.000 |
0.000 |
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Sundry Debtors |
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1.154 |
6.940 |
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Cash & Bank Balances |
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1.496 |
2.161 |
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Other Current Assets |
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0.000 |
0.000 |
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Loans & Advances |
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4.584 |
6.038 |
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Total
Current Assets |
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7.234 |
15.139 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Sundry Creditors |
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Other Current Liabilities |
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6.510 |
44.234 |
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Provisions |
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Total
Current Liabilities |
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6.510 |
44.234 |
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Net Current Assets |
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0.724 |
(29.095) |
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MISCELLANEOUS EXPENSES |
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0.000 |
0.000 |
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TOTAL |
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236.153 |
110.852 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
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31.03.2011 |
31.03.2010 |
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SALES |
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Direct Income |
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10.833 |
1.867 |
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Other Income |
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0.000 |
10.268 |
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TOTAL (A) |
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10.833 |
12.135 |
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Less |
EXPENSES |
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Property Tax |
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0.594 |
0.200 |
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Direct Expenses |
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0.000 |
0.498 |
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TOTAL (B) |
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0.594 |
0.698 |
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Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
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10.239 |
11.437 |
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Less |
FINANCIAL
EXPENSES (D) |
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4.140 |
3.200 |
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PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
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6.099 |
8.237 |
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Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
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0.466 |
1.810 |
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NET PROFIT FOR
THE YEAR |
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5.633 |
6.427 |
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KEY RATIOS
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PARTICULARS |
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31.03.2011 |
31.03.2010 |
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PAT / Total Income |
(%) |
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NA |
NA |
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Net Profit Margin (PBT/Sales) |
(%) |
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NA |
NA |
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Return on Total Assets (PBT/Total Assets} |
(%) |
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NA |
NA |
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Return on Investment (ROI) (PBT/Networth) |
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NA |
NA |
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Debt Equity Ratio (Total Liability/Networth) |
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3.66 |
7.49 |
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Current Ratio (Current Asset/Current Liability) |
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1.11 |
0.34 |
LOCAL AGENCY FURTHER INFORMATION
|
Check List by Info Agents |
Available in Report (Yes / No) |
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1) Year of
Establishment |
Yes |
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2) Locality of
the firm |
Yes |
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3) Constitutions
of the firm |
Yes |
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4) Premises
details |
Yes |
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5) Type of
Business |
Yes |
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6) Line of
Business |
Yes |
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7) Promoter’s background |
Yes |
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8) No. of
employees |
Yes |
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9) Name of person
contacted |
Yes |
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10) Designation
of contact person |
Yes |
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11) Turnover of
firm for last three years |
Yes |
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12) Profitability
for last three years |
Yes |
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13) Reasons for variation
<> 20% |
-- |
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14) Estimation
for coming financial year |
No |
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15) Capital in
the business |
Yes |
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16) Details of
sister concerns |
Yes |
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17) Major
suppliers |
No |
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18) Major
customers |
No |
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19) Payments
terms |
Yes |
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20) Export / Import
details (if applicable) |
No |
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21) Market
information |
-- |
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22) Litigations
that the firm / promoter involved in |
-- |
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23) Banking
Details |
Yes |
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24) Banking
facility details |
No |
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25) Conduct of
the banking account |
-- |
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26) Buyer visit
details |
-- |
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27) Financials,
if provided |
Yes |
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28) Incorporation
details, if applicable |
No |
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29) Last accounts
filed at ROC |
No |
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30) Major
Shareholders, if available |
No |
Note:
Milestone Estate is incorporated on 20.05.2005 and it is an active
concern but the concern is doing all its activities in the sister concern
company Springtime Clubs and Hospitality Service (Private) Limited incorporated
on 18.10.2010.
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.54.29 |
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|
1 |
Rs.86.60 |
|
Euro |
1 |
Rs.60.87 |
INFORMATION DETAILS
|
Information
Gathered by : |
PDT |
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|
Report Prepared
by : |
SDA |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
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|
--BUSINESS SCALE |
1~10 |
6 |
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--PROFITABILIRY |
1~10 |
6 |
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--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
5 |
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--CREDIT LINES |
1~10 |
5 |
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--MARGINS |
-5~5 |
- |
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DEMERIT POINTS |
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--BANK CHARGES |
YES/NO |
YES |
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--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
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--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
NO |
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--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
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TOTAL |
|
48 |
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.