MIRA
INFORM REPORT
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Report Date : |
23.06.2008 |
IDENTIFICATION
DETAILS
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Name : |
GANGAL SLATES |
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Registered Office : |
Near Dolta Village, Moti Petrol Pump, Jaipur Road, Deoli, District Tonk
304804, Rajasthan |
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Country : |
India |
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Financials (as on) : |
31.03.2008 |
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Year of Establishment : |
1999 |
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Legal Form : |
Sole Proprietory Concern |
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Line of Business : |
Manufacturers of slates and sand marbles. |
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 40000 |
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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 concern having satisfactory
track. Proprietor is reported as experienced and respectable businessman.
Trade relations are fair. Business is active. Payments are usually correct
and as per commitments. The concern can be considered normal for business dealings at usual
trade terms and conditions. |
INFORMATION PARTED
BY
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Name : |
Mr. Sanjay Singhal |
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Designation : |
Proprietor |
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Date : |
20.06.2008 |
LOCATIONS
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Registered Office: |
Near Dolta Village, Moti Petrol Pump, Jaipur Road, Deoli, District
Tonk – 304804, Rajasthan, India |
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Tel. No.: |
91-1434-512154 / 232154 |
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Fax No.: |
91-1434-232654 / 232654 |
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E-Mail : |
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Website : |
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Area : |
4000 sq mtrs. |
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Location : |
Owned |
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Factory: |
Industrial Area, Deoli |
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Area: |
2000 sq fts. |
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Location: |
Owned |
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Mines: |
Dakuna (Raw Material) |
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Location: |
Owned |
SOLE PROPRIETOR
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Name : |
Mr. Sanjay Singhal |
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Designation : |
Proprietor |
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Date of Birth/Age : |
35 years |
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Qualification : |
Graduate |
BUSINESS DETAILS
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Line of Business : |
Manufacturers of slates and sand marbles. |
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Products: |
v Slates And
Quartzite v Mosaic And
Tumbled v Sand Stones v Lime Stones |
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Exports : |
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Products : |
Slates |
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Countries : |
USA |
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Terms : |
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Selling : |
L/C |
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Purchasing : |
L/C |
GENERAL
INFORMATION
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Customers : |
Wholesalers and Retailers |
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No. of Employees : |
170 (Office – 5 and Factory – 120 and Mines-45)) |
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Bankers : |
State Bank of Bikaner and Jaipur, Deoli, Rajasthan, India |
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Facilities: |
Cash Credit Rs. 2.000 Millions |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
R. S. Mangal and Company (Chartered Accountant) |
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Address : |
Jaipur, Rajasthan, India |
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Associates/Subsidiaries : |
v Triputi Slates
and Sands Address: Deoli,
Rajasthan, India v Jai Shree
Krishna Marbles Address: Deoli,
Rajasthan, India Line of Business:
Finishing of Natural Metals. |
CAPITAL STRUCTURE
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Capital Investment : |
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Owned : |
Rs. 8.000 Millions |
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Borrowed : |
0.000 |
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Total : |
Rs. 8.000 Millions |
FINANCIAL DATA
[all figures are in Rupees Millions]
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Particulars |
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31.03.2008 |
31.03.2007 |
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Sales Turnover |
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15.000 |
12.500 |
LOCAL AGENCY
FURTHER INFORMATION
Trade References:-
v
South Land Stones, USA
v
Lack Stones, USA and Houstan
v
Mehta Stones Export House, Delhi
Website details attached:
Introduction
Subject was established in 1984 at Deoli, Rajasthan (India) with
only Kota Stone cutting plant. Gradually, they expanded and established a new plant
for Cutting and Calibration. Now, Ganga Slates is a huge business organization
with one of the major activities being the export of Stones in various colors,
textures and finishes in the global markets. They also supply stones of
customized shapes and sizes for flooring, paving, cladding, roofing and other
purposes.
They
are not only Miners but also Slate-Makers and Order Suppliers. In their
processing unit, they have deployed latest technology and state of the art
machines for automatic line polishing machine, calibration, sand blasting,
tumbling and edge cutting etc.
Stones
Stones
have always been the strongholds of Architecture through the ages. The stones
with their eye - capturing beauty have always fascinated viewers. They take the
pleasure in representing India's heritage of natural stones as one of the most
reputed exporters of these products from India. They present a tantalizing
range of exquisite building stones including Lime-Stones, Sand-Stones, Slates,
Marble, Granite and Quartzite as well as aesthetically appealing accessories
like Stone Articles and Artifacts; commonly known as Stone Handicrafts.
Philosophy
The
true assets of any organization are its people. They have a team of dedicated
and skilled workers. Their organizational culture encourages the quest for
excellence and a progressive and futuristic attitude.
Ubiquitous Market Presence
Their
products strike a presence in the villas and offices of the elite strata, as
well as the eminent hotels, corporate houses, restaurants, clubs, banks,
hospitals and other prestigious addresses frequented by them. Durable and
weather resistant, Ganga Slates natural stones are finding increasing
applications in external use and interior decoration. Ranging from classic to
contemporary, their accurate quality standards and spectacular selection of
colors, textures and finishes shall bring imaginative designs back to life with
the natural beauty, durability and elegance only subject can provide.
Products
Subject takes pleasure in representing India's heritage of
natural stones as one of the most reputed manufacturer and exporter of these
products from India. Their range includes Slates and Quartzite, Mosaic and
Tumbles, Sand Stones, Lime Stones and a variety of other building stones.
Ubiquitous Market Presence
Their products strike a presence in the villas and offices of the elite
strata, as well as the eminent hotels, corporate houses, restaurants, clubs,
banks, hospitals and other prestigious addresses frequented by them. Durable and
weather resistant, natural stones are finding increasing applications in
external use and interior decoration. Ranging from classic to contemporary,
their accurate quality standards and spectacular selection of colors, textures
and finishes shall bring imaginative designs back to life with the natural
beauty, durability and elegance only subject can provide.
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.42.97 |
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UK Pound |
1 |
Rs.84.75 |
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Euro |
1 |
Rs.66.72 |
SCORE & RATING
EXPLANATIONS
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SCORE FACTORS |
RANGE |
POINTS |
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HISTORY |
1~10 |
5 |
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PAID-UP CAPITAL |
1~10 |
5 |
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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 |
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--LEVERAGE |
1~10 |
5 |
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--RESERVES |
1~10 |
5 |
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--CREDIT LINES |
1~10 |
5 |
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--MARGINS |
-5~5 |
-- |
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DEMERIT POINTS |
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--BANK CHARGES |
YES/NO |
YES |
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--LITIGATION |
YES/NO |
NO |
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--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
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MERIT POINTS |
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--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
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--EXPORT ACTIVITIES |
YES/NO |
YES |
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--AFFILIATION |
YES/NO |
YES |
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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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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
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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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