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CRISIL SME Ratings
SKC Builders and Developers
Private Limited
NSIC-CRISIL Rating: SE 3C
'Moderate Performance Capability
and Low Financial Strength'
Indicates the level of creditworthiness, adjudged in relation to other Micro & Small
Enterprises
Report Date Valid Till
July 14, 2015 July 13, 2016
Important Notice
This rating has been assigned under the scheme for Rating of Small-Scale Industries, formulated, and
subsidised by the National Small Industries Corporation Limited, New Delhi (NSIC). A copy of the rating
report has been submitted to NSIC. The rating is to be used solely for the purpose for which this rating was
assigned under NSIC’s scheme, and for no other purpose. The rating is a one-time exercise and the rating
will not be kept under surveillance. This rating is valid for one year from the report date, subject to no
significant changes/events occurring during this period that could materially affect the business or financial
parameters of the organisation as mentioned in the report. CRISIL, however, recommends that the user of
the rating seeks a review of the rating, if the organisation experiences significant changes/events during this
period, which could impact the organisation/its rating. For verifying if this is an accepted and valid rating,
please visit: http://www.crisil.com/credit-ratings-risk-assessment/nsic-ratings-list.htm.
The rating and this report are based on the information provided to CRISIL by the organisation and/or
obtained by CRISIL from sources it considers reliable including published annual reports, management
meetings, industry data and discussions with bankers, customers and suppliers. CRISIL does not guarantee
the accuracy, adequacy or completeness of any information on which the rating and the report are based
and is not responsible for any errors or omissions for the results/opinions obtained from the use of the rating
or the rating report. The rating does not constitute an audit of the organisation by CRISIL. The rating is also
not a recommendation to enter into or not enter into any transaction with the organisation. CRISIL reserves
the right to disclose the organisation’s rating and the rating report to Government and/or Regulatory
Authorities/Courts of Law if required to do so.
It is especially stated that CRISIL, its Directors, Rating Committee members, employees and others
associated with the rating assignment do not have any financial liability whatsoever including but not limited
to attorney’s or consultant’s fees to the users of this rating or this rating report. No part of this report may be
reproduced by any means without CRISIL’s prior written approval.
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Index
NSIC-CRISIL PERFORMANCE AND CREDIT RATING................................................................................... 2
KEY RATING DRIVERS .................................................................................................................................... 3
BUSINESS AND MANAGEMENT ............................................................................................................ 3 FINANCIAL ............................................................................................................................................... 3
FACT SHEET ..................................................................................................................................................... 4
BUSINESS PROFILE ......................................................................................................................................... 5
BUSINESS DESCRIPTION ...................................................................................................................... 5 PROJECT DETAILS ................................................................................................................................. 7 SUPPLIER PROFILE AND SUPPLY-SIDE ANALYSIS ........................................................................... 8 SERVICE FACILITIES .............................................................................................................................. 8
OWNERSHIP AND MANAGEMENT ...............................................................................................................10
PROMOTERS’ PROFILE ........................................................................................................................ 10 KEY MANAGEMENT PERSONNEL ....................................................................................................... 10 ORGANISATIONAL STRUCTURE, CONTROLS, AND SYSTEMS....................................................... 11 OWNERSHIP PATTERN ........................................................................................................................ 11 GROUP COMPANIES AND FIRMS ....................................................................................................... 12
FINANCIAL PROFILE ......................................................................................................................................13
CURRENT FINANCIAL PERFORMANCE ............................................................................................. 13 PAST FINANCIAL PERFORMANCE ...................................................................................................... 14
PROFIT AND LOSS ACCOUNT ........................................................................................................ 14 BALANCE SHEET .............................................................................................................................. 15 KEY FINANCIAL RATIOS .................................................................................................................. 16
BANKING FACILITIES ............................................................................................................................ 17 SITE VISIT ........................................................................................................................................................18
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NSIC-CRISIL PERFORMANCE AND CREDIT RATING
SE 3C Financial Strength
indicates High Moderate Low
'Moderate Performance
Capability and Low
Financial Strength' P
erfo
rma
nce
Cap
ab
ilit
y Highest SE 1A SE 1B SE 1C
High SE 2A SE 2B SE 2C
Moderate SE 3A SE 3B SE 3C
adjudged in relation to
other Micro & Small
Enterprises
Weak SE 4A SE 4B SE 4C
Poor SE 5A SE 5B SE 5C
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KEY RATING DRIVERS
BUSINESS AND MANAGEMENT
Strengths Management expertise: Promoters have seven years of relevant experience.
Well-defined organisational structure supported by qualified and experienced second-tier management that has decision-making powers.
Retail customer base: A large retail customer base mitigates customer concentration risk.
Risk factors Short track record: As the company has been operational for one year, it is yet to demonstrate the ability to weather economic and business cycles, scale up operations while maintaining operational efficiency, and maintain stability of customer and supplier relationships.
Non-compliance of statutory guidelines: The company has violated the provisions of Section 185 Companies Act 2013, as it has given loans and advances to persons/concerns in which directors have an interest.
High dependence on advances from customers: As the business is dependent on advances from customers, any delay in receivables and project saleability may delay timely execution of the project.
Government policies:
o High government intervention in the real estate industry, as the company has to take approvals from various government departments
o Changes in policies related to land acquisitions and circle rates Factors that may constrain margins in the future:
o Volatility in the price of raw material o Intense competition from established players and new entrants
FINANCIAL
Risk factors Moderate profitability: The company’s ability to enhance operational efficiency while scaling up operations remains to be seen, as it registered a moderate operating profit before depreciation, interest, and tax (OPBDIT) margin of 12.24 per cent and profit after tax (PAT) margin of 11.93 per cent in 2014-15 (refers to financial year, April 1 to March 31).
Low financial flexibility: A low capital base of Rs.1.66 lakh as on March 31, 2014 may limit the company’s ability to source additional orders and avail funds from financial institutions. It also leaves the company vulnerable to external shocks.
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FACT SHEET Name of the company SKC Builders and Developers Private Limited
Year of incorporation 2011 (Commercial operations commenced from April 1, 2014)
Legal status Private limited company
Legal history There has been no change in the business, management, and constitution of the company since inception.
Registered with Registrar of Companies, Uttar Pradesh
Registration number U70102UP2011PTC044141
SSI Registration number 090272103334
Managing Director Mr. Ahsan Ayyub
Category of entrepreneur General
Listed at Not applicable
Registered office 633/24, Gulzar Colony, Faizabad Road, Chinhat Lucknow – 227 105, Uttar Pradesh Tel: +91 522 6550 121
Administrative office/Service facility
B-2/5, 1st Floor, Shivangi Tower, Vibhuti Khand, Gomtinagar Lucknow – 226 010, Uttar Pradesh Mob: +91 7617 015 036 Website: www.skcbuilders.com
Branch 09, Ground Floor, Cine Wonder Mall, Kapurbawdi, GB Road Thane – 400 607, Maharashtra
Number of employees Permanent: 20 Contractual: Nil Total: 20
Certifications and awards ISO 9001:2008 (valid till September 30, 2015)
Brand None
Statutory compliance Income tax filing: Regular and timely Excise duty filing: Not applicable Service tax filing: Regular and timely Wealth tax filing: Not applicable ESIC and EPF dues: Not applicable (As provided by the management, not independently verified)
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BUSINESS PROFILE
BUSINESS DESCRIPTION
Nature of business : Services
Industry : Real estate development
Industry prospects : Strong
Business description
: The company develops residential and commercial projects in Lucknow and Mumbai.
The company also constructs projects of its group concerns on contract basis.
Experience in the business : 1 year (factored from 2014)
Service range : Diverse
Degree of competition : High; entry barriers are low
Plans : The company does not have any expansion or
diversification plans for the near future.
Customer profile : Retail customers
BUSINESS MODEL
The company develops residential and commercial projects.
Own construction on a standalone basis: o The company constructs residential and commercial properties that are sold to individual customers. o In executing the construction project, the company is responsible for:
Acquiring land Obtaining necessary approvals Arrangement of fund Structural work Supervision of construction activities Marketing the property
Inventory:
o The major raw materials required for construction are cement, sand, bricks, steel tiles and other
consumables, stone chips, wood, fabrication material, paints, plumbing material, electric items, and
sanitary fittings, and other sundries.
o The company maintains raw material inventory for 60 days.
o The company outsources architecture services for designing the project layout. The company has a team of four engineers who are allotted to projects.
o Other activities, which include electrical works and interior development, are sub-contracted to other players in the market.
o The number of projects the company can handle at a time depends on the size of the project and its labour activity is outsourced to local contractors.
o The average time taken to execute a project is two years. A sample flat is made available within three months of the commencement of construction activity.
o The company has tie-ups majorly with Tata Capital Financial Services Limited, DHFL, Axis Bank Limited, and ICICI Bank Limited for providing easy home loans to customers.
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Project funding: o As per the requirement of each project, the company makes centralised purchases of all raw
materials and arranges for labour supply. Similarly, booking money and other sources of funds are divided across all projects, based on requirement.
o Projects are funded through booking money received from customers and unsecured loans from family.
o Construction activity of any building project begins only after acquiring the necessary approvals from: Public Health Department (PHD) Environment Department Fire Prevention Officer (FPO) Central Ground Water Authority (CGWA) Airport Authority of India (AAI)
Terms of payments with customers: o The company mainly caters to retail clients based in Lucknow and Mumbai. The company has the
following terms for payments: Rs.2.00 lakh to be received at the time of booking of property. Remaining amount: Construction linked plan
Marketing arrangement: o The company has a marketing team of five sales executives to identify potential clients. These
executives are trained by the company. o Established contacts, personal visits, and client referrals help the company in sourcing enquiries and
sales booking. o The company also markets its projects through hoardings, local newspapers, and local television.
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PROJECT DETAILS1
PAST PROJECTS
Name of the project
Location
Value of the project (Rs.
Lakh)
Year of commencement
Year of completion
Amanda Heights Deva Road 3,000.00 January 2012 November 2014
Total
3,000.00
ONGOING PROJECTS
Name of the project Location Value of
the project (Rs. Lakh)
Month and year of
commencement
Expected completion
Work completed
till date (Per cent)
Pentagon Tower Chinhat, Lucknow 300.00 April 2015 June 2016
10.00
Total 300.00
COST OF THE ONGOING PROJECT
Cost of project
Rs. Lakh Amount spent till date (Rs.
in Lakh)
Cost of land Data not provided to CRISIL Data not provided to CRISIL
Land development
Construction cost
Marketing expenses
Architect fees
Supervision and overhead expenses
Financial charges
Contingencies
Project cost 300.00
FUTURE PROJECTS
None
1 Project details exclude projects undertaken by the company on contract basis.
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MEANS OF FINANCE
Means of finance Rs. Lakh Amount invested till date (Rs.
Lakh)
Unsecured loan Data not provided to CRISIL Data not provided to CRISIL
Advances from customers
Total 300.00
SUPPLIER PROFILE AND SUPPLY-SIDE ANALYSIS
Supplier's/Wholesaler's name Product Length of relationship
KPJ Distributors Steel 1 year
Kapoor Concrete Product Brick
Terms of purchase : Credit up to 15 days
Material availability : Ample
Material price volatility : High
Ability to pass on material price increases : No
Imports : Nil
SERVICE FACILITIES Labour oriented operations : Not applicable
Labour union :
Labour relationships :
CNC machines, CAD, CAM, automation :
In-house R&D, designing facilities : Yes
Facility layout : Spacious and well organised
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PHOTOGRAPHS
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OWNERSHIP AND MANAGEMENT
PROMOTERS’ PROFILE
Promoter's name : Mr. Ahsan Ayyub
Age : 36 years
Qualification : Graduate
Designation/responsibilities : Managing Director/Overall management
Relevant experience : 7 years including 1 year through the rated company
Personal net worth : Rs.25.00 lakh
Promoter's residence address : 633/24, Gulzar Colony, Faizabad Road Chinhat Lucknow – 227 105, Uttar Pradesh
Ownership of residence : Owned
Vehicles used : Toyota Fortuner
Promoter's name : Mrs. Fatima Tabassum
Age : 35 years
Qualification : Post graduate
Designation/responsibilities : Director/Inactive
Personal net worth : Rs.6.50 lakh
KEY MANAGEMENT PERSONNEL
Name : Mr. Kumar
Age : 28 years
Qualification : BTech
Designation/responsibilities : Manager/Project
Relevant experience : 1 year through the rated company
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ORGANISATIONAL STRUCTURE, CONTROLS, AND SYSTEMS
Promoter : Mr. Ahsan Ayyub
Constitution : Private limited company
Second tier management : Qualified and experienced
Decision making powers : Decentralised
Reporting system or MIS : Yes
Type of reporting system : Computerised
Frequency of MIS/reporting : Daily
Litigation against the SSI : None Litigation against the promoters :
Severity of litigation :
Susceptibility to foreign exchange fluctuations : Not applicable Hedging against foreign exchange risks :
Susceptibility to commodity price fluctuations :
Hedging against commodity prices :
Asset insurance : Adequate
OWNERSHIP PATTERN
Shareholding pattern as on: March 31, 2014
Name of the shareholder Relationship with promoter Share in capital (%)
Mr. Ahsan Ayyub Self 50.00
Mrs. Fatima Tabassum Wife 50.00
Total 100.00
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GROUP COMPANIES AND FIRMS
Name of the group
company
Business Year ended Net sales PAT Net
worth/
Capital
Total
debt
Amounts in Rs. Lakh
Aashiyana
Infrapromoters
Private Limited
(incorporated in 2010)
Real estate March 31,
2014
Data not provided to CRISIL
PAT: Profit after tax
Notes: Mr. Ahsan Ayyub is the director in the group company. There are intra-group transactions and intra-group funding within the group, as confirmed by the
management.
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FINANCIAL PROFILE
CURRENT FINANCIAL PERFORMANCE
Projected performance during 2015-16
Net revenue Rs. Lakh 1,500.00
Net revenue till date Rs. Lakh Data not provided
to CRISIL PBT Rs. Lakh
PBT margin %
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PAST FINANCIAL PERFORMANCE
PROFIT AND LOSS ACCOUNT
For the year ended 2014-15
Audited
Number of months 12
Net revenue Rs. Lakh 972.98
Operating income Rs. Lakh 972.98
Cost of sales Rs. Lakh 853.93
OPBDIT Rs. Lakh 119.04
Interest and finance costs Rs. Lakh 0.38
OPBDT Rs. Lakh 118.66
Depreciation Rs. Lakh 2.53
OPBT Rs. Lakh 116.13
Non-operating income/(expense) Rs. Lakh -
PBT Rs. Lakh 116.13
Extraordinary income/(expense) Rs. Lakh -
Reported PBT Rs. Lakh 116.13
Provision for taxes Rs. Lakh -
Deferred tax liability/(asset) Rs. Lakh 0.09
PAT Rs. Lakh 116.04
Dividends Rs. Lakh -
Net cash accruals Rs. Lakh 118.57
Notes: Interest and finance costs for 2014-15 refer to bank charges. Depreciation is charged according to the provisions of the Companies Act, 1956. The company has not paid income tax in 2014-15. (reason is not provided to CRISIL)
Deferred tax was provided according to Accounting Standard 22, ‘Accounting for Taxes on Income’.
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BALANCE SHEET
As on 31-Mar-2015
Audited
Liabilities
Tangible net worth Rs. Lakh 1.66
Deferred tax liabilities/(assets) Rs. Lakh 0.44
Long-term debt Rs. Lakh 36.83
of which, current portion of long-term debt Rs. Lakh -
Short-term debt Rs. Lakh -
of which, working capital borrowing from banks Rs. Lakh -
Other liabilities and provisions Rs. Lakh 649.09
Total liabilities Rs. Lakh 688.02
Assets
Net fixed assets Rs. Lakh 16.31
Investments Rs. Lakh 108.86
Inventory Rs. Lakh 221.13
Receivables (total) Rs. Lakh -
of which, receivables greater than six months Rs. Lakh -
Cash and bank balance Rs. Lakh 4.47
Other current assets Rs. Lakh 337.25
Total assets Rs. Lakh 688.02
Notes: Tangible net worth was low as on March 31, 2015 due to deduction of accumulated losses out of capital
which was result of high construction cost in the initial sage of the project. Long term debt as on March 31, 2015 refers to unsecured loans from promoters and family (interest
payout details are not provided to CRISIL). Other liabilities and provisions as on March 31, 2015 comprise creditors for goods of Rs.165.27 lakh,
advance from customers of Rs.429.97 lakh and other payables of Rs.53.85 lakh. Investments as on March 31, 2015 comprise:
o Equity instruments of Rs.0.04 lakh o Debentures of Rs.56.71 lakh o Property of Rs.51.15 lakh o Other investment of Rs.0.96 lakh
Inventory as on March 31, 2015 comprises raw materials of Rs.68.85 lakh and work in progress of Rs.152.28 lakh.
Other current assets as on March 31, 2015 comprise short term loans and advances of Rs.276.65 lakh, TDS receivable of Rs.24.55 lakh and other current assets of Rs.36.05 lakh.
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KEY FINANCIAL RATIOS
For the year ended 31-Mar-2015
Audited
OPBDIT margin % 12.24
PAT margin % 11.93
Return on capital employed % NM
Gross current assets days 198
Days inventory (on COP) days NM
Days receivable (on gross sales) days -
Days payable (on materials) days 105
Current ratio Times 0.87
PBDIT Interest cover Times 312.16
Net cash accruals/Total debt % 321.92
Debt service coverage ratio Times NM
Average cost of borrowing %
Total outside liabilities/Tangible net worth Times 413.26
Gearing - Total debt/Tangible net worth Times 22.18
Gearing (not including promoter loans as debt) Times -
NM: Not meaningful Note: Payables as on March 31, 2015 were stretched. (reason is not provided to CRISIL)
CONTINGENT LIABILITIES Contingent liabilities as on March 31, 2015: Nil
AUDITORS B K Gupta and Company, Chartered Accountants Lucknow, Uttar Pradesh Auditors' comments and observations in their audit report for 2014-15: No adverse comments Change in auditors, if any: Not applicable
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BANKING FACILITIES
Name of the bank Length of
relationship
Facilities
availed
Type of facility Loan amount Rate
(%)
HDFC Bank Limited 3 years Current
account Not applicable
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SITE VISIT Address of the site visited : B-2/5, 1st Floor, Shivangi Tower, Vibhuti Khand
Gomtinagar Lucknow – 226 010, Uttar Pradesh
Date of site visit : June 26, 2015
No. of floors occupied : One
Size of premises : 1,450 sq. ft.
Number of employees at the location : 20
Child labour at the site : No
Locality : Commercial
Location area : Urban
Site location : Main road
Site used as : Administrative office Regional office Sales office
Site layout : Spacious and well organised
Space around the building/structure : Front porch
State of infrastructure : Power: Stable Backup power: Available Water: Available Labour unions: None Transportation: Limited availability Overall infrastructure: Satisfactory
Electricity consumption : 20 KW
Building structure : Permanent structure
Ownership of premises : Rented
Sharing premises with group firm/company
: Yes
Facilities available at the site : Telephone Internet Name or sign boards Drinking water Pantry and canteen
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