MIRA INFORM REPORT
|
Report Date : |
24.05.2013 |
IDENTIFICATION DETAILS
|
Name : |
KOHINOOR CTNL INFRASTRUCTURE COMPANY PRIVATE LIMITED (w.e.f.
09.06.2009) |
|
|
|
|
Formerly Known
As : |
KOHINOOR CTNL INFRASTRUCTURE COMPANY LIMITED |
|
|
|
|
Registered
Office : |
Kohinoor Corporate Office, Senapati Bapat Marg, Dadar (West), Mumbai – 400 028, Maharashtra |
|
|
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|
Country : |
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|
|
|
|
Financials (as
on) : |
31.03.2012 |
|
|
|
|
Date of
Incorporation : |
31.08.2005 |
|
|
|
|
Com. Reg. No.: |
11-155800 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs. 1041.666 Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U45200MH2005PTC155800 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
MUMK14907E |
|
|
|
|
PAN No.: [Permanent Account No.] |
AACCK6660P |
|
|
|
|
Legal Form : |
Private Limited Liability Company |
|
|
|
|
Line of Business
: |
Development and Construction of Commercial Complex. |
|
|
|
|
No. of Employees
: |
Information declined by the management |
RATING & COMMENTS
|
MIRA’s Rating : |
B (30) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Maximum Credit Limit : |
USD 19000000 |
|
|
|
|
Status : |
Project Under Implementation |
|
|
|
|
Payment Behaviour : |
Unknown |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is a joint venture between IL and FS and Kohinoor Group formed
for development of Kohinoor Square Project, a commercial building which is
under implementation. The company has recorded a strong networth which sustains its overall
financial and performance capability. Trade relations are fair. Business is active. Payment terms are slow
but correct. In view of strong support from holding company and its promoters,
Subject can be considered for business dealings with some caution. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
EXTERNAL AGENCY RATING
|
Rating Agency Name |
ICRA |
|
Rating |
Fund Based Limit = BB+ (Stable) |
|
Rating Explanation |
Moderate risk of default regarding timely servicing of financial
obligations. |
|
Date |
November 2011 |
RBI DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available RBI Defaulters’ list.
EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of
31-03-2012.
INFORMATION PARTED BY (GENERAL DETAILS)
|
Name : |
Ms. Amita |
|
Designation : |
Account Department |
|
Contact No.: |
91-22-33253333 |
|
Date : |
23.05.2013 |
LOCATIONS
|
Registered Office : |
Kohinoor Corporate Office, Senapati Bapat Marg, Dadar
(West), Mumbai – 400 028, Maharashtra, India |
|
Tel. No.: |
91-22-66530000 |
|
Fax No.: |
91-22-66530011 |
|
E-Mail : |
|
|
Website : |
|
|
Location : |
Owned |
|
|
|
|
Head Office : |
Kohinoor Square, N.C. Kelkar Marg, R.G. Gadkari Chowk, Shivaji Park, Dadar (West), Mumbai – 400028 |
|
Tel. No.: |
91-22-33253333 |
DIRECTORS
As on 28.09.2012
|
Name : |
Mr. Unmesh Manohar Joshi |
|
Designation : |
Director |
|
Address : |
101 ,Oceana Apartment, Keluskar Marg, Shivaji Park, Dadar
(West), Mumbai 400028, Maharashtra, India |
|
Date of Birth/Age : |
28.06.1965 |
|
Date of Appointment : |
21.08.2005 |
|
DIN No.: |
00062111 |
|
|
|
|
Name : |
Mr. Mohan Madhusoodan Gadre |
|
Designation : |
Whole-Time Director |
|
Address : |
B-103, VallabhDarshan, Tejpal Scheme RD-2, Vile Parle (East), Mumbai - 400 057, Maharashtra, India |
|
Date of Birth/Age : |
20.04.1954 |
|
Date of Appointment : |
01.04.2009 |
|
DIN No.: |
00360567 |
|
|
|
|
Name : |
Mr. Murli Dhar Khattar |
|
Designation : |
Director |
|
Address : |
C/703, Runwal Centre, Govandi Station Road, Near Lakme, Deonar Mumbai - 400 088, Maharashtra, India |
|
Date of Birth/Age : |
15.04.1938 |
|
Date of Appointment : |
09.12.2008 |
|
DIN No.: |
00266777 |
|
|
|
|
Name : |
Mr. Saleh Taher Afimiwala |
|
Designation : |
Director |
|
Address : |
1104, Sliver Cascade Mount Marry Road, Bandra (West), Mumbai - 400 050, Maharashtra, India |
|
Date of Birth/Age : |
25.11.1969 |
|
Date of Appointment : |
09.10.2008 |
|
DIN No.: |
01882628 |
KEY EXECUTIVES
|
Name : |
Mis. Sheetal Ganesh Naik |
|
Designation : |
Secretary |
|
Address : |
39/1, Manisha Nagar Siddhakala Society, Kalwa (West), Thane 400 605, Maharashtra, India |
|
Date of Birth/Age : |
19.08.1985 |
|
Date of Appointment : |
24.03.2011 |
|
PAN No.: |
AHBPN4869J |
|
|
|
|
Name : |
Ms. Amita |
|
Designation : |
Account Department |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 28.09.2012
|
Names of Shareholders (Equity
Share) |
|
No. of Shares |
|
Kohinoor Project Private Limited, India |
|
49999950 |
|
Kohinoor Project Private Limited, India and Mr K Ramchand |
|
10 |
|
Kohinoor Project Private Limited, India and Mr Krishna Ghag |
|
10 |
|
Kohinoor Project Private Limited, India and Chandrakant Jagasia |
|
5 |
|
Kohinoor Project Private Limited, India and Ajay Menon |
|
10 |
|
IL and FS Trust Company Limited A/c IFIN Realty, India |
|
1075269 |
|
IIRF India Realty VII Limited, Mauritius |
|
32258064 |
|
Kohinoor Project Private Limited, India and Mr Narayanan Doraiswamy |
|
10 |
|
Kohinoor Project Private Limited, India and Amogh Gore |
|
5 |
|
Total |
|
83333333 |
As on 28.09.2012
|
Names of Shareholders (Preference
Share) |
|
No. of Shares |
|
Kohinoor Project Private Limited, India |
|
12500000 |
|
IL and FS Trust Company Limited A/c IFIN Realty, India |
|
268817 |
|
IIRF India Realty VII Limited, Mauritius |
|
8064516 |
|
Total |
|
20833333 |
Equity Share Break up (Percentage of Total Equity)
|
Category |
Percentage |
|
Foreign holdings( Foreign institutional
investor(s), Foreign companie(s) Foreign financial institution(s),
Non-resident Indian(s) or Overseas Corporate bodies or Others |
38.71 |
|
Bodies corporate |
61.29 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Development and Construction of Commercial Complex. |
|
|
|
|
Terms : |
|
|
Selling : |
L/C / Credit |
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|
|
|
Purchasing : |
L/C / Credit |
GENERAL INFORMATION
|
Customers : |
End Users |
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No. of Employees : |
Information declined by the management |
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Bankers : |
Not Available |
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||||||||||||||||||
|
Facilities : |
(Rs.
In Millions)
|
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Financial Institutions : |
IL and FS Trust Company Limited, IL and FS, Financial
Centre, Plot No. C22, G Block, Bandra, Kurla Complex, Bandra (East), Mumbai -
400051, Maharashtra, India |
|
|
|
|
Auditors : |
|
|
Name : |
Lakhani and Company Chartered Accountants |
|
Address : |
Hemraksha, 19, Gola Lane, Fort, Mumbai – 400001,
Maharashtra, India |
|
PAN No.: |
AAAFL1302L |
CAPITAL STRUCTURE
As on 31.03.2012
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
100000000 |
Equity Shares |
Rs.10/- each |
Rs.1000.000 Millions |
|
25000000 |
Preference Shares |
Rs.10/- each |
Rs.250.000 Millions |
|
|
Total |
|
Rs.1250.000
Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
83333333 |
Equity Shares |
Rs.10/- each |
Rs.833.333
Millions |
|
20833333 |
Preference Shares |
Rs.10/- each |
Rs.208.333
Millions |
|
|
Total |
|
Rs.1041.666 Millions |
Disclosure of
shareholding more than five per cent in company
|
Name of shareholder |
Number of shares held in company |
Percentage of shareholding in company |
|
Kohinoor Projects Private Limited |
49999950 |
48.00% |
|
IIRF India Realty VII Limited |
32258064 |
30.97% |
|
Kohinoor Planet Constructions Private Limited |
12500000 |
12.00% |
|
IIRF India Realty VII Limited |
8064516 |
7.74% |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
1041.666 |
1041.667 |
1041.667 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.255 |
|
|
3] Reserves & Surplus |
3949.811 |
3956.933 |
3958.333 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
(1.400) |
|
|
NETWORTH |
4991.477 |
4998.600 |
4998.855 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
8320.000 |
4334.000 |
5764.781 |
|
|
2] Unsecured Loans |
3339.313 |
3291.709 |
1481.800 |
|
|
TOTAL BORROWING |
11659.313 |
7625.709 |
7246.581 |
|
|
DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
16650.790 |
12624.309 |
12245.436 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
11.176 |
8.437 |
8.889 |
|
|
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 |
19683.291
|
14950.921 |
11590.767 |
|
|
Sundry Debtors |
0.000
|
0.000 |
0.000 |
|
|
Cash & Bank Balances |
142.549
|
126.159 |
154.326 |
|
|
Other Current Assets |
0.005
|
0.000 |
0.000 |
|
|
Loans & Advances |
907.243
|
903.623 |
729.292 |
|
Total
Current Assets |
20733.088
|
15980.703 |
12474.385 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
282.699
|
166.950 |
164.431 |
|
|
Other Current Liabilities |
3810.775
|
3197.881 |
73.407 |
|
|
Provisions |
0.000
|
0.000 |
0.000 |
|
Total
Current Liabilities |
4093.474
|
3364.831 |
237.838 |
|
|
Net Current Assets |
16639.614
|
12615.872 |
12236.547 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
16650.790 |
12624.309 |
12245.436 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
|
|
|
|
|
|
|
|
|
|
Income |
31.925 |
15.107 |
0.265 |
|
|
|
Other Income |
|
|
|
|
|
|
TOTAL |
31.925 |
15.107 |
0.265 |
|
|
|
|
|
|
|
|
|
EXPENSES |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Administrative Expenses |
4732.491 |
3372.436 |
1450.607 |
|
|
|
Advertising Expenses |
|
|
|
|
|
|
TOTAL |
4732.491 |
3372.436 |
1450.607 |
|
|
|
|
|
|
|
|
|
Transferred
to WIP Account |
(4725.239) |
(3357.329) |
(1450.342) |
|
|
|
|
|
|
|
|
|
|
PROFIT
/ (LOSS) for the year |
(7.220) |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
|
|
PROFIT / (LOSS)
BEFORE TAX |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
|
|
TAX |
0.098 |
0.000 |
1.400 |
|
|
|
|
|
|
|
|
|
|
PROFIT / (LOSS)
AFTER TAX |
0.000 |
0.000 |
(1.400) |
|
|
|
|
|
|
|
|
|
|
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
(1.400) |
(1.400) |
0.000 |
|
|
|
|
|
|
|
|
|
|
BALANCE CARRIED
TO THE B/S |
NA |
(1.400) |
(1.400) |
|
|
|
|
|
|
|
|
|
|
Earnings /
(Loss) Per Share (Rs.) |
0.00 |
0.00 |
NA |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
PAT / Total Income |
(%) |
0.00
|
0.00 |
(528.30) |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
0.00
|
0.00 |
(0.01) |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.00
|
0.00 |
0.00 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
2.34
|
1.53 |
1.45 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
5.06
|
4.75 |
52.45 |
LOCAL AGENCY FURTHER INFORMATION
DETAILS OF SUNDRY
CREDITORS
Rs.
In Millions
|
Particular |
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
|
|
|
|
|
Creditors due others |
282.699
|
166.950 |
164.431 |
|
Total |
282.699
|
166.950 |
164.431 |
|
Sr. No. |
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 |
Yes |
|
10] |
Designation of contact person |
Yes |
|
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 |
No |
|
17] |
Major suppliers |
No |
|
18] |
Major customers |
No |
|
19] |
Payments terms |
Yes |
|
20] |
Export / Import details (if applicable) |
No |
|
21] |
Market information |
---------------------- |
|
22] |
Litigations that the firm / promoter involved in |
---------------------- |
|
23] |
Banking Details |
No |
|
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 |
|
31] |
Date of Birth of Proprietor/Partner/Director, if available |
Yes |
|
32] |
PAN of Proprietor/Partner/Director, if available |
No |
|
33] |
Voter ID No of Proprietor/Partner/Director, if available |
No |
|
34] |
External Agency Rating, if available |
Yes |
OPERATIONS:
BACKGROUND:
The development/construction of the commercial complex including amenities (the Kohinoor Square Project) is under progress. The Company has started the marketing of the project for selling to the potential clients and will commence its commercial operations after completion of the project.
FINANCIAL OVERVIEW:
During the year, the Company has availed term loan aggregating to Rs. 9360.000 Millions from Consortium of Scheduled Banks, State Bank of India being the Lead Banker for the same of which disbursement of Rs.9360.000 Millions has been received and utilized for the project work. The company has incurred cost towards the construction and other related activities of the Project, which are treated a part of the project cost.
UNSECURED LOAN
Rs. In Millions
|
Particular |
As
on 31.03.2012 |
As
on 31.03.2011 |
|
Long-term Borrowings |
|
|
|
Rupee term loans from others |
3339.313 |
3291.709 |
|
Total |
3339.313 |
3291.709 |
FIXED ASSETS
- Plant and equipment
- Furniture and fixtures
- Office equipment
- Computer equipments
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 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 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.55.99 |
|
|
1 |
Rs.84.19 |
|
Euro |
1 |
Rs.71.86 |
INFORMATION DETAILS
|
Information
Gathered by : |
PLK |
|
|
|
|
Report Prepared
by : |
NTH |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
4 |
|
PAID-UP CAPITAL |
1~10 |
4 |
|
OPERATING SCALE |
1~10 |
3 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
3 |
|
--PROFITABILIRY |
1~10 |
3 |
|
--LIQUIDITY |
1~10 |
3 |
|
--LEVERAGE |
1~10 |
3 |
|
--RESERVES |
1~10 |
4 |
|
--CREDIT LINES |
1~10 |
3 |
|
--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 |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
30 |
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.