MIRA
INFORM REPORT
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Report Date : |
02.08.2008 |
IDENTIFICATION
DETAILS
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Name : |
CONCORDE GROUP |
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Registered Office : |
42, Rajani Tower, 27th Cross, 7th B Main, 4th
Block, Jayanagar, Bangalore – 560011, Karnataka |
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Country : |
India |
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Year of Establishment : |
1995 |
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Legal Form : |
Partnership concern with an unlimited liability of the partners. |
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Line of Business : |
Subject started as land developers to begin with, the concern entered
Real Estate segment – now specializing in the construction of villas and
Apartments. |
RATING &
COMMENTS
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MIRA’s Rating : |
Ba |
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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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Status : |
Satisfactory |
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Payment Behaviour : |
Slow |
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Litigation : |
Clear |
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Comments : |
Subject is an established group engaged in construction activities.
Trade relations are fair. Business is active. Payments are reported as slow
but correct. The group can be considered good for normal business dealings. |
LOCATIONS
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Corporate Office : |
42, Rajani Tower, 27th Cross, 7th B Main, 4th
Block, Jayanagar, Bangalore – 560011, Karnataka, India |
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Tel. No.: |
91-80-41211953 / 54 / 41547800 |
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Fax No.: |
91-80-26532773 / 41502050 |
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E-Mail : |
marketing@concordegroup.co.in |
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Area : |
10000 sq fts. |
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Location : |
Rented |
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Technical Office
1: |
199, F. D. Varam Complex, 7th B Main, 27th
Cross, Jayanagar 3rd Block, Bangalore – 560011, India |
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Technical Office
2: |
46, I Main Road, Sarakki Indly Layout, 3rd Phase, J. P.
Nagar, Bangalore – 560076, India |
PARTNERS
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Name : |
Mr. B. S. Shivrama |
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Designation : |
Partner |
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Name : |
Mr. R. Gopal Reddy |
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Designation : |
Partner |
BUSINESS DETAILS
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Line of Business : |
Subject started as land developers to begin with, the concern entered
Real Estate segment – now specializing in the construction of villas and
Apartments |
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Terms : |
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Selling : |
Advance Plus Project Based |
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Purchasing : |
As per Contracts with suppliers |
GENERAL
INFORMATION
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Suppliers : |
The concern is sourcing materials from reputed suppliers. |
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Customers : |
v Elite Individual v Corporates |
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No. of Employees : |
500 |
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Bankers : |
v State Bank of
India, II Block, Jayanagar, Bangalore, India v ICICI Bank
Limited |
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Auditors : |
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Name : |
B. E. Billimoria and Company (Chartered Accountant) |
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Address : |
Bangalore |
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Membership: |
Membership with various Builders related Associations |
CAPITAL STRUCTURE
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Capital Investment : |
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Owned : |
Not Available |
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Borrowed : |
Not Available |
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Total : |
Not Available |
FINANCIAL DATA
[all figures are in Rupees Millions]
K. Chitra, Chief Finance Controller, was
contacted. We were informed that without knowing the name and identity of the
enquiring party, they are not in a position to give company information.
However it is seen that the subject is a leading and established entity and
currently having projects on hand worth around Rs. 10000.000 Millions
LOCAL AGENCY
FURTHER INFORMATION
Note:-
Godowns and Storage Yards at various project
sites both owned and rented.
Business:
Currently a professionally run concern they
have already developed over 70 lac sq ft into residential layouts and 400,000
sq ft land into construction projects. Completed projects include teachers town
(Sarjapur), Concorde Home (Hosur Road), Concorde Paradise (BTM Layout), Twin
City (Navanagar Hubli) and many other projects.
Website Details Attached:-
Group Profile:-
Established in 1995, subject commenced its operations with a
group plot of developers. Riding on the growth wave of real-estate, the group
made a strategic shift into constructions of villas and apartments; from then
on it transformed into a new breed of builders and carved an enviable niche for
itself in the real estate arena, offering great quality of living spaces at
extremely competitive prices. Subject achieves customer delight by offering
unmatched living experience through continued quality consciousness, which is
steeped in every aspect and stage of the construction cycle, right from project
conception, through execution and delivery.
Today, subject is a professionally managed group with proven capabilities; it
has developed close to 60 lakhs square feet of land into residential layouts
and 350,000 square feet of land into constructional projects. Subject currently
has 750 crore worth of projects, due for completion in the next three years.
At the helm of the group, B S Shivrama, Chairman and R Gopal Reddy, Managing
Director bring to the table rich experience and knowledge in their respective
fields and form a powerful combination of able administration and keen business
acumen. They are complemented by a team of high-caliber engineers, architects,
marketing professionals, finance and legal personnel.
CMT REPORT
(Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts, India Prisons Service,
Interpol, etc.
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 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
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.42.37 |
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UK Pound |
1 |
Rs.84.01 |
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Euro |
1 |
Rs.65.96 |
RATING
EXPLANATIONS
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
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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 |
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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 |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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26-40 |
B |
Unfavourable & favourable factors carry similar weight in credit
consideration. Capability to overcome financial difficulties seems
comparatively below average. |
Small |
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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 |
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<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
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NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
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