MIRA
INFORM REPORT
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Report Date : |
13TH
June, 2006 |
IDENTIFICATION
DETAILS
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Name : |
DUNITE
ROCKS PRIVATE LIMITED |
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Registered Office : |
S. No.
12/1 B Scholavandan Road, Madurai District Nagari, Madurai-625221, Tamilnadu,
India |
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Country : |
India |
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Date of Incorporation : |
21.04.2004 |
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Com. Reg. No.: |
18-53016 |
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CIN No.: [Company
Identification No.] |
U26933TN2004PTC053016 |
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IEC No.: |
3804000193 |
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Legal Form : |
Private
Limited Liability Company |
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Line of Business : |
Manufacturer,
Exporter and Importer of Granite Monuments, Granite Slabs, Tiles |
RATING & COMMENTS
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MIRA’s Rating : |
Ca |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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 |
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Maximum Credit Limit : |
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Status : |
New
Company |
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Payment Behaviour : |
Usually
correct |
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Litigation : |
Clear |
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Comments : |
Subject
is a new 100 % export oriented company, started production 2 months back.
Trade relations are fair. Payments are usually correct and as per
commitments. The company
can be considered for small to mediocre business dealings on safe and secured
trade terms and conditions initially. |
LOCATIONS
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Registered Office : |
S. No.
12/1 B Scholavandan Road, Madurai District Nagari, Madurai-625221, Tamilnadu,
India |
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Tel. No.: |
91-4543-258020/258930-32 |
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Fax No.: |
91-4543-258030 |
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Email : |
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Area : |
Medium
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Location : |
Owned |
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Factory : |
S. No.
12/1 B Scholavandan Road, Madurai District Nagari, Madurai-625221, Tamilnadu,
India |
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Tel.
No.: |
91-4543-258020/258930 |
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Fax
No.: |
91-4543-258030 |
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Area : |
Big |
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Location : |
Owned |
DIRECTORS
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Name : |
Mr. R.
Sriram |
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Designation : |
Director
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Address : |
FF,
Adhi Home, Porsn Srishti, Madurai – 18 |
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Date of Birth/Age : |
42
Years |
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Qualification : |
B. E. |
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Experience : |
14
Years |
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Name : |
Mr.
Eshwar Swami |
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Designation : |
Director
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Address : |
10F,
Prithvi, Parsn Srishti, Madurai – 18 |
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Date of Birth/Age : |
43
Years |
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Qualification : |
B.E. |
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Experience : |
1
Years |
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Name : |
Mrs. K
Geetha Sriram |
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Designation : |
Director
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Address : |
FF, Adhi
Home, Porsn Srishti, Madurai – 18 |
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Date of Birth/Age : |
40
Years |
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Qualification : |
B.E.,
M. Tech |
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Experience : |
9
Years |
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Name : |
Mr.
Rangarajan |
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Designation : |
Chief
Executive Officer (Asst.Imp.Exp.) |
MAJOR SHAREHOLDERS
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Names
of Shareholders |
|
Mr. R.
Sriram |
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Mrs. K
Geetha Sriram |
BUSINESS DETAILS
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Line of Business : |
Manufacturer,
Exporter and Importer of Granite Monuments, Granite Slabs, Tiles |
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Products : |
Granite
Monuments |
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Exports to : |
Granite
Monuments to Europe, UK and USA |
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Imports from : |
Diamond
wires used for cutting raw blocks from Belgium, Germany, Thailand, Italy,
China, Malaysia, Spain |
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Terms : |
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Selling : |
L/C,
Cash & Credit (90 days) |
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Purchasing : |
L/C,
Cash & Credit (90 days) |
PRODUCTION
STATUS
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Particulars |
Unit |
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Installed Capacity [Annual] |
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Granite Sables/ Tiles/ Products |
SQM |
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210000 |
GENERAL
INFORMATION
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Customers : |
Wholesalers
and Retailers |
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No. of Employees : |
70 |
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Bankers : |
Canara
Bank, North Veli Street, Madurai – 1 |
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Facilities : |
Term
Loan – Rs. 72.300 Millions EPC –
Rs. 23.500 Millions FBD –
Rs. 26.500 Millions |
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Banking Relations : |
-- |
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Auditors : |
C.
Balkrishnan Chartered
Accountants |
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Address: |
13,
Besant Road, Chockikulam, Madurai – 625002 |
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Tel. No.: |
91-452-2522990
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Parent Company |
Madurai
Arkay Rock Produce Private Limited 4/48,
Sholvandan Road, Madurai - 625221, Tamilnadu, India Line
of Business – Manufacturer and Exporter of Granite Monuments/ Slabs/
Products |
CAPITAL STRUCTURE
Authorised
Capital :
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No.
of Shares |
Type |
Value |
Amount |
|
250000 |
Equity
Shares |
Rs. 10/- each |
Rs. 2.500 millions |
Issued,
Subscribed & Paid-up Capital :
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No.
of Shares |
Type |
Value |
Amount |
|
10000 |
Equity
Shares |
Rs. 10/- each |
Rs. 0.100 millions (On incorporation) |
FINANCIAL DATA
[all figures are in Rupees
Millions]
As the
subject is a new company, no financials are available.
Production
Started on 3rd April 2006 only
LOCAL AGENCY
FURTHER INFORMATION
Trade
Reference :
v
Grantinter
India Private Limited, Chennai
v
F A
Mecanica, Italia
v
Husquarna,
Belgium
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.45.88 |
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UK
Pound |
1 |
Rs.84.61 |
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Euro |
1 |
Rs.58.01 |
SCORE &
RATING EXPLANATIONS
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SCORE FACTORS |
RANGE |
POINTS |
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HISTORY |
1~10 |
3 |
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PAID-UP CAPITAL |
1~10 |
3 |
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OPERATING SCALE |
1~10 |
- |
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FINANCIAL CONDITION |
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--BUSINESS SCALE |
1~10 |
3 |
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--PROFITABILIRY |
1~10 |
- |
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--LIQUIDITY |
1~10 |
4 |
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--LEVERAGE |
1~10 |
4 |
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--RESERVES |
1~10 |
- |
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--CREDIT LINES |
1~10 |
5 |
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--MARGINS |
-5~5 |
- |
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DEMERIT POINTS |
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--BANK CHARGES |
YES/NO |
YES |
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--LITIGATION |
YES/NO |
NO |
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--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
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MERIT POINTS |
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--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
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--EXPORT ACTIVITIES |
YES/NO |
YES |
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--AFFILIATION |
YES/NO |
YES |
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--LISTED |
YES/NO |
NO |
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--OTHER MERIT FACTORS |
YES/NO |
YES |
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TOTAL |
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22 |
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
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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>86 |
Aaa |
Possesses an extremely sound financial
base with the strongest capability for timely payment of interest and
principal sums |
Unlimited |
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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 |
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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 |
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41-55 |
Ba |
Overall operation is considered normal.
Capable to meet normal commitments. |
Satisfactory |
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26-40 |
B |
Unfavourable & favourable factors
carry similar weight in credit consideration. Capability to overcome financial
difficulties seems comparatively below average/normal. |
Small |
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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 |
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<10 |
C |
Absolute credit risk exists. Caution
needed to be exercised |
Credit not recommended |