MIRA
INFORM REPORT
|
Report Date : |
13.04.2007 |
IDENTIFICATION
DETAILS
|
Name : |
HILTOP MARBLES
AND GRANITES PRIVATE LIMITED |
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Registered Office : |
18A, Jawahar
Nagar, Udaipur-313001, Rajasthan |
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Country : |
India |
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Financials (as on) : |
31.03.2006 |
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Date of Incorporation : |
03.07.1990 |
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Com. Reg. No.: |
17-5471 |
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CIN No.: [Company
Identification No.] |
U14101RJ1990PTC005471 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
JDHH00816E |
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PAN No.: [Permanent
Account No.] |
AAACH8301G |
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Legal Form : |
Private Limited
Liability Company |
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Line of Business : |
To produce,
quarry, mine, excavate, cut, hew, carve, drew, crush, saw, dress, finish, polish,
set, glaze, process, wash, screen, acidise, wax, manufacture, treat, alter,
improve, extract from mines, refine, import, export, purchase, sell, deal and
to act as brokers, agents, stockists, distributors and suppliers of all kinds
of marbles, granites, laterites, lime stone, soap stone, quarty, slate
stones, sand stones, slice stones, building stones and all kind of stones. To carry on
business of quarry masters, stone merchants, stone makers, decorators,
architects, builders, contractors and dealers in stone, sand, lime. Bricks,
timber, hardware and other building materials and to act as house
agents. Marble Slabs
& Tiles |
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 |
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Status : |
Small Company |
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Payment Behaviour : |
Slow |
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Litigation : |
Clear |
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Comments : |
Subject is a
small company having moderate track records. Directors are reported as
experienced and respectable businessmen. Company’s profitability is under
severe pressure. It has some accumulated losses. Payments are reported as
slow and delayed. The company can
be considered for small business dealings at usual trade terms and
conditions. |
LOCATIONS
|
Registered Office : |
18A, Jawahar
Nagar, Udaipur-313001, Rajasthan-313001, India |
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Tel. No.: |
91-294-2441871 |
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Mobile No.: |
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Factory 1 : |
464, OHDPE,
Opposite Bank of Baroda, N.H. 8., Sukher, Udaipur-313001, Rajasthan, India |
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Tel. No.: |
91-294-2441871 |
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Fax No.: |
91-294-2489307 |
DIRECTORS
|
Name : |
Mr. Virendra Soni |
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Designation : |
Chairman-cum-Managing
Director |
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Address : |
18A, Jawahar
Nagar, Udaipur-313001, Rajasthan-313001, India |
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Date of Birth/Age : |
30.04.1968 |
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Date of Appointment : |
01.04.2000 |
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Name : |
Mrs. Rekha Soni |
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Designation : |
Director |
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Address : |
18A, Jawahar
Nagar, Udaipur-313001, Rajasthan-313001, India |
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Date of Birth/Age : |
18.05.1972 |
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Date of Appointment : |
01.04.2000 |
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|
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Name : |
Mr. Ajay Soni |
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Designation : |
Director |
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Address : |
18A, Jawahar
Nagar, Udaipur-313001, Rajasthan-313001, India |
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Date of Birth/Age : |
08.05.1977 |
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Date of Appointment : |
01.04.2000 |
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|
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Name : |
Mr. Laxman
Upadhyay |
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Designation : |
Director |
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Name : |
Mr. J. R. Ojha |
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Designation : |
Director |
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Name : |
Mr. Abdul Masjid |
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Designation : |
Director |
KEY EXECUTIVES
|
Name : |
Esha A & Associates |
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Designation : |
Company Secretary |
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Address : |
8, Technocrat Society, Moti Magri Scheme Scheme, Near UIT, Udaipur
313001, Rajastan. |
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Mobile No.: |
91-9413279470 |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
|
Names of Shareholders |
|
No. of Shares |
|
Mr. Laxman
Upadhyay |
|
10 |
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Mr. Jagan Nath
Ojha |
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10 |
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Mr. Abdul Mazid
Khan |
|
10 |
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Total |
|
30 |
BUSINESS DETAILS
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Line of Business : |
To produce,
quarry, mine, excavate, cut, hew, carve, drew, crush, saw, dress, finish, polish,
set, glaze, process, wash, screen, acidise, wax, manufacture, treat, alter,
improve, extract from mines, refine, import, export, purchase, sell, deal and
to act as brokers, agents, stockists, distributors and suppliers of all kinds
of marbles, granites, laterites, lime stone, soap stone, quarty, slate
stones, sand stones, slice stones, building stones and all kind of stones. To carry on
business of quarry masters, stone merchants, stone makers, decorators,
architects, builders, contractors and dealers in stone, sand, lime. Bricks,
timber, hardware and other building materials and to act as house agents. Marble Slabs
& Tiles |
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Products : |
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GENERAL
INFORMATION
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Bankers : |
State Bank of
India, 4-C, Madhuban, Udaipur-313001, Rajasthan, India |
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Facilities : |
-- |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
Garg &
Associates Chartered
Accountants |
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Address : |
40, Bapu Bazar,
Udaipur, Rajasthan-313001 |
CAPITAL STRUCTURE
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
50000 |
Equity Shares |
Rs.10/- each |
Rs.5.000 millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
45600 |
Equity Shares |
Rs.10/- each |
Rs.4.560 millions |
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
|
31.03.2006 |
31.03.2005 |
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|
SHAREHOLDERS FUNDS |
|
|
|
|
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1] Share Capital |
|
4.560 |
4.560 |
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2] Share Application Money |
|
0.440 |
0.440 |
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3] Reserves & Surplus |
|
0.000 |
0.000 |
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4] (Accumulated Losses) |
|
(0.464) |
(0.658) |
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NETWORTH |
|
4.536 |
4.342 |
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LOAN FUNDS |
|
|
|
|
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1] Secured Loans |
|
4.077 |
5.376 |
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2] Unsecured Loans |
|
1.271 |
1.055 |
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TOTAL BORROWING |
|
5.348 |
6.431 |
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DEFERRED TAX LIABILITIES |
|
0.500 |
0.402 |
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TOTAL |
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10.384 |
11.175 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
|
7.584 |
8.659 |
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Capital work-in-progress |
|
0.000 |
0.000 |
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INVESTMENT |
|
0.000 |
0.000 |
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DEFERREX TAX ASSETS |
|
0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
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1.449 |
1.427 |
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Sundry Debtors |
|
3.666 |
3.827 |
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Cash & Bank Balances |
|
0.023 |
0.017 |
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Other Current Assets |
|
0.000 |
0.000 |
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Loans & Advances |
|
0.676 |
0.561 |
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Total
Current Assets |
|
5.814 |
5.832 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
|
2.720 |
2.542 |
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Provisions |
|
0.294 |
0.774 |
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Total
Current Liabilities |
|
3.014 |
3.316 |
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Net Current Assets |
|
2.800 |
2.516 |
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MISCELLANEOUS EXPENSES |
|
0.000 |
0.000 |
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TOTAL |
|
10.384 |
11.175 |
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PROFIT & LOSS
ACCOUNT
|
PARTICULARS |
|
31.03.2006 |
31.03.2005 |
|
Sales Turnover |
|
11.699 |
11.134 |
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Total Income |
|
11.699 |
11.134 |
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|
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Profit/(Loss) Before Tax |
|
0.327 |
(0.385) |
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Provision for Taxation |
|
0.029 |
0.000 |
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Profit/(Loss) After Tax |
|
0.298 |
0.132 |
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Expenditures : |
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Total Expenditure |
|
11.372 |
11.519 |
KEY RATIOS
|
PARTICULARS |
|
|
31.03.2006 |
31.03.2005 |
|
PAT / Total Income |
(%) |
|
2.54 |
1.18 |
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Net Profit Margin (PBT/Sales) |
(%) |
|
2.79 |
(3.45) |
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Return on Total Assets (PBT/Total Assets} |
(%) |
|
2.44 |
(2.65) |
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Return on Investment (ROI) (PBT/Networth) |
|
|
0.07 |
(0.08) |
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Debt Equity Ratio (Total Liability/Networth) |
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|
0.66 |
0.76 |
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Current Ratio (Current Asset/Current Liability) |
|
|
1.92 |
1.75 |
LOCAL AGENCY
FURTHER INFORMATION
Form 8 Particular for creation or modification of charges
|
Corporation identity number or foreign company registrations number of the company |
U14101RJ1990PTC005471 |
|
Name of the company |
HILTOP MARBLES
AND GRANITES PRIVATE LIMITED |
|
Address |
18A, Jawahar
Nagar, Udaipur-313001, Rajasthan-313001, India |
|
This Form is for |
Modification of
charge |
|
Type of Charges |
Immovable Property Book Debts Floating charges |
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Particular of the charge holder |
State Bank of India 4-C, Madhuban, Udaipur, Rajasthan-313001 E-Mail : sbi.04082@sbi.co.in |
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Nature or description of the instrument creating charge |
Letter of arrangement dated 03.01.2007 Supplemental agreement of loan cum hypothecation executed on 04.01.2007 |
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Date of the instrument creating charge |
04.01.2007 |
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Amount Secure by the charge |
Rs.2.400 millions |
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Brief of the principal terms and conditions and extent and operation of the charge |
Rate of Interest Interest at 0.25% above State Bank Advance Rate (SBAR=11.50% w.e.f. 27.12.2006) with a minimum of 11.75% p.a. rising and falling therewith, on daily products with monthly rests. Wherever expedient, interest rate is directly linked to the Credit Risk Assessment of the borrower. Terms of repayment Repayable on demand and subject to renew every 12 months, when it may be cancelled / reduced depending upon the conduct and utilization of the advance, or as per the Bank’s Scheme. SME credit plus : Each amount of withdrawal should be repaid within 2 months. There should be a gap of 16 days between the last date of repayment of outstanding and the next withdrawal. Margin : No Change – Same as in the case of original charge i.e. Cash Credit : Raw Materials 25% SIP 25% FG 25% Receivables 40% (with book debt holding period 90 days) Extent and Operation of the charge Personal Guarantee of all directors: Mr. Virendra Soni – NM Rs.1.816 millions Mr. Ajay Soni – NM Rs.0.603 millions Mrs. Rekha Soni – Rs.0.253 millions Third party Guarantees : Mrs. Draupadi Devi Soni – NM Rs.5.000 millions Collateral : First charge on entire fixed assets of the company Market value Rs.15.400 millions as on 01.04.2004 (W.D.V. 7.584 millions as on 31.03.2006) including land and building situated at 464, N.H.-8, Sukher, Udaipur Guarantees : Equitable Mortgage of Residential house. |
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Description of the property charge whether it is a charge on |
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Modification charge Charge identification number of the charge to be modified |
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Date of instrument modifying the charge |
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Particulars of the Property charged |
Primary : All present and future current assets viz. all stocks and receivable- stocks at 464, N.H.8, Sukher, Udaipur Collateral : First charge on entire fixed assets of the company marjet value Rs.15.400 millions as on 01.04.2004 (W.D.V. 7.584 millions as on 31.03.2006) including land and buildingsituated at 464, N.H. 8, Sukher, Udaipur Guarantees: Equitable Mortgage of Residential house situated at 18-A, Jawahar Nagar, Udaipur in the name of Mrs. Draupadi Devi Soni (Guarantor). |
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Particulars of present modification |
Cash credit limit enhanced from Rs.1.6 millions to Rs.2.0 millions Fresh SME credit plus granted of Rs.0.4 millions Thus enhancing total fund based credit by Rs.0.800 millions i.e. Total amount enhanced from 1.6 millions to 2.4 millions |
|
Name of the company |
HILTOP MARBLES
AND GRANITES PRIVATE LIMITED |
|
Presented By |
Mr.
Virendra Soni, Director |
|
1) Date and description of instrument creating the change |
General agreement for the grant of medium, term advances to small scale industries and hypothecation of movables, book debts and other assets. Ancillary agreement for medium term loan against pledge of movable machineries All dates 20.06.2001 Conformation letter for deposit of Title deeds |
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2) Amount secured by the charge/amount owing on the securities of charge |
Rs.8.500 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 all Plant and Machinery to be installed Land measuring 2 Bighas, 5 Biswa at Arazi No.481, N.H.8, Sukher, Udaipur |
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4) Gist of the terms and conditions and extent and operation of the charge. |
Margin – Building – 88.87% Plant and Machinery and other fixed assets -25% Interest @2.25% above SBMTLR Min 14.25% subject to change in SBMTLR Min 14.25% subject to change in SBMTLR and/or CRA rating Repayment : Repayment of 72 monthly instalments 71 installments will be of Rs.0.118 millions and the last will be of Rs.0.122 millions |
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5) Name and Address and description of the person entitled to the charge. |
State Bank of India, Commercial Branch, Madhuvan, Udaipur |
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6) Date and brief description of instrument modifying the charge |
N.A. |
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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. |
N.A. |
|
Name of the company |
HILTOP MARBLES
AND GRANITES PRIVATE LIMITED |
|
Presented By |
Mr.
Virendra Soni, Director |
|
1) Date and description of instrument creating the change |
General agreement for the grant of medium, term advances to small scale industries and hypothecation of movables, book debts and other assets. Ancillary agreement No.1 Agreement for the grant of small industrial advance. Ancillary agreement No.3 Agreement for grant of small industrial advance. All dates 20.06.2001 Conformation letter for deposit of Title deeds |
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2) Amount secured by the charge/amount owing on the securities of charge |
Rs.1.800 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 stocks of Raw materials, stock in process and finished goods including stock in godown and in transit Hypothecation of the company’s all present and future Book debts/ Receivables. Land measuring 2 Bighas, 5 Biswa at Arazi No.481, N.H.8, Sukher, Udaipur |
|
4) Gist of the terms and conditions and extent and operation of the charge. |
Margin Cash Credit (Stocks) – 25% Cash Credit (Book Debts) : 40% Interest @1.5% over State Bank of India Advance rate with a minimum of 13% per annum. |
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5) Name and Address and description of the person entitled to the charge. |
State Bank of India, Commercial Branch, Madhuvan, Udaipur |
|
6) Date and brief description of instrument modifying the charge |
N.A. |
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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. |
N.A. |
Website Details :
Subject started in the early
nineties as a modest enterprise of highly precise fine quality of Natural
Stones. It now dominate the Natural Stone Industry in India with a multi-product
range that includes Block ,Slabs, Tiles ,and variety of Green Marble, Granite
and other natural stones and has established a strong presence in global
market.
The Company based in Udaipur Rajasthan-"City of Lakes"- provides
itself of being the leader in procuring exclusive range of world class Green
Marble, Granite and other natural stones -primarily for export to US, European
Market, Middle East and Africa.
The company has given a new identity to its export arm known as Soni Exports -
in its relentless efforts to professionalize its operations.
The company has a processing facility fully equipped with plant for Cutting,
Polishing, Calibration, Chemphering and finishing with specialization in tiles
production having installed capacity of 10000 Sq. Mts per month.
The company has an experienced and well trained Project Team for undertaking
complicated Jobs and executing them within the scheduled time frame.
The company is a global exporter, to give their customers service inspection at
one place of all varieties and to meet clients urgent requirements.
As the world enters into the new Millennium, subject will continue to introduce
products and technologies that will take the Indian Stone Industry forward
crossing one milestone after another
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.42.86 |
|
UK Pound |
1 |
Rs.84.75 |
|
Euro |
1 |
Rs.57.71 |
SCORE & RATING
EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
4 |
|
OPERATING SCALE |
1~10 |
3 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
--PROFITABILIRY |
1~10 |
2 |
|
--LIQUIDITY |
1~10 |
4 |
|
--LEVERAGE |
1~10 |
4 |
|
--RESERVES |
1~10 |
3 |
|
--CREDIT LINES |
1~10 |
3 |
|
--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 |
NO |
|
--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 |
|