MIRA
INFORM REPORT
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Report Date : |
25.10.2007 |
IDENTIFICATION DETAILS
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Name : |
STONE WONDERS INDIA LIMITED |
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Registered Office : |
No. 76/78, Old No. 58/59, |
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Country : |
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Financials (as on) : |
31.03.2006 |
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Date of Incorporation : |
20.05.1994 |
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Com. Reg. No.: |
18-27592 |
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CIN No.: [Company
Identification No.] |
U14299TN1994PLC027592 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
CHES04750E |
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Legal Form : |
A Closely Held
Public Limited Liability Company. |
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Line of Business : |
Manufacturer and |
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 306176 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject is well
established company having satisfactory track. Trade relations are fair.
Payments are correct and as commitment. The company can be
considered normal for business dealings at usual trade terms and conditions. |
LOCATIONS
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Registered Office : |
No.76/78, Old
Nos:58/59, |
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Tel. No.: |
91-44-28115190 |
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Fax No.: |
91-44-28117338 |
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E-Mail : |
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Area : |
Owned |
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Location : |
10000 sq. fts |
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Factory 1 : |
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Area : |
Owned |
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Location : |
5000 sq. fts. |
DIRECTORS
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Name : |
Mr. Rangaswami
Veeramani |
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Designation : |
Director |
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Address : |
304, |
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Date of Birth/Age : |
15.05.1942 |
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Date of Appointment : |
29.05.1994 |
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Name : |
Mr. |
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Designation : |
Director |
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Address : |
78, |
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Date of Birth/Age : |
01.12.1948 |
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Date of Appointment : |
29.05.1994 |
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Name : |
Mr. Sekar Rangaswamy |
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Designation : |
Director |
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Address : |
306, 16th Cross , 8th
Main Sadashiv Nagar, |
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Date of Birth/Age : |
04.03.1952 |
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Date of Appointment : |
29.05.1994 |
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Name : |
Mr. |
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Designation : |
Director |
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Address : |
18, Cenetoph Road, 2nd lane, Teynampet., Chennai – 600 018,
Tamil Nadu |
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Date of Birth/Age : |
02.04.1954 |
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Date of Appointment : |
02.09.1994 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
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Names of Shareholders |
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No. of Shares |
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Mr. Veeramani R Rangaswamy |
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60000 |
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Mr. R Asaithambi |
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47300 |
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Mr. Sekar Rangasamy |
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46000 |
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Mr. Veeramani R Rajiveeramani |
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500 |
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Mr. K Selvam Paneer |
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50 |
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Mr. S Srinivasan |
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100 |
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Mr. S Rajasekaran |
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50 |
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 : |
Manufacture and
Sale of Granite Monuments |
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Products : |
Granite Monuments |
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Exports : |
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Countries : |
Europe, |
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Imports : |
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Countries : |
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Terms : |
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Selling : |
L/C, Sight, DP |
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Purchasing : |
L/C, Sight,
DP |
PRODUCTION STATUS
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Particulars |
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Unit |
Actual
Production |
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Monuments |
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Pcs |
17300 |
GENERAL INFORMATION
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Suppliers : |
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No. of Employees : |
50 |
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Bankers : |
¶
State
Bank of Overseas Branch, Chennai-600001. ¶
Exim
Bank Cuffe Parade, Mumbai |
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Banking Relations : |
Satisfactory |
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Auditors : |
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Name : |
Vijai Sarathi and
Company Chartered
Accountant |
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Address : |
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Associates/Subsidiaries : |
· GEM Granites · Imperial Granites Private Limited · Rockfort Fasteners Private Limited · GEM Leathers Limited · GEM Spinners Limited |
CAPITAL STRUCTURE
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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1000000 |
Equity shares |
Rs.10/- each |
Rs. 10.000 millions |
Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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200000 |
Equity shares |
Rs. 10/-
each |
Rs.2.000
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 |
2.000 |
2.000 |
2.000 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
74.544 |
71.988 |
60.465 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
76.544 |
73.998 |
62.465 |
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LOAN FUNDS |
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1] Secured Loans |
0.000 |
0.000 |
0.000 |
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2] Unsecured Loans |
0.000 |
0.000 |
0.000 |
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TOTAL BORROWING |
0.000 |
0.000 |
0.000 |
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DEFERRED TAX LIABILITIES |
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TOTAL |
76.544 |
73.998 |
62.465 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
17.550 |
17.197 |
18.658 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENT |
1.848 |
1.848 |
1.600 |
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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 |
19.455
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20.258 |
15.602 |
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Sundry Debtors |
34.889
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32.859 |
24.704 |
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Cash & Bank Balances |
2.740
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7.091 |
2.308 |
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Other Current Assets |
0.000
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0.000 |
0.000 |
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Loans & Advances |
7.082
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5.603 |
3.874 |
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Total
Current Assets |
64.166
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65.811 |
46.488 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
4.902
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10.721 |
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Provisions |
2.118
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0.137 |
0.000 |
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Total
Current Liabilities |
7.020
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10.858 |
4.284 |
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Net Current Assets |
57.146
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54.953 |
42.204 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.003 |
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TOTAL |
76.544 |
73.998 |
62.465 |
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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 |
50.675 |
54.364 |
44.148 |
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Other Income |
0.107 |
0.093 |
0.123 |
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Increase / Decrease in Stock |
0.000 |
0.000 |
0.107 |
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Total Income |
50.782 |
54.457 |
44.378 |
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Profit/(Loss) Before Tax |
4.526 |
11.670 |
10.096 |
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Provision for Taxation |
1.981 |
0.137 |
0.560 |
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Profit/(Loss) After Tax |
2.545 |
11.533 |
9.536 |
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Expenditures : |
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Raw Material Consumed |
12.836 |
13.965 |
12.053 |
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Manufacturing and other expenses |
0.000 |
0.000 |
20.159 |
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Consumption of stores and spares parts |
8.673 |
9.498 |
0.000 |
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Increase/(Decrease) in Finished Goods |
[1.031] |
1.152 |
0.000 |
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Salaries, Wages, Bonus, etc. |
7.089 |
5.087 |
0.000 |
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Payment to Auditors |
0.022 |
0.022 |
0.000 |
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Interest and financial charges |
0.218 |
0.234 |
0.191 |
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Insurance Expenses |
0.064 |
0.066 |
0.000 |
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Power & Fuel |
2.238 |
2.528 |
0.000 |
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Depreciation & Amortization |
2.267 |
2.175 |
1.879 |
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Other Expenditure |
13.878 |
8.058 |
0.000 |
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Total Expenditure |
46.254 |
42.785 |
34.282 |
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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 |
(%) |
5.01
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21.11 |
21.48 |
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Net Profit Margin (PBT/Sales) |
(%) |
8.93
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21.46 |
22.86 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
5.53
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14.05 |
0.15 |
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Return on Investment (ROI) (PBT/Networth) |
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0.05
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0.15 |
0.16 |
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Debt Equity Ratio (Total Liability/Networth) |
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0.09
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0.15 |
0.16 |
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Current Ratio (Current Asset/Current Liability) |
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9.14
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6.06 |
10.85 |
LOCAL AGENCY FURTHER INFORMATION
FIXED ASSETS:
· Land
· Building
· Plant and Machinery
· Vehicles
· Office Equipments
· Electrical Installation
· Generator
· Transformer
· Furniture
· Cycle
· Computer
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
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Indian Rupees |
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US Dollar |
1 |
Rs.39.51 |
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1 |
Rs.81.16 |
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Euro |
1 |
Rs.56.76 |
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 |
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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/normal. |
Small |
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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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