MIRA
INFORM REPORT
|
Report Date : |
19.03.2008 |
IDENTIFICATION
DETAILS
|
Name : |
GOLDEN ROCK GRANITES PRIVATE
LIMITED |
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Registered Office : |
1050, TVS Colony, Anna
Nagar, West Extension, Chennai (Madras) – 600101, Tamilnadu |
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Country : |
India |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
22.09.2004 |
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Com. Reg. No.: |
18-54302 |
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CIN No.: [Company
Identification No.] |
U14102TN2004PTC054302 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
CHEG02242C |
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PAN No.: [Permanent
Account No.] |
AAAFG5505A |
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Legal Form : |
Private Limited
Liability Company. |
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Line of Business : |
Manufacturer,
Importer and Exporter of Superior Quality Granite Monuments. |
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 200000 |
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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 has taken over the running business of the rest while
partnership concern. Subject is a well – established and reputed company having
satisfactory records. Directors are reported as experienced and
respectable businessmen. Trade
relations are reported as fair. Business is active. Payments are usually
correct and as per commitments. The company can be considered normal for business dealings at usual
trade terms and conditions. The management has however confirmed to part with latest financial and
if they provide, a will be sent. |
LOCATIONS
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Registered Office : |
No. 1050, TVS Colony,
Anna Nagar, West Extension, Chennai (Madras) – 600101, Tamilnadu, India |
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Tel. No.: |
91-44-26540528 / 26546752 / 26546753 /
25646954 |
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Mobile No.: |
91-44-26546750 / 26546954 |
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E-Mail : |
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Website : |
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Factory 1 : |
Banbikavanur
Village Ponneri Taluka, Thiruvallur District, Tamilnadu |
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Tel. No.: |
91-44-26540528 / 26546752 / 26546753 /
25646954 |
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Fax No.: |
91-44-26546750 /26546954 |
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E-Mail : |
DIRECTORS
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Name : |
Mr. N Balakrishnan |
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Designation : |
Managing Director |
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Date of Appointment : |
22.09.2004 |
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Name : |
K Balasubramanium |
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Designation : |
Director |
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Date of Appointment : |
27.11.2004 |
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Name : |
K. J. Sudhaa |
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Designation : |
Director |
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Date of Appointment : |
22.09.2004 |
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Name : |
K K Kandhasamy Gounder |
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Designation : |
Director |
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Date of Appointment : |
27.11.2004 |
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Name : |
Mr. K K Murugan |
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Designation : |
Director |
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Address : |
1043, T. V. S. Colony, Anna Nagar West, Extension, Chennai – 600101,
Tamilnadu, India |
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Date of Appointment : |
14.03.2005 |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
As on 31.03.2007
|
Names of Shareholders |
|
No. of Shares |
|
N Balakrishnan |
|
12500 |
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K Balasubramanium |
|
12500 |
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K. J. Sudhaa |
|
12500 |
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K K Kandhasamy Gounder |
|
12500 |
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Total |
|
50000 |
As on 30.09.2007
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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,
Importer and Exporter of Superior Quality Granite Monuments. |
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Products : |
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Exports : |
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Countries : |
Germany, UK, France, Belgium, Netherlands, Finland,
Ireland, USA and Canada |
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Imports : |
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Products : |
Consumables Abrasives |
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Countries : |
Germany, Japan, Italy, China |
GENERAL
INFORMATION
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No. of Employees : |
275 |
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Bankers : |
State Bank of India, Commercial Branch, 232, N. S. C. Bose Road,
Chennai – 600001, Tamilnadu, India |
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Facilities : |
(Bill Discounting
and PC Limit) |
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Banking Relations : |
Satisfactory |
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Auditors : |
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Name : |
V T Rajinikanth Chartered
Accountants |
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Address : |
# 26, Anand Sarovar,
New No. 198, Kutchery Road, Mylapore, Chennai - 600004, Tamilnadu |
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Associates/Subsidiaries : |
Nil |
CAPITAL STRUCTURE
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
50000000 |
Equity Shares |
Rs. 10/- each |
Rs. 500.000 Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
3037500 |
Equity Shares |
Rs. 10/- each |
Rs. 30.375 Millions |
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
|
31.03.2007 |
31.03.2006 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
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30.375 |
30.375 |
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2] Share Application Money |
|
0.000 |
0.000 |
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3] Reserves & Surplus |
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20.089 |
8.988 |
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4] (Accumulated Losses) |
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0.000 |
0.000 |
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NETWORTH |
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50.464 |
39.363 |
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LOAN FUNDS |
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1] Secured Loans |
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178.266 |
122.719 |
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2] Unsecured Loans |
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0.000 |
0.000 |
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TOTAL BORROWING |
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178.266 |
122.719 |
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DEFERRED TAX LIABILITIES |
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0.000 |
0.000 |
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TOTAL |
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228.730 |
162.082 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
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69.457 |
46.702 |
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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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47.320 |
29.789 |
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Sundry Debtors |
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80.955 |
53.755 |
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Cash & Bank Balances |
|
1.356 |
0.094 |
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Other Current Assets |
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30.512 |
31.392 |
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Loans & Advances |
|
29.677 |
9.156 |
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Total
Current Assets |
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189.820 |
124.186 |
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Less : CURRENT LIABILITIES & PROVISIONS |
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Current Liabilities |
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30.547 |
8.806 |
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Provisions |
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0.000 |
0.000 |
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Total
Current Liabilities |
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30.547 |
8.806 |
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Net Current Assets |
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159.273 |
115.380 |
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MISCELLANEOUS EXPENSES |
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0.000 |
0.000 |
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TOTAL |
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228.730 |
162.082 |
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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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4.14 |
3.34 |
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Current Ratio (Current Asset/Current Liability) |
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6.21 |
14.10 |
LOCAL AGENCY
FURTHER INFORMATION
This firm has been registered with the ROC at Chennai as a
private limited company in late 2004.
Till then it was a partnership firm.
Business
They also produce sculptures, Architectural pieces, granite landscape materials, sinks and granite interior works as per architects imagination.
Bankers Charges
Report as per Registry
|
Name of the company |
GOLDEN ROCK GRANITES PRIVATE LIMITED |
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Presented By |
State Bank of
India, Commercial Branch, Chennai – 600001 |
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1) Date and description of instrument creating the change |
Dated 12.02.2005
All dated
12.02.2005 relate to one and the same charge. |
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2) Amount secured by the charge/amount owing on the securities of charge |
Rs. 60.000
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 |
Hypothecation of
entire stocks of Raw Materials, Work in progress, consumables, future,
finished goods and export receivables, export orders on hand / confirmed LC,
Export receivables backed by L/C and bills along with shipping documents
under realization. Hypothecation of
the plant and machinery and other Miscellaneous Fixed assets of the
company. |
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4) Gist of the terms and conditions and extent and operation of the charge. |
Margin, Rate of
Interest, other terms and conditions : As stipulated in the agreement and
sanction letter. |
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5) Name and Address and description of the person entitled to the charge. |
State Bank of India, Commercial Branch, 232, N. S. C. Bose Road,
Chennai – 600001, Tamilnadu, India |
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6) Date and brief description of instrument modifying the charge |
-- |
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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 modified
|
90289274 |
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Corporate
identity number of the company |
U14102TN2004PTC054302 |
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Name of the
company |
GOLDEN ROCK GRANITES PRIVATE
LIMITED |
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Address of the
registered office or of the principal place of business in India of the company |
1050, TVS Colony, Anna Nagar, West Extension,
Chennai (Madras) – 600101, Tamilnadu |
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Type of charge |
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Particular of
charge holder |
State Bank of India, Commercial Branch, 232, N. S. C. Bose Road,
Chennai – 600001, Tamilnadu, India |
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Nature of
description of the instrument creating or modifying the charge |
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Date of
instrument Creating the charge |
11.02.2008 |
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Amount secured by
the charge |
Rs. 235.000
Millions |
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Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest As stipulated by
the Bank from time to time Terms of
Repayment As stipulated by
the bank from time to time Margin As stipulated by
the bank from time to time Extent and
Operation of the charge As mentioned in
the agreement |
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Short particulars
of the property charged |
Charge on the
entire stocks of raw materials, work in progress, consumables, finished goods
and export receivables of the company. Charge on plant and machinery, land
and building and other fixed assets of the company. |
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Date of latest
modification prior to the present modification |
10.08.2007 |
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Particulars of
the present modification |
By the present
modification the overall limit has been enhanced from Rs. 215 Millions secured
by the current assets, plant and machinery, fixed assets. Extension of
equitable mortgage by way of deposit of title deeds of the company’s
immovable properties at SIPCOT Industrial complex at Gummidipondi and
Bandikavanoor Villag. All other terms and conditions of original charge and
subsequent modification remain unaltered.
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AS PER WEBSITE
Profile
Situated in the southern part of India, Golden Rock granites private limited carries with it, three decades of experience in global exports of superior quality Granite monuments.
With two sprawling factory setups, several granite quarries and a highly qualified skilled labor force, they continue to produce monuments with international quality. Their uniqueness of maintaining international standards in producing high quality monuments has earned them a reputation in the global market.
With the expertise in this field for more than three decades and with the advantage of stocking huge quantity of raw materials to meet emergencies, they have created undeterred commitment to their delivery schedule.
Factory
Spanning a huge area of 12 acres, their factory setup consists of two production units. They use 60 MT Gantry to lift huge stones for processing and have sufficient forklifts and EOT cranes.
Imported Machineries from Japan, Germany and Italy are installed in their
factory to bring about fineness in their work process. They have a Wiresaw
machinery to cut Huge blocks of size 20 ft x 10 ft (6 meters x 3 meters) size.
This helps them to produce Mausoleums and Huge Monuments
Block-sawing machines are available to process any size. Effective and smooth
edge cutting, with the help of imported blades and edge cutting to any contour
sizes. They have Profile wire cutting, Material Handling equipments, Bed polishing,
Automatic Surface Polisher and special Hand tools to bring about the quality
and finish in the final product
India has a proud
heritage in architectural beauty from time immemorial. Especially the southern
part of India is more known for its sculptural beauty and architectural
expertise. Golden Rock Granites Private Limited inherits the proud heritage of
architecture combined with innovation and technology to produce Superior
quality granite monuments and Architectural pieces.
Golden Rock Granites offers a variety of products to suit various memorial
needs. Each of their monuments is as
individual as the person they honor.
Their Granite
monuments are beautiful tributes to everlasting memories.
Golden Rock regards its people as its most valuable resource. The resounding growth achieved by the firm echoes the team's passion to create path-breaking innovations and scale newer heights in creating quality monuments. The team's undeterred determination to surpass client expectations has also won the patronage of many a client for Golden Rock.
The core team of Partners at Golden Rock has a combined experience of three decades with sound expertise in Selection of Raw material, Processing and also in international marketing.
Golden Rock has trained and developed a team to maintain quality right from the
stage of procurement of raw materials to production of High quality monuments.
The organization is staffed with highly skilled personnel to do the
extraordinary work.
The innovation and excellence they thrive upon is rooted in the selection of raw materials. Selection of right quality raw material needs great amount of expertise, special knowledge of quarries and stones. They have well-qualified and trained geologists to select the raw material and have tie-ups with big companies.
They also have their own quarries rich in best quality Bahama blue material and other colors. The quarries are totally mechanized by imported equipments.
Huge investment has been made on stock of raw materials to keep up the
commitment schedule round the year, to overcome scarcity of raw material and
also to meet the causes of nature.
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.40.62 |
|
UK Pound |
1 |
Rs.81.29 |
|
Euro |
1 |
Rs.64.09 |
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 |
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--RESERVES |
1~10 |
5 |
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--CREDIT LINES |
1~10 |
5 |
|
--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 |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
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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 |
|