MIRA INFORM REPORT
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Report Date : |
28.05.2007 |
IDENTIFICATION DETAILS
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Name : |
R R STONES PRIVATE LIMITED |
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Registered Office : |
3-5-874/4, II Floor, Hyderguda, |
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Country : |
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Financials (as on) : |
31.03.2006 |
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Date of Incorporation : |
21.04.1992 |
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Com. Reg. No.: |
01-14117 |
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CIN No.: [Company
Identification No.] |
U14102AP1992PTC014117 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
HYDR00723C |
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Legal Form : |
Private Limited Liability Company. |
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Line of Business : |
Exporters of hand
dressed Natural Stone Products. |
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 590000 |
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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 : |
3-5-874/4, II Floor, Hyderguda, |
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Tel. No.: |
91-40-23231075 / 23211322 / 23231501 |
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Fax No.: |
91-40- 23296314 |
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E-Mail : |
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Website : |
DIRECTORS
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Name : |
Mr. Sajjala Divakar Reddy |
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Designation : |
Managing Director |
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Address : |
Plot No – 86, |
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Date of Birth/Age : |
18.05.1955 |
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Date of Appointment : |
20.06.2005 |
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Name : |
Mrs. Sajjala Bhageerathi |
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Designation : |
Director |
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Address : |
Plot No – 86, |
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Date of Birth/Age : |
20.01.1958 |
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Date of Appointment : |
21.04.1998 |
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Name : |
Mr. Sajjala Ramakrishna |
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Designation : |
Whole Time Director |
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Address : |
Flat No – GF1, Meadows Court, Plot No. 72, Ashwini Layout, Jubilee
Hills, Hyderabad – 500033, Andhra Pradesh, India |
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Date of Appointment : |
01.01.1998 |
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Name : |
Mr. Sajjala Sandeep Reddy |
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Designation : |
Director |
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Address : |
Plot No – 86, |
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Date of Birth/Age : |
19.11.1982 |
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Date of Appointment : |
18.08.2003 |
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Other Directorship : |
Sajjala Iron And Steel Private Limited U27109AP2004PTC044243 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
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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 % |
BUSINESS DETAILS
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Line of Business : |
Exporters
of hand dressed Natural Stone Products. |
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Products : |
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GENERAL INFORMATION
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Bankers : |
ANDHRA BANK Specialised
Corporate Finance Branch, Somajiguda, CENTURION BANK OF
PUNJAB LIMITED F – 416,Minerva
Complex, |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
G Rajendra Prasad and Company Chartered Accountants |
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Address : |
10-2-289/120/65, B – 66, Flat – 3, P S Nagar, |
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Associates/Subsidiaries : |
Eswar Cements Private Limited U26942AP1999PTC030989 Sajjala Iron And Steel Private Limited U27109AP2004PTC044243 |
CAPITAL STRUCTURE
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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5000000 |
Equity Shares |
Rs. 10/- each |
Rs. 50.000 Millions |
Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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3840000 |
Equity Shares |
Rs. 10/- each |
Rs. 38.400
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 |
38.400 |
19.200 |
19.200 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
110.605 |
119.210 |
104.000 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
[4.073] |
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NETWORTH |
149.005 |
138.410 |
119.127 |
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LOAN FUNDS |
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1] Secured Loans |
8.099 |
41.158 |
1.941 |
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2] Unsecured Loans |
16.509 |
13.319 |
8.690 |
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TOTAL BORROWING |
24.608 |
54.477 |
10.631 |
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DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
1.654 |
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TOTAL |
173.613 |
192.887 |
131.412 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
35.583 |
34.684 |
31.882 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENT |
105.361 |
68.756 |
23.965 |
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DEFERREX TAX ASSETS |
1.277 |
0.991 |
0.324 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
13.893
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60.569 |
27.605 |
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Sundry Debtors |
33.486
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34.586 |
78.494 |
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Cash & Bank Balances |
3.024
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1.542 |
47.805 |
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Other Current Assets |
3.852
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2.930 |
5.721 |
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Loans & Advances |
6.920
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9.174 |
28.228 |
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Total
Current Assets |
61.175
|
108.801 |
187.853 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
21.055
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16.297 |
112.817 |
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Provisions |
9.589
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5.033 |
0.903 |
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Total
Current Liabilities |
30.644
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21.330 |
113.720 |
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Net Current Assets |
30.531
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87.471 |
74.133 |
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MISCELLANEOUS EXPENSES |
0.861 |
0.985 |
1.108 |
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TOTAL |
173.613 |
192.887 |
131.412 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
31.03.2006 |
31.03.2005 |
31.03.2004 |
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Sales Turnover |
409.987 |
220.226 |
254.121 |
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Other Income |
4.518 |
4.998 |
2.437 |
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Total Income |
414.505 |
225.224 |
256.558 |
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Profit/(Loss) Before Tax |
22.297 |
21.791 |
[23.425] |
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Provision for Taxation |
7.324 |
[0.749] |
0.573 |
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Profit/(Loss) After Tax |
14.973 |
22.540 |
[23.998] |
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Earnings in Foreign Currency : |
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Export Earnings |
225.630 |
94.490 |
115.817 |
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Other Earnings |
3.879 |
2.427 |
[7.667] |
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Total Earnings |
229.509 |
96.917 |
108.150 |
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Expenditures : |
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Materials |
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82.854 |
64.982 |
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Salaries, Wages, Bonus, etc. |
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13.079 |
12.181 |
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Royalties |
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4.224 |
3.373 |
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Sales Tax |
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0.488 |
0.294 |
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Other Processing Expenses |
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7.993 |
7.391 |
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Administrative Expenses |
423.782 |
10.185 |
10.997 |
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Selling Expenses |
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110.537 |
167.055 |
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Foreign Exchange Rate Difference |
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0.000 |
7.667 |
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Misc Expenses |
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0.123 |
0.123 |
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Interest |
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4.849 |
4.065 |
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Depreciation |
2.126 |
1.960 |
1.726 |
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Financial Charges |
5.442 |
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Total Expenditure |
431.350 |
236.292 |
279.854 |
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KEY RATIOS
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PARTICULARS |
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31.03.2006 |
31.03.2005 |
31.03.2004 |
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PAT / Total Income |
(%) |
3.61
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8.73 |
[9.35] |
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Net Profit Margin (PBT/Sales) |
(%) |
5.44
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9.89 |
[922] |
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Return on Total Assets (PBT/Total Assets} |
(%) |
23.04
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15.19 |
[10.66] |
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Return on Investment (ROI) (PBT/Networth) |
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0.15
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0.16 |
[0.20] |
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Debt Equity Ratio (Total Liability/Networth) |
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0.20
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0.55 |
1.04 |
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Current Ratio (Current Asset/Current Liability) |
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2.00
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5.10 |
1.65 |
LOCAL AGENCY FURTHER INFORMATION
Fixed Assets
- Land
- Buildings
- Plant and
Machinery
- Furniture and
Fixture
- Office
Equipments
- Vehicles
- Lab Equipment
- Minging
Equipments
Bankers Charges
Report as per Registry
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Name of the company |
R. R. STONES PRIVATE LIMITED |
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Presented By |
MR. S. RAMAKRISHNA REDDY, WHOLE
TIME DIRECTOR |
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1) Date and description of instrument creating the change |
Composite
Agreement dated 26th May 2005 Promissory note
dated 26.05.2005 Promissory note
dated 26.05.2005 |
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2) Amount secured by the charge/amount owing on the securities of charge |
Packing credit
Rs. 30.000 Millions FBD / FUBD Rs.
50.000 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 |
First charge on
entere Fixed and current assets of the company. Hypothecation of
stocks, raw materials, stock in process, finished goods, consumable stores,
book debits and receivables. |
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4) Gist of the terms and conditions and extent and operation of the charge. |
Margins the
margin will be 25 % on stokes Rate of interest :
As per RBI directives form time to time. The present rate of interest is @
3.75 % below the banks prime lending banks prime lending rate with a minimum
of 6.75 % Bank will charge
overdue interest at 2 % for delay submission of renewal proposal. Bank will
charge penal interest for non / submission / delayed submission delayed
submission of stock statements. |
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5) Name and Address and description of the person entitled to the charge. |
ANDHRA BANK Specialised
Corporate Finance Branch, Somajiguda, |
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6) Date and brief description of instrument modifying the charge |
----NA---- |
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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. |
----NA---- |
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Corporate
identity number of the company |
U14102AP1992PTC014117 |
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Name of the
company |
R R STONES PRIVATE LIMITED |
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Address of the
registered office or of the principal place of business in |
3-5-874/4, II Floor, Hyderguda, |
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This form is for |
Creation of
charge |
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Type of charge |
Hypothecation
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Particular of
charge holder |
Centurion Bank of
Punjab Limited F – 416,Minerva
Complex, Secunderabad –
500003, |
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Nature of
instrument creating charge |
AGMT dated
07.06.2006 and AGMT No. B25549-521 for securing loan for construction
equipment under loan cum hypothecation scheme. |
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Date of
instrument Creating the charge |
08.06.2006 |
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Amount secured by
the charge |
Rs. 2.087
Millions |
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Brief of the
principal terms an conditions and extent and operation of the charge |
The company has
availed a loan a for construction equipment carrying interest @ 9.5 % IRR in
equated monthly installments the last of which is payable on or before
07.05.2009 |
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Description of
the property charged indicating whether it is a charged on |
Plant and
Machinery |
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Particulars of
the property charged |
1 No Tata EX-70
Hydraulic Excavator |
AS PER WEBSITE
Subject is one
of the largest bulk exporters of hand dressed Natural Stone Products from
Established in 1992, the company has its own quarries of
Granite, Quartzite and Lime stone, with abundant deposits of stones in
different shades and textures.
As a mark of recognition for its export performance, the
company has been selected for EXPORT AWARD for the last three consecutive years
by 'CAPEXIL' the apex Export promotion council connected to Ministry of
Commerce, Government of India.
Mineral
Division
With a view to fully exploit and to further consolidate its already existing
strengths, subject has started a separate Mineral Division, supported by a team
of Geologists to identify and procure different minerals from Geologically rich
Southern states. This division handles procurement and export of different
minerals like Lime Stone, Barytes, Steatite,
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.40.60 |
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|
1 |
Rs.80.65 |
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Euro |
1 |
Rs.54.55 |
SCORE & RATING EXPLANATIONS
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SCORE FACTORS |
RANGE |
POINTS |
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HISTORY |
1~10 |
6 |
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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 |
6 |
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--PROFITABILIRY |
1~10 |
4 |
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--LIQUIDITY |
1~10 |
6 |
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--LEVERAGE |
1~10 |
6 |
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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 |
YES |
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--LISTED |
YES/NO |
NO |
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--OTHER MERIT FACTORS |
YES/NO |
YES |
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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 |
|