MIRA
INFORM REPORT
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Report Date : |
19.10.2007 |
IDENTIFICATION DETAILS
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Name : |
MANI OMEGA GRANITES PRIVATE
LIMITED |
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Registered Office : |
93, Ellai Amman Colony, First |
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Country : |
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Financials (as on) : |
31.03.2006 |
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Date of Incorporation : |
20.05.1999 |
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Com. Reg. No.: |
18-42515 |
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CIN No.: [Company
Identification No.] |
U14102TN1999PTC042515 |
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IEC No.: |
499004337 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
CHEM02763F |
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Legal Form : |
Private Limited Liability Company. |
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Line of Business : |
Producer and Exporters of Granites. |
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 418672 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Usually Correct |
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Litigation : |
Clear |
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Comments : |
Subject is a well-established and reputed company having satisfactory track. Trade relations are fair. Financial positions is good. Payments are usually correct and as per commitments. The company can be considered good for normal business dealings at usual trade terms and conditions. |
LOCATIONS
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Registered Office : |
93, Ellai Amman Colony, First |
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Tel. No.: |
91-44-24359667 / 24320461 |
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Fax No.: |
91-44-24320461 |
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E-Mail : |
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Website : |
http://www.maniomeagagranites.com
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Location : |
Owned |
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Factory 1 : |
SF 359/1A – 2B Mankuttikadu, Morur 637 304, Tiruchengode Taluk, Namakkal District, Tamilnadu |
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Tel. No.: |
91-4288-258046 / 2468447 |
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Fax No.: |
91-4288-250285 / 2465162 |
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Location : |
Owned |
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Factory 2 : |
2/140 – A, Mankuttaikadu, Morur P.O, Thiruchengode, Namakkal District
– 637 304, Tamil Nadu, |
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Tel. No.: |
91-4288-258046 |
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Mobile No.: |
91-9865164646 |
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Fax No.: |
91-4288259458 |
DIRECTORS
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Name : |
Mr. Karichipalayam Ramasamy Mani |
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Designation : |
Managing Director |
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Address : |
10, |
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Date of Birth/Age : |
06-05-1949 |
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Date of Appointment : |
20.05.1999 |
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Name : |
Mr. Mani Malliga |
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Designation : |
Director |
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Address : |
10, |
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Date of Birth/Age : |
07-02-1957 |
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Date of Appointment : |
20.05.1999 |
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Name : |
Mr. Mani Visakar |
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Designation : |
Director |
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Address : |
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Date of Birth/Age : |
28-07-1978 |
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Date of Appointment : |
01.09.2001 |
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Name : |
Mr. K Subramaniam |
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Designation : |
Director |
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Address : |
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Date of Birth/Age : |
02-01-1959 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
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Names of Shareholders |
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No. of Shares |
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Mr. K R Mani |
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162000 |
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Ms. M Malliga |
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54000 |
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Mr. K Subramaniam |
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60000 |
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Mr. M Visakar |
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24000 |
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Total
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300000 |
Equity Shares Breakup (Percentage of Total Equity):
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Sr No. |
Category |
Percentage |
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1 |
Directors or relative of directors |
100.00 |
BUSINESS DETAILS
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Line of Business : |
Producer and Exporters of Granites. |
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Products : |
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Exports : |
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Products : |
Granite slabs, granite stones raw, granite polished stones and granite tiles. |
PRODUCTION STATUS as on 31.03.2003:-
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Particulars |
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Unit |
Actual
Production |
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Granite Slabs, Granite Raw Stones, Granite Polished Blocks
and Granite Tiles. |
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Cubic Meters |
16531.07 |
GENERAL INFORMATION
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Customers : |
Wholesalers, retailers and actual users. |
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No. of Employees : |
370 |
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Bankers : |
· Canara Bank Teynampet Branch, Teynampet, Chennai – 600 018, Tamilnadu · Canara Bank Thousand Lights Branch, Chennai – 600 006, Tamilnadu |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
· Pratap Karan Paul and Company Chartered Accountants Address: · Mr. Gigi George Chartered Accountants Address: 63, |
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Group Companies: |
· Omega Granites · Kongu Rock Granites |
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Associates/Subsidiaries : |
Omega Natural Stones Inc., |
CAPITAL STRUCTURE
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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4000000 |
Equity shares |
Rs.10/- each |
Rs.40.000 millions |
Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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3000000 |
Equity shares |
Rs.10/- each |
Rs.30.000
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 |
30.000 |
30.000 |
30.000 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
74.668 |
67.062 |
59.443 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
104.668 |
97.062 |
89.443 |
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LOAN FUNDS |
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1] Secured Loans |
33.689 |
25.861 |
27.208 |
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2] Unsecured Loans |
0.000 |
0.000 |
0.000 |
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TOTAL BORROWING |
33.689 |
25.861 |
27.208 |
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DEFERRED TAX LIABILITIES |
0.671 |
0.000 |
0.000 |
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TOTAL |
139.028 |
122.923 |
116.651 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
29.896 |
30.147 |
19.404 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENT |
2.029 |
1.738 |
1.738 |
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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 |
47.848
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37.210 |
39.394 |
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Sundry Debtors |
13.901
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24.089 |
25.530 |
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Cash & Bank Balances |
6.854
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8.827 |
7.677 |
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Other Current Assets |
0.000
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0.000 |
0.000 |
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Loans & Advances |
41.171
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37.515 |
32.442 |
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Total
Current Assets |
109.774
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107.641 |
105.043 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
2.645
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15.742 |
9.409 |
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Provisions |
0.026
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0.861 |
0.131 |
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Total
Current Liabilities |
2.671
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16.603 |
9.540 |
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Net Current Assets |
107.103
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91.038 |
95.503 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.006 |
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TOTAL |
139.028 |
122.923 |
116.651 |
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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 |
33.911 |
87.046 |
89.434 |
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Other Income |
0.000 |
0.493 |
0.348 |
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Total Income |
33.911 |
87.539 |
89.782 |
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Profit/(Loss) Before Tax |
7.631 |
8.482 |
22.292 |
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Provision for Taxation |
0.025 |
0.862 |
0.131 |
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Profit/(Loss) After Tax |
7.606 |
7.620 |
22.161 |
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FOB Value of Exports |
22.186 |
86.704 |
55.162 |
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Imports Value |
0.000 |
19.242 |
0.000 |
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Expenditures : |
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Financial Charges |
2.756 |
2.493 |
2.399 |
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Depreciation |
3.812 |
5.652 |
4.748 |
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Other Expenditure |
13.144 |
60.584 |
56.614 |
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Total Expenditure |
19.712 |
68.729 |
63.761 |
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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 |
(%) |
22.42
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8.70 |
24.68 |
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Net Profit Margin (PBT/Sales) |
(%) |
22.50
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9.74 |
24.92 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
5.46
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6.15 |
17.91 |
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Return on Investment (ROI) (PBT/Networth) |
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0.07
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0.08 |
0.24 |
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Debt Equity Ratio (Total Liability/Networth) |
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0.34
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0.43 |
0.41 |
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Current Ratio (Current Asset/Current Liability) |
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41.09
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6.48 |
11.01 |
LOCAL AGENCY FURTHER INFORMATION
Form 8:-
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Name of the
company |
MANI OMEGA GRANITES PRIVATE LIMITED |
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Presented
By |
MANI OMEGA GRANITES PRIVATE LIMITED And Canara Bank , Thousand Lights Branch,
Chennai – 600 006, Tamil Nadu |
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1) Date and
description of instrument creating the change |
30.11.2001 Hypothecation
Agreement for packing Credit advance Hypothecation agreement
for goods and book debts (for DALC/DPG/GURANTEE) All dated
30.11.2001 and related to the same charge |
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2) Amount secured
by the charge/amount owing on the securities of charge |
Rs. 25.000
millions
Together with
interest thereon and all charges, commission discount, costs and expenses
which may be debited to the account from time to time. |
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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 |
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4) Gist of the
terms and conditions and extent and operation of the charge. |
a. Packing Credit : interest at the rate
of 8% p.a compounded quarterly ( Confessional rate of interest for the
confessional period of 60 days)
b. FDB/ FBE : Interest at the rate of 8% Usance for BE :
90 Days c. FLC: Margin 25% for
DALC Margin 10% for DP
LC Period of LC 90
days Usance Period 90
days d. Bank guarantee : Margin : 25% |
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5) Name and
Address and description of the person entitled to the charge. |
Canara Bank Address: Thousand Lights Branch, |
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6) Date and brief description of instrument
modifying the charge |
26.12.2005 Supplemental
Common hypothecation agreement |
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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. |
All the existing securities , primary including stocks of goods
comprising raw material, stock in process, finished goods like cut and
polished granite, rough blocks including those acquired / purchased out of
the revised credit limits and related book debts? Receivables both present
and future and collateral including hypothecation of while of the machinery,
computers, vehicles furniture and fittings continue to secure the enhanced
credit limits together with interest, costs, charges and other expenses and
all other monies payable to the Canara Bank, Thousand Lights Branch, Chennai. All the other terms and conditions of the original charge and the
subsequent modification thereof are to continue. |
FIXED ASSETS:
· Land and building
· Plant and machinery
· Computers
· Vehicles
· Furniture and Electrical Fittings
WEBSITE DETAILS:
Introduction
Subject is an exporter of rough blocks,
slabs, cut to size, pre-fabricated counters, vanity tops, tiles and tabletops.
Their product range includes Granites, New Indian Juprana, Dragon Fantasy,
Black Granite and Labrador Blue Granite.
The company was established by their Chairman Mr. K. R. Mani and is running
successfully under his able guidance. He has had the experience in granite
mining and processing for more than a decade now. Their company
Company Profile
Subject is an exporter of rough blocks,
slabs, cut to size, pre-fabricated counters, vanity tops, tiles and tabletops.
Their product range includes Granites, New Indian Juprana, Dragon Fantasy,
Black Granite and Labrador Blue Granite.
The company was established by their Chairman Mr. K. R. Mani and is running
successfully under his able guidance. He has had the experience in granite
mining and processing for more than a decade now. Their company was initially
established with the name, Atlas Granite but now it has changed to a completely
new and modernized plant with the new name, Subject They focus on quality and
aim to achieve total consumer satisfaction, both in products and services.
Their different granite types include Absolute Black - Dark, Medium, Light Jet
Black, Premium Black, Dragon Fantasy, New Indian Jubrana, Labrador Blue, Almond
Brown, Kinawa Gold and many other attractive colours. Their range of finishes consists
of Polished, Honed, Flamed and Brushed (Antique Finish).
Infrastructure
The granite quarries and factories of their company, Mani Omega Granites
Private Limited, are well equipped with the most modern machineries of Ficket
Winterling GMBH (
Competitive Edge
They are proud of their young, dynamic and
enthusiastic manpower who give everything in their command to make their
products highly popular in the world market. They are open to all kinds of
innovation and changes of their product range. Their mission is to attain
success by satisfying the likes of their consumers.
Group of Companies
· Omega Granite
· Kongu Rock
· Mani Omega Fabrics
· Mani Omega Sidha Care
· Granite
· New Indian Juprana
· Dragon Fantasy
· Black Granite
·
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.39.54 |
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|
1 |
Rs.80.94 |
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Euro |
1 |
Rs.56.42 |
SCORE & RATING EXPLANATIONS
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SCORE FACTORS |
RANGE |
POINTS |
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HISTORY |
1~10 |
4 |
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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 |
7 |
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--PROFITABILIRY |
1~10 |
4 |
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--LIQUIDITY |
1~10 |
5 |
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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 |
YES |
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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 |
|
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 |
|