%20LIMITED%2001-Nov-2008_files/image002.jpg){kind=small}
MIRA
INFORM REPORT
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Report Date : |
01.11.2008 |
IDENTIFICATION
DETAILS
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Name : |
KRISTAL PROJECTS (INDIA) LIMITED |
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Registered Office : |
5, 2nd A Main, Chinnmma Lane, Madiwala, Bangalore-560068, Karnataka |
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Country : |
India |
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Financials (as on) : |
31.03.2006 |
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Date of Incorporation : |
31.10.2002 |
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Com. Reg. No.: |
08-31169 |
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CIN No.: [Company
Identification No.] |
U07010KA2002PLC031169 |
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Legal Form : |
A Closely Held Public Limited Liability Company |
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Line of Business : |
Civil Construction |
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 1200000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Slow but correct |
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Litigation : |
Clear |
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Comments : |
Subject is a well established company having satisfactory track
records. Trade relations are fair. Payments are reported as slow but correct. The company can be considered normal for business dealings at usual
trade terms and conditions. |
LOCATIONS
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Registered Office : |
5, 2nd A Main, Chinnmma Lane, Madiwala, Bangalore-560068,
Karnataka, India |
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Tel. No.: |
91-80-26685992 |
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Fax No.: |
91-80-26782812 |
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E-Mail : |
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Website : |
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Corporate Office : |
4th Cross, 29th Main, BTM Layout, 2nd
Stage, Bangalore-560076, Karnataka, India |
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Mobile No.: |
91-9845472559 |
DIRECTORS
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Name : |
Mr. Komath Sivadasan |
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Designation : |
Director |
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Address : |
# 3/1, Srivastsa Appartment, 1st B Cross Vinayaka Nagar,
‘A’ Block, Bangalore-560017, Karnataka, India |
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Date of Birth/Age : |
20.07.1960 |
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Date of Appointment : |
25.07.2007 |
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Name : |
Mr. Govind Mangalam Sasisekhar Namoodiri |
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Designation : |
Chairman and Managing Director |
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Address : |
42, 2nd Cross, 1st Main Mico Layout, BTM, 2nd
Stage, Bangalore-560076, Karnataka, India |
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Date of Birth/Age : |
26.02.1976 |
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Experience : |
32 Years |
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Date of Appointment : |
25.07.2007 |
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Name : |
Mr. C J Roy |
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Designation : |
Executive Director |
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Address: |
Park House, No. 874, 80 feet Road, Opposite, Lakshmi Devi, Park, VIII Block,
Koramangala, Bangalore-560095, Karnataka, India |
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Date of Birth/Age : |
39 Years |
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Experience : |
15 Years |
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Date of Appointment : |
15.12.2006 |
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Name : |
Mr. Latha K Nmboodiri |
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Designation : |
Joint Managing Director |
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Address: |
No. 55, 5th a Cross, 16th Main, Metropolitan,
BTM, II Stage, Bangalore-560076, Karnataka, India |
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Date of Birth/Age : |
45 Years |
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Experience : |
18 Years |
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Date of Appointment : |
31.01.2002 |
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Name : |
Mr. Krishnan Nambodiri |
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Designation : |
Chairman |
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Address: |
No. 55, 5th a Cross, 16th Main, Metropolitan,
BTM, II Stage, Bangalore-560076, Karnataka, India |
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Date of Birth/Age : |
19.11.1954 |
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Date of Appointment : |
31.01.2002 |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
As on 28.09.2007
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Names of Shareholders |
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No. of Shares |
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Krishnan Namboodiri |
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52000 |
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Latha Namboodiri |
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30000 |
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Komath Sivadasan |
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3000 |
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Govind Mangalam Sasisekharan |
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3000 |
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Chithra K Namboodiri |
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9000 |
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Asad Chaurvedi |
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1000 |
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Ramesh |
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1000 |
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Sukesh Jain |
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1000 |
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Total |
|
100000 |
Equity Share Breakup (Percentage of Total Equity)
As on 30.09.2007
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Category |
|
Percentage |
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Directors or relatives of directors |
|
100.00 |
BUSINESS DETAILS
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Line of Business : |
Civil Construction |
GENERAL
INFORMATION
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Bankers : |
·
The Federal Bank Limited, No. 11, First Cross, Gandhinagar,
Bangalore-560009, Karnataka, India ·
Karur Vysya Bank |
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Facilities : |
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Banking
Relations : |
Satisfactory |
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Financial Institute: |
Housing And Urban
Development Corporation Limited, Ro. Manipal Centre, North Block, Unit 703,
and 704, Dickenson Road, New Delhi-110003, India |
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Auditors : |
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Name : |
Mr. R Mohan Chartered Accountant |
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Address : |
179, 6th Main, KEB Layout, 1st Stage, Sanjay Nagar,
Bangalore-560094, Karnataka, India |
CAPITAL STRUCTURE
As on 28.09.2007
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
100000 |
Equity Shares |
Rs. 100/- each |
Rs. 10.000 Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
100000 |
Equity Shares |
Rs. 100/- each |
Rs. 10.000 Millions |
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FINANCIAL DATA
[all figures are in Rupees Millions]
Note:
The company’s last available financials are given herewith. Management remained
non-cooperative ad could not up dated the same.
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
|
31.03.2006 |
31.03.2005 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
|
10.000 |
10.000 |
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2] Share Application Money |
|
0.000 |
0.000 |
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3] Reserves & Surplus |
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231.343 |
19.755 |
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4] (Accumulated Losses) |
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0.000 |
0.000 |
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NETWORTH |
|
241.343 |
29.755 |
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LOAN FUNDS |
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1] Secured Loans |
|
231.524 |
106.089 |
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2] Unsecured Loans |
|
0.011 |
0.011 |
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TOTAL BORROWING |
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231.535 |
106.100 |
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DEFERRED TAX LIABILITIES |
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0.000 |
0.000 |
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TOTAL |
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472.878 |
135.855 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
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97.712 |
8.926 |
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Capital work-in-progress |
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0.000 |
0.000 |
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INVESTMENT |
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0.000 |
0.000 |
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DEFERREX TAX ASSETS |
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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 |
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115.812 |
52.390 |
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Cash & Bank Balances |
|
8.138 |
4.979 |
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Other Current Assets |
|
238.184 |
347.446 |
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Loans & Advances |
|
190.177 |
11.740 |
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Total
Current Assets |
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552.311 |
416.555 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
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157.375 |
272.868 |
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Provisions |
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19.784 |
16.779 |
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Total
Current Liabilities |
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177.159 |
289.647 |
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Net Current Assets |
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375.152 |
126.908 |
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MISCELLANEOUS EXPENSES |
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0.014 |
0.021 |
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TOTAL |
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472.878 |
135.855 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
|
31.03.2006 |
31.03.2005 |
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Sales Turnover |
|
774.944 |
292.203 |
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Other Income |
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2.496 |
0.328 |
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Total Income |
|
777.440 |
292.531 |
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Profit/(Loss) Before Tax |
|
225.468 |
28.637 |
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Provision for Taxation |
|
13.880 |
11.455 |
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Profit/(Loss) After Tax |
|
211.588 |
17.182 |
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Expenditures : |
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Depreciation & Amortization |
|
4.108 |
3.574 |
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Other Expenditure |
|
547.864 |
260.320 |
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Total Expenditure |
|
551.972 |
263.894 |
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KEY RATIOS
|
PARTICULARS |
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|
31.03.2006 |
31.03.2005 |
|
PAT / Total Income |
(%) |
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27.22 |
5.87 |
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Net Profit Margin (PBT/Sales) |
(%) |
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29.09 |
9.80 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
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34.68 |
6.73 |
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Return on Investment (ROI) (PBT/Networth) |
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0.93 |
0.96 |
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Debt Equity Ratio (Total Liability/Networth) |
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1.69 |
13.30 |
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Current Ratio (Current Asset/Current Liability) |
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3.12 |
1.44 |
LOCAL AGENCY
FURTHER INFORMATION
Bankers Charges
Report as per Registry
|
Corporate
identity number of the company |
U07010KA2002PLC031169 |
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Name of the
company |
KRISTAL PROJECTS
(INDIA) PRIVATE LIMITED |
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Address of the
registered office or of the principal place of business in India of the company |
5, 2nd A Main, Chinnmma Lane, Madiwala, Bangalore-560068,
Karnataka, India |
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This form is for |
Modification of
Charge |
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Type of charge |
Equitable Mortgage or Mortgage of Property by depositing the title
deeds |
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Particular of
charge holder |
Housing And Urban
Development Corporation Limited, Ro. Manipal Centre, North Block, Unit 703, and
704, Dickenson Road, New Delhi-110003, India |
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Amount secured by
the charge |
Rs. 100.000
Millions |
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Description of
the property charged indicating whether it is a charged on |
Immovable
properties |
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Particulars of
the property charged |
Immovable
property to an extent of 82764 sft (1 acre 36 guntas) at Survey No. 78/9,
Bellandur Village, Varthur Hobli, Bangalore |
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Charge
identification number of the charge to be modified |
80004500 |
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Brief description
of the instrument modifying the charge under section 135 |
Letter Evidencing
Deposit of Title Deeds |
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Date of
instrument modifying the charge |
12.06.2006 |
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Particulars of
the present modification |
Equitable Mortgage
of Immovable Properties of the Company at Survey No. 98, Admeasuring 2 acres
14 Guntas situated at Hoodi Village KR Puram Hobli, Bangalore East Taluka,
Bangalore, Karnataka |
|
This form is for |
Creation of
charge |
|
Corporate identity
number of the company |
U07010KA2002PLC031169 |
|
Name of the
company |
KRISTAL PROJECTS
(INDIA) PRIVATE LIMITED |
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Address of the
registered office or of the principal place of business in India of the company |
5, 2nd A Main, Chinnmma Lane, Madiwala, Bangalore-560068,
Karnataka, India |
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Type of charge |
Immovable
Property |
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Particular of
charge holder |
The Federal Bank Limited, No. 11, First Cross, Gandhinagar,
Bangalore-560009, Karnataka, India |
|
Nature of description
of the instrument creating or modifying the charge |
a)
Letter
Evidencing Deposit of Title Deeds b)
Term Loan
Agreement (Both the above pertain to the same charge) |
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Date of
instrument Creating the charge |
12.10.2006 |
|
Amount secured by
the charge |
RS. 80.000
Millions |
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Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest The borrower
shall pay interest on the loan amount at the rate of 1 percent above the PLR
of the bank, as fixed by the bank from time to time subject to a minimum
interest rate of 13.25% per annum with monthly rest and compounded, rising
and falling therewith calculated respectively on the daily balance of the
amount due or at such other rated that the bank may from time to time
stipulated. The present PLR of the Bank is 12.25% and Accordingly the
Borrower Shall pay interest at the rate of 13.25% Terms of
Repayment Repayment in 12
months commencing 21 months from the date of disbursal of the loan or any
part thereof in 4 quarterly installments fo Rs. 20.000 Million each or such
other amount as the bank may from time to time fix. The first installments
shall be paid on 12th day of July 2008. the remaining installments
shall be payable on or before the same day of succeeding quarters. Margin The Company had
not offered any margin for the loan Ampunt Extent and
Operation of the charge The charge of the
property being charged herein shall operate to the extent of Rs. 80.000
Millions plus interest, commission, costs, expenses and other charge
thereon |
|
Short particulars
of the property charged |
Property to the
Extent of 60793.46 SFT in Sy. No. 81 pf Yamare village, sarjapura Hobli,
Anbekal Taluk, Banglore District Bounded on the East by Sy. No. 45, West by Road,
North by proposed multihousing Block and south by Road along with apartments
constructed / to be constructed thereon. |
Fixed Assets:
·
Building
·
Computer
·
Vehicles
·
Office Equipments
·
Furniture and Fittings
·
Machinery
AS PER WEBSITE
Profile:
Home is where the heart is – an immensely popular statement
that speaks of the own space. True to its definition, a home is the most
emotional asset every individual aspires to build. Needless to mention, the
statement has caught the fancy of everyone through age and social layers.
At KRISTAL GROUP, this objective has been taking concrete shape.Since 1998, the
KRISTAL GROUP has been satisfying the diverse needs of scores of home seekers
in Bangalore, the IT capital of India.
When KRISTAL GROUP began its operations on a humble note;
the intention was not just to become a successful business house but also to
emerge as a customer-centric organization which delivers good homes.
Led by a dynamic team of professionals, KRISTAL GROUP began registering several
firsts to its credit and at the same time helped discerning home seekers get
the best returns for their money.
The first property developed by KRISTAL GROUP was KRISTAL
MEADOWS at Indiranagar. The project generated morale boosting response for the
group, which then went on to develop properties in Indiranagar BTM Layout and
Koramangala.
In fact Kristal Group is the only builder who visualized the ORR-Sarjapur road
becoming second MG Road of Bangalore. Today, it takes pride in being the
largest builder in that belt with several ongoing projects.
Bangalore, once called the city for the retired, has transformed over the years
and has now become synonymous with fast-paced life. The Garden City is posing
challenges to everyone. Kristal Group has acted proactively in identifying the
intricate needs of home seekers and offered them just what they needed.
Bangalore is witnessing an upsurge in the corporate sector with the entry of
several multinational IT companies and business houses. Migration is rising to
a new high and more and more people employed with these establishments are
going for their own homes. %20LIMITED%2001-Nov-2008_files/image004.gif){kind=small}
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.49.25 |
|
UK Pound |
1 |
Rs.80.36 |
|
Euro |
1 |
Rs.62.84 |
SCORE & RATING
EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
5 |
|
--CREDIT LINES |
1~10 |
5 |
|
--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 |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
45 |
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 |
|