MIRA
INFORM REPORT
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Report Date : |
27.03.2008 |
IDENTIFICATION
DETAILS
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Name : |
INDIGRA EXPORTS PRIVATE LIMITED |
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Registered Office : |
” C.C. Villa”, 46, 2nd Floor, Egipura Main Road, Vivek
Nagar, Bangalore, 560047, Karnataka. |
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Country : |
India |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
14.09.1992 |
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Com. Reg. No.: |
08 - 13531 |
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CIN No.: [Company
Identification No.] |
U51109KA1992PTC013531 |
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IEC No.: |
0793016398 dated 24.05.2002 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
BLRI00528D |
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PAN No.: [Permanent
Account No.] |
AAACI3513M |
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Legal Form : |
Private limited Liability Company |
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Line of Business : |
Manufacturer, Trader and Exporter of Cut and Polished Granite Slabs. |
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 417624 |
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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. Trade
Relations are fair. Financial Position is good. Payments are Usually Correct
and as per Commitment. The Company can be considered good for normal business dealings at
usual trade terms and conditions. |
INFORMATION PARTED
BY
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Name : |
CA S. Venkatraman |
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Designation : |
Company Secretary and Financial Advisor |
LOCATIONS
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Registered Office : |
” C.C. Villa”, 46, 2nd Floor, Egipura Main Road, Vivek
Nagar, Bangalore, Karnataka – 560047. |
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Tel. No.: |
91-80-25705034 |
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Mobile No.: |
91-98440 34298 |
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Fax No.: |
91-80-25705035 |
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E-Mail : |
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Website : |
http://admin@indigraexport.com
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Area : |
1400Sq. ft. |
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Location : |
Leased/ Rented |
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Corporate Office : |
703, 1ST Floor, 6th B Cross, 3rd
Block, Koramangala, Bangalore, 560034, Karnataka, India. |
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Tel. No.: |
91-80 5531814, 5532575 |
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Fax No.: |
91-80 5534302 |
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E-Mail : |
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Factory 1 : |
# 359 / 1 & 2, Kattur Mariamman Kovil Kottai, Adagapadi Village,
Dharmapuri – 636803, Tamil Nadu, India. |
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Tel. No.: |
91-98440 34298 |
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Fax No.: |
91-4342 242462 |
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E-Mail : |
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Area : |
Above 50 acres |
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Location : |
Owned |
DIRECTORS
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Name : |
Mr. A. Murali Mohan |
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Designation : |
Managing Director |
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Address : |
290/33, 11 Cross, Mahalaxmi Layout, Bangalore, Karnataka, 560086. |
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Qualification : |
B.E. (Electronics) |
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Experience : |
25 Years. |
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E-mail : |
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Name : |
Mrs. Jyothi Murali Mohan |
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Designation : |
Director |
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Address : |
290/33, 11 Cross, Mahalaxmi Layout, Bangalore, Karnataka, 560086. |
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Qualification : |
Graduate – dip in Medical Technology. |
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Experience : |
3 Years |
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Nominee
Directors of Brachot Hermant N. V. Belgium |
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Name : |
Mr. Dirk Van Overberghe |
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Designation : |
Nominee Director |
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Address : |
Broeke 220, Ronse 9600, Belgium. |
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Date of Birth/Age : |
21.07.1958 |
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Experience : |
30 Years |
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Date of Appointment : |
22.12.2000 |
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Name : |
Mr. Philippe Vaernewyck |
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Designation : |
Nominee Director |
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Address : |
Broeke 220, Ronse 9600, Belgium. |
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Date of Birth/Age : |
21.07.1958 |
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Experience : |
35 Years |
KEY EXECUTIVES
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Name : |
Mr. Venkatraman Srinivasan |
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Designation : |
Secretary |
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Address : |
Tennis House, 47, 7th Main, Egipura, Vivek Nagar,
Bangalore, 560034, Karnataka., India. |
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Date of Birth/Age : |
31/03/1942 |
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Date of Appointment : |
09.05.2005 |
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E-mail : |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
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Names of Shareholders (As On 31.03.2007) |
No. of Shares |
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Mr. A. Swathanarayana Murali Mohan |
20498 |
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Mrs. Jyothi Murali Mohan |
9400 |
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M/s Brachot Hermant N. V., Belgium |
209286 |
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Total |
239184 |
Equity Share Breakup (Percentage of Total Equity) (As On 28.09.2007
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Sr. No. |
Category |
Percentage |
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1. |
Foreign Holdings (Foreign Institutional
Investor(s), Foreign Companie(s) Foreign Financial Institution(s),
Non-resident Indian(s) or Overseas Corporate bodies or Others. |
87.50 |
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2. |
Directors or relatives of directors |
12.50 |
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Total |
100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer, Trader and Exporter of Cut and Polished Granite Slabs. |
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Products : |
v Cut and Polished
Granite Slabs. v Black v Black Galaxy v Coromandel Blue v Ghibli v Green House v Hassan Green v Himalayan Blue v Indian Aurora v Indian White v Indian Juparana v Ivory Brown v Jet Black v Juparana
Coloumbo v Kashmir White v Kashmir Gold v Kuppam Green v Madura Gold v Muticolour Red v New Dakota v Paradiso v Paradiso Bash v Saphire Brown v Shivakasi Yellow v Shiva Gold v Tan Brown v Wiskon White |
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Exports : |
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Products : |
Cut and Polished Granite Slabs. |
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Countries : |
Belgium, USA, Middle East, South Africa, China. |
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Imports : |
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Products : |
Steel shots, Steel blades, Polishing Heads, Machinery Spare Parts |
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Countries : |
Italy, China, |
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Terms : |
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Selling : |
Cash 90 Days |
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Purchasing : |
Cash 60 Days |
GENERAL
INFORMATION
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Customers : |
Wholesalers |
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No. of Employees : |
Total 75, (Office : 7, Factory : 68) |
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Bankers : |
State Bank of India, Commercial Branch. |
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Rajaji Nagar Industrial Estate, Bangalore, India. |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
Sridhar and Brito, Chartered Accountant, |
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Address : |
3/1, First Floor, Second Cross, Lakshmi Road, Shanthi Nagar,
Bangalore, Karnataka, India- 50027. |
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Tel. No.: |
91-80-22230383 |
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Fax No.: |
91-80-22230383 |
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E-Mail : |
sandb@vsnl.com |
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Associates/Subsidiaries : |
·
Brachot Hermant N. V., Belgium N. V.
Brachot Hermants S.A., E-3, Laan 86-92-B-9800,
Deinze Belgium.
Line
of Business : ·
Manufacturers and Wholesale/retail traders in cut and polished
grainte/marble slabs, monuments, etc.(top 10 Euro Company) – No. 1 in
Belgium. ·
Malbar Exports Private Limited,
743, 1st Across, 18th Main, 6th
Block, Koramangala, Bangalore,
560095. Line
of Business : ·
Traders in Granite blocks. |
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CAPITAL STRUCTURE
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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240,000 |
Equity Shares |
Rs. 100/- Each |
Rs. 24.000 millions |
Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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239,184 |
Equity Shares |
Rs. 100/- Each |
Rs. 23.918
millions. |
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
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SOURCES OF FUNDS |
01.01.2006 to 31.03.2007 (15 Months) |
01.01.2005 to 31.12.2005 (12 Months) |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
23.918 |
23.918 |
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2] Share Application Money |
0.000 |
0.000 |
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3] Reserves & Surplus |
80.489 |
53.804 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
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NETWORTH |
104.407 |
77.722 |
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LOAN FUNDS |
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1] Secured Loans |
0.000 |
0.000 |
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2] Unsecured Loans |
128.008 |
163.717 |
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TOTAL BORROWING |
128.008 |
163.717 |
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DEFERRED TAX LIABILITIES |
6.265 |
1.021 |
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TOTAL |
238.680 |
242.460 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
284.240 |
294.417 |
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Capital work-in-progress |
0.000 |
0.000 |
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INVESTMENT |
0.000 |
0.000 |
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DEFERREX TAX ASSETS |
0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
74.228
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36.393 |
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Sundry Debtors |
17.331
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0.484 |
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Cash & Bank Balances |
5.775
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4.031 |
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Other Current Assets |
0.000
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0.000 |
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Loans & Advances |
26.132
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24.347 |
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Total
Current Assets |
123.466
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65.255 |
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Less : CURRENT LIABILITIES & PROVISIONS |
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Current Liabilities |
168.273
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116.28 |
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Provisions |
0.752
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0.923 |
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Total
Current Liabilities |
169.025
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117.212 |
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Net Current Assets |
(45.559)
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(51.957) |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
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TOTAL |
238.680 |
242.460 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
01.01.2006 to 31.03.2007 (15 Months) |
01.01.2005 to 31.12.2005 (12 Months) |
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Sales Turnover |
440.042 |
168.676 |
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Other Income |
0.590 |
0.159 |
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Total Income |
440.632 |
168.835 |
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Profit/(Loss) Before Tax |
32.315 |
12.839 |
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Provision for Taxation |
5.630 |
1.130 |
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Profit/(Loss) After Tax |
26.685 |
11.709 |
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Earnings in Foreign Currency : |
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Other Earnings |
431.795 |
167.985 |
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Total Earnings |
431.795 |
167.985 |
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Imports : |
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Others |
53.884 |
122.450 |
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Total Imports |
53.884 |
122.450 |
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Expenditures : |
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Depreciation & Amortization |
69.402 |
26.071 |
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Other Expenditure |
338.915 |
129.925 |
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Total Expenditure |
408.317 |
155.996 |
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KEY RATIOS
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PARTICULARS |
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01.01.2006 to 31.03.2007 (15 Months) |
01.01.2005 to 31.12.2005 (12 Months) |
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PAT / Total
Income |
(%) |
6.05
|
6.94 |
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Net Profit Margin (PBT/Sales) |
(%) |
7.34
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7.61 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
7.34
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7.61 |
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Return on Investment (ROI) (PBT/Networth) |
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0.31
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0.16 |
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Debt Equity Ratio (Total Liability/Networth) |
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1.62
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1.51 |
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Current Ratio (Current Asset/Current Liability) |
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0.73
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0.56 |
LOCAL AGENCY
FURTHER INFORMATION
Nil
CMT REPORT
(Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts, India Prisons Service,
Interpol, etc.
1] INFORMATION ON
DESIGNATED PARTY
No 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. 40.10 |
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UK Pound |
1 |
Rs. 80.40 |
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Euro |
1 |
Rs. 63.31 |
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 |
NO |
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--LISTED |
YES/NO |
NO |
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--OTHER MERIT FACTORS |
YES/NO |
YES |
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TOTAL |
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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 |
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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 |
|
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. |
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 |
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