MIRA
INFORM REPORT
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Report Date : |
13.10.2007 |
IDENTIFICATION DETAILS
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Name : |
ARKAY GLENROCK PRIVATE LIMITED |
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Registered Office : |
7/23B |
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Country : |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
03.03.1999 |
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Com. Reg. No.: |
18-41997 |
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CIN No.: [Company
Identification No.] |
U45309TN1999PTC041997 |
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IEC No.: |
3599002991 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
MRIA00392A |
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PAN No.: [Permanent
Account No.] |
AACCA4825A |
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Legal Form : |
Private Limited
Liability Company |
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Line of Business : |
Manufacturer and Importer
of Granite monuments and Marble 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 131900 |
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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 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 : |
7/23B |
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Tel. No.: |
91-451-2556744,2556755,2552168 |
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Fax No.: |
91-452-4353085 |
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E-Mail : |
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Website : |
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Location: |
Owned |
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European
Office : |
Bellmoor,Retford,
Nottinghamshire DN22 8SG |
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Tel. No.: |
+44-1777-708771 |
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Fax No.: |
+44-1777-860557 |
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E-Mail : |
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Factory : |
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Tel. No.: |
91-451-56744567 |
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Fax No.: |
91-451-56756 |
DIRECTORS
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Name : |
Mr. R Sriram |
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Designation : |
Director |
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Address : |
FF, Adhi Home,
Parsan Apartment, Opposite Fatima College, Vilankudi, |
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Date of Birth/Age : |
10.04.1964 |
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Date of Appointment : |
03.03.1999 |
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TN/23/140/123262 |
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Name : |
Mr. R Muthusankar
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Designation : |
Managing Director
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Address : |
“Manaswini” |
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Date of Birth/Age : |
05.07.1968 |
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Date of Appointment : |
03.03.1999 |
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TN/23/140/0123261 |
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Name : |
Mr. Costas John
Sakellarioes |
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Designation : |
Director |
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Address : |
Pefcon 12A,
Ekalli, |
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Date of Birth/Age : |
10.04.1964 |
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Date of Appointment : |
07.03.1999 |
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Name : |
Mr. Timothy Alan
Lamb |
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Designation : |
Director |
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Address : |
24, Coniston
Close, Chiswick WB 3UG, |
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Date of Birth/Age : |
22.10.1953 |
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Date of Appointment : |
07.03.1999 |
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Name : |
Mr. David Franke
Kilpatrick |
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Designation : |
Director |
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Address : |
30, |
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Date of Birth/Age : |
10.10.1943 |
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Date of Appointment : |
19.03.2003 |
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Name : |
Mr. S
Venkatasubramonian |
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Designation : |
Director |
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Address : |
GF, Adhi Home,
Parsan Apartment, Opposite Fatima College, Vilankudi, |
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Date of Birth/Age : |
25.07.1941 |
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Date of Appointment : |
19.03.2003 |
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Name : |
Mr. E Anuradha |
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Designation : |
Executive
Director |
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Address : |
“Manaswini” |
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Date of Birth/Age : |
15.07.1971 |
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Date of Appointment : |
30.09.2004 |
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Name : |
Mr. T K
Nandakumar |
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Designation : |
Alternate
Director to Mr. David Frank Kilpatrick |
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Address : |
3, Abirami Nagar,
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Tel. No.: |
91-442-3770474 |
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PAN No.: |
ABSPN5045P |
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Date of Birth/Age : |
03.07.1954 |
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Date of Appointment : |
22.11.2006 |
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Proprietorship Held: |
Braze-N-Tech
Engineers Address: 229, Tiny
sector Ambattur Industrial Estate, Ambattur, Chennai – 600 058, |
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Name : |
Mr. Konstantinos
Sakeilarioc |
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Designation : |
Director |
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Address : |
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Date of Birth/Age : |
45 years |
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Experience: |
20 years |
KEY EXECUTIVES
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Name : |
B B and N S V Associates |
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Designation : |
Company Secretary |
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Address : |
Plot No. 921, Valar Nagar, Uthangudi, |
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Tel. No.: |
91-44-6546049 |
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Mobile No.: |
91-9842130623 |
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E-mail: |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
|
Names of Shareholders |
No. of Shares |
Percentage of
Holding |
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Mr. R Muthusankar
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158550 |
48 1/3% |
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Ms. E Anuradha |
66350 |
--- |
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Ms. Kalayani |
100 |
--- |
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Mr. R Byravan |
12500 |
--- |
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Mr. N Janaki |
12500 |
--- |
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M/s. Glenpost
Limited |
250000 |
--- |
|
M/s Pisani PLC |
--- |
50% |
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Category |
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Percentage
of Holding |
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Foreign holdings (Foreign institutional investor(s), foreign
companie(s), foreign financial institution(s), Non-resident Indian(s) or
Overseas corporate bodies or others |
|
50.00 |
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Directors or relatives of directors |
|
50.00 |
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Total |
|
100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer and
Importer of Granite monuments and Marble
slabs |
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Products : |
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Exports : |
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Products : |
Granite monuments, Granite Slabs |
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Countries : |
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Imports : |
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Products : |
Granite Blocks, Abrasives and consumables |
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Countries : |
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Terms : |
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Selling : |
Both L/C, and Non L/C |
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Purchasing : |
Both L/C, and Non L/C |
PRODUCTION STATUS
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Particulars |
Unit |
Licensed
Capacity |
Installed
Capacity |
Actual
Production |
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Monument |
Sq. Mts/ Annum |
20000 |
20000 |
12346 Cft |
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Granite Slab |
Sq. Mts/ Annum |
120000 |
-- |
-- |
GENERAL INFORMATION
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Customers : |
Retailers |
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No. of Employees : |
180 |
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Bankers : |
v
State
Bank of v
Lakshmi
General Finance Limited, |
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Facilities : |
Secured Loan State Bank of Export Packing Credit
– Rs. 5.705 Millions Foreign Bill
Discounting – Rs. 8.439 Millions State Bank of Lakshmi General
Finance – Rs. 0.427 Millions Total
– Rs. 17.439 Millions |
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Banking Relations
: |
Satisfactory |
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Auditors : |
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Name : |
Mr.C Balakrishnan
Chartered
Accountant |
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Address : |
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Associates/Subsidiaries
: |
Glenrock Enterprises Address: Meenatshi, aswini St. Duraisamy Nagar, Activity: Export of Granite Slabs |
CAPITAL STRUCTURE
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
|
1500000 |
Equity Shares |
Rs. 10.00 Each |
Rs. 15.000 millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
1500000 |
Equity Shares |
Rs. 10.00 Each |
Rs. 15.000millions |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2007 |
31.03.2006 |
31.03.2005 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
15.000 |
15.000 |
5.000 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
17.975 |
15.025 |
13.950 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
32.975 |
30.025 |
18.950 |
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LOAN FUNDS |
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1] Secured Loans |
63.275 |
38.909 |
17.438 |
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2] Unsecured Loans |
0.000 |
10.094 |
10.788 |
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TOTAL BORROWING |
63.275 |
49.003 |
28.226 |
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DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
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TOTAL |
96.250 |
79.028 |
47.176 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
59.979 |
64.642 |
25.626 |
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Capital work-in-progress |
8.399 |
0.066 |
0.000 |
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INVESTMENT |
0.171 |
0.171 |
0.172 |
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DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
35.496
|
14.088
|
8.854 |
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Sundry Debtors |
12.767
|
10.214
|
10.151 |
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Cash & Bank Balances |
7.150
|
4.052
|
3.654 |
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Other Current Assets |
0.000
|
0.000
|
0.000 |
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Loans & Advances |
13.952
|
5.786
|
4.133 |
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Total
Current Assets |
69.365
|
34.140 |
26.792 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
41.664
|
19.841
|
5.264 |
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Provisions |
0.000
|
0.150
|
0.150 |
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Total
Current Liabilities |
41.664
|
19.991 |
5.414 |
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Net Current Assets |
27.701
|
14.149 |
21.378 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
96.250 |
79.028 |
47.176 |
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PROFIT & LOSS
ACCOUNT
|
PARTICULARS |
31.03.2007 |
31.03.2006 |
31.03.2005 |
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Sales Turnover |
90.323 |
48.443 |
43.749 |
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Other Income |
0.192 |
3.300 |
0.000 |
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Total Income |
90.515 |
51.743 |
43.749 |
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Profit/(Loss) Before Tax |
NA |
NA |
3.363 |
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Provision for Taxation |
NA |
NA |
0.160 |
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Profit/(Loss) After Tax |
NA |
NA |
3.203 |
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Export Value |
3.623 |
1.075 |
38.587 |
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Import Value |
18.033 |
22.116 |
9.374 |
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Expenditures : |
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(Increase)/ Decrease in Stock |
NA |
NA |
(1.698) |
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Material consumed |
NA |
NA |
26.586 |
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Salaries, Wages and Benefits |
NA |
NA |
3.295 |
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Other Expenses |
NA |
NA |
7.101 |
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Cost of goods sold |
47.526 |
27.997 |
NA |
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Depreciation |
14.790 |
4.280 |
NA |
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Interest |
4.595 |
1.533 |
NA |
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Administration and selling Expenses |
9.109 |
4.988 |
NA |
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Total Expenditure |
76.020 |
38.798 |
35.284 |
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KEY RATIOS
|
PARTICULARS |
|
31.03.2007 |
31.03.2006 |
31.03.2005 |
|
PAT / Total Income |
(%) |
NA
|
NA
|
7.32 |
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Net Profit Margin (PBT/Sales) |
(%) |
NA
|
NA
|
7.68 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
NA
|
NA
|
6.41 |
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Return on Investment (ROI) (PBT/Networth) |
|
NA
|
NA
|
0.17 |
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Debt Equity Ratio (Total Liability/Networth) |
|
3.18
|
2.30
|
1.77 |
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Current Ratio (Current Asset/Current Liability) |
|
1.66
|
1.71
|
4.94 |
LOCAL AGENCY FURTHER INFORMATION
Fixed
Assets
v
Land
v
Building
v
Electrical
Fitting
v
Furniture
& Fixture
v
Plant
& Machinery
v
Office
Equipment
v
Computer
v
Motor
Vehicles
v
Tools
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Name of the company |
ARKAY
GLENROCK PRIVATE LIMITED |
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Presented
By |
Mr. R Muthusankar |
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1) Date and description of instrument creating the change |
Agreement of loan, agreement of hypothecation and agreement of pledge dated 20.04.2000 for Rs. 12.750 Equitable mortgage by deposited of title deeds on 20.04.2000 |
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2) Amount secured by the charge/amount owing on the securities of charge |
Rs. 5.000 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 |
Equitable mortgage of factory land and building, pledge of machinery hypothecation of entire current assets |
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4) Gist of the terms and conditions and extent and operation of the charge. |
Tern Loan repayable in 20 quarterly instalment of Rs. 0.250 and the interest rate 14.02% agreement dated 20.04.2000 |
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5) Name and Address and description of the person entitled to the charge. |
State Bank of |
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6) Date and brief description of instrument modifying the charge |
Supplemental agreement of loan, agreement of hypothecation of good and assets, agreement of pledge of goods and assets, deed of guarantee for increased in overall limit dated 09.07.2003 |
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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. |
Commitment increased from Rs. 14.000 to Rs. 25.000 Hypothecation of raw materials, work in progress, finished goods, Receivable, store and spears and other current assets of the company and charge over the entire fixed assets of the company for the modified of Rs. 25.000 Millions
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Name of the company |
ARKAY
GLENROCK PRIVATE LIMITED |
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Presented
By |
Mr. R Muthusankar |
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1) Date and description of instrument creating the change |
The hypothecation agreement dated 07.10.2003 |
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2) Amount secured by the charge/amount owing on the securities of charge |
Rs. 0.502 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 |
On the security of radial milling machine – 597 |
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4) Gist of the terms and conditions and extent and operation of the charge. |
35 monthly installment as under 0.014 Millions 0.014 Millions |
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5) Name and Address and description of the person entitled to the charge. |
Lakshmi General
Finance Limited, |
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6) Date and brief description of instrument modifying the charge |
Not Applicable |
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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. |
Not Applicable |
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Name of the company |
ARKAY
GLENROCK PRIVATE LIMITED |
|
Presented
By |
Mr. R Muthusankar |
|
1) Date and description of instrument creating the change |
Agreement of loan, agreement of hypothecation and agreement of pledge dated 20.04.2000 for Rs. 12.750 Equitable mortgage by deposited of title deeds on 20.04.2000 |
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2) Amount secured by the charge/amount owing on the securities of charge |
Rs. 5.000 Millions Term Loan Rs. 7.750 Millions working capital facilities |
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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 |
Equitable mortgage of factory land and building, pledge of machinery hypothecation of entire current assets |
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4) Gist of the terms and conditions and extent and operation of the charge. |
Tern Loan repayable in 20 quarterly installment of Rs. 0.250 and the interest rate 14.02% agreement dated 20.04.2000 |
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5) Name and Address and description of the person entitled to the charge. |
State Bank of |
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6) Date and brief description of instrument modifying the charge |
Supplemental agreement of loan for increased in the overall limit for Rs. 14.000 dated 25.02.2002 |
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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. |
Charge increased from Rs. 12.750 to Rs. 14.000 Millions |
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Corporate
identity number (CIN) Foreign company registration number |
U45309TN1999PTC041997 |
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Name of the
Company |
ARKAY GLENROCK PRIVATE LIMITED |
|
Address |
7/23B |
|
This form is for |
Modification of
charge |
|
Type of Charge |
A charge on: v
Immovable
property v
Book
Debts v
Movable
property (not being pledge) v
Floating
Charge |
|
Particulars of
the charge holder |
State Bank of E-Mail: Sbi.04034@sbi.co.in |
|
Date of the
instrument creating or modifying the charge |
27.09.2006 |
|
Amount secured by
the charge |
Rs. 79.200
millions |
|
Brief particulars
of the principal terms and conditions and extent and operation of the charge |
(a) Rate of
Interest EPC: 2.9% below
SBAR i.e.; 8.10% per annum upto 180 days; 1.65% below SBAR I.e. 9.35% beyond
180 days. FBD (LC and NON
LC):: 2.90% below SBAT i.e. 8.10% per annum; for demand bills usance upto 90
days. 1.65% below SBAR
i.e. 9.35% per annum beyond 90 days upto 6 months SLC: 1% above
rate applicable to regular working capital limit TL-II: 2% above
SBAR, i.e. 13% per annum TL-II: 0.75%
above SBAR, i.e. 11.75% per annum (b) Terms of
repayment: Term Loan III of
Rs. 19.200 millions is repayable in 54 monthly installments as below: 2006-07-Rs. 0.166
million x 9=Rs. 1.500 millions 2007-08-Rs. 0.250
million x 12=Rs. 3.000 millions 2008-09-Rs. 0.400
million x 12=Rs. 4.800 millions 2009-2010-Rs.
0.400 million x 12=Rs. 4.800 millions and 2010-2011-Rs.
0.566 million x 9=Rs. 5.100 millions (c) Margin
(d) Extent and
operation of the charge The charges shall
operate as Exclusive First Charge in favour of the Bank as security for the
enhanced overall limit of Rs. 79.200 millions together with interest, costs,
charges and other expenses which may accrue and/ or be debited to the
company’s accounts from time to time. |
|
Particular of the
present modification |
(a) Overall limit
of the charge enhanced from Rs. 58.100 millions to Rs. 79.200 millions (b) Existing securities
by way of Hypothecation / Pledge of stocks, book debts / Receivables, other
movable assets, Machineries, and other movable fixed assets, and by way of
Equitable Mortgage by deposit of title deeds of the company’s immovable
properties extended to secure Rs. 79.200 millions. |
TRADE REFERENCE:
·
M/s. Pisani PLC,
As Per Website
Details
Their unit was set up five years ago and they have a committed and highly skilled work force capable of manufacturing to a very high standard in a wide range of both Indian and imported granites. This is a Joint Venture with Pisani Plc., U.K which is the largest supplier of Granite and Marble in the U.K having an annual sales turnover of over 40 million Euros; thus bringing the best of both worlds.
They are confident
that they could transform the requirements in to reality in European Quality
standards in Indian Prices which would be very competitive and prove a good
value.
They would be
delighted to receive you at their factory in Sempatti which is close to the
Southern Indian
Monuments Galore
They actually transform Granite of the choice into any shape, design and finish
of the requirements. You may please note that they have a wide range of Indian
materials and imported materials. All monuments shown have been manufactured in
their factory and supplied directly to their customers. They
also have a good Product development team who are well versed in Computer Aided
Design and they offer a scaled drawing of each monument for the approval so
that the design and specifications are confirmed before production
Materials Gallery
Subject can offer a
consistent supply of Indian materials and perhaps more importantly some of the
most popular granites form around the globe, currently including Blue pearl and
Emerald pearl from Norway, Balmoral Red and Karin (Kuru) Grey from Finland and
Bon Accord from South Africa.
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.39.33 |
|
|
1 |
Rs.79.74 |
|
Euro |
1 |
Rs.55.74 |
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 |
YES |
|
--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 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. |
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 |
|