MIRA INFORM REPORT

 

 

Report Date :

28.12.2011

 

IDENTIFICATION DETAILS

 

Name :

DASARI BUILDERS PRIVATE LIMITED

 

 

Registered Office :

5th Floor, The Residency, No.133/1, Residency Road, Bangalore – 560025, Karnataka

 

 

Country :

India

 

 

Financials (as on) :

31.03.2011

 

 

Date of Incorporation :

06.12.1990

 

 

Com. Reg. No.:

8-011459

 

 

Capital Investment / Paid-up Capital :

Rs.4.550 Millions

 

 

CIN No.:

[Company Identification No.]

U45200KA1990PTC011459

 

 

TAN No.:

[Tax Deduction & Collection Account No.]

BLRD00570D

 

 

PAN No.:

[Permanent Account No.]

AAACD5010C

 

 

Legal Form :

Private Limited Liability Company

 

 

Line of Business :

Activity Civil Construction

 

 

No. of Employees :

Not Available

 

 

RATING & COMMENTS

 

MIRA’s Rating :

Ba (53)

 

RATING

STATUS

PROPOSED CREDIT LINE

41-55

Ba

Overall operation is considered normal. Capable to meet normal commitments.

Satisfactory

 

Maximum Credit Limit :

USD 530000

 

 

Status :

Good

 

 

Payment Behaviour :

Regular

 

 

Litigation :

Clear

 

 

Comments :

Subject is an established company having fine track. Financial positions of the company appears to be sound. Trade relations are reported as fair. Business is active. Payments are reported to be regular and as per commitments.

 

The company can be considered good for normal business dealings usual trade terms and conditions.

 

NOTES :

Any query related to this report can be made on e-mail : infodept@mirainform.com while quoting report number, name and date.

 

ECGC Country Risk Classification List – September 30, 2011

 

Country Name

Previous Rating

(30.06.2011)

Current Rating

(30.09.2011)

India

A1

A1

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low

 

A2

Moderate

 

B1

High

 

B2

Very High

 

C1

Restricted

 

C2

Off-credit

 

D

 

 

 

 

 

 

 

 

 

 

 

 

 

LOCATIONS

 

Registered Office :

5th Floor, The Residency, No.133/1, Residency Road, Bangalore – 560025, Karnataka, India

Tel. No.:

91-80-42008151

Fax No.:

91-80-42008155

E-Mail :

dbpl@touchtelindia.net

dbpltd@yahoo.com 

 

 

Corporate office :

2/2, Walton Road, Bangalore – 560001, Karnataka, India

Tel No.:

91-80-66966669

 

 

DIRECTORS

 

As on 30.09.2011

 

Name :

Mr. Chittor Narayanaswamy Naidu Govindaraju

Designation :

Managing Director

Address :

No.278/A, Vaishnavi, 2nd Main 37th Cross, 8th Block, Jayanagar, Bangalore – 560082, Karnataka, India

Date of Birth/Age :

14.02.1964

Date of Appointment :

06.12.1990

DIN No.:

00207357

Other Directorship :

S.No.

CIN

Name of the Company

Current designation of the director

Date of appointment at current designation

Original date of appointment

Date of cessation

Company Status

Defaulting status

1

U45200KA1990PTC011459

Dasari Builders Private Limited

Managing director

06-12-90

06-12-90

-

Active

NO

2

L85110KA1986PLC008020

Bangalore Softsell Limited

Director

20-01-00

20-01-00

05-03-07

Active

NO

3

U70109KA2006PTC038892

Vaishnavi Property Developers (Bangalore) Private Limited

Managing director

05-04-06

03-04-06

-

Active

NO

4

U70102KA2006PTC040918

Vaishnavi Infrastructure Private Limited

Managing director

13-11-06

13-11-06

-

Active

NO

5

U85110KA1992PTC012829

Sudha Sree Hotel Complex Private Limited

Director

11-12-06

11-12-06

-

Active

NO

6

U72100KA1998PTC024500

Valdel Holdings (India ) Private Limited

Director

22-08-07

22-08-07

-

Active

NO

7

U45202KA2008PTC045540

Vaishnavi Associates (Bangalore) Private Limited

Director

10-03-08

10-03-08

-

Active

NO

8

U45200MH2007PTC168322

Autograph Realty Private Limited

Nominee director

07-09-11

07-09-11

-

Active

NO

9

U70109MH2007PTC167028

J. P. Grih Nirman Private Limited

Nominee director

07-09-11

07-09-11

-

Active

NO

 

 

Name :

Mrs. Chittor Asha Govindaraju

Designation :

Director

Address :

No.278/A, Vaishnavi, 2nd Main 37th Cross, 8th Block, Jayanagar, Bangalore – 560082, Karnataka, India

Date of Birth/Age :

27.01.1967

Date of Appointment :

05.02.1992

DIN No.:

00214841

Other Directorship :

S.No.

CIN

Name of the Company

Current designation of the director

Date of appointment at current designation

Original date of appointment

Date of cessation

Company Status

Defaulting status

1

U45200KA1990PTC011459

Dasari Builders Private Limited

Director

05-02-92

05-02-92

-

Active

NO

2

U70109KA2006PTC038892

Vaishnavi Property Developers (Bangalore) Private Limited

Whole-time director

05-04-06

03-04-06

-

Active

NO

3

U70102KA2006PTC040918

Vaishnavi Infrastructure Private Limited

Whole-time director

13-11-06

13-11-06

-

Active

NO

4

U45200MH2007PTC168322

Autograph Realty Private Limited

Nominee director

07-09-11

07-09-11

-

Active

NO

5

U70109MH2007PTC167028

J. P. Grih Nirman Private Limited

Nominee director

07-09-11

07-09-11

-

Active

NO

 

 

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

 

As on 30.09.2011

 

Names of Shareholders

 

No. of Shares

Chittor Narayanaswamy Naidu Govindaraju

 

42322

Chittor Asha Govindaraju

 

3178

Total

 

45500

 

As on 30.09.2011

 

Equity Share Break up (Percentage of Total Equity)

 

Category

Percentage

Directors or relatives of Directors

100.00

Total

100.00

 

 

BUSINESS DETAILS

 

Line of Business :

Activity Civil Construction

 

 

GENERAL INFORMATION

 

No. of Employees :

Not Available

 

 

Bankers :
  • Uco Bank, No.83, M. G. Road, Bangalore – 560001, Karnataka, India
  • Bank of Baroda
  • ICICI Bank
  • Axis Bank Limited

 

 

Facilities :

Secured Loan

As on

31.03.2011

(Rs. in

Millions)

As on

31.03.2010

(Rs. in

Millions)

Bank of Baroda Over Draft

25.858

43.908

Uco Bank Over Draft

12.614

65.930

(Secured by hypothecation of floating assets of the company, inventory, book-debts and personal guarantee of the directors)

 

 

Total

38.472

109.838

 

 

 

Unsecured Loan

As on

31.03.2011

(Rs. in

Millions)

As on

31.03.2010

(Rs. in

Millions)

ICICI Bank

0.327

1.206

Axis Bank Limited

1.086

2.056

Tata Capital Limited

0.555

0.000

Reliance Capital Limited

1.254

1.800

Total

3.222

5.062

 

 

 

Banking Relations :

--

 

 

Financial Institutions :

  • Tata Capital Limited
  • Reliance Capital Limited

 

 

Auditors :

 

Name :

S. P. Krishnamurthy and Company

Chartered Accountants

Address :

No.36, 1st Floor, 4th Main, Vyalikaval, Bangalore – 560003, Karnataka, India

PAN.:

ABCPK7127K

 

 

Related Parties :
  • Vaishnavi Infrastructure Private Limited
  • Vaishnavi Vilas (Partnership Firm)
  • Vaishnavi Infrastructures (Partnership Firm)
  • Vaishnavi Associates (Bangalore) Private Limited
  • Vaishnavi Springs (Partnership Firm)
  • Valmark Vaishnavi Ventures (Partnership Firm)
  • Vaishnavi Estates (Partnership Firm)

 

 

CAPITAL STRUCTURE

 

As on 31.03.2011

 

Authorised Capital :

No. of Shares

Type

Value

Amount

 

 

 

 

50000

Equity Shares

Rs.100/- each

Rs.5.000 Millions

 

 

 

 

 

Issued, Subscribed & Paid-up Capital :

No. of Shares

Type

Value

Amount

 

 

 

 

45500

Equity Shares

Rs.10/- each

Rs.4.550 Millions

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

FINANCIAL DATA

[all figures are in Rupees Millions]

 

ABRIDGED BALANCE SHEET

 

SOURCES OF FUNDS

 

31.03.2011

31.03.2010

31.03.2009

SHAREHOLDERS FUNDS

 

 

 

1] Share Capital

4.550

4.550

4.550

2] Share Application Money

0.000

0.000

0.000

3] Reserves & Surplus

128.716

77.676

51.799

4] (Accumulated Losses)

0.000

0.000

0.000

NETWORTH

133.266

82.226

56.349

LOAN FUNDS

 

 

 

1] Secured Loans

38.472

109.838

113.817

2] Unsecured Loans

3.222

5.062

4.841

TOTAL BORROWING

41.694

114.900

118.658

DEFERRED TAX LIABILITIES

0.301

0.389

0.333

 

 

 

 

TOTAL

175.261

197.515

175.340

 

 

 

 

APPLICATION OF FUNDS

 

 

 

 

 

 

 

FIXED ASSETS [Net Block]

37.174

31.530

30.852

Capital work-in-progress

0.000

0.000

0.000

 

 

 

 

INVESTMENT

0.042

0.042

0.042

DEFERREX TAX ASSETS

0.000

0.000

0.000

 

 

 

 

CURRENT ASSETS, LOANS & ADVANCES

 

 

 

 

Inventories
60.614

37.085

76.735

 

Sundry Debtors
75.816

167.632

122.365

 

Cash & Bank Balances
26.989

0.043

0.021

 

Other Current Assets
95.000

0.000

0.000

 

Loans & Advances
98.035

92.203

64.007

Total Current Assets
356.454

296.963

263.128

Less : CURRENT LIABILITIES & PROVISIONS
 

 

 

 

Sundry Creditors
51.302

35.489

25.943

 

Other Current Liabilities
134.253

78.498

77.369

 

Provisions
32.854

17.033

15.370

Total Current Liabilities
218.409

131.020

118.682

Net Current Assets
138.045

165.943

144.446

 

 

 

 

MISCELLANEOUS EXPENSES

0.000

0.000

0.000

 

 

 

 

TOTAL

175.261

197.515

175.340

 

 

 

 

PROFIT & LOSS ACCOUNT

 

 

PARTICULARS

31.03.2011

31.03.2010

31.03.2009

 

SALES

 

 

 

 

 

Income

 

 

Other Income

 

 

 

 

 

TOTAL                                    

851.900

627.000

438.200

 

 

 

 

 

Less

EXPENSES

 

 

 

 

 

Office Expenses

 

 

Administrative Expenses

 

 

 

 

 

Advertising Expenses

 

 

 

 

 

TOTAL                                    

769.600

585.000

403.100

 

 

 

 

 

 

PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION

82.300

42.000

35.100

 

 

 

 

 

Less/ Add

DEPRECIATION/ AMORTISATION                    

3.400

2.700

2.600

 

 

 

 

 

 

PROFIT BEFORE TAX

78.900

39.300

32.500

 

 

 

 

 

Less

TAX                                                                 

27.900

13.400

11.900

 

 

 

 

 

 

PROFIT AFTER TAX                            

51.000

25.900

20.600

 

 

 

 

 

 

Earnings Per Share (Rs.)

1122.00

570.00

452.00

 

 

KEY RATIOS

 

PARTICULARS

 

 

31.03.2011

31.03.2010

31.03.2009

PAT / Total Income

(%)
5.99

4.13

4.70

 

 
 

 

 

Return on Total Assets

(PBT/Total Assets}

(%)
20.04

11.96

11.06

 

 
 

 

 

Return on Investment (ROI)

(PBT/Networth)

 
0.59

0.48

0.58

 

 
 

 

 

Debt Equity Ratio

(Total Liability/Networth)

 
1.95

2.99

4.21

 

 
 

 

 

Current Ratio

(Current Asset/Current Liability)

 
1.63

2.27

2.22

 

 

 

 

LOCAL AGENCY FURTHER INFORMATION

 

PERFORMANCE:

 

During the financial year, the company has recorded the business income of Rs.851.900 Millions against the income of corresponding previous year of Rs.627.000 Millions. The company has made a profit of Rs.51.000 Millions against Rs.25.900 Millions. There is an increase in profit by 96.91% over the profits of previous financial year. The directors expect more profit in the coming years.

 

FORM 8

Corporate identity number of the company

U45200KA1990PTC011459

Name of the company

DASARI BUILDERS PRIVATE LIMITED

Address of the registered office or of the principal place of  business in India of the company

5th Floor, The Residency, No.133/1, Residency Road, Bangalore – 560025, Karnataka, India

This form is for

Creation of charge

Type of charge

Book debts

Particular of charge holder

Uco Bank, No.83, M. G. Road, Bangalore – 560001, Karnataka, India

E-mail : ucoblrcanton@vsnl.net

Nature of instrument creating charge

1. Hypothecation and book debts to secure demand cash credit

2. Hypothecation of goods to secure a demand cash credit

Date of instrument Creating the charge

25.10.2008

Amount secured by the charge

Rs.75.000 Millions

Brief of the principal terms an conditions and extent and operation of the charge

Rate of interest

Interest at the rate of 1.50% p.a. above the BPLR subject to a minimum of 16% p.a. with monthly rests.

 

Terms of repayment

Repayable on demand

 

Margin

25% on stocks

40% on book debts

 

Extent and operation of the charge

The charge is operational on all the hypothecated properties which have been given as secured till the full discharge of the loan.

Short particulars of the property or asset(s) charged (including complete address and location of the property)

Hypothecation of entire stocks of inventory, receivabless, bills and other chargeable current assets of the company(both present and future)

 

FIXED ASSETS:

 

  • Furniture and Fixtures
  • Interior Decorations
  • Electrical and Fittings
  • Office Equipments
  • Telephone Equipments
  • Plant and Machinery
  • Diesel Generator Set
  • Motor Car
  • Scooters
  • Computers
  • Fire Safety
  • UPS and Batteries

 

 

 

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.52.89

UK Pound

1

Rs.82.71

Euro

1

Rs.69.15

 

 

SCORE & RATING EXPLANATIONS

 

SCORE FACTORS

 

RANGE

POINTS

HISTORY

1~10

6

PAID-UP CAPITAL

1~10

5

OPERATING SCALE

1~10

6

FINANCIAL CONDITION

 

 

--BUSINESS SCALE

1~10

6

--PROFITABILIRY

1~10

6

--LIQUIDITY

1~10

6

--LEVERAGE

1~10

6

--RESERVES

1~10

6

--CREDIT LINES

1~10

6

--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

 

53

 

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

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

-

NB

                                       New Business

-

 

 

 

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.