MIRA
INFORM REPORT
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Report Date : |
19.05.2008 |
IDENTIFICATION
DETAILS
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Name : |
S KADIRVEL CONSTRUCTION COMPANY PRIVATE LIMITED |
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Registered Office : |
1134 Thadagam Road, R S Puram, Coimbatore – 641002, Tamilnadu |
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Country : |
India |
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Date of Incorporation : |
22.11.2006 |
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Com. Reg. No.: |
013232 |
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CIN No.: [Company
Identification No.] |
U45200TZ2006PTC013232 |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Construction Activities. |
RATING &
COMMENTS
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MIRA’s Rating : |
B |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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26-40 |
B |
Unfavourable & favourable factors carry similar weight in credit
consideration. Capability to overcome financial difficulties seems
comparatively below average. |
Small |
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Status : |
New Project/ Company |
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Payment Behaviour : |
Slow but Correct |
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Litigation : |
Clear |
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Comments : |
Subject has undertaken first Residential Construction Project at
Coimbatore, which is expected to be completed within 3 months. Selling price of
each flat is of Rs.8.000 Millions (1785 sq. ft) and in all there are 32
slats. The company to register sales of Rs.60.000 Millions in 2008-09. Mr. S A Prasad, Sales Manager confirmed the details. The company can be considered for small to mediocre business dealings
at usual trade terms and conditions. |
INFORMATION PARTED
BY
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Name : |
Mr. S. A. Prasad |
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Designation : |
Executive Sales Manager |
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Contact No.: |
91-9943322841 |
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Date : |
19.05.2008 |
LOCATIONS
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Registered Office : |
1134 Thadagam Road, R S Puram, Coimbatore – 641002, Tamilnadu, India |
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Tel. No.: |
91-422-4200841 |
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Mobile No.: |
91-9943322841/ 9443060656 |
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E-Mail : |
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Location : |
Rented |
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Corporate Office : |
Dr. Radhakrishna Road, Opp. Karnataka Asso. Kalyana Mandapam, Tatabad,
Coimbatore – 641012, Tamilnadu, India |
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Tel. No.: |
91-422-4373641 |
DIRECTORS
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Name : |
Mr. S. Kathirvel |
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Designation : |
Director |
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Address : |
63/1, Kongu Nagar, Ramanatha Puram, Coimbatore – 641045, Tamilnadu,
India |
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Date of Birth/Age : |
14.04.1952 |
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Date of Appointment : |
27.07.2007 |
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Name : |
Mr. Kadirvel Vaitheeswaran |
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Designation : |
Director |
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Address : |
63/1, Kongu Nagar, Ramanatha Puram, Coimbatore – 641045, Tamilnadu,
India |
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Date of Birth/Age : |
20.05.1986 |
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Other Directorship Companies : |
KSV Cotton Mills Private Limited Managing Director U17111TZ1994PTC005438 Economical Exclusive construction Company India Private Limited Director U45201TZ2005PTC012248 |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
(As on 23.07.2007)
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Names of Shareholders |
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No. of Shares |
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Mrs. K Sumathi |
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75000 |
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Mr. S A Prasad |
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24000 |
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Total |
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99000 |
BUSINESS DETAILS
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Line of Business : |
Construction Activities. |
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Terms : |
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Selling : |
Cash |
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Purchasing : |
Credit (30-90 days) |
GENERAL INFORMATION
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Customers : |
End Users |
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No. of Employees : |
16 |
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Bankers : |
· Corporation Bank 816, Oppanakara Street, Coimbatore – 641001, Tamilnadu, India |
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Banking
Relations : |
- |
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Auditors : |
Not Available |
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Associates/Subsidiaries : |
KSV Cotton Mills Private Limited U17111TZ1994PTC005438 Economical Exclusive construction Company India Private Limited U45201TZ2005PTC012248 |
CAPITAL STRUCTURE
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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1000000 |
Equity Shares |
Rs.10/- each |
Rs.10.000 Millions |
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Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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Not Available |
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FINANCIAL DATA
[all figures are in Rupees Millions]
Expected Sales (2008-09): Rs.60.000 Millions
No financials are yet available from any sources.
LOCAL AGENCY
FURTHER INFORMATION
Note:
The company is constructing a residential project
at Ciombatore at a cost of Rs.110.000 Millions
Residential Complex
‘S K Prestige’
3 BHK Flats
Project would be completed – in 3 months.
Form 8:
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Corporate
identity number (CIN) Foreign company registration number |
U45200TZ2006PTC013232 |
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Name of the
Company |
S KADIRVEL CONSTRUCTION COMPANY PRIVATE LIMITED |
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Address |
1134 Thadagam Road, R S Puram, Coimbatore – 641002, Tamilnadu, India |
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This form is for |
Creation of Charge |
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Type of Charge |
Immovable
Property Movable Property (Not
being pledge) Hypothecation of
all movable fixed, current and Non C/A |
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Particulars of
the charge holder |
Corporation Bank 816, Oppanakara
Street, Coimbatore – 641001, Tamilnadu, India |
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Nature or
description of the instrument(s) creating or modifying the charge |
Common Deeds of
hypothecation of Movable/ Assets. Debts Memorandum of
Deposit of title deeds (By a Company) |
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Date of the
instrument creating or modifying the charge |
07.09.2007 |
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Amount secured by
the charge |
Rs.30.000
Millions |
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Brief particulars
of the principal terms and conditions and extent and operation of the charge |
Rate of
Interests: Demand Loan (Secured)
Rs.30.000 Millions Rate of Interests is 14.50% (1.25% above cobra – present
cobra = 13.25%) The rate of Interests is subject to change from time to time. Terms of
Repayment: The loan is
repayable in three quarterly of each Rs.10.000 Millions each after an initial
repayment holding of 15 months. Interests to be paid separately as and when
due and debited. Margin: Margin for term
Loan : 72.73% of the project cost of Rs.110.00 Millions Extent and
operation of the charge: Charge on entire
assets and movable fixed assets of the company both existing and future First charge by
way of equitable Mortgage of Commercial Land admeasuring 47.12 cents and
building situated at G S No.188, Plot No.74/75 at Dr. Radhakrishna Road, T S
No. 11/436 and 437, Tatabad, Coimbatore – 641012 and building to be
constructed thereon. Others: Purpose: To Meet
the initial mismatch during the construction activity for the proposed
residential apartments totaling 32 falts in Coimbatore City with a project of
Rs.110.000 Millions |
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Short particulars
of the property charged (including location of the property) |
Charge on entire
assets and movable fixed assets of the company both existing and future First charge by
way of equitable Mortgage of Commercial Land admeasuring 47.12 cents and
building situated at G S No.188, Plot No.74/75 at Dr. Radhakrishna Road, T S
No. 11/436 and 437, Tatabad, Coimbatore – 641012 and building to be
constructed thereon. |
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Particular of the
present modification |
NA |
CMT REPORT (Corruption,
Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts, India Prisons Service,
Interpol, etc.
1] INFORMATION ON
DESIGNATED PARTY
No exist designating subject or any of its beneficial owners,
controlling shareholders or senior officers as terrorist or terrorist
organization or whom notice had been received that all financial transactions
involving their assets have been blocked or convicted, found guilty or against
whom a judgement or order had been entered in a proceedings for violating
money-laundering, anti-corruption or bribery or international economic or
anti-terrorism sanction laws or whose assets were seized, blocked, frozen or
ordered forfeited for violation of money laundering or international
anti-terrorism laws.
2] Court Declaration :
No records exist to suggest that subject is
or was the subject of any formal or informal allegations, prosecutions or other
official proceeding for making any prohibited payments or other improper
payments to government officials for engaging in prohibited transactions or
with designated parties.
3] Asset Declaration :
No records exist to suggest that the property or assets of the subject
are derived from criminal conduct or a prohibited transaction.
4] Record on Financial
Crime :
Charges or conviction
registered against subject: None
5] Records on Violation of
Anti-Corruption Laws :
Charges or
investigation registered against subject: None
6] Records on Int’l
Anti-Money Laundering Laws/Standards :
Charges or
investigation registered against subject: None
7] Criminal Records
No
available information exist that suggest that subject or any of its principals
have been formally charged or convicted by a competent governmental authority
for any financial crime or under any formal investigation by a competent
government authority for any violation of anti-corruption laws or international
anti-money laundering laws or standard.
8] Affiliation with
Government :
No record
exists to suggest that any director or indirect owners, controlling
shareholders, director, officer or employee of the company is a government
official or a family member or close business associate of a Government
official.
9] Compensation Package :
Our market
survey revealed that the amount of compensation sought by the subject is fair
and reasonable and comparable to compensation paid to others for similar
services.
10] Press Report :
No press reports / filings exists on
the subject.
CORPORATE
GOVERNANCE
MIRA INFORM as part of its Due Diligence do provide comments on
Corporate Governance to identify management and governance. These factors often
have been predictive and in some cases have created vulnerabilities to credit
deterioration.
Our Governance Assessment focuses principally on the interactions
between a company’s management, its Board of Directors, Shareholders and other
financial stakeholders.
CONTRAVENTION
Subject is not known to have contravened any existing local laws,
regulations or policies that prohibit, restrict or otherwise affect the terms
and conditions that could be included in the agreement with the subject.
FOREIGN EXCHANGE
RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.42.64 |
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UK Pound |
1 |
Rs.83.00 |
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Euro |
1 |
Rs.66.00 |
SCORE & RATING
EXPLANATIONS
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SCORE FACTORS |
RANGE |
POINTS |
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HISTORY |
1~10 |
4 |
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PAID-UP CAPITAL |
1~10 |
3 |
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OPERATING SCALE |
1~10 |
3 |
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FINANCIAL CONDITION |
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--BUSINESS SCALE |
1~10 |
3 |
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--PROFITABILIRY |
1~10 |
3 |
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--LIQUIDITY |
1~10 |
3 |
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--LEVERAGE |
1~10 |
3 |
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--RESERVES |
1~10 |
3 |
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--CREDIT LINES |
1~10 |
3 |
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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 |
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28 |
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
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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>86 |
Aaa |
Possesses an extremely sound financial base with the strongest capability
for timely payment of interest and principal sums |
Unlimited |
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71-85 |
Aa |
Possesses adequate working capital. No caution needed for credit
transaction. It has above average (strong) capability for payment of interest
and principal sums |
Large |
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56-70 |
A |
Financial & operational base are regarded healthy. General
unfavourable factors will not cause fatal effect. Satisfactory capability for
payment of interest and principal sums |
Fairly Large |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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26-40 |
B |
Unfavourable & favourable factors carry similar weight in credit
consideration. Capability to overcome financial difficulties seems
comparatively below average. |
Small |
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11-25 |
Ca |
Adverse factors are apparent. Repayment of interest and principal sums
in default or expected to be in default upon maturity |
Limited with
full security |
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<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
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NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
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