|
Report Date : |
18.02.2012 |
IDENTIFICATION DETAILS
|
Name : |
KRISHVI PROJECTS PRIVATE LIMITED |
|
|
|
|
Registered
Office : |
No.2, Airport Road, Domlur, Bangalore-560071, Karnataka |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as
on) : |
31.03.2010 |
|
|
|
|
Date of
Incorporation : |
30.01.1996 |
|
|
|
|
Com. Reg. No.: |
08-019699 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs. 4.500 Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U45201KA1996PTC019699 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
BLRK03405D |
|
|
|
|
Legal Form : |
Private Limited Liability Company |
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|
|
|
Line of Business
: |
Real Estate Developers |
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|
|
|
No. of Employees
: |
Not Available |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (49) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 450000 |
|
|
|
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
Usually Correct |
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|
|
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Litigation : |
Clear |
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|
|
|
Comments : |
Subject is a well 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 – 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 : |
No.2, Airport Road, Domlur, Bangalore-560071, Karnataka, India |
|
Tel. No.: |
91-80-25354232 / 41639109 / 25356233 |
|
Fax No.: |
91-80-25351021 / 25353148 |
|
E-Mail : |
|
|
Website : |
DIRECTORS
AS ON 29.09.2010
|
Name : |
Mr. Dinesh Krishna Reddy |
|
Designation : |
Director |
|
Address : |
No. 457, 6th Mian HAL III Stage, New Tippasandra,
Bangalore-560075, Karnataka, India |
|
Date of Birth/Age : |
17.06.1961 |
|
Date of Appointment : |
30.01.1996 |
|
DIN No.: |
02134328 |
|
|
|
|
Name : |
Ms. Mamatha Dinesh |
|
Designation : |
Director |
|
Address : |
No. 457, 6th Mian HAL III Stage, New Tippasandra,
Bangalore-560075, Karnataka, India |
|
Date of Birth/Age : |
16.11.1965 |
|
Date of Appointment : |
30.01.1996 |
|
DIN No.: |
02134337 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 29.09.2010
|
Names of Shareholders |
No. of Shares |
|
Dinesh Reddy |
17495 |
|
Mamatha Dinesh |
16495 |
|
Raghunath Reddy |
1000 |
|
Vijayalakshimi |
10 |
|
Arahanth Dinesh Reddy |
10000 |
|
Total |
45000 |
AS ON 29.09.2010
|
Equity Shares
Break Up |
Percentage |
|
Directors or relatives of Directors |
99.98 |
|
Other top fifty shareholders |
0.02 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Real Estate Developers |
GENERAL INFORMATION
|
No. of Employees : |
Not Available |
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Bankers : |
·
Oriental Bank of Commerce, No.583, 9th
A Main (Off C M H Road), Indiranagar, 1st Stage, Bangalore-560038,
Karnataka, India ·
HDFC Bank ·
ICICI Bank ·
Citi Bank |
||||||||||||||||||||||||||||||||||||||||||
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||||||||||||||||||||||||||||||||||||||||||
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Facilities : |
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|
|
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Banking
Relations : |
-- |
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|
|
|
Auditors : |
|
|
Name : |
M. Marulasiddaiah and Company Chartered Accountant |
|
Address : |
No. 32/2, 1st Floor, Lalbagh Main Road, Bangalore-560027,
Karnataka, India |
|
Pan No.: |
AEOPM8735N |
CAPITAL STRUCTURE
AS ON 31.03.2010
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 |
|
|
|
|
|
|
45000 |
Equity Shares |
Rs.100/-
each |
Rs. 4.500
Millions |
|
|
|
|
|
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
4.500 |
4.500 |
4.500 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
108.819 |
67.635 |
54.773 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
113.319 |
72.135 |
59.273 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
52.173 |
23.968 |
38.819 |
|
|
2] Unsecured Loans |
4.021 |
2.466 |
10.131 |
|
|
TOTAL BORROWING |
56.194 |
26.434 |
48.950 |
|
|
DEFERRED TAX LIABILITIES |
0.000 |
0.036 |
0.079 |
|
|
|
|
|
|
|
|
TOTAL |
169.513 |
98.605 |
108.302 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
78.812 |
61.745 |
50.328 |
|
|
Capital work-in-progress |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
INVESTMENT |
0.000 |
0.000 |
0.000 |
|
|
DEFERREX TAX ASSETS |
0.187 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
104.498
|
205.717 |
195.410 |
|
|
Sundry Debtors |
8.250
|
7.311 |
7.057 |
|
|
Cash & Bank Balances |
5.137
|
0.961 |
0.958 |
|
|
Other Current Assets |
0.000
|
0.000 |
0.000 |
|
|
Loans & Advances |
108.362
|
26.884 |
28.507 |
|
Total
Current Assets |
226.247
|
240.873 |
231.932 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
114.645
|
198.156 |
152.306 |
|
|
Other Current Liabilities |
0.000
|
0.000 |
0.000 |
|
|
Provisions |
21.088
|
5.857 |
21.652 |
|
Total
Current Liabilities |
135.733
|
204.013 |
173.958 |
|
|
Net Current Assets |
90.514
|
36.860 |
57.974 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
169.513 |
98.605 |
108.302 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
|
|
INCOME |
|
|
|
|
|
|
|
Willow Herbs Phase-I Project Income |
0.000 |
7.815 |
18.468 |
|
|
|
Orange Tree Project Income |
15.463 |
49.431 |
151.020 |
|
|
|
Tierra Project Income |
48.282 |
0.000 |
0.000 |
|
|
|
Terrazzo Project Income |
144.570 |
0.000 |
0.000 |
|
|
|
Works Contract Receipts |
1.966 |
16.491 |
0.386 |
|
|
|
Project Maintenance and Other Income |
9.606 |
1.691 |
0.223 |
|
|
|
TOTAL |
219.887 |
75.428 |
170.097 |
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION |
63.099 |
18.865 |
55.272 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION |
1.567 |
0.581 |
0.386 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX |
61.532 |
18.284 |
54.886 |
|
|
|
|
|
|
|
|
|
Less |
TAX |
20.348 |
5.423 |
21.248 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
|
41.184 |
12.861 |
33.638 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
915.20 |
285.80 |
747.51 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
18.73
|
17.05 |
19.76 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
29.26
|
24.80 |
32.31 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
20.16
|
6.04 |
19.45 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.54
|
0.25 |
0.93 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
1.69
|
3.20 |
3.76 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.67
|
1.18 |
1.33 |
LOCAL AGENCY FURTHER INFORMATION
OPERATIONS
During the year the Company has earned total revenue of Rs. 219.887
Millions as against Rs. 75.428 Millions in the previous year. After providing depreciation
of Rs. 1.567 Millions and making provisions for Tax Expenses the financial
statements resulted in net profit of Rs. 41.184 Millions.
Income is recognized where the Flats / House were completed in all
respects and possession of the flats / house are handed over to the customers.
In view of recession the Company has not taken up any new projects.
FORM 8
|
Corporate
identity number of the company |
U45201KA1996PTC019699 |
|
Name of the
company |
KRISHVI PROJECTS
PRIVATE LIMITED |
|
Address of the
registered office or of the principal place of business in |
No.2, Airport Road, Domlur, Bangalore-560071, Karnataka, India |
|
This form is for |
Modification of
charge |
|
Type of charge |
·
Immovable
property ·
Book debts ·
Movable
property (not being pledge) ·
Floating
charge |
|
Particular of
charge holder |
Oriental Bank of Commerce, No.583, 9th A Main (Off C M H Road), Indiranagar, 1st Stage, Bangalore-560038, Karnataka, India |
|
Nature of
instrument creating charge |
Agreement of
Hypothecation of Assets and EM Confirmation (Both Pertain To The Same
Charge). |
|
Date of
instrument Creating the charge |
24.01.2011 |
|
Amount secured by
the charge |
Rs. 65.000
Millions |
|
Brief of the principal
terms an conditions and extent and operation of the charge |
Rate of interest 1) TL New - at
6.00% over BR, which works out at 15.00% P.A. at present with monthly rests. 2) Existing TL -
as per existing terms of sanction. Terms of repayment Term loan new :
in 3 monthly installments, First installment
of Rs 15.000 Millions on 31.01.2012, Second
installment of Rs 15.000 Millions on 28.02.2012, Third installment
of Rs. 20.000 Millions on 31.03.2012. Existing TL - as
per existing terms of sanction. Margin As per sanction. Extent and operation of the charge Exclusive first
charge on the assets of the company and to the full extent. Other Term loan
(existing) Rs 15.000 Millions; Term loan (new) Rs 50.000 Millions; Total Rs
65.000 Millions. |
|
Short particulars
of the property charged (Including location of the property) |
Hypothecation of
construction materials, WIP and charge on the contract receipts to be
received by the company. Hypothecation of
cash flows, assignment of lease rentals in favour of the bank. EM over Land
admeasuring 4185 sq ft and building thereupon having built up area of 11100
sq. ft. at No.516, PID No.82:2:516, CMH Road, Binnamangala 1st stage,
Bangalore. |
|
Charge
identification number of the charge to be modified |
10238422 |
|
Particulars of
the present modification |
The amount
secured by the charge stands increased to Rs. 65.000 Millions. All other
terms and conditions remain unchanged. |
FIXED ASSETS
·
Land and Building
·
Plant and Machinery
·
Computers
·
Office Equipments
·
Vehicles
·
Furniture and
Fixtures
WEBSITE DETAILS
PROFILE
Subject was the dream of a young dynamic and
tireless entrepreneur, Dinesh Reddy who started this journey way back in 1996. Mr.
Reddy was reared in the famous institution of Bishop Cotton and later graduated
with a Mechanical Engineering degree from the M. S. Ramaiah College of
Engineering. In the initial days of his career, Mr. Dinesh Reddy was a Sales
professional in Mumbai with MSIL and is now the Director of Subject.
Subject with a professional team
of experienced technical and financial experts has successfully completed
several projects till date to the entire satisfaction of customers. Looking
ahead there is also quite a number of up-coming projects in the pipeline.
The basic target audience for the subject are the working individuals and their
families in Bangalore, who need the true relaxation and comfort of a home after
a hectic day. Along with the latest state of the art infrastructural
facilities, Subject gives a lot of emphasis on in-built and
natural ventilation. Simultaneously their priority for natural ventilation also
propels them to preserve and conserve nature to its optimum best and provides a
stress free and relaxed home for its customers.
The company nurtures the mission to enhance the climate and environment of the
housing scenario in the country. The aim is to provide and expand opportunities
for all consumers and gift them with a safe, decent and quality housing
experience.
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. 49.21 |
|
|
1 |
Rs. 77.75 |
|
Euro |
1 |
Rs. 64.58 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
7 |
|
--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 |
|
49 |
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.