MIRA
INFORM REPORT
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Report Date : |
30.01.2008 |
IDENTIFICATION
DETAILS
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Name : |
VIKAS MARMO AND MINES
PRIVATE LIMITED |
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Registered Office : |
Sadar Bazar, Kelwa, Rajsamand - 313334,
Rajasthan |
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Country : |
India |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
17.05.1991 |
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Com. Reg. No.: |
17-6000 |
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CIN No.: [Company
Identification No.] |
U14101RJ1991PTC006000 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
JDHV00731D |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Manufacturer and exporter of Marble
Blocks, Marble Slabs, Marble Tiles, Sandstone Blocks, Sandstone Slabs,
Sandstone Tiles and White Marbles |
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 16000 |
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Status : |
Moderate |
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Payment Behaviour : |
Usually correct |
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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 has some accumulated
losses. Payments are however 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 : |
Sadar Bazar, Kelwa, Rajsamand - 313334,
Rajasthan, India |
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Tel. No.: |
91-2952-274824 |
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Mobile No.: |
91-9413319001 |
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Fax No.: |
91-2952-274824 |
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E-Mail : |
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Website : |
DIRECTORS
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Name : |
Mr. Babu Lal Kothari |
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Designation : |
Director |
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Address : |
5 Terapanthi Bhawan, Sadar Bazar Kelwa, Rajsamand – 313334, Rajasthan,
India |
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Date of Birth/Age : |
25.03.1956 |
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Date of Appointment : |
17.05.1991 |
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Name : |
Mr. Mahendra Kumar Kothari |
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Designation : |
Director |
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Address : |
Sadar Bazar Kelwa, Rajsamand – 313334, Rajasthan, India |
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Date of Birth/Age : |
25.07.1967 |
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Date of Appointment : |
17.05.1991 |
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Name : |
Mrs. Chandra Kothari |
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Designation : |
Director |
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Address : |
Sadar Bazar Kelwa, Rajsamand – 313334, Rajasthan, India |
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Date of Birth/Age : |
20.06.1957 |
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Date of Appointment : |
17.05.1991 |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
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Names of Shareholders |
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No. of Shares |
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Babu Lal Kothari |
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4510 |
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Mahendra Kumar Kothari |
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7495 |
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Chandra Kothari |
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10 |
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Babu Lal Kothari [HUF] |
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3985 |
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Anil Kothari |
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15000 |
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Total |
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31000 |
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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 |
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100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer and exporter of Marble Blocks,
Marble Slabs, Marble Tiles, Sandstone Blocks, Sandstone Slabs, Sandstone
Tiles and White Marbles |
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Products : |
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GENERAL
INFORMATION
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Bankers : |
Bank of Baroda,
Dwarkesh Market Branch, Kankroli – 313324, Rajasthan, India |
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Banking
Relations : |
Satisfactory |
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Financial
Institution : |
Rajasthan
Financial Corporation, Rajsamand |
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Auditors : |
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Name : |
Hinger and Associates Chartered Accountants |
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Address : |
Station Road, Kankroli, Rajsamand – 313324, Rajasthan, India |
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Associates/Subsidiaries : |
Nil |
CAPITAL STRUCTURE
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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31000 |
Equity Shares |
Rs. 100/- each |
Rs. 3.100 Millions |
Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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31000 |
Equity Shares |
Rs. 100/- each |
Rs. 3.100 Millions |
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
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SOURCES OF FUNDS |
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31.03.2007 |
31.03.2006 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
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3.100 |
3.100 |
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2] Share Application Money |
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0.000 |
0.000 |
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3] Reserves & Surplus |
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1.315 |
1.419 |
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4] (Accumulated Losses) |
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[0.320] |
0.000 |
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NETWORTH |
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4.095 |
4.519 |
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LOAN FUNDS |
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1] Secured Loans |
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9.010 |
9.814 |
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2] Unsecured Loans |
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0.448 |
1.817 |
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TOTAL BORROWING |
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9.458 |
11.631 |
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DEFERRED TAX LIABILITIES |
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0.296 |
0.549 |
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TOTAL |
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13.849 |
16.699 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
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5.274 |
5.771 |
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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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7.430 |
4.477 |
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Sundry Debtors |
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5.383 |
1.177 |
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Cash & Bank Balances |
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0.134 |
2.439 |
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Other Current Assets |
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0.000 |
0.301 |
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Loans & Advances |
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0.754 |
5.175 |
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Total
Current Assets |
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13.701 |
13.569 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
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4.836 |
2.257 |
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Provisions |
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0.310 |
0.411 |
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Total
Current Liabilities |
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5.146 |
2.668 |
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Net Current Assets |
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8.555 |
10.901 |
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MISCELLANEOUS EXPENSES |
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0.020 |
0.027 |
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TOTAL |
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13.849 |
16.699 |
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KEY RATIOS
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PARTICULARS |
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31.03.2007 |
31.03.2006 |
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Debt Equity Ratio (Total Liability/Networth) |
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3.57 |
3.16 |
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Current Ratio (Current Asset/Current Liability) |
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2.66 |
5.09 |
LOCAL AGENCY
FURTHER INFORMATION
Bankers Charges
Report as per Registry
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Name of the company |
VIKAS MARMO AND MINES PRIVATE LIMITED |
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Presented By |
Mr. Babu Lal
Kothari, Director |
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1) Date and description of instrument creating the change |
Agreement for term loan dated 31.10.1994 |
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2) Amount secured by the charge/amount owing on the securities of charge |
Rs. 5.640
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 |
Equitable
mortgage of land and building situated at Khasra No. 74, of Village
Kishanpura N H No. 8, Rajsmand Hypothecation of
Plant and Machinery, Furniture and Fixture an all movable assets |
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4) Gist of the terms and conditions and extent and operation of the charge. |
Interest @ 17.50
% p.a. if refinance made available by SIDBI Repayment 26
quarter installment of Rs. 0.217 Million and last installment of Rs. 0.215
Million Margin on Land
and Building 33 % on P & M 28 % on P & M MFA 33 % |
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5) Name and Address and description of the person entitled to the charge. |
Rajasthan
Financial Corporation, Rajsamand |
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6) Date and brief description of instrument modifying the charge |
Mortgage deed
dated 21.12.2001 Hypothecation
agreement dated 21.12.2001 |
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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. |
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This form is for |
Modification of
charge |
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Charge
identification number of the charge to be modified |
90075102 |
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Corporate identity
number of the company |
U14101RJ1991PTC006000 |
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Name of the
company |
VIKAS MARMO AND MINES
PRIVATE LIMITED |
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Address of the
registered office or of the principal place of business in India of the company |
Sadar Bazar, Kelwa, Rajsamand - 313334,
Rajasthan, India |
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Type of charge |
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Particular of
charge holder |
Bank of Baroda Dwarkesh Market
Branch Kankroli –
313324, Rajasthan, India |
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Nature of
description of the instrument creating or modifying the charge |
Supplemental
composite instrument of hypothecation of Goods, Book Debts, Moveable
Machinery and Vehicles |
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Date of
instrument Creating the charge |
05.02.2007 |
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Amount secured by
the charge |
Rs. 3.000
Millions |
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Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest
: Interest @ 1 % below
BPLR at present 11 % p.a. with monthly rests, subject to change from time to
time. Terms of
repayment : Repayable on
demand Margin : Margin 25 % on
stock and 50 % on book debts Extent and
operation of the charge : The charge will
operate as first charge. |
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Short particulars
of the property charged |
First charge by
way of hypothecation all stock of raw materials, semi finished and finished
goods, stock in process packing materials, consumable goods, stores and
spares, all present and future book debts outstanding monies receivables,
claims, bills and all other present and future current assets of the company.
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Particulars of
the present modification |
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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
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.39.40 |
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UK Pound |
1 |
Rs.78.28 |
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Euro |
1 |
Rs.58.23 |
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 |
5 |
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OPERATING SCALE |
1~10 |
3 |
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FINANCIAL CONDITION |
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--BUSINESS SCALE |
1~10 |
5 |
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--PROFITABILIRY |
1~10 |
2 |
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--LIQUIDITY |
1~10 |
5 |
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--LEVERAGE |
1~10 |
5 |
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--RESERVES |
1~10 |
4 |
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--CREDIT LINES |
1~10 |
4 |
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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 |
NO |
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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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39 |
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
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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. |
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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