MIRA
INFORM REPORT
|
Report Date : |
15.05.2008 |
IDENTIFICATION
DETAILS
|
Name : |
SRI CITY LIMITED |
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Formerly Known As : |
SATHYAVEDU RESERVE INFRACITY PRIVATE LIMITED |
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Registered Office : |
No.85, Kutchery Road, Mysore, Chennai – 600004, Tamilnadu |
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Country : |
India |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
27.09.2005 |
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Com. Reg. No.: |
18-57627 |
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CIN No.: [Company
Identification No.] |
U45201TN2005PTC057627 |
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Legal Form : |
A Closely Held Public Limited Liability Company |
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Line of Business : |
To carry on the business of, establish, build, maintain, operate, own,
lease out and/or sell, townships, housing colonies, information technology
parks and/or industrial estate. |
RATING &
COMMENTS
|
MIRA’s Rating : |
B |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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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Maximum Credit Limit : |
USD 2821972 |
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Status : |
New Large Project |
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Payment Behaviour : |
Slow but Correct |
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Litigation : |
Clear |
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Comments : |
Subject is a large construction and infrastructure project which is in
initial stage of implementation with the financial assistance from Non
Resident Indians. Its payments are reported as slow. The company can be considered for normal business dealings with some
caution as the company has yet to establish track. |
LOCATIONS
|
Registered Office : |
No.85, Kutchery Road, Mysore, Chennai – 600004, Tamilnadu, India |
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Tel. No.: |
91-44-24616771/ 24959329/ 248616768/70 |
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Mobile No.: |
91-9944428233 |
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Fax No.: |
91-44-24617810 |
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E-Mail : |
DIRECTORS
|
Name : |
Mr. S. Ravindra Babu |
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Designation : |
Director |
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Address : |
New No.4 Old No.9, 24th Cross Street, Indirs Nagar, Adayar,
Chennai – 600020, Tamilnadu, India |
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Date of Birth/Age : |
10.07.1963 |
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Date of Appointment : |
27.09.2005 |
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Name : |
Mr. D. Sudhakar Reddy |
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Designation : |
Director |
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Address : |
No.15 Anands, 10/5 South Avenue, Sprinagar Colony, Chennai – 600015,
Tamilnadu, India |
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Date of Birth/Age : |
15.06.1958 |
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Date of Appointment : |
07.03.2006 |
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Name : |
Mr. R. Karthikeyan |
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Designation : |
Director |
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Address : |
New No.54 Old No.41, Devaraja Street, Chennai – 600012, Tamilnadu,
India |
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Date of Birth/Age : |
01.08.1975 |
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Date of Appointment : |
01.03.2007 |
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Name : |
Mr. P Mukunda Reddy |
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Designation : |
Director |
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Address : |
Kuttuvapalli (Village), Manubolu Mandalam, Nellore District, Nellore –
524405, Andhra Pradesh, India |
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Date of Birth/Age : |
10.08.1965 |
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Date of Appointment : |
01.03.2007 |
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Name : |
Mr. Shrinivasa C Raju |
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Designation : |
Director |
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Date of Birth/Age : |
15.07.1961 |
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Date of Appointment : |
01.09.2007 |
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Other Directorship Companies: |
Harathanai Property Development Private Limited Director U70101TN2005PTC056382 Sri City Property Development Private Limited Director U45201TN2006PTC059210 |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
(As on 30.09.2005)
|
Names of Shareholders |
|
No. of Shares |
|
|
|
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Mr. S. Ravindra Babu |
|
9900 |
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Mr. R. Karthikeyan |
|
100 |
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Mr. S. Ravindra Babu HUF |
|
1511662 |
|
Chintalapati Holding Private Limited |
|
8295962 |
|
Mr. G V Kumar |
|
89686 |
|
Venture Tech Solutions Private Limited |
|
269058 |
|
Ink Reality Projects Private Limited |
|
269058 |
|
Innovative Water Solutions Limited |
|
203000 |
|
Mr. P V S Suryanarayana Raju |
|
45000 |
|
Mr. T. Sunil Reddy |
|
40000 |
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Mr. D. Sudhakar Reddy |
|
20000 |
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Mr. Rajagopal Reddy |
|
63608 |
|
Sanna Reddy Holding Private Limited |
|
557910 |
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Ms. Anuradha Reddy |
|
211821 |
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|
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Total |
|
11586765 |
(As on 31.03.2007
|
Category |
|
Percentage |
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|
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Foreign Holding (FIIs, FCs, FFIs, NRIs, OCBs, or Others) |
|
1.83 |
|
Bodies Corporate (not mentioned above) |
|
82.81 |
|
Directors or relatives of directors |
|
13.30 |
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Other top fifty Shareholders (other than Listed above) |
|
2.06 |
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|
|
|
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Total |
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
To carry on the business of, establish, build, maintain, operate, own,
lease out and/or sell, townships, housing colonies, information technology
parks and/or industrial estate. |
GENERAL
INFORMATION
|
No. of Employees : |
100 |
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Bankers : |
· State Bank of
India Overseas Bank, No.86, Rajaji Salai, Chennai – 600001, Tamilnadu, India |
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Banking
Relations : |
- |
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Auditors : |
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Name : |
Ganesh Venkat and Company Chartered Accountant |
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Address : |
New No.2, Old No.25, 1st Floor, Chengalvarayan Street,
Shenoy Nagar, Chennai – 600030, Tamilnadu, India |
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Associates/Subsidiaries : |
Harathanai
Property Development Private Limited U70101TN2005PTC056382 Sri City
Property Development Private Limited U45201TN2006PTC059210 |
CAPITAL STRUCTURE
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
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|
|
|
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25000000 |
Equity Shares |
Rs.10/- each |
Rs.250.000 Millions |
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Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
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|
|
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|
6308700 |
Equity Shares |
Rs.10/- each |
Rs.63.087
Millions |
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FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
|
31.03.2007 |
31.03.2006 |
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|
SHAREHOLDERS FUNDS |
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|
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1] Share Capital |
|
63.087 |
0.100 |
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2] Share Application Money |
|
25.835 |
22.881 |
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3] Reserves & Surplus |
|
619.013 |
0.000 |
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4] (Accumulated Losses) |
|
(2.442) |
0.000 |
|
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NETWORTH |
|
705.493 |
22.981 |
|
|
LOAN FUNDS |
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|
|
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1] Secured Loans |
|
0.656 |
0.000 |
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2] Unsecured Loans |
|
0.000 |
0.000 |
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TOTAL BORROWING |
|
0.656 |
0.000 |
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DEFERRED TAX LIABILITIES |
|
0.000 |
0.000 |
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TOTAL |
|
706.149 |
22.981 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
|
32.335 |
0.000 |
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Capital work-in-progress |
|
16.214 |
2.294 |
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INVESTMENT |
|
0.000 |
0.000 |
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DEFERREX TAX ASSETS |
|
0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
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0.000 |
0.000 |
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Sundry Debtors |
|
0.000 |
0.000 |
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Cash & Bank Balances |
|
26.724 |
0.257 |
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Other Current Assets |
|
0.000 |
0.000 |
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Loans & Advances |
|
722.893 |
21.040 |
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Total
Current Assets |
|
749.617 |
21.297 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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|
|
|
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Current Liabilities |
|
62.897 |
0.609 |
|
|
Provisions |
|
0.120 |
0.001 |
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Total
Current Liabilities |
|
63.017 |
0.610 |
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Net Current Assets |
|
686.600 |
20.687 |
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MISCELLANEOUS EXPENSES |
|
0.000 |
0.000 |
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|
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TOTAL |
|
706.149 |
22.981 |
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PROFIT & LOSS
ACCOUNT
|
PARTICULARS |
|
|
31.03.2007 |
|
|
Sales Turnover |
|
|
0.311 |
|
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Other Income |
|
|
0.000 |
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Total Income |
|
|
0.311 |
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Profit/(Loss) Before Tax |
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|
(2.349) |
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Provision for Taxation |
|
|
0.093 |
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Profit/(Loss) After Tax |
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(2.442) |
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Expenditures : |
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Depreciation |
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|
0.076 |
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Other Expenditure |
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|
2.584 |
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Total Expenditure |
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|
2.660 |
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KEY RATIOS
|
PARTICULARS |
|
|
31.03.2007 |
31.03.2006 |
|
PAT / Total Income |
(%) |
|
(785.20) |
NA |
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Net Profit Margin (PBT/Sales) |
(%) |
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(755.30) |
NA |
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Return on Total Assets (PBT/Total Assets} |
(%) |
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(0.30) |
NA |
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Return on Investment (ROI) (PBT/Networth) |
|
|
0.00 |
NA |
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Debt Equity Ratio (Total Liability/Networth) |
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|
0.09 |
0.03 |
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Current Ratio (Current Asset/Current Liability) |
|
|
11.89 |
34.91 |
LOCAL AGENCY
FURTHER INFORMATION
Form 8:
|
Corporate identity
number (CIN) Foreign company registration number |
U45201TN2005PTC057627 |
|
Name of the
Company |
SRI CITY LIMITED |
|
Address |
No.85, Kutchery Road, Mysore, Chennai – 600004, Tamilnadu, India |
|
This form is for |
Creation of Charge |
|
Type of Charge |
Immovable Property Book Debts Movable Property (not being pledge) |
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Particulars of
the charge holder |
State Bank of India Overseas Bank, No.86, Rajaji Salai, Chennai – 600001, Tamilnadu, India |
|
Nature or
description of the instrument(s) creating or modifying the charge |
Agreement of Loan
for overall limit Agreement of
Hypothecation of Goods and Assets Letter Regarding the
Grant of Individual Limits Within the Overall Limit E M Confirmation
Letter |
|
Date of the
instrument creating or modifying the charge |
22.08.2007 |
|
Amount secured by
the charge |
Rs.100.000
Millions |
|
Brief particulars
of the principal terms and conditions and extent and operation of the charge |
Rate of
Interests: Interests at
1.00% above SBAR (presently 12.75%) Floating with a minimum of 13.75% WMR and
the rate to be rests annually Terms of
Repayment: Repayment of 12 months
with a moratorium of 2 months (with a monthly installment of Rs.10.000
Millions per months) Margin: As stipulated by
the Bank from time to time Extent and
operation of the charge: As mentioned in
the attachment and Agreements |
|
Short particulars
of the property charged (including location of the property) |
As mentioned in
the attachment |
|
Particular of the
present modification |
NA |
News:
Sri
City developing 5,000-acre SEZ near Chennai
Will focus on manufacturing
and engineering industries
Archana Venkat
Chennai, Jan. 20 Sri City Pvt Ltd is developing an over
5,000-acre special economic zone (SEZ) project 55 km north of Chennai towards
Andhra Pradesh on the National Highway 5. The project cost is estimated at
about Rs 2,500 crore of which Rs 1,000 crore will be deployed towards the first
phase, according to Ms Raghini Peter, Vice-President, Business Development, Sri
City.
Speaking to Business Line on the sidelines of a session on
‘Enabling business infrastructure’, organised by the Indo-American Chamber of
Commerce, Ms Peter said the company had received notification from the
Government to set up a multi-product SEZ in September and had recently
completed land acquisition. It has obtained land in Tamil Nadu and Andhra
Pradesh to be close to the Chennai, Ennore and Krishnapatnam ports.
Focus
areas
The SEZ will focus on the manufacturing and engineering
industries such as auto components, apparel and fashion, bio-technology,
pharmaceuticals, hardware, electronics, logistics, warehousing, renewable
energy, leather products, light engineering, sports and toys. The SEZ can
support 400-500 business units, Ms Peter said. “We have signed memoranda of
understanding with eight multinational companies which will occupy the space at
the SEZ,” she said, but did not give further details.
About 65 per cent of the land acquired for the project will
be put to industrial use and the rest will be used to provide housing and
accommodation to employees.
Project
schedule
In the first stage of the project, expected to be completed
by December, basic infrastructure components such as space for business units,
roads and specific construction work for clients will be made available. In the
second phase, which will extend over 3-4 years, the company plans to focus on
building roads, high intensity street lighting, digital data networks and an
in-house waste management system. “There is already a broad gauge railway line
running alongside the site. We have also obtained sanctions from the Andhra
Pradesh Government to tap the Telugu Ganga project canals for our water and
electricity requirements,” she said.
The project is expected to see a collective investment of
about Rs 18,000 crore from the companies taking space here. When fully
occupied, the SEZ is expected to generate an export turnover of about Rs 20,000
crore, Ms Peter said. It will provide direct employment to 1 lakh people and
indirect employment to 75,000 people.
“Eventually, we will seek more land to expand the SEZ,
depending on demand,” she said. Sri City Pvt Ltd is promoted by Megasoft Ltd’s
promoter, Mr Ravindra Sannareddy, and some NRI investors. The Singapore-based
Jurong Consultants are the master planners for the SEZ project. Detailed
engineering would be done by the Singapore-based RSP Architects Planners and
Engineers and CPG Consultant Pte Ltd.
Sri
City Special Economic Zone
Location:
Tamil Nadu, Chennai
Posted
on: 25-Feb-2008
Sri City Special Economic Zone offers a strategic location to
global companies for the establishment of services and trading operations in
India. Envisaged as a business destination that benchmarks with the best in the
world, Sri City will provide industrial and support business infrastructure,
designed to raise the bar on every parameter of quality standards. Spread over
5000 acres, this business city is set to arrive on the global investment map
with the twin benefits of an SEZ and an adjoining Domestic Tariff Area for the
creation of a supplier base. These business zones will be supported by a social
infrastructure zone that encompasses living quarters for employees with all
support amenities. View Information- http://www.sricity.in
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.42.33 |
|
UK Pound |
1 |
Rs.82.31 |
|
Euro |
1 |
Rs.65.46 |
SCORE & RATING
EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
OPERATING SCALE |
1~10 |
- |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
- |
|
--PROFITABILIRY |
1~10 |
- |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
6 |
|
--RESERVES |
1~10 |
- |
|
--CREDIT LINES |
1~10 |
4 |
|
--MARGINS |
-5~5 |
- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
NO |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
26 |
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 |
|