MIRA
INFORM REPORT
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Report Date : |
27.10.2007 |
IDENTIFICATION DETAILS
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Name : |
CAUVERY STONES IMPEX PRIVATE LIMITED |
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Registered Office : |
No. 8, |
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Country : |
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Financials (as on) : |
31.03.2006 |
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Date of Incorporation : |
24.02.2004 |
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Com. Reg. No.: |
18 – 52601 |
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CIN No.: [Company
Identification No.] |
U26960TN2004PTC052601 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
CHEC05578G |
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PAN No.: [Permanent
Account No.] |
AACCC3310J |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
100% E O U – Manufacturer and Exporter of Granites
in various forms as monuments. Slabs, tiles, blocks etc |
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 150000 |
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Status : |
Good |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject is an established and reputed company of Gem Granite Group. Available information indicates high financial responsibility of the company. Trade relations are fair. Payments are usually correct and as per commitments. The company can be considered good for any normal business dealings at usual trade terms and conditions. |
LOCATIONS
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Registered Office : |
No |
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Tel. No.: |
91-44-28115190 ( 10 lines )/28111636 |
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Fax No.: |
91-44-28117338, 28111636 |
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E-Mail : |
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Website : |
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Location : |
Owned |
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Head Office : |
76
& 78, |
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Tel. No.: |
91-44-28115190 ( 10 lines ) |
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Fax No.: |
91-44-28117338, 28111636 |
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E-Mail : |
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Factory 1 : |
Venkateswarapuram
H/O , Velavadi, M.Kothur Post 517 590 |
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Tel. No.: |
91-8577-234541, 35447 |
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Fax No.: |
91-8577-271537 |
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E-Mail : |
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Factory 2 : |
Injambakkam,
Chennai - 600 041. |
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Factory 3 : |
Old |
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Tel. No.: |
91-4114 - 474210 |
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Branches : |
Hoodi Apartments, 120, |
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Tel. No.: |
91-80-22257824 |
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Fax No.: |
91-80-22259704 |
DIRECTORS
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Name : |
Mrs
Seethalakshmi |
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Designation : |
Director |
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Address : |
28, |
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Date of Birth/Age : |
22.08.1952 |
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Date of Appointment : |
24.02.2004 |
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Name : |
Mr. R Govindarajan |
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Designation : |
Director |
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Address : |
49, workers estate, Neelangarai, Chennai 800041, |
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Date of Birth/Age : |
07.01.1953 |
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Date of Appointment : |
31.01.2005 |
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Name : |
Mr. K. Panneerselvam |
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Designation : |
Director |
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Address : |
78, |
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Date of Birth/Age : |
22.08.1952 |
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Date of Appointment : |
24.02.2004 |
KEY EXECUTIVES
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Name : |
M/s. Lakshmmi Subramanian & Associates |
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Designation : |
Company Secretary |
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Address : |
Murugesa Naicker Office Complex, |
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Tel. No.: |
91-44-28292272 / 28292273 / 38292272 |
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Fax No.: |
91-44-42142061 |
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Mobile No. : |
91-9841015012 / 9841047966 |
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E-Mail : |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
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Names of Shareholders |
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No. of Shares |
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Seethalakshmi |
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127400 |
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K. Panneerselvam |
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1000 |
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V. Veeramani Rajee |
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127400 |
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S. Sekar Latha |
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117600 |
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K. Kumar Vedavalli |
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117600 |
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Total |
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491000 |
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Equity
Share Breakup |
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Percentage
of Holding |
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Directors or relatives of Directors |
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100.000 |
BUSINESS DETAILS
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Line of Business : |
100% E O U – Manufacturer and Exporter of Granites
in various forms as monuments. Slabs, tiles, blocks etc |
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Products : |
Granite blocks, Slabs, Tiles Monuments |
PRODUCTION STATUS
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Particulars |
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Unit |
Actual
Production |
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Building slabs |
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Containers |
100 |
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Calibrated tiles |
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Containers |
15 |
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Flamed tiles 20 containers 4 |
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Containers |
20 |
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Cut to Size slabs |
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Containers |
10 |
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Monuments |
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Containers |
70 |
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Counter tops/Vanities |
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Containers |
20 |
GENERAL INFORMATION
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Bankers : |
Indian Overseas Bank, C and IC Branch, 98A Radhakrishnan Salai, Mylapore, Chennai 600004 |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
Vijay
Sarathy and Company Chartered
Accountants |
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Address : |
18A |
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Associates/Subsidiaries : |
GEM GRANITES 76 & 78, Fax:91-44-2117338,
28111636 E-mail: gemigpl@vsnl.com CORAMANDEL AGENCIES 8, STONE WONDERS ( CAUVERY ENTERPRISES IMPERIAL GRANITES PRIVATE LIMITED 76 & 78, |
CAPITAL STRUCTURE
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
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5,00,000 |
Equity Shares |
Rs.10/- each |
Rs. 5.000 millions |
Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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4,91,000 |
Equity Shares |
Rs.10/- each |
Rs. 4.910 millions |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
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SOURCES OF FUNDS |
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31.03.2006 |
31.03.2005 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
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4.910 |
4.910 |
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2] Share Application Money |
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0.000 |
0.000 |
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3] Reserves & Surplus |
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32.856 |
12.261 |
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4] (Accumulated Losses) |
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0.000 |
0.000 |
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NETWORTH |
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37.766 |
17.171 |
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LOAN FUNDS |
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1] Secured Loans |
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35.190 |
23.463 |
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2] Unsecured Loans |
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17.555 |
35.190 |
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TOTAL BORROWING |
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52.745 |
58.653 |
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DEFERRED TAX LIABILITIES |
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0.000 |
0.000 |
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TOTAL |
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90.511 |
75.824 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
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55.614 |
38.828 |
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Capital work-in-progress |
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0.000 |
0.000 |
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INVESTMENT |
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0.000 |
0.000 |
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DEFERREX TAX ASSETS |
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0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
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17.089 |
18.621 |
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Sundry Debtors |
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23.495 |
14.889 |
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Cash & Bank Balances |
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10.967 |
5.491 |
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Other Current Assets |
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0.000 |
0.000 |
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Loans & Advances |
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5.605 |
4.145 |
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Total
Current Assets |
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57.156 |
43.146 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
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22.133 |
6.078 |
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Provisions |
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0.220 |
0.178 |
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Total
Current Liabilities |
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22.353 |
6.256 |
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Net Current Assets |
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34.803 |
36.890 |
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MISCELLANEOUS EXPENSES |
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0.094 |
0.107 |
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TOTAL |
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90.511 |
75.824 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
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31.03.2006 |
31.03.2005 |
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Sales Turnover (including other income) |
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107.082 |
42.028 |
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Total Income |
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107.082 |
42.028 |
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Profit/(Loss) Before Tax |
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20.770 |
12.439 |
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Provision for Taxation |
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0.176 |
0.178 |
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Profit/(Loss) After Tax |
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20.594 |
12.261 |
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Earnings in Foreign Currency : |
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81.651 |
38.315 |
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Expenditures : |
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Depreciation & Amortization |
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3.282 |
1.982 |
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Other Expenditure |
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Total Expenditure |
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83.030 |
27.607 |
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KEY RATIOS
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PARTICULARS |
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31.03.2006 |
31.03.2005 |
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PAT / Total Income |
(%) |
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19.23 |
29.17 |
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Net Profit Margin (PBT/Sales) |
(%) |
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19.39 |
29.59 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
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18.41 |
15.17 |
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Return on Investment (ROI) (PBT/Networth) |
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0.54 |
0.72 |
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Debt Equity Ratio (Total Liability/Networth) |
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1.98 |
3.78 |
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Current Ratio (Current Asset/Current Liability) |
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2.55 |
6.89 |
LOCAL AGENCY FURTHER INFORMATION
Form 8
Bankers Charges
Report as per Registry
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Name of the company |
CAUVERY STONES IMPEX PRIVATE LIMITED |
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Presented By |
M/s. Sundaram
Finance Limited, No. 21, |
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1) Date and description of instrument creating the change |
H. P. Agreement dated 27.05.2005 bearing H. P. Cont No. : AC – 9083 |
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2) Amount secured by the charge/amount owing on the securities of charge |
Rs. 4.053
Millions inclusive of finance charges of Rs. 0.453 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
1. no dumper machinery bearing machinery Sr. No. B2A00324 as mentioned in the
1st schedule of the enclosed copy of the hire purchase agreement. |
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4) Gist of the terms and conditions and extent and operation of the charge. |
The total loan
amount of Rs. 4.053 Millions is repayable in 35 monthly installments as
follows The 1st
installment of Rs. 0.115 Million and rest of the 34 monthly installments of
Rs. 0.115 Million each. The 1st
loan installment falls due on 27.06.2005. |
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5) Name and Address and description of the person entitled to the charge. |
M/s. Sundaram
Finance limited No. 21, |
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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 |
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 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. 39.51 |
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|
1 |
Rs. 81.16 |
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Euro |
1 |
Rs. 56.76 |
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 |
6 |
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OPERATING SCALE |
1~10 |
6 |
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FINANCIAL CONDITION |
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--BUSINESS SCALE |
1~10 |
6 |
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--PROFITABILIRY |
1~10 |
6 |
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--LIQUIDITY |
1~10 |
6 |
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--LEVERAGE |
1~10 |
6 |
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--RESERVES |
1~10 |
6 |
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--CREDIT LINES |
1~10 |
6 |
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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 |
|
54 |
This score serves as a reference to assess SC’s credit risk
and to set the amount of credit to be extended. It is calculated from a
composite of weighted scores obtained from each of the major sections of this
report. The assessed factors and their relative weights (as indicated through
%) are as follows:
Financial
condition (40%) Ownership
background (20%) Payment
record (10%)
Credit history
(10%) Market trend
(10%) Operational
size (10%)
RATING EXPLANATIONS
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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|
>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
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71-85 |
Aa |
Possesses adequate working capital. No caution needed for credit transaction.
It has above average (strong) capability for payment of interest and
principal sums |
Large |
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56-70 |
A |
Financial & operational base are regarded healthy. General
unfavourable factors will not cause fatal effect. Satisfactory capability for
payment of interest and principal sums |
Fairly Large |
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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26-40 |
B |
Unfavourable & favourable factors carry similar weight in credit consideration.
Capability to overcome financial difficulties seems comparatively below
average. |
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 |
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<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
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NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
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