MIRA
INFORM REPORT
|
Report Date : |
09.11.2006 |
IDENTIFICATION
DETAILS
|
Name : |
SIDHARTHA
MARBLES & GRANITE PRIVATE LIMITED |
|
|
|
|
Registered Office : |
H. No. 8 Sukher,
Udaipur - 313001, Rajasthan |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as on) : |
31.03.2005 |
|
|
|
|
Date of Incorporation : |
09.01.1984 |
|
|
|
|
Com. Reg. No.: |
17-15049 |
|
|
|
|
CIN No.: [Company
Identification No.] |
U14101RJ1998PTC015049 |
|
|
|
|
TAN No.: [Tax
Deduction & Collection Account No.] |
JPRS01084G |
|
|
|
|
Legal Form : |
Private Limited Liability Company |
|
|
|
|
Line of Business : |
Manufacturers, Traders and Exporters of
Marble Slabs and Blocks & Granite Powder. |
RATING & COMMENTS
|
MIRA’s Rating : |
B |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Unfavourable & favourable factors
carry similar weight in credit consideration. Capability to overcome
financial difficulties seems comparatively below average/normal. |
Small |
|
Maximum Credit Limit : |
|
|
|
|
|
Status : |
Moderate |
|
|
|
|
Payment Behaviour : |
Slow
but correct |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject
is an established company having moderate track. Profit margin is under
severe pressure. The company has small
accumulated loss. Financial position
can be regarded as moderate. The
company can be considered for small to mediocre business dealings at usual
trade terms and conditions. |
LOCATIONS
|
Registered Office : |
H. No. 8 Sukher, Udaipur
- 313001, Rajasthan, India |
|
Tel. No.: |
91-294-2441408
/ 9 |
|
Mobile No.: |
91-9312500274
/ 9810008283 |
|
Fax No.: |
91-294-2441541 |
|
E-Mail : |
|
|
Website : |
|
|
Area : |
1200
sq. mtrs. |
|
Location : |
Owned |
|
|
|
|
Factory
1 [Mines] : |
M. L.
No. 39/88, Village Massaro Ki Obri, Udaipur, Rajasthan, India |
|
Area : |
15000
sq. mtrs. |
|
Location : |
Owned |
|
|
|
|
Factory
2 [Mines] : |
220/92,
Village Duchki, District Dungarpur |
|
Area : |
18000
sq. mtrs. |
|
|
|
|
Branches
: |
S-3 Green Park
Extension, New Delhi – 110016, India |
|
Tel.
No.: |
91-11-26561121 /
26066094 / 26964191 |
|
Fax
No.: |
91-11-26868485 |
|
Area : |
3500
sq. mtrs. |
DIRECTORS
|
Name : |
Mr. Prakash Chand
Jain |
|
Designation : |
Director
|
|
Address : |
Udaipur,
Rajasthan, India |
|
Date of Birth/Age : |
56
years |
|
Qualification : |
Graduate
|
|
Experience : |
15
years |
|
|
|
|
Name : |
Mr. Amit Jain |
|
Designation : |
Director |
|
Address : |
Udaipur,
Rajastha, India |
|
Date of Birth/Age : |
40
years |
|
Qualification : |
MBA |
|
Experience : |
10
years |
|
|
|
|
Name : |
Mr.
Sunil Jain |
|
Designation : |
Director
|
|
Address : |
Udaipur,
Rajasthan, India |
|
Date of Birth/Age : |
36
years |
|
Qualification : |
Graduate
|
|
Experience : |
9
years |
|
|
|
|
Name : |
Mr. Aditya Jain |
|
Designation : |
Director
|
|
Address : |
Udaipur,
Rajasthan, India |
|
Qualification : |
Graduate
|
|
Experience : |
12
years |
MAJOR SHAREHOLDERS
|
Names
of Shareholders |
|
Percentage of Holding |
|
Family
Members and Directors |
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturers, Traders and Exporters of
Marble Slabs and Blocks & Granite Powder |
|
|
|
|
Products : |
v Marble v Granite v Sandstone v Limestone v Slate |
|
|
|
|
Exports to : |
Nepal,
Japan, Italy, South Korea and China [Marble Blocks & Others] |
|
|
|
|
Imports from : |
Bulgaria
and Belgium [C. Belts] |
|
|
|
|
Terms : |
|
|
Selling : |
L/C,
Cash [60 / 90 days] |
|
|
|
|
Purchasing : |
L/C and
Cash [60 days] |
PRODUCTION
STATUS
|
Particulars |
Actual Production |
|
Marble Slabs |
23622.00 sq. mtrs. |
|
Mined Blocks |
[33407] M.T. |
GENERAL
INFORMATION
|
Customers : |
Local
& Foreign Customers Retailers
End
Users Pesific
Marbles Limited Lanxess
GmbH, Germany |
|
|
|
|
No. of Employees : |
378 |
|
|
|
|
Bankers : |
Canara
Bank Udaipur,
Rajasthan, India HDFC
Bank Udaipur,
Rajasthan, India ABN
Amro Bank Limited New
Delhi, India |
|
|
|
|
Facilities : |
Canara
Bank – Credit Limit : Rs. 5.000 millions |
|
|
|
|
Banking Relations : |
-- |
|
|
|
|
Auditors : |
A.
Bafna & Company Chartered
Accountants, Jaipur |
|
|
|
|
Associates : |
Jain
Marbles S – 3,
Green Park Extension, New Delhi – 110016, India Line of
Business : Trading of Marble Slabs and Marbles |
CAPITAL STRUCTURE
Authorised
Capital :
|
No.
of Shares |
Type |
Value |
Amount |
|
125000 |
Equity
Shares |
Rs. 100/- each |
Rs. 12.500 millions |
|
25000 |
Preference
Shares |
Rs. 100/- each |
Rs. 2.500 millions |
|
|
TOTAL |
|
Rs. 15.000
millions |
Issued,
Subscribed & Paid-up Capital :
|
No.
of Shares |
Type |
Value |
Amount |
|
99548 |
Equity
Shares |
Rs. 100/- each |
Rs. 9.954 millions |
|
22250 |
Preference
Shares |
Rs. 100/- each |
Rs. 2.225 millions |
|
|
TOTAL |
|
Rs. 12.179
millions |
FINANCIAL DATA
[all figures are in Rupees
Millions]
ABRIDGED
BALANCE SHEET
|
SOURCES OF FUNDS |
31.03.2005 |
31.03.2004 |
31.03.2003 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
12.179 |
12.179 |
12.180 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
0.000 |
0.000 |
0.000 |
|
|
4] (Accumulated Losses) |
[1.741] |
[2.482] |
[1.094] |
|
|
NETWORTH |
10.438 |
9.697 |
11.086 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
18.687 |
23.492 |
17.043 |
|
|
2] Unsecured Loans |
2.882 |
3.406 |
7.664 |
|
|
TOTAL BORROWING |
21.569 |
26.898 |
24.707 |
|
|
DEFERRED TAX LIABILITIES |
0.157 |
0.000 |
0.003 |
|
|
|
|
|
|
|
|
TOTAL |
32.164 |
36.595 |
35.796 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
25.544 |
26.744 |
28.338 |
|
|
Capital work-in-progress |
0.603 |
0.604 |
0.376 |
|
|
|
|
|
|
|
|
INVESTMENT |
0.007 |
0.007 |
0.007 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
5.983 |
9.489 |
13.987 |
|
|
Sundry Debtors |
4.449 |
3.773 |
3.907 |
|
|
Cash & Bank Balances |
1.913 |
1.853 |
0.609 |
|
|
Other Current Assets |
0.000 |
0.000 |
0.000 |
|
|
Loans & Advances |
8.173 |
5.530 |
3.841 |
|
Total Current Assets |
20.518 |
20.645 |
22.344 |
|
|
Less : CURRENT LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Current Liabilities |
14.517 |
11.419 |
15.288 |
|
|
Provisions |
0.000 |
0.000 |
0.000 |
|
Total Current Liabilities |
14.517 |
11.419 |
15.288 |
|
|
Net Current Assets |
6.001 |
9.226 |
7.056 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.009 |
0.014 |
0.019 |
|
|
|
|
|
|
|
|
TOTAL |
32.164 |
36.595 |
35.796 |
|
PROFIT
& LOSS ACCOUNT
|
PARTICULARS |
31.03.2005 |
31.03.2004 |
31.03.2003 |
|
Sales Turnover [including other
income] |
33.528 |
28.554 |
30.397 |
|
|
|
|
|
|
Profit/(Loss)
Before Tax |
0.975 |
[1.391] |
0.550 |
|
Provision
for Taxation |
0.234 |
0.000 |
0.054 |
|
Profit/(Loss)
After Tax |
0.741 |
[1.391] |
0.496 |
|
|
|
|
|
|
Export
Value |
40% |
43% |
0.232 |
|
|
|
|
|
|
Import
Value |
0.768 |
0.598 |
1.532 |
|
|
|
|
|
|
Total
Expenditure |
26.502 |
23.185 |
29.893 |
KEY
RATIOS
|
PARTICULARS |
|
31.03.2005 |
31.03.2004 |
31.03.2003 |
|
PAT / Total Income |
(%) |
2.21
|
[4.87] |
1.63 |
|
|
|
|
|
|
|
Net
Profit Margin (PBT/Sales) |
(%) |
2.90
|
[4.87] |
1.80 |
|
|
|
|
|
|
|
Return
on Total Assets (PBT/Total
Assets} |
(%) |
2.11
|
[2.93] |
1.08 |
|
|
|
|
|
|
|
Return
on Investment (ROI) (PBT/Networth) |
|
0.09
|
[0.14] |
0.04 |
|
|
|
|
|
|
|
Debt
Equity Ratio (Total
Liability/Networth) |
|
3.45
|
3.95 |
3.60 |
|
|
|
|
|
|
|
Current
Ratio (Current
Asset/Current Liability) |
|
1.41
|
1.80 |
1.46 |
LOCAL AGENCY
FURTHER INFORMATION
HISTORY
:
Subject
was incorporated on 9th January, 1984 at New Delhi having Company
Registration Number 55-17305. The
registered office of the company was transferred to Jaipur in Rajasthan w.e.f.
18th August, 1998 and a new Company Registration No. 17-15049 of
Jaipur Registry was obtained.
Founded
in 1965, the Jain Marbles Group is one of the pioneers in India's green marble
industry. With complete focus on customer orientation and quality, the group has
registered phenomenal growth to become one of the largest marble companies in
India. The Group operates more than 15 quarries, all of which are fully
mechanized with Italian technology.
Sidhartha
Marbles & Granites is a fully integrated marble company of the Jain Marbles
Group- Guided by the strong and able leadership of Mr. Prakash Jain and
assisted by Mr. Amit Jain and Aditya Jain, the company is a leader in green
marble in the national as well as the international markets.
The
company has fully mechanized and scientifically developed quarries at
Kesariyaji in the Udaipur region of the Rajasthan. The raw material from the
quarries is processed at its state-of-the-art processing facility at
"Sukher", Udaipur.
Its
factory is equipped with most advanced equipment together with a fleet of
diamond gang saws, line polishers etc. using the latest technical know - how
required for the international standards. The added facility of tiling plant
with best polishing and cutting capabilities enables the company to make their
unit a complete Marble house.
WEBSITE
DETAILS
Production
:
The factory is situated at 'SUKHER' in the Udaipur region of
Rajasthan, equipped with most advanced equipment together with a fleet
of diamond gang saws, line polishers etc. using
the latest technical know-how required for the
international standards. The added facility of tiling plant with best polishing
and cutting capabilities enables the company to make their
unit a complete MARBLE HOUSE. In the manufacturing plant,
the company has a pool of
a well qualified and dedicated personnel.
With the aim of improving and adapting their services to
the collective needs of their clients, the
production of standard green marble blocks, slabs and tiles, is
continually looking to innovate and improve the
production process. Each and every item is given the most
appropriate treatment in terms of resins, drying
times and polishing to ensure the best possible finish and presentation.
For the success of their export department, they give the
personal treatment to all their clients and an obsession to understand
their needs and their market in order to adapt their range of products.
QUARRYING – PRODUCTION
They own and operate exclusive green marble quarries across the State of
Rajasthan which are fully interconnected with a net work of wireless system.
They have large deposits of blocks, and adopt the latest German and Italian
technologies to extract and process precious varieties of marbles slabs from
the core of the earth. They have promoted systematic mining with imported
equipment from the finest companies in the World. Their operation is fully
mechanized using the most modern Chain saw, drilling equipment, front end
loaders, excavators, air cushions, massive cranes etc. Production and
processing is very meticulously monitored at every stage under most vigorous
quality assurance criteria.
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.44.65 |
|
UK
Pound |
1 |
Rs.85.03 |
|
Euro |
1 |
Rs.56.98 |
SCORE &
RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
4 |
|
OPERATING SCALE |
1~10 |
4 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
4 |
|
--PROFITABILIRY |
1~10 |
4 |
|
--LIQUIDITY |
1~10 |
4 |
|
--LEVERAGE |
1~10 |
4 |
|
--RESERVES |
1~10 |
- |
|
--CREDIT LINES |
1~10 |
4 |
|
--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 |
YES |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
34 |
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 |
Unfavourable & favourable factors carry
similar weight in credit consideration. Capability to overcome financial
difficulties seems comparatively below average/normal. |
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 |
|
NR |
In view of the lack of information, we
have no basis upon which to recommend credit dealings |
No Rating |
|