MIRA
INFORM REPORT
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Report Date : |
10.11.2008 |
IDENTIFICATION
DETAILS
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Name : |
SAIRUNG DEVELOPERS AND PROMOTERS PRIVATE LIMITED |
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Registered Office : |
501, 502 Corporate Plaza, Senapati Bapat Marg, Shivaji Nagar, Pune –
411 016, Maharashtra |
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Country : |
India |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
24.10.1996 |
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Com. Reg. No.: |
11-103491 |
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CIN No.: [Company
Identification No.] |
U45209MH1996PTC103491 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
PNES03901C |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Real Estate Developers. |
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 74000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Slow |
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Litigation : |
Clear |
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Comments : |
Subject is a well established company having satisfactory track. Trade
relations are fair. Subject’s current year and future performance is expected
to be seriously affected due to global melt down and recession in the
industry. It may ultimately affect the payment behaviours of the subject
resulting in to delay. The company can be considered normal for business dealings at usual
trade terms and conditions. |
LOCATIONS
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Registered Office : |
501, 502 Corporate Plaza, Senapati Bapat Marg, Shivaji Nagar, Pune –
411 016, Maharashtra, India |
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Tel. No.: |
91-020-25630800 / 1 / 2, 25631620 |
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Fax No.: |
91-020-25630963 |
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E-Mail : |
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Website : |
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Overseas Offices : |
Address: 6, Grasmere, Close Loughton, Essex IG 10
ISL, UK. Tel. No.: 0041 7867823224 Address: M-01, A B Plaza2, Near Canadian Hospital, Deira, Dubai, UAE. Tel.
No.: 00971 4 262 4258 Fax.
No.: 00971 4 262 4257 Mobile
No: 00971 50 8746050, 00971 50
8525211. Email: rkgold@eim.ae / srk.dubai@gmail.com Address: Flat No. 34, 3rd Floor, Sh Rashid Building,
Opposite Lulu Centre, P.O. Box 2760,
Manama, Kingdom of Baharain. Tel.
No.: 00973 17227748, 17729002 Fax.
No.: 17728042. Mobile No: 39781276 Address: F234, Coffeeberry, Dr. San Jose, C.A. 95123.
Tel. No.: 001 408 5246, 001 408 624 6244 |
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Regional Offices : |
Address: SRK CONSTRUCTIONS C1, 1st Floor, Madathiparambil
Complex, Palarivattom Jn., Kochi –682 025 Kerala, India. Mobile
No: 91- 484 4055115, 6, 7 Fax.
No.: 91- 484 4055118 Email: info@srkconstruction.com Website: www.srkconstruction.com Address: B/711, Sagar Tech Plaza, 7th Floor-Andheri Kurla
Road, Sakinaka junction, Mumbai-400072
Maharashtra, India. Tel. No.: 91-22-28518380 Fax.
No.: 91-22-28518338 Email : mumbai@sairungdevelopers.com Address: SRK CONSTRUCTIONS C1, Third Floor, Govind
Apartment, North Nada, Guruvayur. Mobile
No: 91- 93876022333 Email: srk.guruvayur@gmail.com Address: SRK
Gold Earth Construction Private Limited, # 37, 38, Ground Floor,
Raheja Arcade, Koramangala, House Road, Bangalore-560 095. Tel.
No.: 91-80 25631632, 41216105 Fax.
No.: 91-80 41216266 Email: srkgec@gmail.com Website: www.srkgec.com |
DIRECTORS
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Name : |
Mr. Kma Rasheed Alias Malik |
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Designation : |
Managing Director |
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Address : |
Building A Pride Panorama, SR 103 Bahiratwadi, S.B. Road, Shivaji Nagar,
Pune – 411 016, Maharashtra, India |
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Date of Birth/Age : |
31.05.1961 |
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Date of Appointment : |
24.10.1996 |
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Name : |
Mr. K. Shabeer Babu |
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Designation : |
Director |
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Address : |
902, A Pride Panorama Building, Bahiratwadi, S.B. Road, Shivaji Nagar,
Pune – 411 016, Maharashtra, India |
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Date of Birth/Age : |
24.05.1976 |
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Date of Appointment : |
18.02.1997 |
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Date of Ceasing : |
31.03.2005 |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
As on 29.09.2007
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Names of Shareholders |
No. of Shares |
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Kma Rasheed Alias Malik |
100 |
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Khadija Rasheed |
300 |
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K. Ashiraf |
100 |
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K. Shabeer Babu |
100 |
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K. Sanjana Through Kma Rasheed Alias Malik |
300 |
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K. Shamna Through Kma Rasheed Alias Malik |
100 |
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K. Shahrukh Through Kma Rasheed Alias Malik |
100 |
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Total |
1100 |
As on 29.09.2007
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Equity Share Breakup |
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Percentage of Holding |
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Category |
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Directors
or relatives of directors |
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100.00 |
BUSINESS DETAILS
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Line of Business : |
Real Estate Developers. |
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GENERAL
INFORMATION
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Bankers : |
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Facilities : |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
Prashant V Deo Chartered Accountants |
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Address : |
Flat No. 11, Building No.8-B, Laxminarayan Nagar No.4, Co-Operative housing
Society, Erandwane, Pune – 411 004, Maharashtra, India |
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Associates/Subsidiaries : |
NIL |
CAPITAL STRUCTURE
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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5000 |
Equity Shares |
Rs.100/- each |
Rs.0.500 million |
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Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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1100 |
Equity Shares |
Rs.100/-
each |
Rs.0.110
million |
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FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
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SOURCES OF FUNDS |
31.03.2007 |
31.03.2006 |
31.03.2005 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
0.110 |
0.110 |
0.110 |
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2] Share Application Money |
1.041 |
0.045 |
0.045 |
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3] Reserves & Surplus |
13.619 |
6.537 |
6.500 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
14.770 |
6.692 |
6.655 |
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LOAN FUNDS |
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1] Secured Loans |
10.345 |
9.526 |
16.617 |
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2] Unsecured Loans |
0.350 |
0.382 |
0.437 |
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TOTAL BORROWING |
10.695 |
9.908 |
17.054 |
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DEFERRED TAX LIABILITIES |
0.000 |
0.191 |
0.000 |
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TOTAL |
25.465 |
16.791 |
23.709 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
16.298 |
13.629 |
14.329 |
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Capital work-in-progress |
0.000 |
2.804 |
0.000 |
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INVESTMENT |
0.550 |
0.500 |
0.100 |
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DEFERREX TAX ASSETS |
0.070 |
0.000 |
0.382 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
43.817
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74.276 |
76.182 |
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Sundry Debtors |
0.286
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0.797 |
1.866 |
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Cash & Bank Balances |
0.802
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7.506 |
0.401 |
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Other Current Assets |
0.000
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0.000 |
0.000 |
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Loans & Advances |
82.421
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39.106 |
21.647 |
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Total
Current Assets |
127.326
|
121.685 |
100.096 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
115.507
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121.827 |
93.568 |
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Provisions |
3.272
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0.000 |
0.000 |
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Total
Current Liabilities |
118.779
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121.827 |
93.568 |
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Net Current Assets |
8.547
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(0.142) |
6.528 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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Profit and Loss account |
0.000 |
0.000 |
2.370 |
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TOTAL |
25.465 |
16.791 |
23.709 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
31.03.2007 |
31.03.2006 |
31.03.2005 |
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Sales Turnover and Other Income |
121.990 |
70.887 |
26.918 |
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Total Income |
121.990 |
70.887 |
26.918 |
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Profit/(Loss) Before Tax |
10.931 |
5.357 |
(2.151) |
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Provision for Taxation |
3.848 |
2.950 |
0.203 |
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Profit/(Loss) After Tax |
7.083 |
2.407 |
(2.354) |
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Expenditures : |
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Depreciation & Amortization |
2.722 |
2.232 |
1.961 |
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Other Expenditure |
108.337 |
63.298 |
27.108 |
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Total Expenditure |
111.059 |
65.530 |
29.069 |
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KEY RATIOS
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PARTICULARS |
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31.03.2007 |
31.03.2006 |
31.03.2005 |
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PAT / Total Income |
(%) |
5.81
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3.40 |
(8.75) |
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Net Profit Margin (PBT/Sales) |
(%) |
8.96
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7.56 |
(7.99) |
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Return on Total Assets (PBT/Total Assets} |
(%) |
7.58
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3.86 |
(1.88) |
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Return on Investment (ROI) (PBT/Networth) |
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0.74
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0.80 |
(0.32) |
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Debt Equity Ratio (Total Liability/Networth) |
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8.77
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19.69 |
16.62 |
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Current Ratio (Current Asset/Current Liability) |
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1.07
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1.00 |
1.07 |
LOCAL AGENCY
FURTHER INFORMATION
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Name of the company |
SAIRUNG DEVELOPERS AND PROMOTERS PRIVATE LIMITED |
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Presented By |
Mr. K.R. Malik, Director |
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1) Date and description of instrument creating the change |
Deed of mortgage
dated 08.12.2005. |
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2) Amount secured by the charge/amount owing on the securities of charge |
Rs.50.000
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 |
All that piece
and parcel of land bearing S No. 2, Hissa No.1/4 B totally admeasuring 70Aar
out of it 30.29 along with construction thereon at Maruniji Taluka Mulshi
within the limits of Grmapanchayat Marunji and also within the limits of
Registration District Pune. |
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4) Gist of the terms and conditions and extent and operation of the charge. |
Interest – 11%
p.a. with monthly rests Repayment: In 43
months including months moratorium. EMI – Rs.1.640 millions Margin: 50% |
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5) Name and Address and description of the person entitled to the charge. |
Oriental Bank of
Commerce, Ferguson College Road, Pune – 411 004, Maharashtra, India |
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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 |
FIXED ASSETS:
- Buildings
- Computers and Equipments
- Furniture and Fixtures
- Vehicles
WEBSITE DETAILS:
Subject are the leading land developers in Pune,
with over 25 years of experience in the Real Estate business, they have
developed and sold thousands of bungalow plots in Pune and Bangalore.
Sairung unfailingly promises and delivers:
» The dream house in green, bungalow plots
» Surprisingly low cost
» World class amenities
» A business based on trust, powered by efficiency
» Away from the hustle and bustle of the city
» Safe, secured life at Sairung locales
Subject, Pune is synonymous today with success in
every sense; be it developing land or promoting social service. They are
undoubtedly the leading land developers in Pune with thousands and satisfied
clients and nearly two decades of experience in the field, to their credit.
Their credibility is such that as soon as they announce a project, all the
plots get booked. Sairung is rapidly redefining the outskirts of western Pune
which is the buzzing beehive of activities i.e. where the silicon city
(Infotech Park), Biotech Park and Tata Group of Companies are situated. Many
projects of Sairung are springing up in the midst of lush green environs. Each
project is a precious gem spread on the emerald setting of beautiful
landscapes.
About Pune:
Described as the future of software in India, Pune is fast attracting the attention of software giants; thanks
to its superior infrastructure and favorable conditions.
The city has grown from modest beginnings to emerge as a force with a range of
industries. Many corporations from across the world in varied sectors have
shifted their operation's base to the city.
Pune is located 125 kms from
south of Mumbai and 1200 kms
from Delhi. It is about 1200 ft. above sea level. InfoTech Park and
Biotechnology Park has now come to Pune city. This project is the first of its
kind in the history of India.
Infotech Park
The city is well known for its prestigious institutions and is largely
inhabited by the students. Compared to many other cosmopolitan cities, Pune is
pollution free and is surprisingly green. Situated in the vicinity of Mumbai,
India's industrial capital, Pune is the ideal setting for a business venture to
settle down and spread its wings.
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.47.76 |
|
UK Pound |
1 |
Rs.74.87 |
|
Euro |
1 |
Rs.60.81 |
SCORE & RATING
EXPLANATIONS
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SCORE FACTORS |
RANGE |
POINTS |
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HISTORY |
1~10 |
5 |
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PAID-UP CAPITAL |
1~10 |
5 |
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OPERATING SCALE |
1~10 |
5 |
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FINANCIAL CONDITION |
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|
--BUSINESS SCALE |
1~10 |
5 |
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--PROFITABILIRY |
1~10 |
5 |
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--LIQUIDITY |
1~10 |
5 |
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--LEVERAGE |
1~10 |
5 |
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--RESERVES |
1~10 |
5 |
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--CREDIT LINES |
1~10 |
5 |
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--MARGINS |
-5~5 |
-- |
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DEMERIT POINTS |
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--BANK CHARGES |
YES/NO |
YES |
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--LITIGATION |
YES/NO |
NO |
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--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
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MERIT POINTS |
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--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
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--EXPORT ACTIVITIES |
YES/NO |
NO |
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--AFFILIATION |
YES/NO |
NO |
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--LISTED |
YES/NO |
NO |
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--OTHER MERIT FACTORS |
YES/NO |
YES |
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TOTAL |
|
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 |
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