MIRA
INFORM REPORT
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Report Date : |
23.10.2007 |
IDENTIFICATION DETAILS
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Name : |
SRI VISHNU GRANITES LIMITED |
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Registered Office : |
5-5-103 To 105/6, Mehar Complex, 1st Floor, Rani Gunj, Secunderabad – 500 003, Andhra Pradesh |
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Country : |
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Financials (as on) : |
31.03.2006 |
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Date of Incorporation : |
29.10.1986 |
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Com. Reg. No.: |
01-6897 |
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CIN No.: [Company
Identification No.] |
U14102AP1986PLC006897 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
HYDS05180A |
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PAN No.: [Permanent
Account No.] |
AAECS9143H |
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Legal Form : |
A Closely held Public Limited Liability Company. |
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Line of Business : |
Manufacturers of Polished Granites, Stones, Monuments, Tiles and Slabs 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 121332 |
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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 a well-established company having satisfactory track. Directors are reported as experienced, respectable and having satisfactory means of their own. Their 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
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Registered Office : |
5-5-103 To 105/6, Mehar Complex, 1st Floor,
Rani Gunj, Secunderabad – 500 003, |
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Tel. No.: |
91-40-55313823/27703095 / 27712060 |
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Fax No.: |
91-40-27714403/27702824 |
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E-Mail : |
info@srivishnugranites.com |
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Website: |
www.srivishnugranites.com |
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Area : |
Owned -- 650 sq. ft. |
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Location : |
Commercial area |
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Factory : |
Survey No. 260, |
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Tel. No.: |
91-8548-252863 |
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Area : |
Owned -- 28,000 sq. ft. comprising of 16000 sq. ft. land and 12000 sq. ft. plant area |
DIRECTORS
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Name : |
Mr. Sri Radha Krishnan Agarwal |
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Designation : |
Director |
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Address : |
Plot No. 14 -15, Laxminarayan Colony P G road, Secunderabad – 500 003,
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Date of Birth/Age : |
09.05.1951 |
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Date of Appointment : |
23.11.1991 |
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Name : |
Mr. Sri Kishan Agarwal |
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Designation : |
Director |
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Address : |
Plot No. 14 -15, Laxminarayan Colony P G road, Secunderabad – 500 003,
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Date of Birth/Age : |
08.04.1965 |
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Date of Appointment : |
05.09.1996 |
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Name : |
Mr. Vijay Kumar |
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Designation : |
Director |
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Address : |
Plot No. 14 -15, Laxminarayan Colony P G road, Secunderabad – 500 003,
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Date of Birth/Age : |
06.03.1975 |
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Date of Appointment : |
18.12.2002 |
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Name : |
Mr. Shyam Sunder Agarwal |
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Designation : |
Managing Director
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Address : |
1-8-92, L N Colony, P G road, Secunderabad – 500 003, Andhra Pradesh |
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Date of Birth/Age : |
05.11.1953 |
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Date of Appointment : |
23.11.1993 |
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Name : |
Mr. Satya Narayan Agarwal |
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Designation : |
Director |
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Address : |
Plot No. 14 -15, Laxminarayan Colony P G road, Secunderabad – 500 003,
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Date of Birth/Age : |
18.06.1930 |
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Date of Appointment : |
28.09.1989 |
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Date of ceasing: |
30.09.2000 |
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Name : |
Mr. Gopal Kishan Agarwal |
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Designation : |
Director |
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Address : |
Plot No. 14 -15, Laxminarayan Colony P G road, Secunderabad – 500 003,
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Date of Birth/Age : |
29.10.1966 |
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Date of Appointment : |
02.07.1993 |
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Date of ceasing: |
30.09.2000 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
Equity Shares Breakup (Percentage of Total Equity):
|
Sr No. |
Category |
Percentage |
|
1 |
Directors or relative of directors |
80.00 |
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2 |
Other top fifty (50) shareholders |
20.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturers of Polished Granites, Stones, Monuments, Tiles and Slabs etc. |
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Products : |
Polished Granite, Monuments, Slabs And Tiles |
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Imports : |
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Countries : |
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Terms : |
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Purchasing : |
Contract (30 days), Cash or L/C terms |
PRODUCTION STATUS as on 31.03.2004:-
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Particulars |
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|
Unit |
Installed
Capacity |
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Monuments |
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Sq. mtrs. |
11,637 |
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Tiles |
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Sq. mtrs. |
75,000 |
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Slabs |
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Sq. mtrs. |
75,000 |
GENERAL INFORMATION
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Customers : |
Manufacturers, Wholesalers ad Retailers |
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No. of Employees : |
85 |
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Bankers : |
·
State Bank of Address:
Gun Foundry Branch, ·
State Bank of Address:
Gun Foundry Branch, Abids, Email: hyd2_sbhgun@sancharnet.in ·
Address: 5-9-194, Chirag Ali Lane Abids, · HDFC Bank |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
G. M. K. Associates Chartered Accountants |
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Address : |
607, Andhra Pradesh |
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Associates/Subsidiaries : |
Nil |
CAPITAL STRUCTURE
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
350000000 |
Equity shares |
Rs. 10/- each |
Rs. 3500.000 millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
1130900 |
Equity shares |
Rs. 10/-
each |
Rs. 11.309
millions |
FINANCIAL DATA
[all figures are in
Rupees Millions]
ABRIDGED BALANCE
SHEET
|
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 |
11.309 |
11.309 |
11.309 |
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2] Share Application Money |
4.125 |
4.125 |
0.000 |
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3] Reserves & Surplus |
14.899 |
13.990 |
10.614 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
30.333 |
29.424 |
21.923 |
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LOAN FUNDS |
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1] Secured Loans |
36.592 |
32.759 |
33.270 |
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2] Unsecured Loans |
0.272 |
2.272 |
2.232 |
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TOTAL BORROWING |
36.864 |
35.031 |
35.502 |
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DEFERRED TAX LIABILITIES |
0.823 |
0.715 |
0.179 |
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TOTAL |
68.020 |
65.170 |
57.604 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
18.036 |
20.347 |
19.287 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENT |
0.000 |
0.000 |
0.000 |
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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 |
4.154
|
4.583 |
4.239 |
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Sundry Debtors |
8.789
|
11.142 |
28.136 |
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Cash & Bank Balances |
0.425
|
0.400 |
0.259 |
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Other Current Assets |
0.000
|
0.000 |
0.000 |
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Loans & Advances |
45.123
|
36.462 |
11.970 |
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Total
Current Assets |
58.491
|
52.587 |
44.604 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
6.921
|
6.564 |
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Provisions |
1.586
|
1.200 |
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Total
Current Liabilities |
8.507
|
7.764 |
6.287 |
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Net Current Assets |
49.984
|
44.823 |
38.317 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
68.020 |
65.170 |
57.604 |
|
PROFIT & LOSS
ACCOUNT
|
PARTICULARS |
31.03.2006 |
31.03.2005 |
31.03.2004 |
|
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Sales Turnover |
74.155 |
131.370 |
83.928 |
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Other Income |
0.115 |
0.197 |
0.000 |
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Total Income |
74.270 |
131.567 |
83.928 |
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Profit/(Loss) Before Tax |
1.967 |
5.302 |
3.372 |
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Provision for Taxation |
1.058 |
1.927 |
0.700 |
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Profit/(Loss) After Tax |
0.909 |
3.375 |
2.672 |
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Expenditures : |
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Raw Material Consumed |
29.799 |
77.862 |
41.743 |
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Consumption of stores and spares parts |
2.623 |
3.235 |
0.000 |
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Administrative , selling and Distribution
Expenses |
0.000 |
0.000 |
14.842 |
|
|
Increase/(Decrease) in Finished Goods |
[0.272] |
0.583 |
0.000 |
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Salaries, Wages, Bonus, etc. |
3.984 |
4.445 |
4.957 |
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Managerial Remuneration |
0.360 |
0.360 |
0.000 |
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Payment to Auditors |
0.017 |
0.015 |
0.000 |
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Interest |
2.719 |
3.085 |
0.000 |
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Insurance Expenses |
0.258 |
0.375 |
0.000 |
|
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Power & Fuel |
3.342 |
3.064 |
0.000 |
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Depreciation & Amortization |
2.641 |
4.094 |
3.987 |
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|
Financial Charges |
0.000 |
0.000 |
2.223 |
|
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Other Expenditure |
26.832 |
29.147 |
0.000 |
|
|
Other manufacturing expenses |
0.000 |
0.000 |
12.801 |
|
Total Expenditure |
72.303 |
126.265 |
80.553 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2006 |
31.03.2005 |
31.03.2004 |
|
PAT / Total Income |
(%) |
1.22
|
2.56 |
3.07 |
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Net Profit Margin (PBT/Sales) |
(%) |
2.65
|
4.03 |
4.01 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
2.57
|
7.26 |
5.27 |
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Return on Investment (ROI) (PBT/Networth) |
|
0.06
|
0.18 |
0.15 |
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Debt Equity Ratio (Total Liability/Networth) |
|
1.49
|
1.45 |
1.90 |
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Current Ratio (Current Asset/Current Liability) |
|
6.87
|
6.77 |
7.09 |
LOCAL AGENCY FURTHER INFORMATION
History
Subject was originally incorporated under the name and style of "Vishnu Granites Private Limited" at Secunderabad in Andhra Pradesh.
Subsequently the name was changed to the present w. e. f. 10/08/1994.
It purchases locally (85%) and internationally (15%).
Form 8:-
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Name of the
company |
VISHNU GRANITE PRIVATE LIMITED |
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Presented
By |
Sri P R Guruswamy |
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1) Date and
description of instrument creating the change |
Memorandum of Confirmation
of pari passu arrangement dated 09.03.1990 |
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2) Amount secured
by the charge/amount owing on the securities of charge |
Andhra Pradesh
State Financial Corporation Term Loan of Rs. 6.000 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 |
All that pieces
and parcel of land admeasuring as extent of 14520 sq.yds covered by survey No.
137 /A, Kamandrikal Village Khaman ®, mandal, Khaman District together with
all building and structures thereon and all plant and machinery and Godown
erected or hereafter to be thereon erected both present and futures, other
than general assets is, herein defined |
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5) Name and
Address and description of the person entitled to the charge. |
Address: 5-9-194, Chirag Abids, |
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6) Date and brief description of instrument
modifying the charge |
· Memorandum of confirmation of pari passu arrangement dated 09.03.1990 to share the Joint Securities crested by M/s Vishnu Granite Private Limited in Favour of Andhra Pradesh State Financial Corporation and Andhra Pradesh Industrial Development Corporation Limited · The amount of Rs. 6.000 millions for AP8FC shall same pari passu with Rs. 4.000 millions of AP |
|
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. |
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Corporation identity number or foreign company registrations number of
the company |
U14102AP1986PLC006897 |
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Name of the company |
SRI VISHNU GRANITES LIMITED |
|
Address |
5-5-103 To 105/6, Mehar
Complex, 1st Floor, Rani Gunj, Secunderabad – 500 003, |
|
This Form is for |
Modification of charge |
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Type of Charges |
· Immovable property · Any interest in immovable property · Book debts · Movable property · Floating Charge |
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Particular of the charge holder
|
·
State Bank of Address:
Gun Foundry Branch, Abids, Email: hyd2_sbhgun@sancharnet.in |
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Nature or description of the instrument creating charge |
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Date of the instrument creating charge |
12.05.2007 |
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Amount Secure by the charge |
Rs. 49.500 millions |
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Brief of the principal terms and conditions and extent and operation
of the charge |
Rate
of interests: From
CC (hypothecation ) @PLR i.e, 13.00%p.a (floating) For FUBD limit : charges as per bank
standard rate Fro BG and LC : commission as Bank
Standard rate For Term Loan @PLR, presently 13.00% For Corporate Term Loan @ PLR i.e.13.00%
(floating ) Term
of repayment:: Corporate Term Loan of Rs. 7.500 millions
repayable in 10 quarterly installments of Rs. 0.750 millions commencing from
December 2007 Margin: Margin 25% and same the mentioned in form
C -5 (attached) Extent
and operation of the charge Same as mentioned in instrument of
modification of charge documents Others: After modification the revised credit
facilities are as follows: CC (Hyp)
: Rs. 10.000
millions FUBD : Rs. 21.000
millions FUBD (against LC) : Rs. 4.000 millions Term Loan (o/s) : Rs. 1.492 millions Letter of Credit : Rs. 4.000 millions Bank Guarantees :Rs. 1.500 millions Corporate Loan :Rs. 7.5000 millions Total : Rs. 49.500
millions |
|
Short particulars of the
Property charged |
Primary a) Hypothecation of raw material , Stock in process, FG,
Consumables Spares and receivable and all other current assets present and
future b. First Charge on Fixed assets of the company Collateral : Extension of equitable Mortgage on fixed assets of S V G
Granites Limited as mentioned in sanction of credit Facilities by SBH |
|
Particulars of the present modification |
Earlier document executed on 19.11.2004 with SBH and the overall
limits are Rs. 84.000 millions Now the present modification executed on
12.05.20007 and the revised credit limits are Rs. 49.5000 millions. |
FIXED ASSETS:-
· Factory land
·
· Shed at Quarries
· Shed at factory
·
· Fire Fighting Equipment
· Mining Equipment
· Machinery Indegenous
· Machinery Imported
· Vehicles
· Office Equipment
· Furniture and Fixtures
· Wireless Set
WEBSITE DETAILS:
Over a period of 10 years the company, has grown into one of the leading exporters for Europe, USA, and
other overseas markets by manufacturing world-class products with committed
delivery schedules
is able to cater requirements under one roof.
With state of the art of Italian machinery and efficient staff SVGPL
processess all 24 Indian Premium colours and also processing
roung granite blocks from Norveign,
South African, Brazilian and Spanish Countries.
They are aiming to spread the beauty of granites in its exquisite
elegance around the world.
Products
At the company, products range from rough granite blocks to decorative polished
granite slabs with artistic in-lay works. With the support of their skilled and
experienced technicians, they are confident of accepting any challenge in the
field of granite.
- Rough granite blocks
- Polished / Unpolished granite slabs and tiles
- Monuments
- Flamed granite, shot blasted and Sand blasted granite
- Custom designed granite kitchen counters and vanity counters
- Beveled granites / Carved granites
- Design flooring / Cladding pattern
- Table tops and Dinning tables
- Flower vases, pillars, pooja mantaps and many other artifacts
- Turnkey concept, where in they design, supply an execute
They can supply any customized size of the choice with consistency in
the patterns, shapes, colors and finishes.
They guarantee all Granites Slabs are of excellent workmanship and sound
materials with prompt supply.
Their constant vision is to provide the best to their customers and this
dedication to quality and service is rewarded with the loyalty and goodwill of its
buyers and that is the company's biggest asset.
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.39.51 |
|
|
1 |
Rs.81.16 |
|
Euro |
1 |
Rs.56.76 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILIRY |
1~10 |
6 |
|
--LIQUIDITY |
1~10 |
6 |
|
--LEVERAGE |
1~10 |
6 |
|
--RESERVES |
1~10 |
6 |
|
--CREDIT LINES |
1~10 |
6 |
|
--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 |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
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
|
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 |
|