MIRA
INFORM REPORT
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Report Date : |
14.08.2007 |
IDENTIFICATION DETAILS
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Name : |
YAK GRANITE INDUSTRIES PRIVATE LIMITED |
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Registered Office : |
Tada B – 254, |
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Country : |
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Financials (as on) : |
31.03.2006 |
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Date of Incorporation : |
29.09.1982 |
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Com. Reg. No.: |
009634 |
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CIN No.: [Company
Identification No.] |
U26943TN1982PTC009634 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
CHEY00018E |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Manufacturer and exporter of cut and polished granites,
granite monuments and granite dimensional blocks |
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 171616 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Usually Correct |
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Litigation : |
Clear |
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Comments : |
Subject is well established company having satisfactory track. Directors are reported as experienced, respectable and having satisfactory means of their own. Their trade relations are reported as fair. General financial position is satisfactory. Payments are usually correct and as per commitments. The company can be considered normal for business dealings
at usual trade terms and conditions. |
LOCATIONS
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Registered Office : |
TADA, B |
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Tel. No.: |
91-44-26811253/251/252 |
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Fax No.: |
91-44-26811515 |
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E-Mail : |
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Factory 1 : |
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Tel. No.: |
91-857-664632 |
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Branch: |
L and T Finance Limited |
DIRECTORS
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Name : |
Mr. K. Badrinarayanan |
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Designation : |
Director |
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Address: |
No. 17, |
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Date of Birth/Age : |
23.04.1939 |
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Date of Appointment: |
29.09.1934 |
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Name : |
Mr. K. Natarajan |
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Designation : |
Director |
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Address: |
No. 17, |
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Date of Birth/Age : |
7.03.1944 |
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Date of Appointment: |
29.09.1934 |
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Name : |
Ms. B. Susheela |
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Designation : |
Director |
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Address: |
No. 17, |
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Date of Birth/Age : |
23.04.1961 |
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Date of Appointment: |
02.04.1938 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
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Names of Shareholders |
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No. of Shares |
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Mr. K. Badrinarayanan |
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100000 |
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Mr. K. Natarajan |
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100000 |
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Category |
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Percentage of
Holding |
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Directors of Relatives of directors |
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100.00 |
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BUSINESS DETAILS
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Line of Business : |
Manufacturer and exporter of cut and polished granites, granite monuments and granite dimensional blocks |
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Products : |
Granite Blocks and Tiles |
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GENERAL INFORMATION
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No. of Employees : |
75 |
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˛
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Bankers : |
State Bank of Main Branch, Chennai 600001 ˛
UCO
Bank Mylapore Branch, E-Mail: ucomylapore@dataone.in |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
Vijay Sarathy and Company Chartered Accountant |
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Address : |
T Nagar, Chennai 600017 |
CAPITAL STRUCTURE
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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200000 |
Equity Shares |
Rs.10/- each |
Rs.2.000 millions |
Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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200000 |
Equity Shares |
Rs.10/- each |
Rs.2.000 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 |
2.000 |
2.000 |
2.000 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
40.904 |
38.400 |
36.699 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
42.904 |
40.400 |
38.699 |
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LOAN FUNDS |
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1] Secured Loans |
19.653 |
26.524 |
10.950 |
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2] Unsecured Loans |
1.905 |
1.905 |
1.905 |
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TOTAL BORROWING |
21.558 |
28.429 |
12.855 |
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DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
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TOTAL |
64.462 |
68.829 |
51.554 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
34.338 |
39.230 |
43.816 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENT |
0.000 |
0.000 |
0.000 |
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DEFERREX TAX ASSETS |
0.000 |
0.000 |
2.662 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
22.988 |
28.070 |
16.148 |
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Sundry Debtors |
5.855 |
8.837 |
13.411 |
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Cash & Bank Balances |
0.472 |
1.353 |
1.051 |
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Other Current Assets |
0.000 |
0.000 |
0.000 |
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Loans & Advances |
24.628 |
18.982 |
8.369 |
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Total
Current Assets |
53.943 |
57.242 |
38.979 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
23.818 |
27.713 |
33.560 |
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Provisions |
0.000 |
0.000 |
0.343 |
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Total
Current Liabilities |
23.818 |
27.713 |
33.903 |
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Net Current Assets |
30.125 |
29.529 |
5.076 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
64.462 |
68.828 |
51.554 |
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Profit & Loss
Account
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PARTICULARS |
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31.03.2005 |
31.03.2004 |
Sales Turnover [including other
income]
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79.474 |
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Profit/(Loss) Before Tax
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2.036 |
Provision for Taxation
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NA |
NA |
0.000 |
Profit/(Loss) After Tax
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2.036 |
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Total Expenditure
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77.438 |
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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NA
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NA |
2.561 |
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Net Profit Margin
(PBT/Sales) |
(%) |
NA
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NA |
2.238 |
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Return on Total Assets
(PBT/Total
Assets} |
(%) |
NA
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NA |
2.382 |
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Return on Investment (ROI)
(PBT/Networth) |
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NA
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NA |
0.052 |
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Debt Equity Ratio
(Total
Liability/Networth) |
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0.55
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0.68 |
1.208 |
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Current Ratio
(Current
Asset/Current Liability) |
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2.26
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2.06 |
1.149 |
LOCAL AGENCY FURTHER INFORMATION
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Name of the company |
YAK GRANITE INDUSTRIES
PRIVATE LIMITED |
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Presented
By |
Shri K.
Badrinarayanan, Director |
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1) Date and description of instrument creating the change |
Hypothecation
Agreement dated 24.05.2005 executed by the borrower Yak Granite Industries Private
Limited represented by its directors to the Term Loan facility and
hypothecation with L and T Finance Limited represented by its company
secretary, Mr. V.C. Raje |
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2) Amount secured by the charge/amount owing on the securities of charge |
Rs.4.000 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 |
Two numbers of
TATA Hitachi Ex 200 hydraulic excavator bearing sl # 2001 – 2430 and 2001 – 2407 |
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4) Gist of the terms and conditions and extent and operation of the charge. |
Term Loan finance
of Rs.4.000 millions against machinery mentioned in item No. 3 for a period
of 36 months @ 9.00 % per annum on monthly rests. |
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5) Name and Address and description of the person entitled to the charge. |
Branch Office: L and T Finance Regd Office: Tada B – 254, |
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Corporate
identity number (CIN) Foreign company registration number |
U26943TN1982PTC009634 |
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Name of the
Company |
YAK GRANITE
INDUSTRIES PRIVATE LIMITED |
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Address |
Tada B – 254, |
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This form is for |
Modification of
Charge |
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Type of Charge |
Book Debts,
Movable Property (not being pledge) |
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Particulars of
the charge holder |
UCO Bank Mylapore Branch, E-Mail: ucomylapore@dataone.in |
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Amount secured by
the charge |
Rs.30.000
millions |
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Brief of the
principal terms and conditions |
Rate of Interest: 14.75% p.a. Term of
Repayment: A per the agreement
attached herewith Margin: 25% on stock Extent and
operation of the charge: as per the credit
sanction note |
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Description of
the instrument charged indicating |
Hypothecation of
Goods |
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Short particulars
of the property charged |
Dressed and
polished granite, stones, work / stock in process and finished goods at
Rajakandrika village, varadaiahpalem mandal, Chittoor District Andhra Pradesh |
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Date of
Instrument |
28.03.2007 |
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Particular of the
present modification |
Cash Credit Limit
Enhanced to Rs.25.000 millions and packing limit of Rs.10.000 millions is
cancelled |
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources including
but not limited to: The Courts,
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
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.40.69 |
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1 |
Rs.81.87 |
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Euro |
1 |
Rs.55.42 |
SCORE & RATING EXPLANATIONS
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SCORE FACTORS |
RANGE |
POINTS |
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HISTORY |
1~10 |
5 |
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PAID-UP CAPITAL |
1~10 |
5 |
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OPERATING SCALE |
1~10 |
5 |
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FINANCIAL CONDITION |
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--BUSINESS SCALE |
1~10 |
5 |
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--PROFITABILIRY |
1~10 |
5 |
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--LIQUIDITY |
1~10 |
5 |
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--LEVERAGE |
1~10 |
5 |
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--RESERVES |
1~10 |
5 |
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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 |
NO |
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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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45 |
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. |
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 |
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NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
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