MIRA
INFORM REPORT
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Report Date : |
27.07.2008 |
IDENTIFICATION
DETAILS
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Name : |
EAST COAST CONSTRUCTIONS AND INDUSTRIES LIMITED |
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Formerly Known As : |
EAST COAST CONSTRUCTIONS AND INDUSTRIES PRIVATE LIMITED |
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Registered Office : |
4, Moores Road, Chennai – 600 006, Tamil Nadu |
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Country : |
India |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
21.04.1995 |
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Com. Reg. No.: |
18-031016 |
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CIN No.: [Company
Identification No.] |
U51102TN1995PLC031016 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
CHEE02041E |
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PAN No.: [Permanent
Account No.] |
AAACE1662P |
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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 Activities |
RATING &
COMMENTS
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MIRA’s Rating : |
A |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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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Maximum Credit Limit : |
USD 3800000 |
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Status : |
Good |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject is a well – established and reputed company meetings its
normal commitments timeously. Trade relations are fair. General financial position
is good. Business is active. The company can be considered good for normal business dealings. |
LOCATIONS
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Registered Office : |
4, Moores Road, Chennai – 600 006, Tamil Nadu, India |
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Tel. No.: |
91-44-28272789 |
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Fax No.: |
91-44-28261274 |
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E-Mail : |
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Website : |
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Corporate Office : |
No. 13, City Point, 2nd Floor, Near Medinova Diagnostics,
Infantry Road, Bangalore – 560 001, Karnataka, India |
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Tel. No.: |
91-80-22869760 / 22869761 / 22869763 / 22869764 |
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Mobile No.: |
91-9916667461 / 9980547566 |
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Fax No.: |
91-80-22869762 |
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E-Mail : |
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Website : |
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Branches : |
Chennai Kolkata East Coast Constructions and Industries Ltd., Flat No. 4C, 4th Floor, Embassy Building No.4, Shakespeare Sarani, Kolkata - 700071 E-mail : eccikolkata@ecciltd.com Contact Person : Mr. Diptendu Maitra Mobile No: 91-98309 46507 Bangalore Mumbai T-7, Projects Qtrs, Behind Alvita Hotel, Sahar Cargo, Sahar, Andheri
(East), Mumbai – 400099 Contact Person : Mr. Dorilal Mobile :91-98925 88986 |
DIRECTORS
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Name : |
Mr. Abdul Qadir Abdul Rahman Buhari |
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Designation : |
Director |
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Address : |
8, Subba Rao Avenue, III Street, Chennai – 600 006, Tamil Nadu, India |
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Date of Birth/Age : |
14.03.1965 |
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Date of Appointment : |
17.06.1999 |
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E-Mail : |
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Name : |
Mr. Ahmed A R Buhari |
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Designation : |
Director |
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Address : |
8, Subba Rao Avenue, III Street, Chennai – 600 006, Tamil Nadu, India |
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Date of Appointment : |
30.09.2005 |
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Name : |
Mr. K T M Ahmed Mustafa |
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Designation : |
Director |
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Address : |
No. 19 Mayor Shivashanmugham Road, Nungambakkam, Chennai – 600 034,
Tamil Nadu, India |
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Date of Birth/Age : |
04.05.1947 |
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Date of Appointment : |
01.04.2005 |
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E-Mail : |
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PAN No.: |
AFHPA7366P |
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Directorship in other Companies : |
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CIN of the Company |
L45209TN1998PLC039966 |
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Name : |
East Coast Consultants & Infrastructure Limited |
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Designation : |
Managing Director |
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CIN of the Company |
L70101TN 2004PLC054748 |
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Name : |
ECCI Koya limited |
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Designation : |
Director |
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CIN of the Company |
U45201TN2004PLC054879 |
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Name : |
ECCI Info Park Limited |
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Designation : |
Director |
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CIN of the Company |
U27209TN1996PTC036281 |
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Name : |
Crown Fabricators Private Limited |
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Designation : |
Chairman - Director |
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CIN of the Company |
U33111tn1987ptc013964 |
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Name : |
Electrostatic Colour Coatings Private Limited |
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Designation : |
Director |
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CIN of the Company |
U29130tn1986ptc013463 |
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Name : |
Bhari Metal Fabrication Private Limited |
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Designation : |
Director |
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Name : |
Mr. Mohideen Muhammed S A |
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Designation : |
Director |
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Address : |
Jamal Ashiyana 14 Appa Garden Street, Kilpauk, Chennai – 600 010,
Tamil Nadu, India |
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Date of Birth/Age : |
05.01.1959 |
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Date of Appointment : |
22.04.1995 |
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Name : |
Mr. Kadir Abdul Sathak |
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Designation : |
Director |
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Address : |
25 Krishnamachri Road, Chennai – 600 034, Tamil Nadu, India |
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Date of Birth/Age : |
04.11.1933 |
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Date of Appointment : |
22.04.1995 |
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Name : |
Mr. Buhari A K Khalid |
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Designation : |
Director |
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Address : |
27 Khader Nawaz Khan Road, Chennai
– 600 034, Tamil Nadu, India |
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Date of Birth/Age : |
12.11.1957 |
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Date of Appointment : |
22.04.1995 |
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Name : |
Mr. V Ravichandran |
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Designation : |
Director |
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Address : |
A 132, 174 Great Apearl Choolai Medu High Road, Chennai – 600 024,
Tamil Nadu, India |
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Date of Birth/Age : |
27.05.1967 |
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Date of Appointment : |
26.08.2002 |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
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Names of Shareholders (Equity Shares) |
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No. of Shares |
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Mr. K T M Ahmed Mustafa |
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220225 |
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Mr. Ayisathu Sabiha |
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240339 |
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Buhari Holdings Private Limited |
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3129910 |
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Mr. Hathijath Narila |
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40520 |
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Mr. Junaid Yaseen S K M |
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47484 |
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Mr. Jamal Fathima |
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123099 |
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Mr. Khalid A K BuhaRI |
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93173 |
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Mr. V S T Khatheeja |
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90956 |
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Mr. S A Muhammed Mohideen |
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217500 |
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Mr. Mariam Yaseen |
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109135 |
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Ms. Mifra Zualika |
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37260 |
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Mr. Mohamed Abdul Cader |
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170781 |
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Mr. Najumudeen |
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176160 |
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Mr. Nilofar |
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138139 |
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Sathak Abdul Kadir |
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176160 |
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Others |
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1989159 |
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Name of Allottee (Preference Shares ) |
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No. of Shares |
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Milkway Developers Private Limited |
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18900000 |
Equity Share Breakup (Percentage of Total Equity) :- [As on 31.03.2007]
|
Category |
Percentage |
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Bodies Corporate |
44.34 |
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Directors or relative of directors |
32.10 |
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Other top fifty (50) shareholders |
23.56 |
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Total |
100.00 |
BUSINESS DETAILS
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Line of Business : |
Subject is engaged in Construction Activities |
GENERAL
INFORMATION
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Bankers : |
·
Corporation Bank, George Town Branch, 101 Armenian Street,
Chennai – 600 001, Tamil Nadu, India ·
ICICI Bank ·
IDBI Bank ·
ING Vysya
Bank, Mount Road , 185 Anna Salai , Near TVS Chennai – 600 006, Tamil Nadu,
India ·
HDFC Bank
Limited, HDFC Bank Housesenapati
Bapat Marg, Lower Parel (West), Mumbai – 400 013, Maharashtra, India ·
State Bank
of India, Industrial Finance Branch, 155 Anna Salai, Chennai – 600 002, Tamil
Nadu, India |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
N C Rajagopal & Company Chartered Accountants |
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Address : |
22, V Krishnaswamy Avenue, Luz Church Road, Mylapore, Chennai – 600
004, Tamil Nadu, India |
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Associates/Subsidiaries : |
East Coast Consultants and Infrastructure Limited {CIN of the Company : L45209TN1998PLC039966} |
CAPITAL STRUCTURE
(As on 31.03.2007)
:-
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
17500000 |
Equity Shares |
Rs. 10/- each |
Rs.175.000 millions |
|
22500000 |
Preference Shares |
Rs. 10/- each |
Rs.225.000 millions |
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Total |
Rs.400.000
millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
7842267 |
Equity Shares |
Rs. 10/- each |
Rs.78.423
millions |
|
21000000 |
Preference Shares |
Rs. 10/- each |
Rs.210.000
millions |
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Total |
Rs.288.423 millions |
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2007 |
31.03.2006 |
31.03.2005 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
288.423 |
91.000 |
91.000 |
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2] Share Application Money |
8.820 |
196.141 |
3.964 |
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3] Reserves & Surplus |
452.910 |
372.776 |
325.059 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
750.153 |
659.917 |
420.023 |
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LOAN FUNDS |
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1] Secured Loans |
666.123 |
526.580 |
206.174 |
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2] Unsecured Loans |
0.099 |
0.099 |
1.715 |
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TOTAL BORROWING |
666.222 |
526.679 |
207.889 |
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DEFERRED TAX LIABILITIES |
73.024 |
53.724 |
55.826 |
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TOTAL |
1489.399 |
1240.320 |
638.738 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
396.601 |
285.450 |
150.905 |
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Capital work-in-progress |
6.740 |
13.695 |
0.744 |
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INVESTMENT |
251.797 |
299.143 |
110.273 |
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DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
436.488
|
346.152 |
177.971 |
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Sundry Debtors |
811.839
|
536.893 |
398.719 |
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Cash & Bank Balances |
135.587
|
78.404 |
43.545 |
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Other Current Assets |
0.000
|
0.000 |
0.000 |
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Loans & Advances |
538.751
|
402.267 |
195.304 |
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Total
Current Assets |
1922.665
|
1363.716 |
815.539 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
1058.043
|
705.540 |
378.326 |
|
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Provisions |
30.361
|
16.144 |
15.423 |
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Total
Current Liabilities |
1088.404
|
721.684 |
393.749 |
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Net Current Assets |
834.261
|
642.032 |
421.790 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.026 |
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TOTAL |
1489.399 |
1240.320 |
683.738 |
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PROFIT & LOSS
ACCOUNT
|
PARTICULARS |
31.03.2007 |
31.03.2006 |
31.03.2005 |
|
|
Sales Turnover |
3038.382 |
1719.007 |
1412.759 |
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Other Income |
59.042 |
36.574 |
20.577 |
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Total Income |
3097.424 |
1755.581 |
1433.336 |
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Profit/(Loss) Before Tax |
103.356 |
58.043 |
84.022 |
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Provision for Taxation |
31.100 |
3.899 |
9.202 |
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Profit/(Loss) After Tax |
72.256 |
54.144 |
74.820 |
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Export Value |
0.968 |
0.673 |
NA |
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Expenditures : |
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Increase/(Decrease) in Finished Goods |
[90.337] |
[168.181] |
[83.453] |
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Salaries, Wages, Bonus, etc. |
119.204 |
79.505 |
47.694 |
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Managerial Remuneration |
2.320 |
1.500 |
1.321 |
|
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Payment to Auditors |
0.500 |
0.455 |
0.563 |
|
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Interest |
124.131 |
58.602 |
38.793 |
|
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Insurance Expenses |
26.358 |
7.467 |
4.695 |
|
|
Depreciation & Amortization |
58.068 |
32.370 |
19.772 |
|
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Other Expenditure |
2753.824 |
1685.820 |
1319.929 |
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Total Expenditure |
2994.068 |
1865.719 |
1349.314 |
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KEY RATIOS
|
PARTICULARS |
|
31.03.2007 |
31.03.2006 |
31.03.2005 |
|
PAT / Total Income |
(%) |
2.33
|
3.08 |
5.22 |
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Net Profit Margin (PBT/Sales) |
(%) |
3.40
|
3.38 |
5.95 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
4.01
|
2.96 |
7.80 |
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Return on Investment (ROI) (PBT/Networth) |
|
0.14
|
0.09 |
0.20 |
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Debt Equity Ratio (Total Liability/Networth) |
|
2.34
|
1.89 |
1.43 |
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Current Ratio (Current Asset/Current Liability) |
|
1.76
|
1.89 |
2.07 |
LOCAL AGENCY
FURTHER INFORMATION
FORM 8:-
|
Name of the
company |
EAST COAST CONSTRUCTIONS AND INDUSTRIES
LIMITED |
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Presented By |
State Bank of India, Industrial Finance
Branch, Chennai |
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1) Date and
description of instrument creating the change |
Dated 20.05.2005 ·
Agreement of
loan for Overall limit in Form C 1 ·
Agreement of
hypothecation of goods of assets in Form C2 ·
Agreement of
Pledge of goods and assets in Form C3 ·
Letter
regarding the grant of individual Limits with in the overall limit in form C
5 |
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2) Amount secured
by the charge/amount owing on the securities of charge |
All dated
20.05.2005 and relates to one and the same charges Rs. 170.000
millions
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3) Short particular
of the property charged. If the property acquired is subject to charge, date
of the acquired of the property should be given |
Securities Cash credit : First charge on current assets present
and future on Pari-passu basis with other banks under Multiple Banking
Arrangement Bank guarantee: Extension of charge over current assets
present and future on Pari-passu basis with other banks under Multiple
Banking Arrangement |
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4) Gist of the terms
and conditions and extent and operation of the charge. |
Rate of Interest,
Margin and other terms and conditions
as per the Agreement |
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5) Name and
Address and description of the person entitled to the charge. |
State Bank of India,
Industrial Finance Branch, 155 Anna Salai, Chennai – 600 002, Tamil Nadu,
India |
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Corporate
identity number of the company |
U51102TN1995PLC031016 |
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Name of the
company |
EAST COAST
CONSTRUCTIONS AND INDUSTRIES LIMITED |
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Address of the
registered office or of the principal place of business in India of the company |
4, Moores Road, Madras – 600 006, Tamil Nadu, India |
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This form is for |
Modification of
charge |
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Type of charge |
Others |
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Particular of
charge holder |
Corporation Bank,
George Town Branch, 101 Armenian Street, Chennai – 600 001, Tamil Nadu, India
E-mail : cb005@corpbank.co.in
|
|
Nature of
instrument creating charge |
Common Deed of
hypothecation of movables / Debts in I. D. 908 |
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Date of
instrument Creating the charge |
19.12.2007 |
|
Amount secured by
the charge |
Rs. 335.000
millions |
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Brief of the
principal terms an conditions and extent and operation of the charge |
Rate of Interest : Interest at the
rate of 12.75% (being 0.50% COBAR which is 13.25%) Terms of Repayment : Repayable on
Demand Margin : Cash Margin : 10%
for non Funded Limits Extent and Operation of the charge : As per Agreement Others : Overdraft Rs. 145.000
millions Bank guarantee :
Rs. 190.000 millions |
|
Short Particulars
of the property charged |
Exclusive First
charge by way of hypothecation of current assets consisting of construction
materials, work in progress at various locations on pari-passu with other
Financing Banks and receivables of the Company on pari-passu with other
Financing Banks. |
|
Particulars of
the present modification |
The various
Credit facilities enjoyed by the Company now has been enhanced to Rs. 335.000
millions. Exclusive First charge by way of hypothecation of current assets
consisting of construction materials, work in progress at various locations
on pari-passu basis with other financing Banks and receivables of the Company
on pari-passu basis with other Financing Banks. All other terms
and conditions remain unaffected |
WEBSITE DETAILS :-
As one of South
India's leading construction companies, the company brings to its projects the
benefit of a vast bank of experience distilled over nearly four decades.
And an attitude that is constantly exploding new ideas and new technology.
Tackling a diverse range of products. Tough constructions. Sophisticated
precision works. New ideas. Hostile terrain. Mega Projects.
With a comprehensive range of skills that enables them to handle large
commercial as well as specialised hi-tech projects. And the infrastructure to
handle heavy civil construction. Their track record is a string of landmark
structures that stand as answers to a range of challenges.
Dams. Bridges. Power plants. Tunnels. Flyovers. Industrial structures.
Commercial Complexes. High rise buildings and irrigation canals. Projects that
have earned them a reputation for on time delivery. Quality construction. Cost
competitiveness. Safety.
Some ECCI Group Companies :
Coastal Energy
Limited.
Trading, mainly in coal
Chennai Citi
Centre Holdings Private. Limited.
Property Development
Trans Cars (P) Limited and Trans Tempo (P) Limited.
Dealers in Mercedes Benz and Bajaj Tempo
Buharia Estate and Company
Property Development and Management and Coffee Growing
Buharia Holdings Private. Limited.
Holding Company for the Group
West Asia Maritime
A Shipping Company
East Coast Consultants and Infrastructure
Limited
100% subsidiary of ECCI – Karur BOT Project
Educational
Institutions and Trusts
·
Crescent
Engineering College
· Crescent Residential School for Boys, Vandalur, Chennai - 600 048
· Crescent Matriculation Higher Sec.School for Girls, Nungambakkam, Chennai
· Nagore Crescent Matriculation Higher Sec.School for Girls, Nagore
· Madurai Crescent Matriculation Higher Sec.School for Girls, Madurai.
·
Thassim Beevi Abdul Kader College for
Women, Kilakarai - 623 517
· Seethakhati Trust
The company
strengths in engineering are complemented by a range of tie-ups with leading
consultants in the field of design and specialised structural engineering
services.
A critical advantage of their design strengths is their ability to provide
economical, efficient alternate designs wherever necessary, that often result
in significant cost-savings in terms of material and time.
In addition to tie-ups, The company's group companies also serve as reliable
and high-quality sources of services like steel fabrication, galvanising,
cabling and air conditioning, which allow them to offer total construction
solutions on a turnkey basis.
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. 42.23 |
|
UK Pound |
1 |
Rs. 83.88 |
|
Euro |
1 |
Rs. 66.41 |
SCORE & RATING
EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
7 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
8 |
|
--LEVERAGE |
1~10 |
8 |
|
--RESERVES |
1~10 |
7 |
|
--CREDIT LINES |
1~10 |
7 |
|
--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 |
YES |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
60 |
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 |
|