MIRA
INFORM REPORT
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Report Date : |
07.05.2011 |
IDENTIFICATION DETAILS
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Name : |
SKYLINE FOUNDATIONS AND STRUCTURES PRIVATE LIMITED |
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Registered
Office : |
350/2, Near Hamsa Loc, Service Station, Dhararam College Post Hosur
Road, Bangalore – 560029, Karnataka |
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Country : |
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Financials (as
on) : |
31.03.2010 |
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Date of
Incorporation : |
20.05.2004 |
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Com. Reg. No.: |
08-033980 |
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Capital
Investment / Paid-up Capital : |
Rs.50.000 Millions |
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TAN No.: [Tax Deduction & Collection
Account No.] |
U70200KA2004PTC033980 |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
To carry on the business of construction of
residential/commercial building project |
RATING & COMMENTS
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MIRA’s Rating : |
Ba (46) |
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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 421000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Usually Correct |
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Litigation : |
Clear |
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Comments : |
Subject is an established company having satisfactory track. Trade relations
are reported as fair. Business is active. Payments are reported to be usually
correct and as per commitments. The company can be considered normal for business dealings at 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 – April 1, 2010
|
Country Name |
Previous Rating (31.12.2009) |
Current Rating (01.04.2010) |
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A1 |
A1 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
LOCATIONS
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Registered Office : |
350/2, Near Hamsa Loc, Service Station, Dhararam College Post Hosur
Road, Bangalore – 560029, Karnataka |
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Tel. No.: |
91-80-25533875 |
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E-Mail : |
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Website : |
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Branches : |
Located at : ·
Trivandrum ·
Guruvayoor ·
Cochin ·
Bangalore ·
Dubai ·
USA |
DIRECTORS
AS ON 23.09.2010
|
Name : |
Mr. Lava Krishnan |
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Designation : |
Managing Directors |
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Address : |
Nachiketam, Poojapura, Trivandrum – 695012, Kerala, India |
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Date of Birth/Age : |
25.06.1960 |
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Date of Appointment : |
21.04.2006 |
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DIN No.: |
01714370 |
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Name : |
Mr. Srikant Krishnan |
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Designation : |
Director |
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Address : |
#350 2, Near Hamsa, LOC Services Station, Bangalore – 560029,
Karnataka, India |
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Date of Birth/Age : |
01.04.1956 |
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Date of Appointment : |
21.04.2006 |
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DIN No.: |
01714450 |
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MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 23.09.2010
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Names of Shareholders |
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No. of Shares |
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Srikant Krishnan Address : Nachiketam, Poojapura, Trivandrum – 695012, Kerala,
India |
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2425000 |
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Lava Krishnan Address : #350 2, Near Hamsa, LOC Services Station, Bangalore –
560029, Karnataka, India |
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2425000 |
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Krishnan Parvathi Address : Nachiketam, Poojapura, Trivandrum – 695012, Kerala,
India |
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50000 |
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Rema Srikant Address : Nachiketam, Poojapura, Trivandrum – 695012, Kerala,
India |
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50000 |
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Lava Dharini Address : Nachiketam, Poojapura, Trivandrum – 695012, Kerala,
India |
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50000 |
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Total |
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5000000 |
AS ON 23.09.2010
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Category |
Percentage |
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Directors or relatives of Directors |
100.00 |
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Total |
100.00 |
BUSINESS DETAILS
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Line of Business : |
To carry on the business of construction of
residential/commercial building project |
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GENERAL INFORMATION
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Suppliers : |
·
Fairway Project ·
Icon Project ·
Cyber Palm Peach Project ·
Cyber Palm Gold ·
Cedar Project ·
Cyber Palm Cherry Project ·
Cyber Palm lvoiy Project ·
Grande Project ·
Water Scapes Project ·
Royal Green Project ·
Calton Project ·
Eternia Project ·
Silicon Court Project ·
Aqua Green ( Dolphin) Project ·
Aqua Green ( Flamingo ) Project ·
Airport Royal Project ·
Kingdom Project |
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Bankers : |
State Bank of
India, SIB Branch, OCSC Building, Trivandrum – 695001, Kerala |
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Facilities : |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
Sankar and Moorthy Chartered Accountant |
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Address : |
T.C.37/1271 (SCNRA-9), Airport Road, West Fort, Trivandrum, Mumbai –
695023, Kerala, India |
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Tel. No.: |
91-471-2463536 |
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Fax No.: |
91-471-2462638 |
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E-Mail : |
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CAPITAL STRUCTURE
AS ON 31.03.2010
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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5000000 |
Equity Shares |
Rs.10/- each |
Rs.50.000 Millions |
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Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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5000000 |
Equity Shares |
Rs.10/- each |
Rs.50.000
Millions |
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FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
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SOURCES OF FUNDS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
50.000 |
50.000 |
50.000 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
55.138 |
36.879 |
19.316 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
105.138 |
86.879 |
69.316 |
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LOAN FUNDS |
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1] Secured Loans |
18.825 |
0.000 |
15.961 |
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2] Unsecured Loans |
91.444 |
111.217 |
114.924 |
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TOTAL BORROWING |
110.269 |
111.217 |
130.885 |
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DEFERRED TAX LIABILITIES |
0.619 |
0.382 |
0.560 |
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TOTAL |
216.026 |
198.475 |
200.761 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
202.177 |
176.888 |
152.090 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENT |
5.652 |
47.387 |
78.016 |
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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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Inventories |
356.258
|
413.498 |
114.852 |
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Sundry Debtors |
200.912
|
76.781 |
17.314 |
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Cash & Bank Balances |
353.738
|
140.963 |
163.160 |
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Other Current Assets |
1.548
|
1.510 |
13.059 |
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Loans & Advances |
368.596
|
334.408 |
281.545 |
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Total
Current Assets |
1281.052
|
967.160 |
589.930 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Other Current Liabilities |
1243.787
|
974.863 |
611.169 |
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Provisions |
29.924
|
19.897 |
10.220 |
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Total
Current Liabilities |
1273.711
|
994.760 |
621.389 |
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Net Current Assets |
7.341
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(27.600) |
(31.459) |
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MISCELLANEOUS EXPENSES |
0.856 |
1.800 |
2.114 |
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TOTAL |
216.026 |
198.475 |
200.761 |
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PROFIT & LOSS
ACCOUNT
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|
PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
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TURNOVER |
910.969 |
1014.000 |
605.778 |
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Less |
EXPENSES |
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Office Expenses |
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Administrative Expenses |
877.297 |
981.090 |
574.155 |
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Advertising Expenses |
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Interest |
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TOTAL |
877.297 |
981.090 |
574.155 |
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PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION |
33.672 |
32.910 |
31.623 |
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Less/ Add |
DEPRECIATION/
AMORTISATION |
5.147 |
5.701 |
5.249 |
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PROFIT BEFORE
TAX |
28.524 |
27.209 |
26.373 |
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Less |
TAX |
10.265 |
9.646 |
43.441 |
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PROFIT AFTER TAX
|
18.259 |
17.563 |
17.068 |
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BALANCE CARRIED
TO THE B/S |
18.259 |
17.563 |
17.068 |
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Earnings Per
Share (Rs.) |
3.65 |
3.51 |
-- |
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KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
2.00
|
1.73 |
2.81 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
1.92
|
2.37 |
3.56 |
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Return on Investment (ROI) (PBT/Networth) |
|
0.27
|
0.31 |
0.38 |
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Debt Equity Ratio (Total Liability/Networth) |
|
13.16
|
12.73 |
10.85 |
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Current Ratio (Current Asset/Current Liability) |
|
1.00
|
0.97 |
0.394 |
LOCAL AGENCY FURTHER INFORMATION
OPERATIONS :
During the year the company continued to carry
on the business of construction of residential/commercial building project. The
directors report that the working of the company during the year report
resulted in a Net Profile after taxation of Rs. 18.260 millions. The real
estate sector of the economy is showing healthy trends in growth and the
directors are hopeful in achieving better results in the coming years.
Form : 8
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Corporate identity number of the company |
U70200KA2004PTC033980 |
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Name of the company |
SKYLINE FOUNDATIONS AND STRUCTURES PRIVATE
LIMITED |
|
Address of the registered office or of the
principal place of business in |
350/2, Near Hamsa IOC Servicestation,
Dharmaram College Post Hosur Road, Bangalore – 560029, Karnataka, India |
|
This form is for |
Creation of charge |
|
Type of charge |
Others |
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Particular of charge holder |
State Bank of India, SIB Branch, OCSC
Building, Trivandrum – 695001, Kerala |
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Nature of instrument creating charge |
All unencumbered plant and machinery as
well as all the movable fixtures as per balance sheet date |
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Date of instrument Creating the charge |
20/02/2009 |
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Amount secured by the charge |
Rs. 50.000 millions |
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Brief of the principal terms an conditions
and extent and operation of the charge |
Rate
of interest Interest @13.25% on monthly rests for
enhanced aggregate limit of Rs. 50.000 millions. Terms
of repayment Nil Margin 50% of Net Cash Flow Extent
and operation of the charge Hypothecation of Plant and Machinery Other
All unencumbered plant and machinery as
well as all the movable fixtures as per balance sheet date |
|
Short particulars of the property charged
(Including location of the property) |
All unencumbered plant and machinery as
well as all the movable fixtures as per balance sheet date |
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources including
but not limited to: The Courts,
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. 44.78 |
|
|
1 |
Rs. 73.42 |
|
Euro |
1 |
Rs. 65.27 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
6 |
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FINANCIAL CONDITION |
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|
--BUSINESS SCALE |
1~10 |
5 |
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--PROFITABILIRY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
5 |
|
--CREDIT LINES |
1~10 |
5 |
|
--MARGINS |
-5~5 |
-- |
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DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
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|
|
--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 |
|
46 |
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 |
- |
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.