MIRA
INFORM REPORT
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Report Date : |
26.06.2007 |
IDENTIFICATION DETAILS
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Name : |
AAEMVEE GRANITES PRIVATE LIMITED |
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Registered Office : |
Plot No. 241, D – Block, IDA Autonagar, |
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Country : |
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Financials (as on) : |
31.03.2006 |
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Date of Incorporation : |
11.06.2004 |
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Com. Reg. No.: |
01-43458 |
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CIN No.: [Company
Identification No.] |
U14102AP2004PTC043458 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
VPNA00998E |
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PAN No.: [Permanent
Account No.] |
AAECA7613A |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Company is engaged in Cutting and Polishing, Producers and Exporters of
Granite Slabs |
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 3700 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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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
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Registered Office : |
Plot No. 241, D – Block, IDA Autonagar, |
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Tel. No.: |
91-891-3095512 |
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Mobile No.: |
91-9866153721 |
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Fax No.: |
91-891-2750806/2517762 |
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E-Mail : |
sales@aaemveegranites.com,
vidhi@aaemveegranites.com, aaemveegranites@rediffmail.com |
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Website : |
DIRECTORS
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Name : |
Mr. Akshay Jain |
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Designation : |
Director |
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Address : |
201, Pinewood Apartments, |
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Date of Birth/Age : |
25.11.1975 |
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Date of Appointment : |
11.06.2004 |
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Name : |
Mr. Mayank Jain |
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Designation : |
Director |
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Address : |
201, Pinewood Apartments, |
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Date of Birth/Age : |
07.01.1980 |
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Date of Appointment : |
11.06.2004 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
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Names of Shareholders |
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No. of Shares |
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Mr. Akshay Jain |
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20000 |
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Mr. Mayank Jain |
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20000 |
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Ms. Usha Jain |
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20000 |
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Ms. Vidhi Jain |
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20000 |
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Mr. Swaroop Chand Bhansali |
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500 |
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Mr. K Krishna Kishore |
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500 |
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Mr. K Kumar Raje |
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500 |
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Mr. M Mangllai Jain |
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1000 |
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Mr. Mooi Chand Golachha |
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500 |
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Mr. Pannaiai Golachha (HUF) |
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1000 |
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Mr. Santosh Kumar Golechha |
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1000 |
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Total |
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85000 |
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Category |
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Percentage of
Holding |
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Directors or relatives of directors |
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100.00 |
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Total |
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100.00 |
BUSINESS DETAILS
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Line of Business : |
Company is engaged in Cutting and Polishing, Producers and Exporters
of Granite Slabs |
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Products: |
v Bolingir Yellow v Designer Brown v Icon Brown v Lavender Blue v M Brown 1 v M Brown 2 v Uttkal Brown v Seetempeta W |
GENERAL INFORMATION
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Bankers : |
Andhra Bank, Seethammadhar Branch, |
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Facilities : |
-- |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
Brahmayya & Company Chartered Accountant |
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Address : |
Suhasini, 10-50-24, Siripuram Junction, |
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Tel No.: |
91-891-2754071 |
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Fax No.: |
91-891-2535960 |
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Associates/Subsidiaries : |
Nil |
CAPITAL STRUCTURE
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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100000 |
Equity Shares |
Rs. 10.00 Each |
Rs. 1.000
Million |
Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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85000 |
Equity Shares |
Rs. 10.00 Each |
Rs. 0.850
Million |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
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SOURCES OF FUNDS |
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31.03.2006 |
31.03.2005 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
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0.850 |
0.850 |
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2] Share Application Money |
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0.000 |
0.000 |
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3] Reserves & Surplus |
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0.078 |
0.151 |
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4] (Accumulated Losses) |
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0.000 |
0.000 |
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NETWORTH |
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0.928 |
1.001 |
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LOAN FUNDS |
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1] Secured Loans |
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3.579 |
1.899 |
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2] Unsecured Loans |
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6.326 |
6.147 |
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TOTAL BORROWING |
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9.905 |
8.046 |
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DEFERRED TAX LIABILITIES |
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0.040 |
0.088 |
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TOTAL |
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10.873 |
9.135 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
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6.916 |
7.107 |
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Capital work-in-progress |
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0.048 |
0.000 |
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INVESTMENT |
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0.000 |
0.000 |
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DEFERREX TAX ASSETS |
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0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
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3.716 |
1.399 |
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Sundry Debtors |
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0.736 |
1.248 |
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Cash & Bank Balances |
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0.078 |
0.022 |
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Other Current Assets |
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0.006 |
0.000 |
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Loans & Advances |
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0.601 |
0.421 |
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Total
Current Assets |
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5.137 |
3.090 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
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1.205 |
1.061 |
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Provisions |
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0.039 |
0.023 |
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Total
Current Liabilities |
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1.244 |
1.084 |
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Net Current Assets |
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3.893 |
2.006 |
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MISCELLANEOUS EXPENSES |
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0.016 |
0.022 |
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TOTAL |
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10.873 |
9.135 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
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31.03.2006 |
31.03.2005 |
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Sales Turnover |
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8.950 |
NA |
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Other Income |
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0.749 |
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Total Income |
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9.699 |
NA |
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Profit/(Loss) Before Tax |
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(0.069) |
NA |
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Provision for Taxation |
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0.763 |
NA |
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Profit/(Loss) After Tax |
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(0.073) |
NA |
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Expenditures : |
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Total Expenses |
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7.665 |
NA |
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Financial Charges |
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0.858 |
NA |
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Depreciation |
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1.245 |
NA |
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Total Expenditure |
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9.768 |
NA |
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KEY RATIOS
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PARTICULARS |
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31.03.2006 |
31.03.2005 |
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PAT / Total Income |
(%) |
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0.75 |
NA |
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Net Profit Margin (PBT/Sales) |
(%) |
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0.77 |
NA |
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Return on Total Assets (PBT/Total Assets} |
(%) |
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0.57 |
NA |
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Return on Investment (ROI) (PBT/Networth) |
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0.07 |
NA |
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Debt Equity Ratio (Total Liability/Networth) |
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12.01 |
9.12 |
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Current Ratio (Current Asset/Current Liability) |
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4.12 |
2.85 |
LOCAL AGENCY FURTHER INFORMATION
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Name of the company |
AAEMVEE GRANITES PRIVATE LIMITED |
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1) Date and description of instrument creating the change |
08.11.2004 Composite Agreement Lease Deed with Letter of Confirmation issued
by the bank |
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2) Amount secured by the charge/amount owing on the securities of
charge |
Rs. 3.500 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 |
Charge by way of – Hypothecation of stocks, Granite Blocks, Finished Slabs, others
materials, Book Debts and Machinery of the company Lease hold rights on the following property All that piece and parcel of land with Plot No. 241, Admeasuring
6,500.950 Sq. Yd. site with a portion
of ACC building East – Plot No. 242 West – Road North – Road South – Plot No. 240 |
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4) Gist of the terms and conditions and extent and operation of the
charge. |
Nature of facility – Working capital Rate of Interest – 12.5% Repayable on Demand |
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5) Name and Address and description of the person entitled to the
charge. |
Andhra Bank, Seethammadhar Branch, |
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6) Date and brief description
of instrument modifying the charge |
Nil |
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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. |
Nil |
As per website
details
The company , Started in 2004, as a modest enterprise of highly precise fine quality of granite slabs cutting & polishing unit.
The company based at Visakhapatnam in Andhra Pradesh (India) which is also a port
city provides itself of being the leader in procuring and producing exclusive
range of world class granite-primarily for exports to Middle East with
potential to spread its wings world wide
The company has a modern factory equipped with plant for cutting, polishing
etc.
An experienced Work force is headed by a team of competent managers who ensures
consistently high quality and timely deliveries
The company has an experienced and well trained project team for undertaking
complicated jobs and executing them within the scheduled time frame.
The company always looks ahead to satisfy the customers requirements
absolutely. The company has the in built capacity to supply granite slabs for
big projects and high rise buildings.
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
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Indian Rupees |
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US Dollar |
1 |
Rs.40.81 |
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1 |
Rs.81.57 |
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Euro |
1 |
Rs.54.91 |
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 |
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--PROFITABILIRY |
1~10 |
6 |
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--LIQUIDITY |
1~10 |
4 |
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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 |
NO |
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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/normal. |
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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