MIRA
INFORM REPORT
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Report Date : |
25.06.2008 |
IDENTIFICATION
DETAILS
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Name : |
CEEBROS PROPERTY DEVELOPMENT PRIVATE LIMITED |
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Registered Office : |
No. 19/1, III Cross Street C P Ramaswamy
Road, Raja Annamalaipuram Madras – 600028, Tamilnadu |
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Country : |
India |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
27.06.1995 |
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Com. Reg. No.: |
18-032019 |
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CIN No.: [Company
Identification No.] |
U70101TN1995PTC030219 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
CHEC02198A |
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Legal Form : |
Private Limited Liability Company. |
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Line of Business : |
Real Estate Development – Construction
of Residential, Commercial Buildings and Hotels. |
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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Maximum Credit Limit : |
USD 1000000 |
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Status : |
Satisfactory |
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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 having satisfactory track. 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 |
INFORMATION PARTED
BY
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Name : |
Mr. Sundar |
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Designation : |
Accounts |
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Contact No.: |
91-9841088474 |
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Date : |
20.05.2008 |
LOCATIONS
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Registered Office : |
No. 19/1, III Cross Street C P Ramaswamy
Road, Raja Annamalaipuram Madras – 600028, Tamilnadu, India |
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Tel. No.: |
91-44-24321818 / 24321919 /
24321811 / 24364333 |
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Mobile No.: |
91-9841088474 / 9841024348 |
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Fax No.: |
91-44-24348452 |
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E-Mail : |
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Website : |
DIRECTORS
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Name : |
Mr. C Subba Reddy |
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Designation : |
Director |
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Address : |
No. 7-A, Second Street, Wallace Garden, Nungambakkam, Chennai – 600006, Tamil Nadu, India |
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Date of Birth/Age : |
19.05.1955 |
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Date of Appointment : |
27.06.1995 |
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Name : |
Mrs. C Rajini |
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Designation : |
Director |
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Address : |
No. 7-A, Second Street, Wallace Garden, Nungambakkam, Chennai – 600006, Tamilnadu, India |
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Date of Birth/Age : |
20.01.1962 |
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Date of Appointment : |
27.06.1995 |
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Name : |
Mr. S Vasudevan |
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Designation : |
Director |
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Address : |
7/9, 2nd Floor, Deep Apartment, Bazullah Road, T Nagar, Chennai – 600017, Tamilnadu, India |
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Date of Birth/Age : |
04.01.1954 |
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Date of Appointment : |
10.09.2004 |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
(As on 31.03.2007)
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Names of Shareholders |
No. of Shares |
Percentage of Shares |
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Mr. C Subba Reddy
, HUF |
3120000 |
16.00 |
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Mrs. C Rajini |
12480000 |
64.00 |
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Rar Real Estate |
3900000 |
20.00 |
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Total |
19500000 |
100.00 |
(As on 31.03.2007)
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Category |
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Percentage |
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Directors or relative of directors |
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100.00 |
BUSINESS DETAILS
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Line of Business : |
Real Estate Development – Construction
of Residential, Commercial Buildings and Hotels. |
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Exports : |
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Countries : |
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Imports : |
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Products : |
Modular Kitchen |
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Countries : |
Italy |
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Terms : |
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Selling : |
CAD |
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Purchasing : |
CAD |
GENERAL
INFORMATION
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Customers : |
Individuals |
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No. of Employees : |
20 |
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Bankers : |
839 Mount Road, Branch, Chennai – 600002, Tamilnadu, India |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
B Kalyanasundram Chartered
Accountants |
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Address : |
18 Second Street
Cross Street, Lake Area Nungambakkam, Chennai – 600034, Tamilnadu, India |
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Associates/Subsidiaries : |
(CIN :
U70101TN1996PTC034344) |
CAPITAL STRUCTURE
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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22000000 |
Equity Shares |
Rs.10/- each |
Rs.220.000
millions |
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Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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19500000 |
Equity Shares |
Rs.10/- each
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Rs.195.000
millions |
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FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
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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 |
195.000 |
195.000 |
25.000 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
10.922 |
8.793 |
172.507 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
205.922 |
203.793 |
197.507 |
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LOAN FUNDS |
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1] Secured Loans |
0.000 |
7.720 |
10.553 |
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2] Unsecured Loans |
2.556 |
3.034 |
66.016 |
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TOTAL BORROWING |
2.556 |
10.754 |
76.569 |
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DEFERRED TAX LIABILITIES |
0.027 |
0.094 |
0.068 |
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TOTAL |
208.505 |
214.641 |
274.144 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
1.842 |
2.871 |
3.210 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENT |
60.448 |
60.448 |
66.303 |
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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 |
16.527 |
32.707 |
44.943 |
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Sundry Debtors |
3.719 |
4.249 |
15.639 |
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Cash & Bank Balances |
28.384 |
15.158 |
0.360 |
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Other Current Assets |
0.000 |
0.000 |
0.000 |
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Loans & Advances |
114.823 |
127.318 |
172.316 |
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Total
Current Assets |
163.453
|
179.432 |
233.258 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
15.214 |
22.136 |
19.441 |
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Provisions |
2.024 |
5.974 |
9.186 |
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Total
Current Liabilities |
17.238 |
28.110 |
28.627 |
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Net Current Assets |
146.215 |
151.322 |
204.631 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
208.505 |
214.641 |
274.144 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
31.03.2007 |
31.03.2006 |
31.03.2005 |
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Sales Turnover |
68.187 |
90.674 |
NA |
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Other Income |
0.000 |
0.000 |
NA |
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Total Income |
68.187 |
90.674 |
NA |
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Profit/(Loss) Before Tax |
4.017 |
21.476 |
25.060 |
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Provision for Taxation |
1.888 |
9.336 |
10.068 |
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Profit/(Loss) After Tax |
2.129 |
12.140 |
14.992 |
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Expenditures : |
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Financial Charges |
0.215 |
0.180 |
1.294 |
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Other Expenditure |
63.955 |
69.018 |
NA |
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Total Expenditure |
64.170 |
69.198 |
1.294 |
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KEY RATIOS
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PARTICULARS |
|
31.03.2007 |
31.03.2006 |
31.03.2005 |
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PAT / Total Income |
(%) |
3.12
|
13.38 |
NA |
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Net Profit Margin (PBT/Sales) |
(%) |
5.89
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23.68 |
NA |
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Return on Total Assets (PBT/Total Assets} |
(%) |
1.78
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8.85 |
5.89 |
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Return on Investment (ROI) (PBT/Networth) |
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0.02
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0.12 |
0.13 |
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Debt Equity Ratio (Total Liability/Networth) |
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0.01
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0.19 |
0.53 |
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Current Ratio (Current Asset/Current Liability) |
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9.48
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6.38 |
8.15 |
LOCAL AGENCY
FURTHER INFORMATION
TRADE REFERENCES:
- Parryware
- Ceramic Tiles
- Express Hotelier and Caterer
- The Orchid
- Raintree Project
PROPOSED PROJECT:
- IT corridor , Thorapakkam Chennai
- Seshachalam Building
- Alexander Square
- Avenue road
- Mallika Residential Apartments
- Tivoli Residential Apartment
- Globus Office building
- River Heights
FORM 8:
|
Name of the
company |
CEEBROS PROPERTY DEVELOPMENT PRIVATE LIMITED |
|
Presented By |
CEEBROS PROPERTY DEVELOPMENT PRIVATE LIMITED
and Karnataka Bank Limited, Mount Road, Branch,
Chennai – 2 |
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1) Date and description
of instrument creating the change |
30.03.2000 Hypothecation
Agreement |
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2) Amount secured
by the charge/amount owing on the securities of charge |
Rs.10.500
millions Together with
Interest, Compound Interest, additional Interest, liquidated damages, premia
on prepayment or on redemption, costs, charges, expenses and other monies
payable debited to the account from time to time. |
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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 |
Hypothecation of
stock of building materials and work
in progress , pertaining to project at 109, St. Marrys Road, Teynampet
, Chennai - and No. 2, Desikachari
Road, Mylapore , Chennai – 600004. Receivables
arising out of the said two projects at Teynampet and Desikachari Road,
Mylapore, Chennai – 600 004 |
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4) Gist of the
terms and conditions and extent and operation of the charge. |
Rate of Interest :17.85% Mode of repayment : Initial holiday period of 15 months and after ,
six monthly installments of Rs.1.750 millions Collateral security : Extension of equitable mortgage of land and
building and horticulture land owned by Ceebros Hotels Private limited , bearing
D No. 1, Officers Line, pallavaram Cantonemnt , pallavaram, Chennai – 43,
comprised in Revenue Survey No. 12, patta No. 44 of 212, Saidapet Teluk,
Chengai – MGR District , measuring one acre and 23356 Sq. fts to secure the
credit facilities. |
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5) Name and
Address and description of the person entitled to the charge. |
The Karnataka Bank Limited 839, Mount Road, Branch, Chennai - 2 |
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6) Date and brief description of instrument
modifying the charge |
28.01.2005hypothecation
agreement General power of
attorney for book debts Contract works. |
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7) Particulars of
modifications specifying the terms and conditions or the extent of operations
of the charge in which modification is made and the details of the
modification. |
There is no change
in the existing credit limits only renewal of the existing OD limit of
Rs.10.000 millions carrying Interest @ 1.5% below PLR with a minimum of
10.50% (rate of Interest is subject to change by the bank from time to time )
with margin of 40% and all the existing securities, primary Collateral
including the hypothecation of entire stock of building materials, work in
progress and to be held from time to time at various project sires of the
borrower and whole of the book debts and receivables both present and future
continue to secure the renewed limits
together with Interest and all other monies payable to the Karnataka Bank
Limited, mount Road Branch, Chennai – 2. Other securities
offered to the bank and all other terms and conditions of the original charge
and the subsequent modification continue to remain the same. |
WEBSITE DETAILS:
Profile:
Subject is an exceptionally ethical company that built its foundation on the key belief that customer satisfaction is a primary measure of success. Incorporated in the year 1980, the company's strong exphasis on integrity, reliability, competitive pricing, and timely completion has earned it unparalleled eminence in the trade and set all standards for others to follow.
The Raintree, South India's first Five Star Ecotel Hotel is the maiden venture in this endeavour. Subject is also planning to progressively diversify into Professional Property Management Services of International standards.
Projects:
A rare blend of architectural beauty, superior location, exclusive amenities, clear ownership titles and first-rate construction, with assured investment appreciation, are some of the trademarks of all the company projects. Specializing in complex, challenging projects, the company is continually expanding its in-house resources and expertise to address new challenges and reinforce its clear position of leadership in the industry.
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 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.42.94 |
|
UK Pound |
1 |
Rs.84.52 |
|
Euro |
1 |
Rs.66.73 |
SCORE & RATING
EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
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HISTORY |
1~10 |
5 |
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PAID-UP CAPITAL |
1~10 |
6 |
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OPERATING SCALE |
1~10 |
5 |
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FINANCIAL CONDITION |
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--BUSINESS SCALE |
1~10 |
6 |
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--PROFITABILIRY |
1~10 |
4 |
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--LIQUIDITY |
1~10 |
6 |
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--LEVERAGE |
1~10 |
6 |
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--RESERVES |
1~10 |
5 |
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--CREDIT LINES |
1~10 |
5 |
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--MARGINS |
-5~5 |
- |
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DEMERIT POINTS |
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--BANK CHARGES |
YES/NO |
YES |
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--LITIGATION |
YES/NO |
NO |
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--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
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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 |
NO |
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--LISTED |
YES/NO |
NO |
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--OTHER MERIT FACTORS |
YES/NO |
YES |
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TOTAL |
|
48 |
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 |
|