MIRA
INFORM REPORT
|
Report Date : |
04.06.2007 |
IDENTIFICATION DETAILS
|
Name : |
NEELKANTH ROCK MINERALS LIMITED |
|
|
|
|
Registered Office : |
18 K M Stone, |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as on) : |
31.03.2006 |
|
|
|
|
Date of Incorporation : |
25.05.1988 |
|
|
|
|
Com. Reg. No.: |
4464 |
|
|
|
|
CIN No.: [Company
Identification No.] |
L14219RJ1988PLC004464 |
|
|
|
|
TAN No.: [Tax
Deduction & Collection Account No.] |
JDHN01053D |
|
|
|
|
PAN No.: [Permanent
Account No.] |
AAACN9773A |
|
|
|
|
Legal Form : |
Public Limited Liability Company. Company’s shares are listed on Stock
Exchanges. |
|
|
|
|
Line of Business : |
Manufacturer
and Exporter of Granite Slabs, Tiles,
Blocks, Counter Tops, Kitchen Tops, Marble, Sandstone, Decorative Articles,
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 : |
USD 220000 |
|
|
|
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
Regular |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is a well-established and reputed company having satisfactory
track. 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/ Factory : |
18 K M Stone, |
|
Tel. No.: |
91-291-2437297/6452839/ 281311 |
|
Fax No.: |
91-291-237297/ 2620475/ 281311 |
DIRECTORS
|
Name : |
Mr. Shantilal Kawar |
|
Designation : |
Managing Director |
|
|
|
|
Name : |
Mr. Gautam Chand Kawar |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. Rajendra Abani |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. Naresh Kumar Jain |
|
Designation : |
Director |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
|
Names of Shareholders |
No. of Shares |
Percentage of
Holding |
|
Promoter Holding |
|
|
|
Promoter Holding - Indian Promoter/ Director |
180420 |
35.716 |
|
Non Promoter Holding |
-- |
-- |
|
Institutional investors others |
-- |
-- |
|
Private Corporate Bodies |
253267 |
5.021 |
|
Indian Public |
2927014 |
58.033 |
|
NRIs/ OCB |
55900 |
1.108 |
|
Others- Clearing members |
6099 |
0.121 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer
and Exporter of Granite Slabs, Tiles,
Blocks, Counter Tops, Kitchen Tops, Marble, Sandstone, Decorative Articles,
etc. |
||||
|
|
|
||||
|
Products : |
Blocks Counter Tops Kitchen Marble Sandstone Decorative articles |
PRODUCTION STATUS
|
Particulars |
Unit |
|
Installed
Capacity |
Actual
Production |
|
Granite Slabs and Tiles |
Qty. in Sq.Mts. |
|
63000 |
22379 |
GENERAL INFORMATION
|
No. of Employees : |
Around 20 |
|
|
|
|
Bankers : |
v
IDBI Bank Limited v
ICICI Bank Limited v
State Bank of v
Vijaya Bank |
|
|
|
|
Banking Relations
: |
Satisfactory |
|
|
|
|
Auditors : |
|
|
Name : |
Maheshwari & Jain Chartered Accountants |
|
Address : |
|
CAPITAL STRUCTURE
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
5500000 |
Equity Shares |
Rs.10/- each |
Rs.55.000 millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
5043700 |
Equity Shares |
Rs.10/- each |
Rs.50.437
millions |
|
|
Less : Calls in Arrears (From persons other
than directors) |
|
Rs.0.160
millions |
|
|
Total |
|
Rs.50.276 millions |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2006 |
31.03.2005 |
31.03.2004 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
50.276 |
50.270 |
50.300 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
5.543 |
5.515 |
4.900 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
55.819 |
55.785 |
55.200 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
0.000 |
0.000 |
0.000 |
|
|
2] Unsecured Loans |
0.000 |
0.000 |
0.000 |
|
|
TOTAL BORROWING |
0.000 |
0.000 |
0.000 |
|
|
DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
55.819 |
55.785 |
52.200 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
15.241 |
16.090 |
16.500 |
|
|
Capital work-in-progress |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
INVESTMENT |
8.706 |
5.036 |
3.100 |
|
|
DEFERREX TAX ASSETS |
0.302 |
(0.029) |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
11.753
|
11.592 |
7.800 |
|
|
Sundry Debtors |
8.995
|
8.045 |
10.100 |
|
|
Cash & Bank Balances |
0.818
|
1.122 |
2.400 |
|
|
Other Current Assets |
0.326
|
0.296 |
0.000 |
|
|
Loans & Advances |
13.398
|
16.806 |
17.600 |
|
Total
Current Assets |
35.290
|
37.861 |
37.900 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Current Liabilities |
4.081
|
3.902 |
2.700 |
|
|
Provisions |
0.000
|
0.000 |
0.700 |
|
Total
Current Liabilities |
4.081
|
3.902 |
3.400 |
|
|
Net Current Assets |
31.209
|
33.959 |
34.500 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.361 |
0.729 |
1.100 |
|
|
|
|
|
|
|
|
TOTAL |
55.819 |
55.785 |
55.200 |
|
PROFIT & LOSS
ACCOUNT
|
PARTICULARS |
31.03.2006 |
31.03.2005 |
31.03.2004 |
|
|
Sales Turnover |
24.826 |
34.245 |
38.500 |
|
|
Other Income |
3.794 |
2.869 |
(0.800) |
|
|
Total Income |
28.620 |
37.115 |
37.700 |
|
|
|
|
|
|
|
|
Profit/(Loss) Before Tax |
0.149 |
0.881 |
0.500 |
|
|
Provision for Taxation |
0.122 |
0.332 |
0.500 |
|
|
Profit/(Loss) After Tax |
0.027 |
0.549 |
0.000 |
|
|
|
|
|
|
|
|
Total Earnings |
8.399 |
7.379 |
NA |
|
|
|
|
|
|
|
|
Imports : |
|
|
|
|
|
|
Stores & Spares |
0.037 |
0.535 |
NA |
|
|
Others |
3.323 |
3.919 |
NA |
|
Total Imports |
3.360 |
4.454 |
NA |
|
|
|
|
|
|
|
|
Expenditures : |
|
|
|
|
|
|
Cost of Goods Sold |
|
|
|
|
|
Manufacturing Expenses |
5.576 |
6.624 |
11.000 |
|
|
Administrative Expenses |
3.295 |
3.504 |
3.500 |
|
|
Raw Material Consumed |
10.033 |
13.642 |
13.800 |
|
|
Selling and Distribution Expenses |
1.005 |
1.897 |
NA |
|
|
Loss on |
0.000 |
0.013 |
NA |
|
|
Salaries, Wages, Bonus, etc. |
NA |
NA |
1.400 |
|
|
Interest |
NA |
NA |
0.300 |
|
|
Power & Fuel |
NA |
NA |
3.000 |
|
|
Depreciation & Amortization |
NA |
NA |
2.500 |
|
|
Other Expenditure |
6.375 |
8.118 |
1.700 |
|
Total Expenditure |
26.285 |
33.799 |
37.200 |
|
QUARTERLY RESULTS
|
PARTICULARS |
30.06.2006 |
30.09.2006 |
31.12.2006 |
|
Sales Turnover |
4.900 |
6.800 |
6.400 |
|
Other Income |
0.200 |
0.100 |
0.000 |
|
Total Income |
5.100 |
6.900 |
6.400 |
|
Total Expenditure |
4.500 |
6.200 |
5.700 |
|
Operating Profit |
0.600 |
0.700 |
0.700 |
|
Interest |
0.000 |
0.000 |
0.000 |
|
Gross Profit |
0.600 |
0.700 |
0.700 |
|
Depreciation |
0.500 |
0.500 |
0.500 |
|
Tax |
0.100 |
0.200 |
0.200 |
|
Reported PAT |
0.000 |
0.000 |
0.000 |
200606 Quarter 1
Notes
Status of Investor Complaints for the quarter ended June 30, 2006
Complaints Pending at the beginning of the quarter Nil Complaints Received during
the quarter Nil Complaints disposed off during the quarter Nil Complaints
unresolved at the end of the quarter Nil 1. The above results were taken on
record by the Board of Directors at their meeting held on July 31, 2006. 2. The
Company has one segment activity namely Granite Slabs, Tiles and other stones
and entire production operation are located in
200609 Quarter 2
Notes
Expenditure Includes (Increase)/ Decrease in Stock Rs 0.702 million
Consumption of Raw Materials Rs 1.546 million Staff Cost Rs 0.474 million Consumption
of Consumables Rs 1.147 million Other Expenses Rs 2.395 million Tax Includes
Provision for Current Tax (including Fringe Benefit Tax) Rs 0.163 million
Extraordinary Items Indicates Loss on Sale of Assets Status of Investor
Complaints for the quarter ended September 30, 2006 Complaints Pending at the
beginning of the quarter Nil Complaints Received during the quarter Nil
Complaints disposed off during the quarter Nil Complaints unresolved at the end
of the quarter Nil 1. The above results, as reviewed by the audit committee,
have been taken on record by the Board of Directors in its meeting held on
October 30, 2006. 2. The Company has only one business segment i.e. 'Granite'
3. The above results are subject to Limited Review Report by the Statutory
Auditors of the Company. 4. The provision for Deferred Tax Liability / Asset
for the current year will be created at the year end based on the full year
results. 5. Previous period's figures have been regrouped / re-arranged
wherever considered necessary.
200612 Quarter 3
Notes
Tax indicate Provision for Current Tax (including Fringe Benefit Tax)
Status of Investor Complaints for the quarter ended December 31, 2006
Complaints Pending at the beginning of the quarter Nil Complaints Received
during the quarter Nil Complaints disposed off during the quarter Nil
Complaints unresolved at the end of the quarter Nil 1.The above results, as
reviewed by the audit committee, have been taken on record by the Board of
Directors in its meeting held on January 30, 2007. 2.The Company has only one
business segment i.e. 'Granite' 3.The above results are subject to Limited
Review Report by the Statutory Auditors of the Company. 4.The provision for
Deferred Tax Liability / Asset for the current year will be created at the year
end based on the full year results. 5.Previous period's figures have been
regrouped / re-arranged wherever considered necessary.
KEY
RATIOS
|
PARTICULARS |
31.03.2006 |
31.03.2005 |
31.03.2004 |
|
Debt-Equity Ratio |
0.00 |
0.00 |
0.00 |
|
Long Term Debt-Equity Ratio |
0.00 |
0.00 |
0.00 |
|
Current Ratio |
8.99 |
10.13 |
9.50 |
|
TURNOVER RATIOS |
|
|
|
|
Fixed Assets |
0.59 |
0.84 |
0.93 |
|
Inventory |
2.12 |
3.53 |
4.87 |
|
Debtors |
2.90 |
3.76 |
3.58 |
|
Interest Cover Ratio |
2.00 |
6.00 |
6.00 |
|
Operating Profit Margin(%) |
9.27 |
9.94 |
11.17 |
|
Profit Before Interest And Tax Margin(%) |
0.81 |
3.51 |
4.68 |
|
Cash Profit Margin(%) |
8.47 |
8.19 |
7.27 |
|
Adjusted Net Profit Margin(%) |
0.00 |
1.75 |
0.78 |
|
Return On Capital Employed(%) |
0.36 |
2.20 |
3.34 |
|
Return On Net Worth(%) |
0.00 |
1.08 |
0.54 |
STOCK PRICES
|
Face Value |
Rs.10.00/- |
|
High |
Rs.13.65 |
|
Low |
Rs.13.65 |
LOCAL AGENCY FURTHER INFORMATION
INDUSTRY
STRUCTURE & DEVELOPMENT
Indian granite industry is one of the world's major
producers of granite. Indian granite is well placed among various granite
producing countries like
Opportunities
The granite continues to be in demand in developed world due
to its natural characteristics and aesthetic look.
Outlook
The company will continue consolidate its position being
unforeseen circumstances and subject to currency fluctuation
Fixed Assets :
v
Land
v
Building
v
Plant & Machinery
v
Furniture, Fixtures
v
Office Equipments
v
Vehicles
v
Computer
Website Details :
Subject is a leading manufacturer and exporter of Granite Slabs, Tiles, Blocks, Counter Tops,
Kitchen Tops, Marble, Sandstone, Decorative Articles, etc. Theirs is a
dedication of more than a decade which will continue till the last breathe of
the concern. The company is always devoted to deliver the premium quality
products at the demand and that too at the most conducive prices. They procure
the super quality raw materials from the best of mines which colloquially
implies that the quality of their products is unmatched and undefined.
Their Products
Situated in the rich vicinity of
Granite Slabs
Tiles
Blocks
Counter Tops
Kitchen Tops
Marble
Sandstone
Decorative articles
Their Quality
Customer satisfaction has remained their priority since the birth
of subject. They try to achieve this by giving the best quality of Granites,
Sandstones, Marbles and Decorative Articles available in the market. They
recognize the worth of quality in the eyes of their customers. They deliver
minerals, stones and rocks which possess good mechanical strength and thermal
resistance. At the same time, their stones have excellent bonding with cement.
Their Infrastructure
Success is a relative term, and they identify success with
the client base they have procured. They attribute this success to the strong
infrastructure they possess. Their
factory premises are equipped with the most sophisticated machineries required
for quality output in this industry. The efficient team of dedicated
employees enable them to achieve what their competitors only dream. The
ultimate trust of customers on their products and line of working motivates
them to deliver better and utmost to their capacity.
While giving their best to their clients in the form of Granite Slabs, Tiles, Blocks, Counter Tops,
Kitchen Tops, Marble, Sandstone, Decorative articles, etc, they
are enthused with the determination to improve and develop at every stage of
business because in their eyes development is the only key to be better and
accomplish perfection in all aspects.
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.40.47 |
|
|
1 |
Rs.80.28 |
|
Euro |
1 |
Rs.54.43 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
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 |
6 |
|
--LEVERAGE |
1~10 |
6 |
|
--RESERVES |
1~10 |
5 |
|
--CREDIT LINES |
1~10 |
5 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
NO |
|
--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 |
YES |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
48 |
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 |
|