MIRA
INFORM REPORT
|
Report Date : |
21.07.2008 |
IDENTIFICATION DETAILS
|
Name : |
M AND G IMPEX (INDIA) PVT LTD |
|
|
|
|
Registered Office : |
303, Kalpak Arcade 19, Church Street, Bangalore – 560 001,
Karnataka |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as on) : |
31-03-2008 |
|
|
|
|
Date of Incorporation : |
24-08-1992 |
|
|
|
|
Com. Reg. No.: |
013475 |
|
|
|
|
CIN No.: [Company Identification No.] |
U01310KA1992PTC013475 |
|
|
|
|
IEC No. |
0793003211 |
|
|
|
|
PAN
No.: [Permanent Account No.] |
AABCM1343G |
|
|
|
|
Legal Form : |
Private Limited Liability Company |
|
|
|
|
Line of Business : |
Manufacturers and Exporters of polished granites and rough
blocks of various sizes & shapes. |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is
considered normal. Capable to meet normal commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 480000 |
|
|
|
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
Usually Correct |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is a well established company having satisfactory track records.
Trade relations are fair. General financial position is satisfactory.
Payments are usually correct and as per commitments. The company can be considered normal for business dealings at
usual trade terms and condition. The management declined to part with any information. |
LOCATIONS
|
Registered Office / Head Office : |
303, Kalpak Arcade 19, Church Street, Bangalore – 560 001,
Karnataka, India |
|
Tel. No.: |
91-80-7833383 |
|
Fax No.: |
91-80-7833384 |
|
E-Mail : |
|
|
Website: |
|
|
|
|
|
Corporate Office : |
Shantipura Village, Huskur Post, Hosur
Road, Bangalore – 560 099, Karnataka, India |
|
Tel No. : |
91-80-7833383 |
|
Fax No.: |
91-80-7833384 |
|
E-Mail : |
mgimpex@giasbgol.vsnl.net.in |
|
|
|
|
Factory 1 : |
54th Mlestone, NH-7, Kamandoddi Post, Krishnagiri,
Hosur 635117 |
|
|
|
|
Factory 2: |
Sy Nos 13, 14 & 21, Kamandoddi Post, Krishnagiri Dist.,
Hosur – 635109, Tamilnadu |
|
Tel. No.: |
91-4344-257131 |
|
Fax. No.: |
91-4344-257132 |
|
E. Mail.: |
DIRECTORS
|
Name
: |
Mr. B. P Tekeriwal |
|
Designation
: |
Chairman cum Managing Director |
|
Address
: |
# 104, 3rd Main, 3rd Cross, Defence Colony,
Indira Nagar, Bangalore – 560 038, Karnataka, India |
|
Date
of Birth/Age : |
08.07.1937 |
|
Qualification
: |
M. Com., CS |
|
Experience
: |
35 Years |
|
Date
of Appointment : |
16.01.1996 |
|
|
|
|
Name : |
Mr. Rajesh Surana |
|
Designation : |
Director |
|
Address
: |
Madhushala # 8, 36th Main, 4th, Across
B.T.M., I ST Stage, Dollar Scheme, Bangalore – 560 068, Karnataka, India |
|
Date
of Birth/Age : |
10.09.1971 |
|
Qualification
: |
B. Com., LLB |
|
Experience
: |
12 Years |
|
Date
of Appointment : |
25.05.2000 |
|
|
|
|
Name : |
Mr. Praveen Tekriwal |
|
Designation : |
Managing Director |
|
Address
: |
# 104, 3rd Main, 3rd Cross, Defence
Colony, Indira Nagar, Bangalore – 560 038, Karnataka, India |
|
Date
of Birth/Age : |
20.10.1968 |
|
Qualification
: |
B. Com |
|
Experience
: |
15 Years |
|
Date
of Appointment : |
25.02.2002 |
|
|
|
|
Name : |
Smt. Kavita Tekriwal |
|
Designation : |
Director |
|
Address
: |
# 104, 3rd Main, 3rd Cross, Defence Colony,
Indira Nagar, Bangalore – 560 038, Karnataka, India |
|
Date
of Birth/Age : |
09.10.1971 |
|
Qualification
: |
BCS |
|
Experience
: |
10 Years |
|
Date
of Appointment : |
22.12.2004 |
MAJOR SHAREHOLDERS
(As on 29.06.2005)
|
Names of Shareholders |
No. of Shares |
|
B P Tekriwal |
51160 |
|
Bhawani Devi Tekriwal |
600 |
|
Kavita Tekriwal |
216440 |
|
Praveen Tekriwal |
62300 |
|
Krishna Kumar Agrawal |
19460 |
|
Rajesh Surana |
14 |
|
Sitaram Tekriwal |
14 |
|
Sanjay Kumar |
6 |
|
Gora Devi Tekriwal |
6 |
Equity
share breakup (percentage of total equity)
|
As on 19.10.2007 |
|
|
Directors
or relatives of directors |
100.00 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturers and Exporters of polished granites and rough
blocks of various sizes & shapes. |
|
|
|
|
Exports to : |
Malaysia, Singapore, Indonesia, Australia, Taiwan, South Korea |
|
|
|
|
Terms : |
|
|
Selling : |
L/C, Advance Payments & Documents Through Bank |
|
|
|
|
Purchasing : |
L/C 60 days |
GENERAL INFORMATION
|
Suppliers : |
|
|
|
|
|
Customers : |
Wholesalers |
|
|
|
|
No. of Employees : |
(Office – 10 + Factory – 100) = 110 |
|
|
|
|
Bankers : |
·
State Bank of India Banglaore Commercial Branch,
Krishi Bhavan, 1st Floor, Hudson Circle, Bangalore – 560 001,
Karnataka, India ·
ICICI Bank |
|
|
|
|
|
|
|
Banking Relations : |
Satisfactory |
|
|
|
|
Auditors : |
Ganeriwala and Company Chartered Accountant #437-438, 2nd Floor, Alankar Pearl Plaza, K G Road,
Bangalore – 560 009, Karnataka, India |
|
Tel. No.: |
91-80-22955275 |
|
Fax No.: |
91-80-22283459 |
|
E-Mail : |
|
|
|
|
|
Associates/Subsidiaries
: |
R and B Exports Private Limited 423, 1st Floor, Alankar Pearl Plaza, K G Road,
Bnagalore – 560009, Karnataka Line of Business – Trader of Granite and Natural Stones |
CAPITAL STRUCTURE
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
800000 |
Equity Shares |
Rs. 100/- each |
Rs. 80.000 millions |
|
|
Total |
|
Rs. 80.000
millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
700000 |
Equity Shares |
Rs. 100/- each |
Rs. 70.000 millions |
|
|
Total |
|
Rs.
70.000 millions |
FINANCIAL DATA
[all figures are in Rupees
Millions]
ABRIDGED BALANCE SHEET
|
SOURCES OF FUNDS |
31.03.2008 |
31.03.2007 |
31.03.2006 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
70.000 |
70.000 |
35.000 |
|
|
3] Reserves & Surplus |
26.493 |
0.039 |
1.300 |
|
|
NETWORTH |
96.493 |
70.039 |
36.300 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
75.481 |
36.952 |
0.667 |
|
|
2] Unsecured Loans |
13.399 |
2.500 |
0.000 |
|
|
TOTAL BORROWING |
88.880 |
39.452 |
0.667 |
|
|
DEFERRED TAX LIABILITIES |
1.472 |
1.472 |
0.621 |
|
|
|
|
|
|
|
|
TOTAL |
186.845 |
110.963 |
37.588 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net
Block] |
81.449 |
68.618 |
11.402 |
|
|
Capital
work-in-progress |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
INVESTMENT |
0.049 |
0.000 |
0.000 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS
& ADVANCES |
|
|
|
|
|
|
Inventories |
87.395
|
36.246 |
2.670 |
|
|
Sundry Debtors |
14.297
|
1.526 |
14.932 |
|
|
Cash & Bank
Balances |
1.452
|
0.561 |
1.965 |
|
|
Loans & Advances |
10.569
|
18.832 |
9.127 |
|
Total Current Assets |
113.713
|
57.165 |
28.694 |
|
|
Less : CURRENT LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Current Liabilities
& Provisions |
16.597
|
14.820 |
2.519 |
|
|
Provision |
1.198
|
0.000 |
0.000 |
|
Total Current Liabilities |
17.795
|
14.820 |
2.519 |
|
|
Net Current
Assets |
95.918
|
42.345 |
26.175 |
|
|
|
|
|
|
|
|
MISCELLANEOUS
EXPENSES |
9.429 |
0.000 |
0.011 |
|
|
|
|
|
|
|
|
TOTAL |
186.845 |
110.963 |
37.588 |
|
PROFIT & LOSS ACCOUNT
|
PARTICULARS |
31.03.2008 |
31.03.2007 |
31.03.2006 |
|
|
Sales
Turnover |
171.691 |
22.660 |
50.589 |
|
|
Other Income |
0.171 |
0.062 |
1.239 |
|
|
Total
Income |
171.862 |
22.722 |
51.828 |
|
|
|
|
|
|
|
|
Profit/(Loss) Before Tax |
9.881 |
(0.335) |
0.301 |
|
|
Provision for Taxation |
1.279 |
0.926 |
(0.010) |
|
|
Profit/(Loss) After Tax |
8.602 |
(1.261) |
0.311 |
|
|
|
|
|
|
|
|
Earnings
in Foreign Currency : |
|
|
|
|
|
Export Earnings |
2.163 |
0.462 |
NA |
|
|
Total
Earnings |
2.163 |
0.462 |
NA |
|
|
|
|
|
|
|
|
Imports
: |
|
|
|
|
|
Raw Materials |
1.009 |
NA |
NA |
|
|
Stores & Spares |
15.832 |
NA |
NA |
|
|
Capital Goods |
3.774 |
NA |
NA |
|
|
Total
Imports |
20.615 |
NA |
NA |
|
|
|
|
|
|
|
|
Expenditures : |
|
|
|
|
|
|
Depreciation & Amortization |
13.269 |
1.732 |
1.396 |
|
|
Other Expenditure |
148.712 |
21.325 |
50.131 |
|
Total
Expenditure |
161.981 |
23.057 |
51.527 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2008 |
31.03.2007 |
31.03.2006 |
|
PAT / Total Income |
(%) |
5.00
|
(5.55) |
0.60 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
5.75
|
(1.48) |
0.59 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
5.06
|
(0.27) |
0.75 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.10
|
0.00 |
0.00 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
1.10
|
0.77 |
0.09 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
6.39
|
3.86 |
11.39 |
LOCAL AGENCY FURTHER INFORMATION
Form
No. 8
|
Name of the company |
M AND G IMPEX INDIA PRIVATE LIMITED, BANGALORE |
|
Presented By |
State
Bank of India, Bangalore Commercial Branch and M
And G Impex India Private Limited |
|
1) Date and description of instrument creating the change |
24.07.2000 |
|
2) Amount secured by the charge/amount owing on the securities of charge |
Rs.
8.000 millions C.C. Hypothecation E.P.C. Limit Rs. 4.500 millions, C. C.
Receivables Limit Rs. 2.000 millions, Bank guarantee Limit Rs. 0.500
millions, Letter of credit (Inland and foreign for imports) Rs. 1.000
millions |
|
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
/ Pledge of compan’s entire goods, movable and other assets such as book
debts, outstanding, money, receivable claims, bill, invoices, documents,
contracts, engagements, securities instruments and right and all machinery,
and commercial apartment No’s 712,7th Floor, Manipal Centre,
Banglore. |
|
4) Gist of the terms and conditions and extent and operation of the charge. |
As
envisaged in the general Agreement for the grant of Small Industrial
Advances… |
|
5) Name and Address and description of the person entitled to the charge. |
State Bank of India Banglaore Commercial Branch, Hudson Circle, Bangalore – 560 001,
Karnataka, India |
|
6) Date and brief description of instrument modifying the charge |
N.A. |
|
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. |
N.A. |
|
Corporate
identity number (CIN) Foreign company registration number |
U01310KA1992PTC013475 |
|
Name
of the Company |
M AND G IMPEX INDIA PRIVATE LIMITED, BANGALORE |
|
Address
|
303, Kalpak Arcade 19, Church Street, Bangalore – 560 001,
Karnataka |
|
This
form is for |
Modification
of charge |
|
Type
of Charge |
·
Immovable
property ·
Book
debts ·
Movable
property (not being pledge) ·
Floating
charge |
|
Particulars
of the charge holder |
State Bank of India Banglaore Commercial Branch, Krishi Bhavan, 1st
Floor, Hudson Circle, Bangalore – 560 001, Karnataka, India |
|
Nature
or description of the instrument(s) creating or modifying the charge |
Supplemental
Agreement of Hypothecation of Goods and Assets for overall increase in limit
– Form C. 2A; Letter regarding the grant of individual limits within the
overall limits Form C-5 and Equitable of immovable property letter of
confirmation Form – B (All the above pertain to the same charge). |
|
Date
of the instrument creating or modifying the charge |
12.10.2007 |
|
Amount
secured by the charge |
Rs.
94.900 millions |
|
Brief particulars
of the principal terms and conditions and extent and operation of the charge |
Rate
of Interest Rate:
WCL (EPC/PCFC) – At 2.75% below SBAR with a minimum of 10.00% P.A. rising or
falling therewith, on daily products with monthly rests,PRE.EFF. Rate 10.00%
per annum. Penal interest for non compliance of terms of sanction: Max 2% per
annum over the normal rate. Prepayment penalty as per terms of sanction Terms
of repayment Working
capital facility repayable on demand Margin Raw
materials – semifinished goods/ finished goods – 25% Receivables-25% EPC/PCFC
– 10% LC –
15% Extent
and operation of the charge Exclusive
first charge on the assets of the company and to the full extent Others EPC/PCFC
– Rs. 27.500 millions Term
Loan (Existing) Rs. 12.400 millions FBD/EBR-
Rs. 35.000 millions Letter
of Credit Rs. 20.000 millions Total
Limit – Rs. 94.900 Millions |
|
Short
particulars of the property charged (including location of the property) |
Hypo of
present and future all of the borrowers’s stock of raw material, semifinished
and finished goods; Book debts, bills, claims, receivables, outstanding,
invoices documents, contracts, insurance policies, guarantees, engagements,
securities, investments, plant and machineries, other movable assets etc
wherever situate, held or stored or in transit or in the custody of any third
party. Equi.
Mort of movable property situate At No. 13,14 and 21 at Kamandoddi village,
Hosur Tq. Krishnagiri Dist., Tamil Nadu. |
|
Particular
of the present modification |
By the
present modification the amount secured by the charge stands increased from
Rs. 61.000 millions to Rs. 94.900 millions security of current assets movable
fixed assets other movable and immovable properties already obtained and
detailed in Col No. 14 Herei n above continues to be available for the
enhanced limit also all other terms and conditions remain unchanged. |
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.42.78 |
|
UK Pound |
1 |
Rs.85.51 |
|
Euro |
1 |
Rs.67.90 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
5 |
|
--CREDIT LINES |
1~10 |
5 |
|
--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 |
NO |
|
--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. |
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 |
|