MIRA
INFORM REPORT
|
Report Date : |
16.01.2008 |
IDENTIFICATION
DETAILS
|
Name : |
MAHI GRANITES PRIVATE LIMITED |
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Registered Office : |
Plot No. 550 D/1 Road No. 92, Jubilee Hills, Hyderabad- 500 034,
Andhra Pradesh |
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Country : |
India |
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Financials (as on) : |
31.03.2006 |
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Date of Incorporation : |
08.07.2004 |
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Com. Reg. No.: |
01-43609 |
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CIN No.: [Company
Identification No.] |
U14102AP2004PTC043609 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
HYDM02925G |
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PAN No.: [Permanent
Account No.] |
AADCM9422A |
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Legal Form : |
Private Limited Liability Company. |
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Line of Business : |
Subject is engaged in Quarrying,
Processing and Export of Granite Blocks, Slabs and Tiles. |
RATING &
COMMENTS
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MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Maximum Credit Limit : |
USD 150000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject is a well – established and reputed company. Directors are
reported as experienced and respectable businessmen. Trade relations are
fair. Business is active. Payments are reported as 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 : |
Plot No. 550 D/1 Road No. 92, Jubilee Hills, Hyderabad- 500 034,
Andhra Pradesh, India |
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Tel. No.: |
11-91-40-2355500 / 23555600 |
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Fax No.: |
11-91-40-23555700 |
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E-Mail : |
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Websites: |
DIRECTORS
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Name : |
Mrs. Govindaraju Vasantha |
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Designation : |
Director |
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Address : |
H No. 8-2-293/82 / F- 2, P. No. 14-A, Site -2, Film Nagar Jubilee
Hills, Hyderabad – 500 034, Andhra Pradesh, India |
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Date of Birth/Age : |
19.06.1962 |
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Date of Appointment : |
17.02.2006 |
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Name : |
Mr. Govindaraju Krishna Rao |
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Designation : |
Managing Director |
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Address : |
8-2-293/82 / F- 2/A, P. No. 14-A, Site -2, Film Nagar Jubilee Hills,
Hyderabad – 500 034, Andhra Pradesh, India |
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Date of Birth/Age : |
24.02.1959 |
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Date of Appointment : |
08.07.2004 |
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Name : |
Ms. Sudini Anand Reddy |
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Designation : |
Joint Managing Director |
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Address : |
Plot No. 265 Road No.10, Jubilee Hills, Hyderabad – 500 033, Andhra
Pradesh, India |
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Date of Birth/Age : |
27.06.1967 |
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Name : |
Mr. Alati Venkatesh Reddy |
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Designation : |
Direcotr |
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Address : |
Plot No. 13, Road, Road No. 14, Banjara Hills, Hyderabad – 500 033,
Andhra Pradesh, India |
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Date of Appointment : |
08.07.2004 |
KEY EXECUTIVES
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Name : |
Mr. K R Natarajan |
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Designation : |
Company Secretary |
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Address : |
201, Shenoy Towers, Shamlal Buildings, 1-11-198/1, Begumpet, Hyderabad
– 500016, Andhra Pradesh, India |
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Tel No. : |
91-40-27763418 |
SHAREHOLDING PATTERN
|
Names of Shareholders |
|
No. of Shares |
|
G Krishna Rao |
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750,000 |
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G Vasantha |
|
750,000 |
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Total |
|
1,500,000 |
Equity Shares Breakup (Percentage of Total Equity):
|
Sr No. |
Category |
Percentage of
Holding |
|
1 |
Directors or relative of directors |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Subject is engaged in
Quarrying, Processing and Export of Granite Blocks, Slabs and Tiles. |
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Import From : |
Saudi Arabia, Norway, Finland, Italy and Brazil |
GENERAL
INFORMATION
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Bankers : |
· Andhra Bank, Somajiguda Branch, 6-3-352/2, Astral Height, Road No. 1, Banjara Hills, Hyderabad – 500 034 · State Bank of India, Overseas Branch, 5-9-300, Abids, Hyderabad – 500 001, Andhra Pradesh, India |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
Ravi and Ramu Chartered Accountants |
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Address : |
814, 8th Floor, Raghava Ratna Towers, Chirag Ali Lane Abids,
Hyderabad – 500 001, Andhra Pradesh, India |
CAPITAL STRUCTURE
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
2000000 |
Equity shares |
Rs. 10/- each |
Rs. 20.000 millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
1500000 |
Equity shares |
Rs. 10/- each |
Rs.15.000
millions |
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
|
31.03.2006 |
31.03.2005 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
|
15.000 |
15.000 |
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2] Share Application Money |
|
5.000 |
6.000 |
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3] Reserves & Surplus |
|
18.245 |
5.611 |
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4] (Accumulated Losses) |
|
0.000 |
0.000 |
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NETWORTH |
|
38.245 |
26.611 |
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LOAN FUNDS |
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1] Secured Loans |
|
130.126 |
80.611 |
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2] Unsecured Loans |
|
20.000 |
7.000 |
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TOTAL BORROWING |
|
150.126 |
87.611 |
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DEFERRED TAX LIABILITIES |
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1.283 |
0.794 |
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TOTAL |
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189.654 |
115.016 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
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17.407 |
16.511 |
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Capital work-in-progress |
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0.000 |
0.000 |
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INVESTMENT |
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0.000 |
0.000 |
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DEFERREX TAX ASSETS |
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0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
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0.000 |
0.000 |
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Sundry Debtors |
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109.551 |
84.043 |
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Cash & Bank Balances |
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24.889 |
5.465 |
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Other Current Assets |
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0.000 |
0.000 |
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Loans & Advances |
|
51.424 |
12.872 |
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Total
Current Assets |
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185.864 |
102.380 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
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6.798 |
4.520 |
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Provisions |
|
7.411 |
0.911 |
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Total
Current Liabilities |
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14.209 |
5.431 |
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Net Current Assets |
|
171.655 |
96.949 |
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MISCELLANEOUS EXPENSES |
|
0.592 |
1.556 |
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TOTAL |
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189.654 |
115.016 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
|
31.03.2006 |
31.03.2005 |
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Sales Turnover |
|
366.188 |
155.810 |
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Other Income |
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0.172 |
0.019 |
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Total Income |
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366.360 |
155.829 |
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Profit/(Loss) Before Tax |
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24.735 |
10.168 |
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Provision for Taxation |
|
9.536 |
3.669 |
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Profit/(Loss) After Tax |
|
15.199 |
6.499 |
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Earnings in Foreign Currency : |
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USD |
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672186.07 |
10926.55 |
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Euro |
|
200556.13 |
-- |
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Earnings in Foreign Exchange : |
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USD |
|
6607469.18 |
3181672.39 |
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Euro |
|
42034.13 |
-- |
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Expenditures : |
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Interest |
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11.121 |
2.740 |
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Depreciation & Amortization |
|
1.045 |
0.669 |
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Other Expenditure |
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329.459 |
142.252 |
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Total Expenditure |
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341.625 |
145.661 |
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KEY RATIOS
|
PARTICULARS |
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|
31.03.2006 |
31.03.2005 |
|
PAT / Total Income |
(%) |
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4.15 |
4.17 |
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Net Profit Margin (PBT/Sales) |
(%) |
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6.75 |
6.53 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
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12.17 |
8.55 |
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Return on Investment (ROI) (PBT/Networth) |
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0.65 |
0.38 |
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Debt Equity Ratio (Total Liability/Networth) |
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4.30 |
3.50 |
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Current Ratio (Current Asset/Current Liability) |
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13.08 |
18.85 |
LOCAL AGENCY
FURTHER INFORMATION
Bankers Charges Report
as per Registry
|
Corporation identity number or foreign company registrations number of
the company |
U14102AP2004PTC043609 |
|
Name of the company |
MAHI GRANITES PRIVATE LIMITED |
|
Address |
Plot No. 550 D/1 Road No. 92, Jubilee Hills, Hyderabad- 500 034,
Andhra Pradesh, India |
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This Form is for |
Modification of charge |
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Type of Charges |
A
Charge on: Immovable property Book debts Movable Property Others |
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Particular of the charge holder
|
State Bank of India Address: Overseas Branch, 5-9-300, Abids,
Hyderabad – 500 001, Andhra Pradesh, India Email ID: maddali.s.rao@sbi.org.in |
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Nature or description of the instrument creating charge |
· Supplemental agreement of loan for increase in overall limit · Supplemental agreement of hypothecation of goods and assets for increase in the overall limit · Letter regarding the grant of individual limits within the overall limits. · Memorandum for recording extension of mortgage by deposit of title deeds covering enhanced limits · Agreement of mortgage |
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Date of the instrument creating charge |
29.09.2006 |
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Amount Secure by the charge |
Rs. 329.000 millions |
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Brief of the principal terms and conditions and extent and operation
of the charge |
Rate
of Interest : FBD / FBR – Rs. 225.000 millions ; Term Loan
Rs. 51.500 millions, Stand by line of credit for purchase of vehicles – Rs.
2.500 millions , LC – Rs. 50.000 millions EPC – SB TR2 TL-SM TL2 Terms
of repayment: CC –On Demand TL – In 20 quarterly installments of Rs.
2.575 millions beginning from April 2008 Margin: EPC – 10% (for advance payment) LC – 10% TL -40.46% One time
FLC -15% Extent
and operation of the charge: As detailed in loan Documents. |
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Short particulars of the
Property charged |
· Hypothecation of all chargeable current assets · Charge on Fixed assets of the Company · EM of Land and Building / factory shed constructed thereon in Ac. 6.15 Guntas Situated at Donti Village, Shivampeta Mandal, Medak District proposed to be acquired out of Bank’s finance. |
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Particulars of the present modification |
· Overall limits enhanced from Rs. 180.000 millions to Rs. 329.000 millions. |
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Name of the
company |
MAHI GRANITES PRIVATE LIMITED |
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Presented
By |
--- |
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1) Date and
description of instrument creating the change |
11th September
2004, Composite Agreement |
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2) Amount secured
by the charge/amount owing on the securities of charge |
Credit facilities
in the form of FBP/ FUBD facility upto Rs. 100.000 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 |
1st
Charge on all chargeable current assets of the company. |
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4) Gist of the
terms and conditions and extent and operation of the charge. |
Interests @6.75% p.a with monthly /
quarterly rests. Margin -10% against Export Bills. Repayable demand |
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5) Name and
Address and description of the person entitled to the charge. |
Andhra Bank, Somajiguda Branch, 6-3-352/2,
Astral Height, Road No. 1, Banjara Hills, Hyderabad – 500 034 |
|
6) Date and brief description of instrument
modifying the charge |
19th
July 2005, Composite agreement |
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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. |
Sub limit Under FUBD / FBP
of Rs. 100.000 millions: One time PC/FLC limit upto Rs. 20.000 millions only. Interest LC@ 14% p.a with
monthly / Quarterly rests, PC with a minimum of 6.75% p.a with monthly rests Margins FLC -10% DA
basis, PC -10% Primary Security Hypothecation of
imported raw granite blocks. |
WEBSITE DETAILS:
Subject is currently
engaged in quarrying, processing and export of granite blocks, slabs and tiles.
Besides all the Indian colors subject imports blocks of different colors from Saudi Arabia,
Norway, Finland, Italy and Brazil. Subject has started fully mechanised quarrying operations of their
exclusive color giallo arctic. Currently, subject is exporting its products to several reputed companies in
China, Australia, Spain, Canada, Israel, Dubai and USA. Subject is expanding its processing
operations by setting up a state of the art granite processing plant near
Hyderabad, Andhra Pradesh and expects to commence commercial production before
November, 2007. For the year 2006-07 the company projects an export turnover of $ 12 to 15 million.
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.39.27 |
|
UK Pound |
1 |
Rs.76.88 |
|
Euro |
1 |
Rs.58.40 |
SCORE & RATING
EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
5 |
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FINANCIAL CONDITION |
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|
|
--BUSINESS SCALE |
1~10 |
6 |
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--PROFITABILIRY |
1~10 |
4 |
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--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
5 |
|
--CREDIT LINES |
1~10 |
5 |
|
--MARGINS |
-5~5 |
--- |
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DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
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--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 |
|
45 |
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 |
|