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MIRA INFORM
REPORT
|
Report
Date : |
02.07.2007 |
IDENTIFICATION DETAILS
|
Name : |
RASHI GRANITE
EXPORTS ( |
|
|
|
|
Registered
Office : |
117 &
118, 4th Phase, Bommasandra Industrial Area, Anekal Taluk, |
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Country
: |
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|
|
Financials
(as on) : |
31.03.2006 |
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|
|
Date
of Incorporation : |
18.12.2001 |
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|
|
|
Com.
Reg. No.: |
08-29900 |
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|
|
CIN
No.: [Company
Identification No.] |
U14101KA2001PTC029900 |
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|
|
TAN
No.: (Tax
Deduction & Collection Account No.) |
BLRR02415A |
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|
|
|
Legal
Form : |
A private limited
liability company |
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|
|
|
Line
of Business : |
Manufacturing,
Processing and Exporting of Granites, Granites Slabs / Tiles and Monuments,
etc. |
RATING
& COMMENTS
|
MIRA’s
Rating : |
Ba |
RATING
|
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall
operation is considered normal. Capable to meet normal commitments. |
Satisfactory |
|
Maximum
Credit Limit : |
|
|
|
|
|
Status
: |
Satisfactory
|
|
|
|
|
Payment
Behaviour : |
Regular |
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|
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Litigation
: |
Clear |
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|
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Comments
: |
Subject is a well-established and reputed company having
satisfactory track records. Directors are reported as experienced and
respectable businessmen. Trade relations are reported as fair. Business is active.
Payments are usually correct and as per commitments. The company can be considered normal for business dealings
at usual trade terms and conditions. |
LOCATIONS
|
Registered
Office : |
117 & 118, 4th Phase, Bommasandra Industrial Area,
Anekal Taluk, |
|
Tel.
No.: |
91-80-27833692/6121/5341/ 878 |
|
|
91-9448378360 |
|
Fax
No.: |
91-27833057/26657514 |
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E-Mail
: |
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|
Website
: |
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Area : |
15,000 sq. fts- Owned |
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|
|
|
Factory
: |
# 235, P. B. Bommasandr Industrial Area, III Phase, |
|
Tel.
No.: |
91-80-27833210/27833692/27836121/27835341 |
|
Fax
No.: |
91-9448378360 |
|
Mobile
No.: |
91-80-27833057 |
|
E-Mail
: |
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|
Area : |
5,000 sq.fts |
|
Location : |
Owned |
DIRECTORS
|
Name : |
Mr. Ratan Kumar Kandoi |
|
Designation
: |
Managing Director |
|
Address
: |
A-302, 47th Cross, 5th
Block, Jayanagar, |
|
Date
of Birth : |
06.05.1957 |
|
Date
of Appointment : |
18.12.2001 |
|
|
|
|
Name : |
Mrs.
Madhu Kandoi |
|
Designation
: |
Director |
|
Address
: |
A-302, 47th Cross, 5th
Block, Jayanagar, |
|
Date of
Birth/Age : |
13.11.1964 |
|
Date
of Appointment : |
18.12.2001 |
KEY
EXECUTIVES
|
Name : |
Mr. R V
Thyagarajn |
|
Designation
: |
Company
Secretary |
|
Address
: |
No.40, |
|
Tel.
No.: |
91-80-23518546 |
MAJOR
SHAREHOLDERS / SHAREHOLDING PATTERN
|
Names
of Shareholders |
No. of Shares |
|
Mr. Ratan
Kumar Kandoi |
192000 |
|
Mrs.
Madhu Kandoi |
1709640 |
All the shares are held by directors or their relatives.
BUSINESS
DETAILS
|
Line
of Business : |
Manufacturing,
Processing and Exporting of Granites, Granites Slabs / Tiles and Monuments,
etc. |
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|
|
|
Terms
: |
|
|
Purchasing : |
Cash terms |
GENERAL
INFORMATION
|
|
|
|
No. of
Employees : |
15 persons - 5 persons in office and 10 persons in factory |
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Bankers
: |
State Bank of |
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|
|
|
Facilities : |
The company enjoys credit limits facility of Rs. 83.200
millions dated 27th February, 2003 from it’s bankers |
|
|
|
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Banking Relations : |
Unknown |
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|
|
|
Auditors
: |
A. K.
Bhandari & Associates Chartered
Accountants |
|
Address
: |
No.324/325,
1st Floor, Prabhat Complex, |
CAPITAL
STRUCTURE
Authorised
Capital :
|
No. of
Shares |
Type |
Value |
Amount |
|
2000000 |
Equity
Shares |
Rs.10/-
each |
Rs.20.000
millions |
Issued,
Subscribed & Paid-up Capital :
|
No. of
Shares |
Type |
Value |
Amount |
|
1989284 |
Equity Shares |
Rs. 10/- each |
Rs. 19.893 millions |
FINANCIAL
DATA
[all
figures are in Rupees Millions]
ABRIDGED
BALANCE SHEET
|
SOURCES OF FUNDS |
|
31.03.2006 |
31.03.2005 |
|
SHAREHOLDERS FUNDS |
|
|
|
|
1] Share Capital |
|
19.793 |
19.016 |
|
2) Share Application Money |
|
3.700 |
14.811 |
|
2] Reserves & Surplus |
|
52.033 |
20.642 |
|
Total |
|
75.526 |
54.469 |
|
|
|
|
|
|
LOAN FUNDS |
|
|
|
|
1] Secured Loans |
|
39.541 |
43.393 |
|
2] Unsecured Loans |
|
0.000 |
0.000 |
|
Total |
|
39.541 |
43.393 |
|
DEFERRED
TAX LIABILITIES |
|
3.967 |
2.822 |
|
SHARE
PREMIUM |
|
37.551 |
18.916 |
|
|
|
|
|
GRAND TOTAL
|
|
156.585 |
119.600 |
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
|
87.189 |
78.537 |
|
Capital work-in-progress |
|
0.000 |
2.812 |
|
|
|
|
|
|
INVESTMENTS |
|
0.000 |
0.000 |
|
|
|
0.000 |
0.000 |
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
Inventories |
|
34.528 |
30.884 |
|
Sundry Debtors |
|
33.094 |
13.886 |
|
Cash & Bank Balances |
|
6.639 |
3.179 |
|
Other current assets |
|
11.842 |
7.164 |
|
Loans & Advances |
|
24.373 |
16.327 |
|
Total Current Assets |
|
110.476 |
71.440 |
|
Less : |
|
|
|
|
Current Liabilities & Provisions |
|
|
|
|
Current Liabilities |
|
38.208 |
32.052 |
|
Provisions |
|
2.925 |
1.240 |
|
Total Current Liabilities |
|
41.133 |
33.292 |
|
Net Current Assets |
|
69.343 |
38.148 |
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
|
0.053 |
0.103 |
|
|
|
|
|
GRAND TOTAL
|
|
156.585 |
119.600 |
PROFIT & LOSS ACCOUNT
|
PARTICULARS |
|
|
31.03.2006 |
|
Total
Income |
|
|
199.689 |
|
|
|
|
|
|
Profit/(Loss) Before Tax |
|
|
32.756 |
|
Provision for Taxation |
|
|
1.365 |
|
Profit/(Loss) After Tax |
|
|
31.391 |
|
|
|
|
|
|
Total
Earnings |
|
|
197.843 |
|
|
|
|
|
|
Total
Imports |
|
|
5.336 |
|
|
|
|
|
|
Total
Expenditure |
|
|
166.933 |
KEY
RATIOS
|
PARTICULARS |
|
|
31.03.2006 |
31.03.2005 |
|
PAT /
Total Income |
(%) |
|
15.72 |
NA |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
|
16.40 |
NA |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
|
16.57 |
NA |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
|
0.43 |
NA |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
|
1.07 |
1.41 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
|
2.68 |
2.14 |
LOCAL
AGENCY FURTHER INFORMATION
Form 8 Particular for creation or
modification of charges
|
Name
of the company |
RASHI GRANITE EXPORTS INDIA PRIVATE LIMITED |
|
Presented
By |
STATE BANK OF KRISHI BHAVAN, HUDSON CIRCLE, BANGALORE-560001 AND RISHI GRANITE EXPORTS INDIA PRIVATE LIMITED |
|
1) Date and
description of instrument creating the change |
Date : 27.02.2003 Agreement of hypothecation of goods and assets Form C2 Letter regarding the grant of individual limits within the
overall limit From C-5 Equitable mortgage by deposit of title deeds – Letter
confirming deposit of title deeds Hypothecation of machinery letter FCNR (B) Term Loan agreement (Swinging Facility) All the above pertain to the same charge. |
|
2) Amount
secured by the charge/amount owing on the securities of charge |
Rs.83.200 millions (EPC-Rs.10.000 millions, FBD – Rs.10.000 millions, FCNRB
Term Loan with swing option to Rupee term loan – Rs.37.000 millions, LC –
Rs.2.800 millions, BG – Rs.2.400 millions and one time LC for import of
machineries-Rs.21.000 millions) |
|
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 present and future goods, book debts
and all other movable assets of the borrower including documents of title to
goods, outstanding monies, receivables including receivables by way of cash
assistance and/or cash incentives under the cash incentive scheme or any
other scheme or any other scheme, claims, including claims byway of refund of
customs/ excise duties under the duty draw back credit scheme or any other
scheme, bills, invoices, documents, contracts, insurance policies,
guarantees, engagements, securities, investments, rights and pledge/ hypothecation
of present machinery listed in the schedule hereunto and all future machinery
belonging to or iun the possession or under the control of the borrower
wherever lying, stored and kept and whether in possession of the borrower or
of the bank or of any third party whether in India or elsewhere through out
the world including all such goods, other movable assets as may be in course
of shipment, transit or delivery, by way of first charge. Machineries consisting of imported and indigenous numbering
07 and 22 items respectively Equitable mortgage of company’s immovable properties
comprising of land and building situated at No.117 and No.118, 4th
Phase, Bommasandra Industrial Area, Anekal Taluk, Bangalore-562158, measuring
on the East – 97.30 Mtrs. West -97.50 Mtrs., North – 124.50 Mtrs. and South –
124.80 Mtrs. |
|
4) Gist
of the terms and conditions and extent and operation of the charge. |
Rate of interest : EPC – upto 180 days – 2.65% below
SBSTAR (10.25%), Effective rate 7.6% with monthly rests, beyond 180 days and
upto 270 days 0.35% above SBSTAR (10.25%), effective rate 10.6% with monthly
rests. FBD – upto 90 days 2.5% below SBSTAR (10.25%), effective
7.75% with monthly rests, beyond 90 days upto 6 months 0.5% above SBSTAR
(10.25%) Effective rate 10.75% per annum. FCNRB TL with sewing option to rupee term loan – 2.5%
above 6 months. LIBOR and forward premium with monthly rests. If availed
in Rupee – 1.6% above SBMTLR (11.25%), Effective rate 12.85% per annum with
monthly rests. Rate of interest will be calculated on periodical rests
and at such rates as the bank may specify from time to time. Margin – 25% on RM/SIP/FG/Machineries/ book debts/
receivables and 35% on land and building Repayment : CC – On
demand. TL -52 monthly installments. First 6 installments of Rs.0.600
millions each, next 12 installments of Rs.0.600 millions each, next 12
installments of Rs.0.700 millions each, next 12 installments of Rs.0.800
millions each and last 10 installments of Rs.0.820 millions each commencing
from October 2003. |
|
5) Name
and Address and description of the person entitled to the charge. |
State Bank of |
|
6)
Date and brief description of instrument
modifying the charge |
Date : 21.03.2005 Letter regarding the grant of individual limits within the
overall limit. Form C5 Extension of equitable mortgage by deposit of title deeds
– Letter confirming deposit of title deeds |
|
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. |
By the above, the amount secured by the charge stands
reduced from Rs.83.200 millions to Rs.79.400 millions. (EPC/ PCFC – Rs.20.000
millions, FBD/EBR Rs.12.000 millions, FCNRB-TL – Rs.25.400 millions, stand by
line of credit – Rs.7.000 millions, LC – Rs.12.600 millions and BG – Rs.2.400
millions) Rate of interest : EPC/PCFC – upto 180 days – 3.15% below
SBAR, effective rate 7.1% per annum and 180 days to 270 days at 12.25% per
annum with periodical rests and/or at such rates and rests as may be
specified by the bank from time to time. Margin : 25% on RM/SIP/FG/Book debts/ receivables. Repayment : on demand. Security of stocks , bonds, book debts, receivables, other
movable assets, plant and machinery etc. and the security of company’s
immovable properties comprising of land and building (built / to be built)
situated at No.117 and No.118, 4th Phase, Bommasandra Industrial
Area, Anekal Taluk, Bangalore-562158, measuring an extent of 12140 Sq. mtrs.
already obtained will continue for the reduced limit of Rs.79.400 millions by
way of first charge |
It’s
products range include :-
- Granite R-01
- Granite R-02
- Granite R-03
- Granite R-04
- Granite R-05
- Granite R-06
- Granite R-07
- Granite R-08
- Granite R-09
- Monuments R-10
- Monuments R-11
- Monuments-12
Profile
The company is the specialist in Indian Natural Stones Processing
and Marketing in all over the world. The company provides with a full range of
high quality Granite to meet the varied needs of its clients.
The company is one of the largest producers in
v Granites
v Slabs
v Tiles
v Blocks
v Monuments
v Cobble Stone
v Sandstone
v Slate
v Limestone
Customer Service
The company can create range of Granite Slabs and Tiles
as per client's personal taste, desire and requirement. The company are always
be pleased to provide recommendation and
consultation to coordinate needs in Granite.
Factory
The company can possess well-equipped Slab Factory and Warehouse stuffed with
high quality Gangsaw Machine, Line Polisher and various such machines to ensure
a world quality Granite Slabs and Tiles.
Commitment with Clients
Quality: The company never compromise with
quality of the products.
Price: The company offer products at
competitive price
Shipment: The company always understand the value of time, so
shipment of the materials is always on-schedule.
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
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.40.75 |
|
|
1 |
Rs.81.63 |
|
Euro |
1 |
Rs.54.79 |
SCORE
& RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP
CAPITAL |
1~10 |
5 |
|
OPERATING
SCALE |
1~10 |
5 |
|
FINANCIAL
CONDITION |
|
|
|
--BUSINESS
SCALE |
1~10 |
6 |
|
--PROFITABILIRY |
1~10 |
4 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
5 |
|
--CREDIT
LINES |
1~10 |
5 |
|
--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 |
|
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
|
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 |