MIRA
INFORM REPORT
|
Report Date : |
21.05.2008 |
IDENTIFICATION
DETAILS
|
Name : |
ETA CONSTRUCTION [INDIA] LIMITED |
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Registered Office : |
Chennai Citi Centre, 4th Floor, No. 10 and 11, Dr. Radhakrishnan
Salai, Mylapore, 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 : |
18.01.1995 |
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Com. Reg. No.: |
064362 |
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CIN No.: [Company
Identification No.] |
U85110TN1995PLC064362 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
CHEE02111E |
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PAN No.: [Permanent
Account No.] |
AAACE7190C |
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Legal Form : |
Closely held Public Limited Liability Company |
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Line of Business : |
Construction Activities |
RATING &
COMMENTS
|
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 1235000 |
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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 meeting its normal
commitments timeously. General
financial position is good. The Company can be considered good for normal business dealings. |
INFORMATION PARTED
BY
|
Name : |
Mr. Mohit Bude |
|
Designation : |
Accounts |
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Contact No.: |
91-9980597853 |
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Date : |
20.05.2008 |
LOCATIONS
|
Registered Office : |
Chennai Citi Centre, 4th Floor, No. 10 and 11, Dr. Radhakrishnan
Salai, Mylapore, Chennai 600004, Tamilnadu, India |
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E-Mail : |
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Location : |
Owned |
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Branches : |
Crown Court, 11th Floor, 34 Cathedral Road, Chennai 600086,
Tamilnadu, India |
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Tel. No.: |
91-44-25092023 |
DIRECTORS
|
Name : |
Mr. Sathak Ansari |
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Designation : |
Director |
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Address : |
No. 6, Krishna Street, Village Road, Nungambakkam, Chennai 600034,
Tamilnadu, India |
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Date of Birth/Age : |
19.06.1950 |
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Date of Appointment : |
01.04.2008 |
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Name : |
Mr. Hameed Salahuddin |
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Designation : |
Director |
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Address : |
P. O. Box No. 5239, Dubai, UAE |
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Date of Birth/Age : |
10.01.1969 |
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Date of Appointment : |
03.11.1995 |
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Name : |
Mr. P. H. M. Syed Ismail |
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Designation : |
Director |
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Address : |
P. O. Box No. 5239, Dubai, UAE |
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Date of Birth/Age : |
11.05.1943 |
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Date of Appointment : |
03.11.1995 |
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Name : |
Mr. Shahul Hameed |
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Designation : |
Director |
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Address : |
P. O. Box No. 5239, Dubai, UAE |
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Date of Birth/Age : |
03.04.1943 |
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Date of Appointment : |
03.11.1995 |
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Name : |
Mr. Ashraf Abdul Rahman Buhari |
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Designation : |
Director |
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Address : |
No. 8, Subba Rao, Avenue 3rd Street, Nungabakkam, Chennai
600034, Tamilnadu, India |
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Date of Birth/Age : |
19.02.1970 |
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Date of Appointment : |
04.10.2002 |
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Name : |
Mr. Khalid A. K. Buhari |
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Designation : |
Director |
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Address : |
No. 25, Khader Nawaz Khan Road, Chennai 600006, Tamilnadu, India |
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Date of Birth/Age : |
12.11.1957 |
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Date of Appointment : |
04.04.2003 |
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Name : |
Mr. P.S. M. Syed Abdul Khadir |
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Designation : |
Director |
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Address : |
P. S. M. House, 10/2 Mukha Garden, Mayor V. R. Ramanathan Salai,
Madras 600031 |
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Date of Birth/Age : |
16.10.1935 |
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Date of Appointment : |
05.04.2003 |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
[As on 29.09.2005]
|
Names of Allottees |
|
No. of Shares |
|
Ziaulla Shariff |
|
100 |
|
Yunus Zia |
|
100 |
|
P. H. M. Syed Ismail |
|
1200000 |
|
Shahul Hameed |
|
1200000 |
|
Syed Salahuddin |
|
3000000 |
|
Arif Rahman |
|
3000000 |
|
Ascon Constructions Limited |
|
4400000 |
|
Ascon Constructions Limited |
|
20408160 |
|
Khalid A. K. Buhari |
|
7200000 |
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Total |
|
40408360 |
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Equity Share
Break-up [As on 31.03.2007] |
|
Percentage of
Holding |
|
Directors or relatives of the Directors |
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Construction Activities |
GENERAL
INFORMATION
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No. of Employees : |
300 |
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Bankers : |
Address: 52, Armenian Street, Parrys,
Chennai 600001, Tamilnadu, India
Address: 7, P.O. Box No. 5627, M. G. Road, Bangalore 560001, Karnataka, India |
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Facilities : |
HSBC Bank CC and L/C |
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Banking
Relations : |
Good |
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Auditors : |
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Name : |
S. Janardhan and Assocites Chartered Accountants |
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Address : |
Apartment No. 106 and 203, Embassy Centre, No. 11, Crescent Road, Bangalore
560001, Karnataka, India |
CAPITAL STRUCTURE
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
7000000 |
Equity Shares |
Rs. 10/- each |
Rs. 70.000 Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
4040836 |
Equity Shares |
Rs. 10/-
each |
Rs. 40.408
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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|
|
|
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1] Share Capital |
40.408 |
64.632 |
40.408 |
|
|
2] Share Application Money |
0.000 |
0.000 |
24.223 |
|
|
3] Reserves & Surplus |
268.352 |
65.999 |
50.708 |
|
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
308.760 |
130.631 |
115.339 |
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|
LOAN FUNDS |
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|
|
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1] Secured Loans |
1549.806 |
395.921 |
383.224 |
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2] Unsecured Loans |
482.623 |
249.604 |
156.386 |
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TOTAL BORROWING |
2032.429 |
645.525 |
539.610 |
|
|
DEFERRED TAX LIABILITIES |
7.569 |
2.728 |
0.711 |
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Other |
23.727 |
54.099 |
11.039 |
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TOTAL |
2372.485 |
832.983 |
666.699 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
164.817 |
44.243 |
27.240 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENT |
79.399 |
0.024 |
0.024 |
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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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|
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Inventories |
998.358
|
630.010 |
261.265 |
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Sundry Debtors |
31.250
|
52.391 |
9.474 |
|
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Cash & Bank Balances |
96.777
|
42.250 |
20.493 |
|
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Other Current Assets |
0.000
|
0.000 |
0.000 |
|
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Loans & Advances |
1629.807
|
544..363 |
446.132 |
|
Total
Current Assets |
2756.192
|
1269.014 |
737.364 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
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Current Liabilities |
612.390
|
472.957 |
95.469 |
|
|
Provisions |
15.533
|
7.341 |
2.460 |
|
Total
Current Liabilities |
627.923
|
480.298 |
97.929 |
|
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Net Current Assets |
2128.269
|
788.716 |
639.435 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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|
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TOTAL |
2372.485 |
832.983 |
666.699 |
|
PROFIT & LOSS
ACCOUNT
|
PARTICULARS |
31.03.2007 |
31.03.2006 |
31.03.2005 |
|
|
Sales Turnover |
1193.148 |
339.832 |
232.037 |
|
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Other Income |
7.399 |
1.056 |
151.759 |
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Total Income |
1200.547 |
340.888 |
383.796 |
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Profit/(Loss) Before Tax |
60.149 |
25.755 |
0.664 |
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Provision for Taxation |
-- |
-- |
0.292 |
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Profit/(Loss) After Tax |
60.149 |
25.755 |
0.372 |
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Expenditures : |
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Raw Material Consumed |
968.990 |
447.558 |
300.258 |
|
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Purchases made for re-sale |
173.903 |
57.261 |
0.000 |
|
|
Increase/(Decrease) in Finished Goods |
[299.710] |
[343.597] |
0.000 |
|
|
Salaries, Wages, Bonus, etc. |
24.663 |
14.344 |
7.895 |
|
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Payment to Auditors |
0.276 |
0.119 |
0.095 |
|
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Interest |
107.315 |
46.871 |
52.935 |
|
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Insurance Expenses |
3.545 |
3.151 |
0.720 |
|
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Power & Fuel |
9.783 |
3.086 |
1.447 |
|
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Depreciation & Amortization |
7.867 |
5.665 |
3.593 |
|
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Other Expenditure |
143.766 |
80.675 |
16.189 |
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Total Expenditure |
1140.398 |
315.133 |
383.132 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2007 |
31.03.2006 |
31.03.2005 |
|
PAT / Total Income |
(%) |
5.01
|
7.55 |
0.28 |
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Net Profit Margin (PBT/Sales) |
(%) |
5.04
|
7.57 |
0.09 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
2.05
|
1.96 |
0.08 |
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Return on Investment (ROI) (PBT/Networth) |
|
0.19
|
0.19 |
0.005 |
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|
Debt Equity Ratio (Total Liability/Networth) |
|
8.61
|
8.61 |
5.52 |
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|
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|
|
Current Ratio (Current Asset/Current Liability) |
|
4.38
|
2.64 |
7.52 |
LOCAL AGENCY FURTHER
INFORMATION
Note:
The Registered office of the company has been shifted from No. 501,
North Block Front Wing, Manipal Center, Dickenson Road, Bangalore 560042,
Karnataka, India to Chennai Citi Centre, 4th Floor, No. 10 and 11, Dr.
Radhakrishnan Salai, Mylapore, Chennai 600004, Tamilnadu, India w.e.f.
19.07.2007
Form 8
Bankers Charges
Report as per Registry
|
Name of the company |
ETA CONSTRUCTION
[INDIA] LIMITED |
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Presented By |
The Jammu Kashmir Bank Limited |
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1) Date and description of instrument creating the change |
10.09.2004. Hypothecation agreement. |
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2) Amount secured by the charge/amount owing on the securities of charge |
Term loan and working capital of Rs. 580.000 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 |
Hypothecation of
construction and building materials lying in the borrowers premises /shops/
godowns and/or in transit and the borrower and/or wheresoever they may be. Whole of the
borrower present and future book debts, receivables, claims,
assets/properties/plants/machinery belonging to the borrower. |
|
4) Gist of the terms and conditions and extent and operation of the charge. |
Rate of interest
: 10% p.a. with monthly rests as per corporate head quarters Loan : Rs.
580.000 Millions Period : The entire term
loan is to be repaid in five years including the date of disbursement as
under: II year : Two
quarterly installments of Rs. 27.140 Millions each III year : Four
quarterly installments of Rs. 52.140 Millions each IV year: Four
quarterly installments of Rs. 52.140 Millions each V year: Four
quarterly installments of Rs. 27.150 Millions each However, the
interest should be recovered separately as and when charged in |
|
5) Name and Address and description of the person entitled to the charge. |
Jammu and Kashmir Bank Limited Corporate Head Quarters, Moulane Azad Road, Srinagar |
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6) Date and brief description of instrument modifying the charge |
NA |
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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. |
NA |
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Corporation identity number or foreign company registrations number of the company |
U85110TN1995PLC064362 |
|
Name of the company |
ETA CONSTRUCTION
[INDIA] LIMITED |
|
Address |
501, North Block Front Wing, Manipal Center, Dickenson Road, Bangalore
560042, Karnataka, India |
|
This Form is for |
Creation of charge |
|
Type of Charges |
Hypothecation |
|
Particular of the charge holder |
The Hongkong and
Shanghai Banking Corporation Limited 7, P.O. Box No. 5627,
M. G. Road, Bangalore 560001, Karnataka, India |
|
Nature or description of the instrument creating charge |
Deed of hypothecation dated 15.09.2006 |
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Date of the instrument creating charge |
16.09.2006 |
|
Amount Secure by the charge |
Rs. 330.000 Millions |
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Brief of the principal terms and conditions and extent and operation of the charge |
In Consideration of loan and/or any other banking facilities to be sanctioned by the bank to the company as per the terms and conditions detailed in the loan agreements. |
|
Description of the Property charged |
Stock in trade Others |
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Particulars of the property charged |
Stock and receivables pertaining to the apartment complex known as “The Gardens” to be constructed in the land being bearing municipal corporation no. 9 measuring an extent of 705000 Sq. fts. Situated in Binnyston Garden, Magadi main Road, K. P. Agrahara, within the jurisdiction of BMP ward no. 29. |
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. 42.67 |
|
UK Pound |
1 |
Rs. 83.41 |
|
Euro |
1 |
Rs. 66.39 |
SCORE & RATING
EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
OPERATING SCALE |
1~10 |
7 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
9 |
|
--PROFITABILIRY |
1~10 |
6 |
|
--LIQUIDITY |
1~10 |
8 |
|
--LEVERAGE |
1~10 |
8 |
|
--RESERVES |
1~10 |
8 |
|
--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 |
NO |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
65 |
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 |
|