MIRA
INFORM REPORT
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Report Date : |
01.03.2008 |
IDENTIFICATION
DETAILS
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Name : |
PREETHI GRANITE EXPORTS |
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Registered Office : |
No.91/2, Shayadanahalli, Maganahalli Post, Mysore – 570003, Karnataka |
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Country : |
India |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
1993 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
BLRP03347B |
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PAN No.: [Permanent
Account No.] |
AAEFP0358E |
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Legal Form : |
Partnership Concern with an Unlimited Liability of the partners |
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Line of Business : |
Manufacturer and Exporter of Granites. |
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 80000 |
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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. Trade relations are fair. 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 : |
Ms. Bhavani |
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Designation : |
Accountant |
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Contact No.: |
91-821-2902966 |
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Date : |
28.02.2008 |
LOCATIONS
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Registered Office : |
No.91/2, Shayadanahalli, Maganahalli Post, Mysore – 570003, Karnataka,
India |
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Tel. No.: |
91-821-2402973/ 2591133 |
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Fax No.: |
91-821-2402194 |
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E-Mail : |
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Website : |
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Area : |
Medium Sized |
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Location : |
Owned |
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Factory 1 : |
426, Hebbal Industrial Area, Mysore-570016 Karnataka,
India |
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Location : |
Owned |
SOPARTNERS
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Name : |
Mr. Narayan Swamy |
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Designation : |
Partner |
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Name : |
Mrs. Preethi Narayan Swamy |
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Designation : |
Partner |
BUSINESS DETAILS
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Line of Business : |
Manufacturer and Exporter of Granites |
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Products : |
Granites |
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Exports : |
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Countries : |
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Imports : |
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Countries : |
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Terms : |
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Selling : |
L/C, T/T and CAD |
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Purchasing : |
L/C, Cash and Credit |
GENERAL
INFORMATION
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Customers : |
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No. of Employees : |
180 |
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Bankers : |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
Venugopalan and Company Chartered Accountant |
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Address : |
Karnataka |
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Group Companies
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Preethi Granite 426, Hebbal Industrial Area, Mysore-570016 Karnataka,
India Owned Preethi Granite Industries 426, Hebbal Industrial Area, Mysore-570016 Karnataka,
India Ph: 91 821 2402973 Fax: 91 821 2402194 E-mail: granites@sancharnet.in Stock Yards: AL Mysore Granite Trading P.O.Box 21589: Sharjah U.A.E Ph: 009716 5343304 Fax: 009716 5343305 E-mail: almysore@emirates.net.ae Sydney Granite Wholesalers Pty Ltd. 166, Eldridge Road, Condell Park NSW 2200 , Australia Ph: (02) 9709 3691 Fax: (02) 9707 2698 |
CAPITAL STRUCTURE
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Capital Investment : |
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Owned : |
Rs. 10.000 Millions |
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Borrowed : |
Rs. 10.000 Millions |
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Total : |
Rs. 20.000 Millions |
FINANCIAL DATA
[all figures are in Rupees Millions]
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Particulars |
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31.03.2007 |
31.03.2006 |
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Sales Turnover |
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75.000 |
84.000 |
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Expected Sales (2007-08) : Rs.80.000 Millions
LOCAL AGENCY
FURTHER INFORMATION
Company Group
Profile:
Preethi Group of Industries was established in 1993 and is
engaged in the manufacture and export of Granite Tiles and Slabs, since then.
Their manufacturing units are located in the garden city of Mysore, situated in
the southern part of India which is well connected by road and rail and about 2
1/2 hours drive from the airport city of Bangalore and has the advantage of
proximity to granite quarries in Karnataka.
Their major concentration is in the lines of vertical integration. The source
for the finest raw material is from the companies own quarries whose major
forte is Black Granite and carefully identified independent quarries-assuring
consistent, high quality supplies.
Their group of industries has two units with excellent state-of-the-art
equipment which incorporates the most latest technology which helps to extract
the raw material, cut and polish the granite with unmatched precision and
efficiency, Ensuring a great finish.
They are exporting their granite to Europe, Turkey, Singapore, UAE, USA,
Australia,etc. Also, they have their own stockyards in Sharjah (UAE) and Sydney
(Australia).
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.39.92 |
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UK Pound |
1 |
Rs.79.31 |
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Euro |
1 |
Rs.60.63 |
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 |
5 |
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FINANCIAL CONDITION |
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--BUSINESS SCALE |
1~10 |
5 |
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--PROFITABILIRY |
1~10 |
5 |
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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 |
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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46 |
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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