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.

1

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

2

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

3

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.

4

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)

5

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.

6

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.

7

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.

8

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

9

PHOTOGRAPHS

10

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

11

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

12

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.

13

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 %

14

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’.

15

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.

16

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

17

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

18

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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