MIRA
INFORM REPORT
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Report No. : |
316038 |
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Report Date : |
03.04.2015 |
IDENTIFICATION DETAILS
|
Name : |
TUSCAN REAL ESTATE PRIVATE LIMITED (w.e.f 24.06.1985) |
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Formerly Known
As : |
I-VEN KOLTE- PATIL PROJECTS (PUNE) PRIVATE LIMITED |
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Registered
Office : |
City Point, |
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Country : |
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Financials (as
on) : |
31.03.2014 |
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Date of
Incorporation : |
21.09.2006 |
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Com. Reg. No.: |
11-129094 |
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Capital
Investment / Paid-up Capital : |
Rs.10.000 Million |
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CIN No.: [Company Identification
No.] |
U45209PN2006PTC129094 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
Not Available |
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PAN No.: [Permanent Account No.] |
Not Available |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Subject is engaged into construction activity. |
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No. of Employees
: |
Not Divulged |
RATING & COMMENTS
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MIRA’s Rating : |
B (30) |
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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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Maximum Credit Limit : |
USD 140000 |
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Status : |
Moderate |
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Payment Behaviour : |
Slow but correct |
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Litigation : |
Clear |
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Comments : |
Subject is an established company having moderate track record. External borrowings of the company seems to be huge. There is dip in
the sales turnover as well as profit of the company during 2014. However, trade relations are fair. Business is active. Payment terms
are reported to be slow but correct. The company can be considered for business dealings with some
cautions. |
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 |
Not Available |
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Rating |
Not Available |
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Rating Explanation |
Not Available |
|
Date |
Not Available |
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
31-03-2014.
INFORMATION DECLINED BY
|
Name : |
Mr. Ramesh Kale |
|
Designation : |
Accountant |
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Contact No.: |
91-8698099999 |
LOCATIONS
|
Registered Office : |
City Point, Dhole Patil Road, Pune – 411001, Maharashtra, India |
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Tel. No.: |
91-20-66226622 |
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Mobile No.: |
91-8698099999 (Mr. Ramesh Kale) |
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Fax No.: |
Not Available |
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E-Mail : |
DIRECTORS
As on 12.09.2014
|
Name : |
Mr. Rajesh Anirudha Patil |
|
Designation : |
Director |
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Address : |
Plot No. 53, Lane No. 2, Koregaon Park, Pune – 411001, Maharashtra,
India |
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Date of Birth/Age : |
05.04.1963 |
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Date of Appointment : |
21.09.2006 |
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DIN No.: |
00381866 |
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PAN No.: |
AAXPP9193L |
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Name : |
Mr. Milind Digambar Kolte |
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Designation : |
Director |
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Address : |
118/124, Anudh, 46, National Society, Pune – 411007, Maharashtra,
India |
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Date of Birth/Age : |
16.05.1961 |
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Date of Appointment : |
21.09.2006 |
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DIN No.: |
00170760 |
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Name : |
Mr. John Calvin Portman III |
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Designation : |
Nominee director |
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Address : |
765, Peachtree battle Avenue, Atlanta 030327 |
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Date of Birth/Age : |
11.03.1948 |
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Date of Appointment : |
15.10.2011 |
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DIN No.: |
00395996 |
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Name : |
Mr. Ambrish Kumar Baisiwala |
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Designation : |
Nominee director |
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Address : |
1188 Indian Hills Parkway, Marietta – 30068 |
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Date of Birth/Age : |
03.08.1968 |
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Date of Appointment : |
15.10.2011 |
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DIN No.: |
02119102 |
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Name : |
Mr. Rahul Yogeshmittra Anand |
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Designation : |
Alternate director |
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Address : |
B-14, Mantri Manor 377, Sangamwadi Kore Gaon, Pune – 411001,
Maharashtra, India |
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Date of Birth/Age : |
14.10.1975 |
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Date of Appointment : |
15.01.2014 |
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DIN No.: |
06590794 |
KEY EXECUTIVES
|
Name : |
Mr. Ramesh Kale |
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Designation : |
Accountant |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 12.09.2014
|
Names of Shareholders |
No. of Shares |
%age
holding |
|
Kote-Patil Developers Limited, India |
51000 |
51.00 |
|
Portman Holdings (Bangalore) Limited, Mauritius |
49000 |
49.00 |
|
Total |
100000 |
100.00 |
Equity Share Break up (Percentage of Total Equity)
As on 12.09.2014
|
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 |
49.00 |
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Bodies corporate |
51.00 |
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Total |
100.00 |
BUSINESS DETAILS
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Line of Business : |
Subject is engaged into construction activity. |
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Products : |
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Brand Names : |
Not Divulged |
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Agencies Held : |
Not Divulged |
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Exports : |
Not Divulged |
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Imports : |
Not Divulged |
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Terms : |
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Selling : |
Cash and credit |
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Purchasing : |
Cash and credit |
PRODUCTION STATUS NOT AVAILABLE
GENERAL INFORMATION
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Suppliers : |
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Customers : |
End Users
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No. of Employees : |
Not Divulged |
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Bankers : |
· Axis Bank Limited, 214-215 City Mall, 2nd Floor, Ganesh Khind Road, Pune - 411007, Maharashtra, India ·
Axis Bank Limited, Ashoka Galaxy, Plot No. 1,
Galaxy Society, Dhole Patil Road, Bund Garden, Pune - 411001, Maharashtra,
India |
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Facilities : |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
Deloitte Haskins and Sells LLP Chartered Accountants |
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Address : |
706 B Wing 7th Floor , ICC, Trade Tower, Senapati Bapat Road, Pune -411016, Maharashtra, India |
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PAN N Income-tax PAN of auditor or auditor's firm : |
AACFD4815A |
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Memberships : |
-- |
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Collaborators : |
-- |
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Holding company: |
· Kolte-Patil Developers Limited, India [L45200PN1991PLC129428] |
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Others Related
Parties: |
· Balakor Holdings Limited, Mauritius |
CAPITAL STRUCTURE
As on 31.03.2014
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
100000 |
Equity Shares |
Rs.100/- each |
Rs. 10.000 Million |
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Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
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|
|
|
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|
100000 |
Equity Shares |
Rs.100/- each |
Rs. 10.000 Million |
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FINANCIAL DATA
[all figures are
in Rupees Million]
ABRIDGED BALANCE
SHEET
|
SOURCES
OF FUNDS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
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I.
EQUITY AND LIABILITIES |
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(1)Shareholders' Funds |
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(a) Share Capital |
10.000 |
10.000 |
10.000 |
|
(b) Reserves & Surplus |
39.030 |
21.757 |
(18.784) |
|
(c) Money received against
share warrants |
0.000 |
0.000 |
0.000 |
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|
|
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|
(2) Share Application money
pending allotment |
0.000 |
0.000 |
0.000 |
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Total
Shareholders’ Funds (1) + (2) |
49.030 |
31.757 |
(8.784) |
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(3) Non-Current Liabilities |
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|
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|
(a) long-term borrowings |
643.473 |
628.209 |
688.622 |
|
(b) Deferred tax liabilities
(Net) |
0.751 |
0.000 |
0.000 |
|
(c) Other long term
liabilities |
0.000 |
0.000 |
0.000 |
|
(d) long-term provisions |
0.000 |
0.000 |
0.000 |
|
Total
Non-current Liabilities (3) |
644.224 |
628.209 |
688.622 |
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(4) Current Liabilities |
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|
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|
(a) Short term borrowings |
0.000 |
0.000 |
0.000 |
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(b) Trade payables |
26.109 |
43.871 |
29.299 |
|
(c) Other current liabilities |
332.359 |
333.156 |
228.403 |
|
(d) Short-term provisions |
7.018 |
3.252 |
1.261 |
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Total
Current Liabilities (4) |
365.486 |
380.279 |
258.963 |
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TOTAL |
1058.740 |
1040.245 |
938.801 |
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II.
ASSETS |
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(1) Non-current assets |
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(a) Fixed Assets |
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(i) Tangible assets |
64.026 |
3.316 |
2.967 |
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(ii) Intangible Assets |
1.660 |
1.253 |
1.051 |
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(iii) Capital work-in-progress |
0.000 |
0.000 |
0.000 |
|
(iv) Intangible assets under
development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current Investments |
0.000 |
0.000 |
0.000 |
|
(c) Deferred tax assets (net) |
0.000 |
0.209 |
8.597 |
|
(d) Long-term Loan and Advances |
0.436 |
16.436 |
16.436 |
|
(e) Other Non-current assets |
0.000 |
0.000 |
0.000 |
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Total
Non-Current Assets |
66.122 |
21.214 |
29.051 |
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(2) Current assets |
|
|
|
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(a) Current investments |
0.000 |
0.000 |
43.040 |
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(b) Inventories |
780.949 |
725.442 |
779.791 |
|
(c) Trade receivables |
36.828 |
24.266 |
29.534 |
|
(d) Cash and cash equivalents |
142.042 |
261.718 |
54.790 |
|
(e) Short-term loans and
advances |
32.799 |
7.605 |
2.595 |
|
(f) Other current assets |
0.000 |
0.000 |
0.000 |
|
Total
Current Assets |
992.618 |
1019.031 |
909.750 |
|
|
|
|
|
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TOTAL |
1058.740 |
1040.245 |
938.801 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
|
SALES |
|
|
|
|
|
Income |
597.863 |
629.092 |
365.457 |
|
|
Other Income |
11.673 |
12.134 |
0.880 |
|
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TOTAL |
609.536 |
641.226 |
366.337 |
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Less |
EXPENSES |
585.052 |
575.998 |
385.775 |
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PROFIT/
(LOSS) BEFORE TAX |
24.484 |
65.228 |
(19.438) |
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Less |
TAX |
7.210 |
24.688 |
(6.074) |
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|
PROFIT/
(LOSS) AFTER TAX |
17.274 |
40.540 |
(13.364) |
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Earnings
/ (Loss) Per Share (Rs.) |
172.74 |
405.40 |
(133.64) |
KEY RATIOS
|
PARTICULARS |
|
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
Net Profit Margin (PAT / Sales) |
(%) |
2.89 |
6.44 |
(3.66) |
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Return on Total Assets (PBT/Total Assets} |
(%) |
2.31 |
6.27 |
(2.09) |
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Return on Investment (ROI) (PBT/Networth) |
|
0.50 |
2.05 |
2.21 |
|
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|
Debt Equity Ratio (Total Debt /Networth) |
|
13.12 |
19.78 |
(78.40) |
|
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|
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|
|
|
Current Ratio (Current Asset/Current Liability) |
|
2.72 |
2.68 |
3.51 |
FINANCIAL ANALYSIS
[all figures are
in Rupees Million]
DEBT EQUITY RATIO
|
Particular |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(Rs.
In Million) |
(Rs.
In Million) |
(Rs.
In Million) |
|
Share Capital |
10.000 |
10.000 |
10.000 |
|
Reserves & Surplus |
(18.784) |
21.757 |
39.030 |
|
Net
worth |
(8.784) |
31.757 |
49.030 |
|
|
|
|
|
|
long-term borrowings |
688.622 |
628.209 |
643.473 |
|
Short term borrowings |
0.000 |
0.000 |
0.000 |
|
Total
borrowings |
688.622 |
628.209 |
643.473 |
|
Debt/Equity
ratio |
(78.395) |
19.782 |
13.124 |
YEAR-ON-YEAR GROWTH
|
Year
on Year Growth |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(Rs.
In Million) |
(Rs.
In Million) |
(Rs.
In Million) |
|
Sales |
365.457 |
629.092 |
597.863 |
|
|
|
72.138 |
(4.964) |
NET PROFIT MARGIN
|
Net
Profit Margin |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(Rs.
In Million) |
(Rs.
In Million) |
(Rs.
In Million) |
|
Sales |
365.457 |
629.092 |
597.863 |
|
Profit |
(13.364) |
40.540 |
17.274 |
|
|
(3.66%) |
6.44% |
2.89% |
LOCAL AGENCY FURTHER INFORMATION
|
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 |
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 |
|
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 |
No |
OPERATIONAL REVIEW
The Company is developing a residential project- “Tuscan Estate” admeasuring approximately 12 acres in Kharadi, Pune. The project is located on the eastern side of the Pune city having many IT companies in vicinity. The project consists of 3 BHK Luxury Apartments and 4 BHK penthouses. During the year, the company has completed phase 1 of the project and has given possession to the flat owners. The construction of 2nd phase is in progress.
UNSECURED LOAN
|
PARTICULARS |
31.03.2014 (Rs.
in Million) |
31.03.2013 (Rs.
in Million) |
|
Long-term
Borrowings |
|
|
|
Fully convertible debentures intercorporate |
578.209 |
628.209 |
|
Total |
578.209 |
628.209 |
INDEX OF CHARGES
|
S.NO. |
CHARGE ID |
DATE OF CHARGE
CREATION/MODIFICATION |
CHARGE AMOUNT
SECURED |
CHARGE HOLDER |
ADDRESS |
SERVICE REQUEST
NUMBER (SRN) |
|
1 |
10447069 |
12/08/2013 |
160,000,000.00 |
AXIS BANK LIMITED |
214-215 CITY MALL, 2ND FLOOR,, GANESH KHIND ROAD, |
B84038397 |
FIXED ASSETS
Tangible assets
· Plant and equipment
· Furniture and fixtures
· Vehicles
· Office equipment
· Computer equipments
· Other 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.62.59 |
|
|
1 |
Rs.92.46 |
|
Euro |
1 |
Rs.67.51 |
INFORMATION DETAILS
|
Information Gathered
by : |
DIP |
|
|
|
|
Analysis Done by
: |
RAS |
|
|
|
|
Report Prepared
by : |
KVT |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
4 |
|
OPERATING SCALE |
1~10 |
3 |
|
FINANCIAL
CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
3 |
|
--PROFITABILITY |
1~10 |
2 |
|
--LIQUIDITY |
1~10 |
3 |
|
--LEVERAGE |
1~10 |
2 |
|
--RESERVES |
1~10 |
4 |
|
--CREDIT LINES |
1~10 |
4 |
|
--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 |
|
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.