MIRA
INFORM REPORT
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Report Date : |
01.12.2008 |
IDENTIFICATION
DETAILS
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Name : |
ALPS GRANITES PRIVATE LIMITED |
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Registered Office : |
48, KFC Complex, Church Street, Bangalore – 560 001, Karnataka |
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Country : |
India |
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Financials (as on) : |
31.03.2008 |
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Date of Incorporation : |
05.07.1982 |
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Com. Reg. No.: |
004837 |
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CIN No.: [Company
Identification No.] |
U14101KA1982PTC004837 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
BLRA00940C |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Subject is engaged in the processing of Granite Blocks and Products like
Polished Granite Tiles and Slabs, Semi-finished including Slabs. |
RATING &
COMMENTS
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MIRA’s Rating : |
B |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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 |
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Maximum Credit Limit : |
USD 1246000 |
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Status : |
Moderate |
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Payment Behaviour : |
No complaints |
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Litigation : |
Clear |
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Comments : |
Subject is an old and established company having moderate track.
Company’s profitability is under severe pressure. It continues to incur heavy
losses and has good amount of accumulated losses. No complaints have been
heard so far from the market sources. The company can be considered for small to mediocre business dealings
with slight caution, initially. No clean credit can be granted. |
LOCATIONS
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Registered Office : |
48, KFC Complex, Church Street, Bangalore – 560 001, Karnataka, India |
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E-Mail : |
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Website : |
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Corporate Office : |
# 6, Raheja Chambers, No. 12, Museaum Road, Bangalore – 560 017,
Karnataka, India |
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Tel. No.: |
91-80-25587848 / 49 / 25588492 |
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Fax No.: |
91-80-25586165 / 25598990 |
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E-Mail : |
nitin@gtvltd.com hdravi@vsnl.net |
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Factory : |
Factory (Tiles) |
DIRECTORS
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Name : |
Mr. Nithin Bagamane |
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Designation : |
Managing Director |
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Address : |
No.69, Lavelle Road, 2nd Cross, Bangalore – 560 080,
Karnataka, India |
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Date of Birth/Age : |
22.08.1963 |
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Date of Appointment : |
25.01.2001 |
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DIN or Income-tax PAN : |
00136704 |
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Name : |
Mr. Siddartha Veerappa Gangiah |
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Designation : |
Managing Director |
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Address : |
Global Technology Ventures, #2, Raheja Chambers, 12, Museaum Road,
Bangalore – 560 001, Karnataka, India |
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Date of Birth/Age : |
23.08.1959 |
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Date of Appointment : |
25.01.2001 |
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DIN or Income-tax PAN : |
00063987 |
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Name : |
Mr. Naveen D. Indavara |
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Designation : |
Director |
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Address : |
No. 2247, 4th A Cross, Vijay Nagar, 2nd Stage, Bangalore
– 560 040, Karnataka, India |
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Date of Birth/Age : |
01.05.1969 |
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Date of Appointment : |
30.09.2008 |
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Name : |
Mr. Gunda Srinivas |
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Designation : |
Director |
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Address : |
No. 737, 22nd Main, 14th Cross, J.P. Nagar, 2nd
Phase, Bangalore – 560 080, Karnataka, India |
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Date of Appointment : |
12.04.2001 |
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Name : |
Mr. Pawan Kumar Modi |
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Designation : |
Director |
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Address : |
#64, Cecil Street, No.04-02, IOB Building, Singapore - 049711 |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
|
Names of Shareholders |
No. of Shares |
|
Nithin Bagamane |
506480 |
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C.P. Rajashekar |
40000 |
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S.M. Raghunath |
40000 |
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Rajeev Hegde |
40000 |
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G.B. Boje Gowda |
40000 |
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G.B. Chandre Gowda |
30000 |
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Jagadeesh Hegde |
40000 |
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M.D. Krishna |
40000 |
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Ananda Kumar |
40000 |
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D.R. Nandish |
40000 |
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Optex Finexlm Private Limited |
166700 |
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ETP Corporation Limited |
500000 |
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Impala Ind. Enterprises Limited |
366700 |
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Jagadishwar Pharceuticals Works Limited |
333400 |
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Online Information Tech Limited |
500000 |
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SRG Oustodians and SEC (India) Limited |
333160 |
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Future Securities (India) Limited |
166700 |
As on 22.09.2008
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Equity Share Breakup |
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Percentage of Holding |
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Category |
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Directors
or relatives of directors |
|
100.00 |
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Total |
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100.00 |
BUSINESS DETAILS
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Line of Business : |
Subject is engaged in the processing of Granite Blocks and Products like
Polished Granite Tiles and Slabs, Semi-finished including Slabs. |
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PRODUCTION STATUS As on 31.03.2008
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Particulars |
Unit |
Licensed
Capacity |
Installed
Capacity |
Actual
Production |
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Polished Granite Slabs |
Sq. Meters |
72000.000 |
72000.000 |
62052.868 |
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GENERAL
INFORMATION
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Bankers : |
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Facilities : |
Secured Loans :
Unsecured Loans :
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Banking
Relations : |
--- |
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Auditors : |
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Name : |
Sundaresh and Company Chartered Accountants |
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Address : |
No.27/ 2, 15th Cross, 3rd Block, Jayanagar,
Bangalore – 560 011, Karnataka, India
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Associates/Subsidiaries : |
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CAPITAL STRUCTURE
As on 31.03.2008
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
3500000 |
Equity Shares |
Rs.10/- each |
Rs.35.000 millions |
|
7300000 |
Preference Shares |
Rs.30/- each |
Rs.219.000 millions |
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Total |
|
Rs.254.000
millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
3223160 |
Equity Shares |
Rs.10/- each |
Rs.32.232
millions |
|
7300000 |
Preference Shares |
Rs.30/- each |
Rs.219.000
millions |
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Total |
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Rs.251.232 millions |
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2008 |
31.03.2007 |
31.03.2006 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
251.232 |
251.231 |
264.147 |
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2] Share Application Money |
12.915 |
12.915 |
0.000 |
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3] Reserves & Surplus |
8.641 |
5.159 |
27.883 |
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4] (Accumulated Losses) |
(23.646) |
0.000 |
0.000 |
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NETWORTH |
249.142 |
269.305 |
292.030 |
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LOAN FUNDS |
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1] Secured Loans |
51.501 |
59.690 |
79.378 |
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2] Unsecured Loans |
3.035 |
1.369 |
3.997 |
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TOTAL BORROWING |
54.536 |
61.059 |
83.375 |
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DEFERRED TAX LIABILITIES |
6.341 |
7.162 |
9.208 |
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TOTAL |
310.019 |
337.526 |
384.613 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
38.300 |
42.240 |
46.416 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENT |
0.001 |
0.001 |
0.001 |
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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 |
38.392
|
42.577 |
48.686 |
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Sundry Debtors |
9.848
|
17.865 |
38.989 |
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Cash & Bank Balances |
0.693
|
0.623 |
0.764 |
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Other Current Assets |
0.000
|
0.000 |
0.000 |
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Loans & Advances |
263.142
|
257.819 |
272.136 |
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Total
Current Assets |
312.075
|
318.884 |
360.575 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
35.097
|
18.389 |
16.114 |
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Provisions |
5.260
|
5.210 |
6.265 |
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Total
Current Liabilities |
40.357
|
23.599 |
22.379 |
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Net Current Assets |
271.718
|
295.285 |
338.196 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
310.019 |
337.526 |
384.613 |
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PROFIT & LOSS
ACCOUNT
|
PARTICULARS |
31.03.2008 |
31.03.2007 |
31.03.2006 |
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Sales Turnover |
67.424 |
181.398 |
151.059 |
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Other Income |
2.372 |
0.095 |
7.347 |
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Total Income |
69.796 |
181.493 |
158.406 |
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Profit/(Loss) Before Tax |
(20.804) |
(2.178) |
2.931 |
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Provision for Taxation |
(0.640) |
(1.928) |
9.970 |
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Profit/(Loss) After Tax |
(20.164) |
(0.250) |
(7.039) |
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Expenditures : |
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Raw Material Consumed |
67.096 |
133.165 |
98.324 |
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Factory Overheads |
15.649 |
21.365 |
21.659 |
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Administrative Expenses |
12.848 |
18.914 |
19.789 |
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Increase/(Decrease)
in Finished Goods |
(15.785) |
(2.050) |
2.908 |
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Financial Charges |
6.423 |
8.003 |
8.380 |
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Depreciation & Amortization |
4.369 |
4.274 |
4.415 |
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Total Expenditure |
90.600 |
183.671 |
155.475 |
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KEY RATIOS
|
PARTICULARS |
|
31.03.2008 |
31.03.2007 |
31.03.2006 |
|
PAT / Total Income |
(%) |
(28.89)
|
(0.14) |
(4.44) |
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Net Profit Margin (PBT/Sales) |
(%) |
(30.86)
|
(1.20) |
1.94 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
(5.94)
|
(0.60) |
0.72 |
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Return on Investment (ROI) (PBT/Networth) |
|
(0.08)
|
(0.01) |
0.01 |
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Debt Equity Ratio (Total Liability/Networth) |
|
0.38
|
0.31 |
0.36 |
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Current Ratio (Current Asset/Current Liability) |
|
7.73
|
13.51 |
16.11 |
LOCAL AGENCY
FURTHER INFORMATION
|
Name of the company |
ALPS GRANITES PRIVATE LIMITED |
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Presented By |
Alps Granites Private Limited and State Bank of Mysore, IFB, Bangalore |
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1) Date and description of instrument creating the change |
17.08.1992/
registered on 17.09.1992 (D.No.50) Agreement for
cash credit – Hypothecation of Goods Agreement for
cash credit – Hypothecation of Debts and Assets Agreement for
Advance Form 7, 8, 9, 10 Indemnity for
purchase of Cheques, Agreement for L.C. / Guarantee (all the above
pertain to the same charge) |
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2) Amount secured by the charge/amount owing on the securities of charge |
Rs.16.500
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 |
Hypothecation of whole
of the present and future stocks and book debts belonging to the company,
Second charge on fixed assets such as factory land and buildings, plant and
machineries financed. |
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4) Gist of the terms and conditions and extent and operation of the charge. |
Interest, Margin
and other cheques as applicable from time to time and as contained in the
sanction letter. |
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5) Name and Address and description of the person entitled to the charge. |
State Bank of Mysore, Industrial Finance Branch, 18, Ramanashree Arcade,
Midford Gardens, Off MG Road, Bangalore – 560 001, Karnataka, India |
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6) Date and brief description of instrument modifying the charge |
23.12.2004 Agreement of
Hypothecation of goods and assets No instrument –
letter reg: Extension of Equitable Mortgage (both the above
pertain to the same charge) |
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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. |
By the above, the
amount secured by charge stands increased from Rs.78.000 millions to
Rs.93.500 millions. (export packing
credit PC/ PCFC) enhanced from Rs.30.000 millions to Rs.36.000 millions
(including standby limit of Rs.6.000 millions), FDBP/ FUBP/ Overdraft against
export bills under collection/ EBR enhanced from Rs.47.500 millions to
Rs.57.000 millions (including standby limit of Rs.9.500 millions), Bank
Guarantee continued at the existing level of Rs.0.500 million. Rate of interest
(as applicable to Gold Card Scheme for Exporters) PC: At 7% p.a. up
to 180 days At 8.9% beyond
180 days up to 270 days PCFC: At 0.75%
plus LIBOR FDBP? FDBD:
Usance up to 90 days – 7% p.a. Beyond 90 days up
to 6 months: 7% p.a. Bank Guarantee:
as per the extent instructions of the Bank Margin – EPC –
25% against stocks PSC – Nil BG – 25% by way
of cash margin 100% for disputed
guarantees. The first charge
already created on the movables comprising stocks, book debts, plant and
machineries and on the immovable properties in Sy. No. 49/1 to an extent of
0.19 ˝ guntas and 0.35 guntas, Krishnasagar Village, Attibele Hobli, Anekal.
Bangalore District and second charge on plant and machineries (on which KSFC
is holding first charge) shall cover the enhanced amount said above. (all other terms
and conditions remain unchanged) |
|
This form is for |
Modification of
charge |
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Charge
identification number of the modified
|
80003946 |
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Corporate
identity number of the company |
U14101KA1982PTC004837 |
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Name of the
company |
ALPS GRANITES PRIVATE LIMITED |
|
Address of the
registered office or of the principal place of business in India of the company |
48, KFC Complex, Church Street, Bangalore – 560 001, Karnataka, India |
|
Type of charge |
Book Debts Movable Property Floating Charge |
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Particular of
charge holder |
State Bank of Mysore, Industrial Finance Branch, 18, Ramanashree
Arcade, Midford Gardens, Off MG Road, Bangalore – 560 001, Karnataka,
India E-Mail: tr_jairam@vsnl.net |
|
Nature of
description of the instrument creating or modifying the charge |
Agreement of
Hypothecation of Goods and Assets. |
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Date of
instrument Creating the charge |
12.03.2008 |
|
Amount secured by
the charge |
Rs.81.000
millions |
|
Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest:
EPC – 3.25% below BPLR – i.e. 10% up to 180 days 2% below BPLR –
i.e. 11.25% up to 270 days FDBP/ FUBD –
3.25% below BPLR – i.e. 10% up to 180 days 2% below BPLR =-
i.e. 11.25% up to 270 days BG – Commission
as per extent instructions of the bank
Terms of
Repayment: Maximum Usance – 120 days Maximum period of
BG – 24 months Margin: 25% Extent and
Operation of the charge: The charge shall operate to the extent of Rs.81.000
millions plus interest, commission, costs, expenses and other charges
thereon. Others: The said
amount Rs.81.000 millions comprises EPC Rs.40.500 millions, Bills Discounting
(Inland/ Foreign) limit Rs.40.000 millions, BG Rs.0.500 million. |
|
Short particulars
of the property charged |
Hypothecation by
way of first charge on stocks or stock in process, granites slabs,
consumables like blades, grits, segments, plants, machineries, book debts,
receivables and other movables stored/ installed at 26B, Attibele Industrial
area, Hosur, Anekal Taluk, Bangalore – 562 107 or at any other place and
continuing security of the immovable property at Attibele, Anekal Taluk,
Bangalore. |
|
Date of latest modification
prior to the present modification |
10.05.2006 |
FIXED ASSETS:
- Land and
Building
- Plant and
Machinery
- Motor
Vehicles
- Office
Equipments
- Furniture and
Fixtures
WEBSITE DETAILS:
The Alps Granite Group is one of the foremost granite exporters in
the country. Named after one of Europe’s majestic mountain ranges, they produce
and market unmatched-in-quality granite products with steadfast commitment
earnestness.
The Alps Granite group is Head Quartered in Bangalore, India.
Primarily exporters, the group is promoted by a team of ace technocrats who
have vast experience in quarrying and processing. They control 3 manufacturing
entities under its wing that process over half a million sq. meters of granites
per annum.
The Alps Granite Group produces international class granite
products and utilizes only state-of-the-art machinery from Italy and Germany.
Stringent tests for dimensional stability and gloss are constantly carried out
to ensure every product conforms to exacting specifications and high standards
of quality.
For over a decade, their products have been well received in the international markets, standing testament to the firms excellence in the industry.
About GROUP
The Alps Granite Group is part of a large group comprising of Global Technology Ventures (GTV), Amalgamated
Bean Coffee (ABC) and Tanglin
Developments.
GTV is a pioneering Venture capital entity focused on funding high
technology startups in Bangalore.
ABC is a leading exporter of coffee beans and owns over 10,000
acres of prime coffee estates and operates a chain of 200 cafes across India
under the brand name of Cafe Coffee Day.
Tanglin specialises in development of Real estate projects and
owns tech campuses in Bangalore and Mangalore for the IT industry.
Products
The Alps Group is privy to some of the best granite mines available in India with exclusive rights on few select colours. The structure and grain movement of the granite are ideal for use in all-commercial constructions like faxes, wall cladding, flooring etc. and also preferred in homes for kitchen tops, table tops and counter tops.
The products covered are Tiles, Slabs and Monuments.
Infrastructure
Alps
has a processing capacity of 200,000 Sq Meters per annum at the Attibele unit.
Recently, Alps had taken over Kesar Marbles and Granites, which has a processing
capacity of 220,000 sq meters. Further, the newly set up unit - Alps Stones,
has a capacity of 200,000 sq meters, making for a combined capacity in excess
of half a million square meters.
The
state of the art stone processing equipments are from Italy. These equipments,
with their ability to impart a high quality luster and sheen to the end
products, have enabled Alps to meet the quality expectations of the discerning
international buyers.
An ISO
9002 certified company, Alps has invested in automating major activities
covering the initial stages of Block Marking to Export of Shipping and
Invoicing.
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.49.84 |
|
UK Pound |
1 |
Rs.76.81 |
|
Euro |
1 |
Rs.64.38 |
SCORE & RATING
EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
2 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
--PROFITABILIRY |
1~10 |
-- |
|
--LIQUIDITY |
1~10 |
4 |
|
--LEVERAGE |
1~10 |
4 |
|
--RESERVES |
1~10 |
3 |
|
--CREDIT LINES |
1~10 |
3 |
|
--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 |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
32 |
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. |
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 |
|