MIRA
INFORM REPORT
|
Report Date : |
08.02.2008 |
IDENTIFICATION
DETAILS
|
Name : |
CUBE CONSTRUCTION ENGINEERING LIMITED |
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Registered Office : |
1, Chandramani Nagar, Vidya Vihar School Lane, Off High Tension Road, Subhanpura,
Vadodara – 390 023, Gujarat |
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Country : |
India |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
10.04.2006 |
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Com. Reg. No.: |
48119 |
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CIN No.: [Company
Identification No.] |
U45200GJ2006PLC048119 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
BRDC01050A |
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Legal Form : |
A Closely held Public Limited Liability Company |
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Line of Business : |
Subject is engaged in Construction Business of Industrial, Commercial,
and Residential projects. |
RATING &
COMMENTS
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MIRA’s Rating : |
Ba |
|
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 200000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Though subject is just a 2 years old company, it has shown
satisfactory progress. The company has shown good progress. Trade relations
are fair. Business is active. Payments are reported as usually correct and as
per commitments. The company can be considered normal for business dealings at usual
trade terms and conditions. |
LOCATIONS
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Registered Office / Head Office : |
1, Chandramani Nagar, Vidya Vihar School Lane, Off High Tension Road, Subhanpura,
Vadodara – 390 023, Gujarat, India |
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Tel. No.: |
91 - 265 - 2393209 |
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Mobile No.: |
91 - 9825139529 |
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Fax No.: |
91 - 265 - 2391552 |
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E-Mail : |
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Website : |
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Project Office : |
C-311/12,
Sahoyg Nagar, Near Hill Garden, Rawalwadi, Bhuj, Kutch
(Gujarat) - India |
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Fax No.: |
91 2832 252542 |
DIRECTORS
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Name : |
Mr. Nilesh Arvindbhai Gandhi |
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Designation : |
Director |
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Address : |
J 19/20, Gokulvatika Co Op Housing Society Opposite Air Port, Harni
Road, Vadodara – 390 022, Gujarat, India |
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Date of Birth/Age : |
06.08.1967 |
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Date of Appointment : |
29.09.2007 |
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Name : |
Mrs. Bindya Sanjay Shah |
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Designation : |
Director |
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Address : |
A-8, Jalaram Society, Opposite Golden Silver Shubhanpura, Vadodara –
390 007, Gujarat, India |
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Date of Birth/Age : |
18.01.1970 |
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Date of Appointment : |
29.09.2007 |
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Name : |
Mr. Atul Bhagwandas Shah |
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Designation : |
Director |
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Address : |
103, Shree Gopinath Avenue, New Sam, Vadodara – 390 008, Gujarat,
India |
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Date of Birth/Age : |
28.07.1961 |
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Date of Appointment : |
29.09.2007 |
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Name : |
Mr. Birju Chhotalal Shah |
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Designation : |
Director |
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Address : |
Waniyawad, Bhuj, Kachch – 370 001, Gujarat, India |
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Date of Birth/Age : |
10.12.1973 |
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Date of Appointment : |
29.09.2007 |
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Name : |
Mr. Sanjay Devendra Shah |
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Designation : |
Director |
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Address : |
74, Chitrakut Apartment, Refinery Road, Gorva , Vadodara – 390 016,
Gujarat, India |
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Date of Birth/Age : |
11.06.1966 |
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Date of Appointment : |
29.09.2007 |
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Name : |
Mr. Sanjay Chhotalal Shah |
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Designation : |
Director |
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Address : |
A-8, Jalaram Society, opposite Golden Silver
Shubhanpura, Vadodara – 390 007, Gujarat, India |
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Date of Birth/Age : |
16.12.1968 |
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Date of Appointment : |
10.04.2006 |
SHAREHOLDING
PATTERN
Equity Shares Breakup (Percentage of Total Equity):
|
Sr No. |
Category |
Percentage |
|
1 |
Bodies corporate |
4.39 |
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2 |
Directors or relative of directors |
80.92 |
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3 |
Other top fifty (50) shareholders |
6.20 |
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4 |
Others |
8.49 |
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Total |
100.00 |
BUSINESS DETAILS
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Line of Business : |
Subject is engaged in Construction Business of Industrial, Commercial,
and Residential projects. |
GENERAL
INFORMATION
|
Bankers : |
HDFC Bank Limited Address: HDFC Bank Houses Senapati Bapat Road, Marg, Lower Parel
(West), Mumbai – 400 013, Maharashtra, India |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
Mr. Jitesh P Shah Chartered Accountants |
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Address : |
“Samarpan”, 26, Haribhakti Colony, Race Course Circle, Vadodara – 390
015, Gujarat, India |
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Associates/Subsidiaries : |
Nil |
CAPITAL STRUCTURE
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
2000000 |
Equity Shares |
Rs. 10/- each |
Rs. 20.000 millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
1254250 |
Equity Shares |
Rs. 10/-
each |
Rs.12.543
millions |
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
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|
31.03.2007 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
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12.542 |
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2] Share Application Money |
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|
0.000 |
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3] Reserves & Surplus |
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35.568 |
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4] (Accumulated Losses) |
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0.000 |
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NETWORTH |
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48.110 |
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LOAN FUNDS |
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1] Secured Loans |
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|
37.546 |
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2] Unsecured Loans |
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|
12.757 |
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TOTAL BORROWING |
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50.303 |
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DEFERRED TAX LIABILITIES |
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|
0.000 |
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TOTAL |
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98.413 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
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28.389 |
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Capital work-in-progress |
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0.000 |
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INVESTMENT |
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|
2.358 |
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DEFERREX TAX ASSETS |
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|
0.214 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
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20.116 |
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Sundry Debtors |
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|
92.973 |
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Cash & Bank Balances |
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|
33.925 |
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Other Current Assets |
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|
0.000 |
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Loans & Advances |
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|
69.472 |
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Total
Current Assets |
|
|
216.486 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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|
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Current Liabilities |
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|
127.962 |
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Provisions |
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|
21.331 |
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Total
Current Liabilities |
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149.293 |
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Net Current Assets |
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67.193 |
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MISCELLANEOUS EXPENSES |
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|
0.259 |
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TOTAL |
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98.413 |
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PROFIT & LOSS
ACCOUNT
|
PARTICULARS |
|
|
31.03.2007 |
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Sales Turnover |
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544.192 |
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Other Income |
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1.502 |
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Total Income |
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545.694 |
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Profit/(Loss) Before Tax |
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32.053 |
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Provision for Taxation |
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11.363 |
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Profit/(Loss) After Tax |
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20.690 |
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Expenditures : |
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Raw Material Consumed |
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199.793 |
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Increase/(Decrease) in Finished Goods |
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|
3.172 |
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Salaries, Wages, Bonus, etc. |
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|
28.228 |
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Payment to Auditors |
|
|
0.281 |
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Interest |
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|
3.711 |
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Insurance Expenses |
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|
2.340 |
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Depreciation & Amortization |
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|
3.707 |
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Other Expenditure |
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272.409 |
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Total Expenditure |
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513.641 |
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KEY RATIOS
|
PARTICULARS |
|
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|
31.03.2007 |
|
PAT / Total Income |
(%) |
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3.79 |
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Net Profit Margin (PBT/Sales) |
(%) |
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5.89 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
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13.08 |
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Return on Investment (ROI) (PBT/Networth) |
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0.66 |
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Debt Equity Ratio (Total Liability/Networth) |
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4.14 |
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Current Ratio (Current Asset/Current Liability) |
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1.45 |
LOCAL AGENCY FURTHER
INFORMATION
|
Corporation identity number or foreign company registrations number of
the company |
U45200GJ2006PLC048119 |
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Name of the company |
CUBE CONSTRUCTION ENGINEERING LIMITED |
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Address |
1, Parvati Nagar Society Part -3, Near Jalaram Apartment, Subhanpura,
Baroda – 380 023, Gujarat, India |
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This Form is for |
Creation of Charge |
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Type of Charges |
Movable Property |
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Particular of the charge holder
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HDFC Bank Limited Address: HDFC Bank Houses Senapati Bapat Road, Marg, Lower Parel
(West), Mumbai – 400 013, Maharashtra, India CIN : L65920MH1994PLC080618 Email ID: kartik.krishnamurthyIyer@hdfcbank.com
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Nature or description of the instrument creating charge |
Agreement for Equipment Loan and Guarantee (Contract No. 2893892) |
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Date of the instrument creating charge |
08.01.2007 |
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Amount Secure by the charge |
Rs.1.350 millions |
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Brief of the principal terms and conditions and extent and operation
of the charge |
Rate
of Interest: Interest Rate @ 10.80% p.a On delay in the repayment of interest and / or any other repayment by
the company beyond such repayment due date, the bank shall be entitled to
charge an additional interest @ 2% p.m or such other rate as may be specified
by the bank from time to time on the entire such outstanding amount due to
the bank. Terms of Repayment: The Loan is repayable in 35 EMIs of Rs.
0.045 millions starting from February 2007 and ending on December, 2009 Margin: As may be stipulated by Bank from time to
time. Extent and Operation: The company hypothecates to and charge in favour of the bank by way of
first and exclusive charge of the equipment described in item No. 14 as
security for the repayment / payment by the company of the loan granted or to
be granted to the company by the bank together with all fees, interest,
costs, and expenses incurred / to be incurred by the bank and all other
monies payable or to become payable by the company to the bank. Others: The Bank shall be absolutely entitled and have full power and
authority to sell, assign or transfer in any manner , in whole or in part and
in such manner and on such terms as the bank may decide, including reserving
a right to the Bank to retain its power to proceed against the company on behalf of the purchaser, assignee or
transferee, any or all outstanding dues of the company , to any third party
of the Bank choice without reference to or without written intimation to the
company. |
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Short particulars of the Property charged |
Hypothecation of Construction Equipment namely : Yogi Industries,
Model Mobile Concrete Batching Plant (Year of Manufacture : 2006) |
WEBSITE DETAILS:
It has been iourney of more than a decade since they ventured in to
construction business as a partnership firm the prime factors responsible for their
sustained growthare devoted efforts by promoters and staff members plunge for
quality work and blessings of all mighty with a view to have better management
and controls of growing business
Their partnership firm has been converted in to Public Limited company w.e.f.
April-2006 and they continue to aim at better Growth rate.
They are approved AA class Special category-1 contractor for
Govt of Guiarat.
They have completed various challenging and time bound prestigious
proiects satisfied with their quality work services and adherence to time
schedules many of their clients have not only placed their repeated orders on
them but have recommended them to others satisfied clientage are backbone for
any business. It is their constant endeavor to keep their selves updated with
advancements both In technical and commercial areas and thereby achieve
all-round growth and development which is of prime significance for survival in
today s competitive Business scenario
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
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.39.55 |
|
UK Pound |
1 |
Rs.76.85 |
|
Euro |
1 |
Rs.57.27 |
SCORE & RATING
EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
2 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
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|
|
--BUSINESS SCALE |
1~10 |
7 |
|
--PROFITABILIRY |
1~10 |
4 |
|
--LIQUIDITY |
1~10 |
7 |
|
--LEVERAGE |
1~10 |
7 |
|
--RESERVES |
1~10 |
6 |
|
--CREDIT LINES |
1~10 |
6 |
|
--MARGINS |
-5~5 |
--- |
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DEMERIT POINTS |
|
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|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
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--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
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--EXPORT ACTIVITIES |
YES/NO |
NO |
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--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
50 |
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 |
Unfavourable & favourable factors carry similar weight in credit
consideration. 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 |
|
NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
|