MIRA
INFORM REPORT
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Report Date : |
03.04.2007 |
IDENTIFICATION
DETAILS
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Name : |
CRYSTAL GRANITE AND MARBLE PRIVATE LIMITED |
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Registered Office : |
Dynamix House Yashodham, Goregaon(E) , Mumbai:400063, Maharashtra |
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Country : |
India |
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Financials (as on) : |
31.03.2006 |
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Date of Incorporation : |
11.09.1984 |
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Com. Reg. No.: |
11-033987 |
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CIN No.: [Company
Identification No.] |
U51900MH1984PTC033987 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
MUMC10103C |
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PAN No.: [Permanent
Account No.] |
AAACC1661J |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Manufacturers and Processors of Granite/Marble Slabs and
Tiles |
RATING &
COMMENTS
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MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Maximum Credit Limit : |
USD 1000000 |
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Status : |
Good |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject is a well-established company of Conwood Group having diversified interest in construction, dairy, software and satisfactory track. Their trade relations are reported as fair. Payments are correct and as per commitment. The company can be considered good for normal business dealings at usual trade terms and conditions. It can be regarded as a promising business partner in a medium and long- run |
LOCATIONS
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Registered Office : |
Dynamix House, Yashodham Goregaon(East), Mumbai:400063, Maharashtra |
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Tel. No.: |
91-22-28402304 |
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Fax No.: |
91-22-28402322 |
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E-Mail : |
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Factroy : |
Plot No:k-5, Addl Midc Area, Kodoli Village, Satara-415 004,
Maharashtra, India |
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Tel. No.: |
91-2162-44500 / 46126 |
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Fax No.: |
91-2162-44126 |
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Factory : |
41st KM Bangalore Mysore Road, Madapura Village, Ramnagaram
Taluk, Bangalore Dist. Karnataka, India |
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Tel. No.: |
91-8113-7271199 / 7271291 / 7273867 |
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Fax No.: |
91-8113-7271199 / 7271291 |
DIRECTORS
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Name : |
Mr. Vinod K. Goenka |
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Designation : |
Managing Director |
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Address : |
Karmayog,6th floor,Hatkesh Society, Juhu Scheme, Mumbai-400
049, Maharashtra |
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Date of Appointment : |
20.11.1986 |
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Name : |
Mr. Sanjeev goneka |
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Designation : |
Whole time Director |
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Address : |
23, Shruti, Gokuldham, Goregaon(East) Mumbai-400 063, Maharashtra |
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Date of Appointment : |
29.07.1994 |
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Name : |
Mr. Ramanathan G.P. |
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Designation : |
Director |
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Address : |
A2-9/103, Nirmal, gokuldham Goregaon(East), Mumbai-400 063,
Maharashtra |
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Date of Appointment : |
20.06.2001 |
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Name : |
Ms. Aseela Goneka |
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Designation : |
Director (Marketing) |
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Address : |
Karmayog,6th floor,Hatkesh Society, Juhu Scheme, Mumbai-400
049, Maharashtra |
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Date of Appointment : |
15.03.2002 |
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Name : |
Mr. Narayan P. Bajaj |
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Designation : |
Whole time Director |
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Address : |
201, Namita, Gulmohar Road No.4, Juhu-Parle Scheme, Mumbai-400 049.
Maharashtra |
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Date of Appointment : |
06.01.2004 |
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Name : |
Mr. Subhash K. Dalmia |
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Designation : |
Whole time Director |
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Address : |
205, Muktnagan, ?Upper Govindnagar, Malad(East) Mumbai-400 097,
Maharashtra |
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Date of Appointment : |
01.04.2005 |
KEY EXECUTIVES
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Name : |
Mr. Ratilal K. Bharadva |
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Designation : |
Company Secretary |
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Address : |
Ganga Bhavan, Kasturba Main Road, Carter Road No.4 and 5, Borivali
(East), Mumbai-400 066. Maharashtra |
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Date of Appointment : |
02.01.2003 |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
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Names of Shareholders |
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No. of Shares |
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Vinod K. Goenka Parter K.G.
Enterprises |
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1 |
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Vinod K. Goenka |
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35010 |
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Sanjiv N. Goenka |
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20000 |
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Vinod K. Goenka |
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194989 |
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Aseela Goneka |
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35000 |
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Vinod K. Goenka Fand NG of Sanjana Goenka |
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35000 |
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Vinod K. Goenka F and NG of Jayvardhan Goenka |
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35000 |
BUSINESS DETAILS
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Line of Business : |
Manufacturers and Processors of Granite/Marble Slabs and
Tiles |
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Products : |
Granite Tiles Granite Slabs Granite Slate |
PRODUCTION STATUS
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Particulars |
Unit |
Licensed
Capacity |
Installed
Capacity |
Actual
Production |
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Granite/ State / Marble |
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222000 |
222000 |
264899 |
GENERAL
INFORMATION
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No. of Employees : |
About 500 |
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Bankers : |
Bank of Baroda Mumbai Main Office 10/12, Mumbai Samachar Marg, Fort, Mumbai – 400001 India. Tel : 91-22-22048641 Fax : 91-22-22040494 Current Account # 20197 swift Code : BARBIN BBA. ABA Number : 505 Indusind Bank Oriental Bank of Commerce Jash Chambers, Opp.Amar
building |
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Facilities : |
-- |
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Banking
Relations : |
Good |
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Auditors : |
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Name : |
Mr. Rohit Adalja Chartered Accountant |
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Address : |
Yusuf Building, 2nd Floor, 43, M.G.Road, Mumbai:400023,
Maharashtra |
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Name : |
Mr. H.P.Chaturvedi Chartered Accountant |
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Address : |
A-3,1st Floor, Laxmi Tower, Bandra
Kurla Complex, Bandra(East), Mumbai:400051, Maharashtra |
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Associates/Subsidiaries : |
Herifage Mining Company Private Limited |
CAPITAL STRUCTURE
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
|
355000 |
Equity Shares |
Rs.100/-each |
Rs.35.500 Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
355000 |
Equity Shares |
Rs.100/-each |
Rs.35.500 Millions |
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
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SOURCES OF FUNDS |
31.03.2006 |
31.03.2005 |
31.03.2004 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
35.500 |
35.500 |
35.500 |
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2] Share Application Money |
0.000 |
0.000 |
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3] Reserves & Surplus |
238.010 |
210.485 |
186.937 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
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NETWORTH |
273.510 |
245.985 |
222.437 |
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LOAN FUNDS |
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1] Secured Loans |
327.668 |
378.909 |
231.197 |
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2] Unsecured Loans |
7.648 |
22.658 |
18.692 |
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TOTAL BORROWING |
335.316 |
401.567 |
249.889 |
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DEFERRED TAX LIABILITIES |
27.806 |
22.764 |
28.126 |
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TOTAL |
636.632 |
670.316 |
500.452 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
227.883 |
139.840 |
146.465 |
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Capital work-in-progress |
9.310 |
109.540 |
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INVESTMENT |
7.583 |
8.675 |
7.063 |
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DEFERREX TAX ASSETS |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
136.154 |
141.408 |
134.580 |
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Sundry Debtors |
262.932 |
245.926 |
208.254 |
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Cash & Bank Balances |
5.793 |
6.069 |
8.585 |
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Other Current Assets |
0.000 |
0.000 |
12.510 |
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Loans & Advances |
65.448 |
100.751 |
108.891 |
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Total
Current Assets |
470.327 |
494.154 |
472.820 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
71.981 |
73.197 |
125.896 |
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Provisions |
13.251 |
8.696 |
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Total
Current Liabilities |
85.232 |
81.893 |
125.896 |
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Net Current Assets |
385.095 |
412.261 |
346.924 |
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MISCELLANEOUS EXPENSES |
6.761 |
0.000 |
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TOTAL |
636.632 |
670.316 |
500.452 |
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PROFIT
& LOSS ACCOUNT
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PARTICULARS |
|
31.03.2004 |
Sales Turnover
[including other income]
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|
617.581 |
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Profit/(Loss)
Before Tax
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|
64.527 |
Provision for Taxation
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|
7.508 |
Profit/(Loss) After
Tax
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|
57.019 |
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Export Value
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514.938 |
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Import Value
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86.202 |
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Total Expenditure
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529.461 |
KEY RATIOS
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PARTICULARS |
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31.03.2006 |
31.03.2005 |
31.03.2004 |
PAT / Total Income
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(%)
|
-- |
--
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9.23 |
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Net Profit Margin
(PBT/Sales) |
(%) |
-- |
-
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10.45 |
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Return on Total Assets
(PBT/Total Assets} |
(%) |
-- |
--
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10.30 |
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Return on Investment (ROI)
(PBT/Networth) |
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-- |
--
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2.87 |
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Debt Equity Ratio
(Total Liability/Networth) |
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0.31 |
0.33 |
1.69 |
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Current Ratio
(Current Asset/Current Liability) |
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5.52 |
6.03 |
3.39 |
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LOCAL AGENCY
FURTHER INFORMATION
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This form is for |
Creation of
Charge |
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Charge
identification number of the charge to be modified |
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Corporate
identity number of the company |
U51900MH1984PTC033987 |
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Name of the
company |
Crystal Granite
And Marble Private Limited |
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Address of the
registered office or of the principal place of business in India of the company |
Dynamix House
Yashodham Goregaon(East) Mumbai:400063,
Maharashtra, India |
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Type of charge |
Book Debts Movable Property |
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Particular of
charge holder |
Bank of Baroda 10/12,Mumbai Samchar Marg, Fort, Mumbai :400001,Maharashtra |
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Nature of
description of the instrument creating or modifying the charge |
Composite Hypothecation Agreement Dated 28th October,2006 |
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Date of
instrument Creating the charge |
28/10/2006 |
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Amount secured by
the charge |
Rs.45.000
Millions |
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Brief particulars
of the principal terms an conditions and extent and operation of the charge |
a) Rate of Interest:
The Workking Capital Facilities sanctioned by Bank of Baroda of an aggregate
amount of Rs.45.000 Millions to the Company is repayable on demand forth with
interest at such rate or rates as determined by the Bank and / or as per RBI
directives from time to time together with all costs, charges expenses and
other monies payable hereon. The limits
covered:
b) Terms of repayment:
repayable on demand c) Margin : 1)
P.C./PCFC 10% 2) FBP/PSCFC Nil d) Extent and
operation of the charge: The kCharge extends to the repayment of all monies
including principle sums, interest, interest tax, additional interest,
further interest, penal interest, commission, cost, charges and expenses etc. e) Other : Nil |
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Short particulars
of the property charged |
Hypothecation of
all stocks, Book-Debts, Moveable Machinery and all other moveables of the
Company, Bills, L.C. Application. |
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Date of latest
modification prior to the present modification |
-- |
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Particulars of
the present modification |
-- |
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Name of the company |
Crystal Branite
and Marble private limited |
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Presented By |
Crystal Branite
and Marble private limited |
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1) Date and description of instrument creating the change |
Instrument of Hypothecation of Goods dated:14.10.1993 |
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2) Amount secured by the charge/amount owing on the securities of charge |
Rs.9.000 Millions |
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3) Short particular of the property charged. If the property acquired is subject to charge, date of the acquired of the property should be given |
Hypothecation of
raw material, such as natural granite stones marble blocks, slabs of granite and
marbles, diamond toold/wheels, block cutters,abrasives,polishing compound
bloaded shots, etc. semifinished and finished goods and packing materials
meant for export. All bookdebts which may
at during the continueance of this security become owing to the
company in the courses of itsbusiness by any person, firm, company, or body,
corporate or by the government ,central or state or Indian Railway, or any
government Department office or any Muncipal or local or public
semi-government body corporate or undertaking or project, whatsoever in the
public sector. |
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4) Gist of the terms and conditions and extent and operation of the charge. |
For due repayment
and discharge by the company to the bank o all the amounts payable under in
respect of packing Credit Limits of Rs.9.000 Millions together with interest,
costs, charges, expenses, whatsoever payable by the company to Margin-10% |
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5) Name and Address and description of the person entitled to the charge. |
Bank of Baroda Bombay Main
office B. S .Marg, Fort, Bombay-400 023 |
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6) Date and brief description of instrument modifying the charge |
Supplemental
Agreement of Hypothecation of Stocks and Book Debts dated14.10.1993 |
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7) Particulars of modifications specifying the terms and conditions or the extent of operations of the charge in which modification is made and the details of the modification. |
The charge stated
in Col:1 and 2 hereof is modified to also cover due repayment and discharge
of the amounts that may became due and payable by the Borrower to the Bank
under a letter of credit facility upto Rs.5.000 Millions together with
payment of interest costs, charges and expreses. |
Welcome to Crystal Granite & Marble Pvt. Ltd., a company catering to the Global Market for Indian Natural Stones. The company which started its operation in 1984 and later taken over by the Dynamix Group in 1989 sets a glaring example of what professional management can achieve within a short span.
Since its take-over, Crystal Granite & Marble Pvt. Ltd., was converted into a 100% export oriented unit (EOU) and the management by inducting professionals drew up various marketing strategies with an emphasis on quality, reliability and competitiveness. From a capacity of producing only 50 containers of granite tiles per annum, it has grown multifold and boasts an impressive annual production capacity of 24,00,000 sq. ft. of slabs and 3,60,000 sq. ft. of tiles.
The thrust of the company has always been in the field of export and capturing world markets. It is heartening to note that over the last three years the export has gone up by more than 50% in the midst of fierce world competition.
The company has two fully automated processing units - one at Satara located approximately 250 kms. from Bombay, the commercial capital of India and one in Bangalore - the Granite capital of India. The sophisticated processing units with Total Quality Management has earned the ascription of International Quality Standard - ISO 9002. Crystal Granite & Marble Pvt. Ltd. is the only Indian company having integrated facility to process all types of natural stone products. It is competent to supply Granites in tiles, modular, free length, slabs and cut to size as per customer's requirements.
The company's core strength lies in it's constant endeavour to promote new varities of Granites from time to time and also its ability in having fine tuned its concept of customer satisfaction to a razor sharp understanding of its client's needs.
Consistent and committed efforts of the company in offering world-class
products to meet the most stringent quality standards has earned a lasting
reputation as a dependable exporter and service provider. The company's
continuous contribution in the field of export has gained recognition through
various Export Awards presented by concerned departments of Trade &
Commerce of the Government and other Trade Bodies.
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.43.15 |
|
UK Pound |
1 |
Rs.85.22 |
|
Euro |
1 |
Rs.57.63 |
SCORE & RATING
EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILIRY |
1~10 |
6 |
|
--LIQUIDITY |
1~10 |
6 |
|
--LEVERAGE |
1~10 |
6 |
|
--RESERVES |
1~10 |
6 |
|
--CREDIT LINES |
1~10 |
6 |
|
--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 |
|
54 |
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 |
|