MIRA INFORM REPORT
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Report No. : |
302373 |
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Report Date : |
12.01.2015 |
IDENTIFICATION DETAILS
|
Name : |
KOLTE-PATIL REAL ESTATE PRIVATE LIMITED |
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Registered
Office : |
2nd Floor, City Point, Dhole Patil Road, Pune – 411001, Maharashtra |
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Country : |
India |
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Financials (as
on) : |
31.03.2014 |
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Date of
Incorporation : |
07.11.2006 |
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Com. Reg. No.: |
11-129191 |
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Capital
Investment / Paid-up Capital : |
Rs.315.332 Millions |
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CIN No.: [Company Identification
No.] |
U70102PN2006PTC129191 |
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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 in the business of construction and
development of residential and commercial complexes, flats, shopping malls,
etc. |
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No. of Employees
: |
Information declined by the management
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RATING & COMMENTS
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MIRA’s Rating : |
Ba (52) |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Status : |
Satisfactory |
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Payment Behaviour : |
Usually correct |
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Litigation : |
Not Available |
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Comments : |
Subject is a subsidiary of reputed “Kolte-Patil Developers
Limited”. It is an established company
having satisfactory track. Trade relations are fair. Business is active. Payment terms are reported
as usually correct. The company can be considered 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.
EXTERNAL AGENCY RATING
|
Rating Agency Name |
Not Available |
|
Rating |
Not Available |
|
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. Vishal Khadke |
|
Designation : |
Account Department |
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Contact No.: |
91-20-65340015 |
|
Date : |
08.01.2015 |
LOCATIONS
|
Registered Office : |
2nd Floor, City Point, Dhole Patil Road, Pune – 411001, Maharashtra,
India |
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Tel. No.: |
91-20-65340015 |
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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 |
|
Address : |
Plot No. 53, Lane No. 2, Koregaon Park, Pune – 411001, Maharashtra,
India |
|
Date of Birth/Age : |
05.04.1963 |
|
Date of Appointment : |
07.11.2006 |
|
DIN No.: |
00381866 |
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|
|
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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 : |
07.11.2006 |
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DIN No.: |
00170760 |
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Name : |
Achyut Narayan Watve |
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Designation : |
Director |
|
Address : |
Maita 1219 Shivajinagar, Pune – 411004, Maharashtra, India |
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Date of Birth/Age : |
26.11.1952 |
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Date of Appointment : |
16.07.2013 |
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DIN No.: |
01179251 |
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Name : |
Mr. Arunprakash Srinivasarao Korati |
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Designation : |
Nominee director |
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Address : |
20, Sakajivan Cooperative Housing Society, Dadar West, Cross Road 2,
Mumbai – 400028, Maharashtra, India |
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Date of Birth/Age : |
21.05.1966 |
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Date of Appointment : |
01.11.2012 |
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DIN No.: |
00027783 |
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Name : |
Sunita Kumar Manwani |
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Designation : |
Nominee director |
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Address : |
2204, Snowden Peak Neptune Living Point, LBS Marg, Bhandup (West),
Mumbai – 400078, Maharashtra, India |
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Date of Birth/Age : |
17.01.1972 |
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Date of Appointment : |
16.07.2013 |
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DIN No.: |
01839009 |
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Name : |
Mr. Vinode Thomas |
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Designation : |
Nominee director |
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Address : |
501, Jyoti Vidya Cooperative Housing Society, CST Road, Kalina Santacruz
(East), Mumbai – 400098, Maharashtra, India |
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Date of Birth/Age : |
30.05.1970 |
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Date of Appointment : |
30.04.2012 |
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DIN No.: |
01893613 |
KEY EXECUTIVES
|
Name : |
Mr. Vishal Khadke |
|
Designation : |
Account Department |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 12.09.2014
|
Names of Shareholders |
No. of Shares |
%age
holding |
|
Kolte-Patil Developers Limited, India |
16081925 |
51.00 |
|
K2A Residential Limited, Mauritius |
15451260 |
49.00 |
|
Total |
31533185 |
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 |
|
Bodies corporate |
51.00 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Subject is engaged in the business of construction and
development of residential and commercial complexes, flats, shopping malls,
etc. |
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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 : |
Not Divulged |
PRODUCTION STATUS NOT AVAILABLE
GENERAL INFORMATION
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Suppliers : |
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Customers : |
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No. of Employees : |
Information declined by the management
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Bankers : |
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Facilities : |
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Auditors : |
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Name : |
SPCM and Associates Chartered Accountants |
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Address : |
1211/B, Shukrawar Peth, Subhash Nagar, Lane No. 4, Pune - 411 002, Maharashtra, India |
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PAN N Income-tax PAN of auditor or auditor's firm : |
AABFB8864C |
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Memberships : |
-- |
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Collaborators : |
-- |
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Holding company: |
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Associate: |
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CAPITAL STRUCTURE
As on 31.03.2014
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
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|
|
|
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|
44000000 |
Equity Shares |
Rs.10/- each |
Rs. 440.000 Millions |
|
1000000 |
Preference Shares |
Rs.10/- each |
Rs. 10.000 Millions |
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|
|
|
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Total |
|
Rs. 450.000
Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
31533185 |
Equity Shares |
Rs.10/- each |
Rs. 315.332 Millions |
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|
FINANCIAL DATA
[all figures are
in Rupees Millions]
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 |
315.332 |
365.332 |
365.332 |
|
(b) Reserves & Surplus |
1489.314 |
1712.721 |
1644.771 |
|
(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 |
|
Total
Shareholders’ Funds (1) + (2) |
1804.646 |
2078.053 |
2010.103 |
|
|
|
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(3) Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
60.994 |
10.546 |
391.567 |
|
(b) Deferred tax liabilities
(Net) |
0.000 |
0.579 |
0.000 |
|
(c) Other long term
liabilities |
0.000 |
0.000 |
0.000 |
|
(d) long-term provisions |
19.701 |
1.602 |
0.323 |
|
Total
Non-current Liabilities (3) |
80.695 |
12.727 |
391.890 |
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(4) Current Liabilities |
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|
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|
(a) Short term borrowings |
0.000 |
0.366 |
0.000 |
|
(b) Trade payables |
69.868 |
98.030 |
74.819 |
|
(c) Other current liabilities |
472.883 |
227.797 |
180.562 |
|
(d) Short-term provisions |
125.020 |
34.391 |
2.745 |
|
Total
Current Liabilities (4) |
667.771 |
360.584 |
258.126 |
|
|
|
|
|
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TOTAL |
2553.112 |
2451.364 |
2660.119 |
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|
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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 |
6.381 |
5.242 |
3.297 |
|
(ii) Intangible Assets |
0.000 |
0.000 |
0.000 |
|
(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) |
0.072 |
0.000 |
0.776 |
|
(d) Long-term Loan and Advances |
3.638 |
0.782 |
0.373 |
|
(e) Other Non-current assets |
1.161 |
4.324 |
0.000 |
|
Total
Non-Current Assets |
11.252 |
10.348 |
4.446 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
0.000 |
20.077 |
5.489 |
|
(b) Inventories |
2251.290 |
2217.179 |
2606.514 |
|
(c) Trade receivables |
174.254 |
136.040 |
7.040 |
|
(d) Cash and cash equivalents |
21.800 |
42.508 |
27.579 |
|
(e) Short-term loans and
advances |
76.411 |
24.096 |
7.686 |
|
(f) Other current assets |
18.105 |
1.116 |
1.365 |
|
Total
Current Assets |
2541.860 |
2441.016 |
2655.673 |
|
|
|
|
|
|
TOTAL |
2553.112 |
2451.364 |
2660.119 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
|
SALES |
|
|
|
|
|
Income |
1059.269 |
966.454 |
14.080 |
|
|
Other Income |
|
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|
|
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TOTAL |
1059.269 |
966.454 |
14.080 |
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|
|
|
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|
Less |
EXPENSES |
717.993 |
863.078 |
9.362 |
|
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|
PROFIT/
(LOSS) BEFORE TAX |
341.276 |
103.376 |
4.718 |
|
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|
|
|
|
Less |
TAX |
114.683 |
35.426 |
0.397 |
|
|
|
|
|
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|
PROFIT/
(LOSS) AFTER TAX |
226.593 |
67.950 |
4.321 |
|
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|
|
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|
|
|
Earnings
/ (Loss) Per Share (Rs.) |
7.19 |
NA |
NA |
KEY RATIOS
|
PARTICULARS |
|
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
Return on Total Assets (PBT/Total Assets} |
(%) |
13.37 |
4.22 |
0.18 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.19 |
0.05 |
0.00 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
0.03 |
0.01 |
0.19 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
3.81 |
6.77 |
10.29 |
FINANCIAL ANALYSIS
[all figures are
in Rupees Millions]
DEBT EQUITY RATIO
|
Particular |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(Rs.
In Millions) |
(Rs.
In Millions) |
(Rs.
In Millions) |
|
Share Capital |
365.332 |
365.332 |
315.332 |
|
Reserves & Surplus |
1644.771 |
1712.721 |
1489.314 |
|
Net
worth |
2010.103 |
2078.053 |
1804.646 |
|
|
|
|
|
|
long-term borrowings |
391.567 |
10.546 |
60.994 |
|
Short term borrowings |
0.000 |
0.366 |
0.000 |
|
Total
borrowings |
391.567 |
10.912 |
60.994 |
|
Debt/Equity
ratio |
0.195 |
0.005 |
0.034 |
YEAR-ON-YEAR GROWTH
|
Year
on Year Growth |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(Rs.
In Millions) |
(Rs.
In Millions) |
(Rs.
In Millions) |
|
Total Income |
14.080 |
966.454 |
1059.269 |
|
|
|
6,764.020 |
9.604 |
NET PROFIT MARGIN
|
Net
Profit Margin |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(Rs.
In Millions) |
(Rs.
In Millions) |
(Rs.
In Millions) |
|
Total Income |
14.080 |
966.454 |
1059.269 |
|
Profit |
4.321 |
67.950 |
226.593 |
|
|
30.69% |
7.03% |
21.39% |
LOCAL AGENCY FURTHER INFORMATION
CURRENT MATURITIES
OF LONG-TERM DEBT DETAILS: NOT AVAILABLE
|
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 has planned an integrated development in Kharadi to create a haven of luxuries and convenience for you. Adorned with exquisite beautification of landscapes, water garden and podium gardens will raise the bar of expectations of every Puneite. It will be a stunning destination to Live, Work, Shop, Dine and Hangout. All that you wish for- From smart homes to luxurious abodes Project Kharadi has it all.
Downtown is consists of project like Beryl comprising of 2 and 3 BHK apartment ranging from area of 1050-1555 sq. ft. Next is Cheryl comprising of 2 and 3 BHK trendy apartments with the area of 1160-1630 sq. ft. Langston is another project which offers 2 and 3 BHK premium apartment of 1144-1539 sq. ft. Fall in love with nature downtown present Senona with the beauty of nature surrounding you at every beat, Senona is a place where you feel much closer to nature with your own beautiful garden balcony. Spread across 4 acres of land Senona offers 3 BHK area size of 1880-2035 sq. ft.
The Beryl phase -2 project has 65% sold out and expected to be completed by June 2015. The Cheryl phase -2 project is 55% sold out and expected to be completed by May 2015. The Langston project is 80% sold out and expected to be completed by May 2015. The Arissa Avenues is 100% sold out and nearing completion. City vista is the new feather in Downtown. Comprising office space and retail ranging from area 708 to 5000 sq. ft. the project has 60% sold out and possession is December 15 onwards.
BACKGROUND:
Subject is a company registered under a Companies Act, 1956. It was incorporated on 7th November 2006. The company is primarily engaged in the business of construction and development of residential and commercial complexes, flats, shopping malls, etc.
INDEX
OF CHARGES
|
S.NO. |
CHARGE ID |
DATE OF CHARGE
CREATION/MODIFICATION |
CHARGE AMOUNT
SECURED |
CHARGE HOLDER |
ADDRESS |
SERVICE REQUEST
NUMBER (SRN) |
|
1 |
10449196 |
30/08/2013 * |
400,000,000.00 |
AXIS BANK LIMITED |
214-215 CITY MALL, 2ND FLOOR, GANESH KHIND ROAD, PUNE, MAHARASHTRA - 411007, INDIA |
B85411601 |
* Date of charge modification
UNSECURED LOAN
|
PARTICULARS |
31.03.2014 (Rs.
in Millions) |
31.03.2013 (Rs.
in Millions) |
|
Long-term
Borrowings |
|
|
|
Loans and advances from others |
0.000 |
10.000 |
|
Total |
0.000 |
10.000 |
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 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.62.40 |
|
|
1 |
Rs.94.17 |
|
Euro |
1 |
Rs.73.61 |
INFORMATION DETAILS
|
Information
Gathered by : |
PRT |
|
|
|
|
Analysis Done by
: |
SUB |
|
|
|
|
Report Prepared
by : |
KVT |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
7 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL
CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILITY |
1~10 |
6 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
6 |
|
--RESERVES |
1~10 |
6 |
|
--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 |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
52 |
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.