MIRA INFORM REPORT

 

 

Report Date :

20.10.2007

 

IDENTIFICATION DETAILS

 

Name :

BILIGIRI GRANITES PRIVATE LIMITED

 

 

Registered Office :

120, Hoodi Apartment, Cunningham Road, Bangalore – 560052, Karnataka

 

 

Country :

India

 

 

Financials (as on) :

31.03.2006

 

 

Date of Incorporation :

29.09.1994

 

 

Com. Reg. No.:

08 -16325

 

 

CIN No.:

[Company Identification No.]

U14102KA1994PTC016325

 

 

IEC No.:

0791001491

 

 

TAN No.:

[Tax Deduction & Collection Account No.]

BLRB01546G

 

 

PAN No.:

[Permanent Account No.]

AABCB5844K

 

 

Legal Form :

Private Limited Liability Company.

 

 

Line of Business :

Manufacturer, Importer, Dealers and Exporter of Granite Block and Tiles

 

 

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 24000

 

 

Status :

Satisfactory

 

 

Payment Behaviour :

Usually Correct

 

 

Litigation :

Clear

 

 

Comments :

Subject is an 100 percent export oriented company engaged in manufacturing and exporting of granite of granite monuments, mamorial and markers. The company has been making satisfactory progress in its performance.

 

Trade relations are reported as fair. 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 :

120, Hoodi Apartment, Cunnigham Road, Bangalore – 560052, Karnataka, India

Tel. No.:

91-80-22259702

Fax No.:

91-80-22259704

Mobile No.:

91-9448070722

E-Mail :

sales@bggranites.com, biligiri@vsnl.com

Website :

http://www.bggranites.com

Area :

2500 sq. ft.

Location :

Rented

 

 

Factory :

9th KM, , Badanaguppe Village, Mysore Road,

Chamarajnagar-571313, Karnataka, India

Tel. No.:

91-8226-230033/34/222113/722113

Fax No.:

91-8226-230073/222252/722252

Area :

55575 sq. ft.

Location :

Owned

 

 

Overseas Office:

BG Granites Inc.,

39372, Drakeway, Fremont, California 94538 1234, U.S.A

Tel. No.:

510 795 7630

Fax No.:

510 795 7621

E-Mail :

sales@bggranites.com

 

DIRECTORS

 

Name

Mr. V. Anantha Kumar

Designation

Managing Director

Address :

B R Hills Road, Chamraj Nagar, Karnataka

Age

14.10.1944

Qualification

S. S. L. C.

Address

“Biligiri”, B. R. Hills Road, Chamarajnagar

Profile

His dedication and hardwork paved way to the growth of the company, which resulted in the constitution of an exclusive monuments manufacturing unit in 1994.

Date of Appointment

29.09.1994

 

 

Name

Mr. A. Srigiri

Designation

Director

Address :

B R Hills Road, Chamraj Nagar, Karnataka

Age

15.07.1976

Qualification

MBA

Address

“Biligiri”, B. R. Hills Road, Chamarajnagar

Profile

He holds a Masters degree in International Business Management from Australia

Date of Appointment

02.02.1998

 

 

Name

Mr. R Sekar

Designation

Director

Address

120, Hoodi Apartments, Cunningham Road, Bangalore – 560 052

Date of Appointment

29.09.1994

 

 

Name

Mr. S R Kumar

Designation

Director

Address

No. 4/B, Japore Terras, 219, Lloyads Road, Chennai

 

 

Name

Mr. Jayaram K Beladkere

Designation

Director

Address

No. M1035, III Cross, Vivekanand Nagar, Mysore

 

 

Name

Ms. V Revathi

Designation

Director

Address

“Biligiri”, B. R. Hills Road, Chamarajnagar

 

KEY EXECUTIVES

 

Name :

Mrs. Shilpa Anand

Designation :

President BG Granites Inc., USA

Profile :

Since the establishment of BG Granites Inc, Mrs. Shilpa Anand is concentrating on developing the business in the US and Canada. She is a Commerce and Business Management graduate.

 

 

Name :

Mr. Anand Vidyanand

Designation :

Treasurer BG Granites, Inc., USA

Profile :

Mr. Anand is the key person to establish BG Granites in USA. Anand is a masters degree holder in computer science and a postgraduate in business administration from University of Stanford, USA.

 

 

Name :

Mr. K. Rajshekar

Designation :

Company Secretary

Address:

Bhavani, 104, 1st Floor, 4th Main, 10th Cross, Malleswaram, Bangalore – 560 003, Karantaka, India

Tel No.:

91-80-2344 3712

Fax No.:

91-80-2356 3321

Mobile No.:

91-98440 43712

E mail :

aar@vsnl.com

 

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

 

Names of Shareholders

No. of shares

B Sekar

14000

Mr. V Anantha Kumar

17900

Mr. S R Kumar

14000

Mr. A Srigiri

100

Mr. Jayaram K Beladkere

10000

Mr. V Revathi

24000

Total

80000

 

Equity shares break up (Percentage of total Equity ):

 

Category

Percentage of Holding

Directors or relatives of directors

100.00

 

BUSINESS DETAILS

 

Line of Business :

Manufacturer, Importer, Dealers and Exporter of Granite Block and Tiles

 

 

Products :

Ř       Granite Monuments

Ř       Memorials

Ř       Markers

Ř       Private Mausoleums

Ř       Blocks

Ř       Tiles Slabs

 

 

Exports to :

USA, UK, Canada, Australia and Belgium

 

 

Imports from :

Japan, Korea and Belgium

 

 

Terms :

 

Selling :

L/C or Credit (90 days) terms

 

 

Purchasing :

Cash or Credit (60 days) terms

 

PRODUCTION STATUS

 

Particulars

 

 

Installed Capacity

Actual Production

 

 

 

 

 

Monuments, Memorials and Slabs

 

 

14 Nos.

12 Nos.

 

 

GENERAL INFORMATION

 

No. of Employees :

Around 19

 

 

Bankers :

·         State Bank of Mysore

 Ashoka Road, Main Branch

 

·         Canara Bank

       Chamrajnagar

 

 

 

Banking Relations :

Satisfactory

 

 

Auditors :

v      Nagarajan and Company

Chartered Account

Address :

195/2, Bridge Road, Bangalore-560001, Karnataka, India

Tel. No.:

91-80-25323245

 

 

Associates :
  • Biligiri Granites

 

CAPITAL STRUCTURE

 

Authorised Capital :

No. of Shares

Type

Value

Amount

1000000

Equity shares

Rs.10/- each

Rs. 10.000 millions

 

Issued, Subscribed & Paid-up Capital :

No. of Shares

Type

Value

Amount

829000

Equity shares

Rs.10/- each

Rs. 8.290 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

8.290

8.290

8.290

2] Share Application Money

0.000

0.000

0.000

3] Reserves & Surplus

3.000

1.500

1.500

4] (Accumulated Losses)

(5.183)

(5.945)

0.000

NETWORTH

6.107

3.845

9.790

LOAN FUNDS

 

 

 

1] Secured Loans

0.000

0.000

0.000

2] Unsecured Loans

9.221

9.712

10.040

TOTAL BORROWING

9.221

9.712

10.04

DEFERRED TAX LIABILITIES

1.168

1.301

1.300

 

 

 

 

TOTAL

16.496

14.858

21.130

 

 

 

 

APPLICATION OF FUNDS

 

 

 

 

 

 

 

FIXED ASSETS [Net Block]

13.238

12.284

13.880

Capital work-in-progress

0.000

0.000

0.000

 

 

 

 

INVESTMENT

0.000

0.000

0.000

DEFERREX TAX ASSETS

0.000

0.000

0.000

 

 

 

 

CURRENT ASSETS, LOANS & ADVANCES

 

 

 

 

Inventories

0.000

0.000

0.000

 

Sundry Debtors

0.000

0.000

0.000

 

Cash & Bank Balances

0.332

0.077

1.260

 

Other Current Assets

1.388

0.299

0.300

 

Loans & Advances

4.025

8.131

2.600

Total Current Assets
5.745

8.507

4.160

Less : CURRENT LIABILITIES & PROVISIONS
 

 

 

 

Current Liabilities

2.487

5.932

3.310

 

Provisions
 

 

 

Total Current Liabilities

2.487

5.932

3.310

Net Current Assets

3.258

2.574

0.850

 

 

 

 

MISCELLANEOUS EXPENSES

0.000

0.000

6.400

 

 

 

 

TOTAL

16.496

14.858

21.130

 

 

 

 

 

 

 

 

 

 

 

PROFIT & LOSS ACCOUNT

 

PARTICULARS

 

31.03.2006

31.03.2005

31.03.2004
Sales Turnover [including other income]

21.627

22.160

20.530
 

 

 

 
Profit/(Loss) Before Tax

0.638

0.460

(0.060)
Provision for Taxation

0.000

0.010

12.150
Profit/(Loss) After Tax

0.638

0.450

12.210
 

 

 

 
Import Value

12.592

NA

NA
 

 

 

 
Total Expenditure

20.989

21.710

20.590

 

KEY RATIOS

 

PARTICULARS

 

 

31.03.2006

31.03.2005

31.03.2004

PAT / Total Income

(%)
2.95
2.03

59.47

 

 
 
 

 

Net Profit Margin

(PBT/Sales)

(%)
2.95
2.07

(0.29)

 

 
 

 

 

Return on Total Assets

(PBT/Total Assets}

(%)
3.36
2.21

(0.33)

 

 
 
 

 

Return on Investment (ROI)

(PBT/Networth)

 
0.10
0.12

(0.00)

 

 
 
 

 

Debt Equity Ratio

(Total Liability/Networth)

 
1.92
4.07

2.49

 

 
 
 

 

Current Ratio

(Current Asset/Current Liability)

 
2.31
1.43

1.25

 

 

LOCAL AGENCY FURTHER INFORMATION

 

History

 

The subject company is a 100% EOU. Awarded Gold Medal for Export Promotion and Quality  Management by Government of Karnataka.   

 

Its products include dimensional blocks, slabs, markers, furniture, innovatively and exclusively designed monuments, memorials and architectural pieces in a wide range of colors. Catering to the market demand, it also manufactures finished granite products.

 

Production

 

BG Granites maintains international standards and promises in delivering quality goods. It has a Quality control division which ensures every product that leaves BG Granites is completely checked and certified.

 

 

 

 

Machinery  

 

BG Granites owns the state-of-the-art machineries for Quarrying, Processing and Finishing granites products. BG Granites have purchased machineries from renowned companies from USA, Japan and Germany.

 

BG Granites offers more than 25 colors of granites to the world.

 

Trade References:

 

  • BG Granites Inc, USA
  • Allied Granites Midulster, UK
  • Sanwa Kenma, Japan
  • Diamond Boart, Belgium 

 

Form 8:-

 

Name of the company

BILIGIRI GRANTIES PRIVATE LIMITED

Registered Office : 120, Hoodi Apartment, Cunnigham Road, Bangalore – 560052, Karnataka

Presented By

BILIGIRI GRANTIES PRIVATE LIMITED

Registered Office : 120, Hoodi Apartment, Cunnigham Road, Bangalore – 560052, Karnataka

1) Date and description of instrument creating the change

Date : 18.06.1996

Letter of undertaking re : Loans

Deed of hypothecation re : machinery

Letter evidencing deposit of title deeds

Schedule A and B

2) Amount secured by the charge/amount owing on the securities of charge

Rs.8.000 millions

3) Short particular of the property charged. If the property acquired is subject to charge, date of the acquired of the property should be given

Land, Building and Machinery items.

Date : 18.06.1996

4) Gist of the terms and conditions and extent and operation of the charge.

Hypothecation of machinery and equitable mortgage of land and building.

5) Name and Address and description of the person entitled to the charge.

Canara Bank

B R Hills Road,

Chamarajnagar-571313

6) Date  and brief description of instrument modifying the charge

Not applicable

Fresh charge

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

 

Website Details:

 

Incorporated in the year 1977, Subject has been in the vanguard of technological advancement in the granite industry. The company is controlled and managed by technical people of proven record.


With over two decades of legacy, their success is attributed not only to their dedicated efforts in manufacturing quality products, but also to the paramount importance given to customer service. World-class state of art technology and equipment coupled with skilled manpower and excellent resources enable them to serve their customers better.


Subject is focused on providing quality products manufactured using modern technology. Their products include dimensional blocks, slabs, markers, furniture, innovatively and exclusively designed monuments, memorials and architectural pieces in a wide range of colors. Catering to the market demand, they also manufacture finished granite products. As a result, they have established a 100% export oriented unit at Chamarajanagar near Mysore in the year 1994.


They export their products to USA, Canada, Japan, Australia and many European countries. Biligiri is synonymous with Engineering Excellence where imaginations and engineering come together to produce world-class products. They are thoroughly motivated to meet the demands of their customers, for us, sky is the limit.

 

 

 

CMT REPORT (Corruption, Money Laundering & Terrorism]

 

The Public Notice information has been collected from various sources including but not limited to: The Courts, India Prisons Service, Interpol, etc.

 

1]         INFORMATION ON DESIGNATED PARTY

No 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.39.79

UK Pound

1

Rs.81.62

Euro

1

Rs.56.98

 

 

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

--

--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

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/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

 

 

 

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions