MIRA
INFORM REPORT
|
Report Date : |
07.11.2008 |
IDENTIFICATION
DETAILS
|
Name : |
DUNITE ROCKS PRIVATE LIMITED |
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Registered Office : |
S No. 12/1 B Scholavandan Road, Madurai District Nagri, Madurai-625221,
Tamilnadu |
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Country : |
India |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
21.04.2004 |
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Com. Reg. No.: |
18-53016 |
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CIN No.: [Company
Identification No.] |
U26933TN2004PTC053016 |
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IEC No.: |
3804000193 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
MRID00651A |
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PAN No.: [Permanent
Account No.] |
AACCD0757A |
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Legal Form : |
Private Limited
Liability Company |
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Line of Business : |
Manufacturer,
Exporter and Importer of Granite Monuments, Granite Slabs, Tiles |
RATING &
COMMENTS
|
MIRA’s Rating : |
B |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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 200000 |
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Status : |
Moderate |
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Payment Behaviour : |
Slow but correct |
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Litigation : |
Clear |
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Comments : |
Subject is an established company having moderate track. The company
has substantial accumulated losses. It’s payments are reported as slow but
correct. The company can be considered for small to mediocre business dealings
at usual trade terms and conditions. |
INFORMATION PARTED
BY
|
Name : |
Mr. Kamraj |
|
Designation : |
Accountant |
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Contact No.: |
91-9443158933 |
|
Date : |
05.11.2008 |
LOCATIONS
|
Registered Office/ Factory : |
S No. 12/1 B Scholavandan Road, Madurai District Nagri,
Madurai-625221, Tamilnadu, India |
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Tel. No.: |
91-4543-258020/258930-32 |
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Fax No.: |
91-4543-258030/
260690 |
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E-Mail : |
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Website : |
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Area : |
8 acre ( Owned) |
DIRECTORS
|
Name : |
Mr. R. Sriram |
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Designation : |
Director |
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Address : |
FF, Adhi Home,
Porsn Srishti, Madurai – 625018, Tamilnadu, India |
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Date of Birth/Age : |
42 Years |
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Qualification : |
M Tech |
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Experience : |
14 Years |
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Name : |
Mrs. K Geetha
Sriram |
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Designation : |
Director |
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Address : |
FF, Adhi Home,
Porsn Srishti, Madurai – 625018, Tamilnadu, India |
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Date of Birth/Age : |
42 Years |
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Qualification : |
M Tech. |
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Experience : |
9 Years |
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Name : |
Mr. Marippa
Gounder Eshwar Swami |
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Designation : |
Director |
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Address : |
10F, Prithvi,
Parsn Srishti, Madurai –625018, Tamilnadu, India |
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Date of Birth/Age : |
10.08.1963 |
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Qualification : |
B.E. |
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Experience : |
1 Years |
KEY EXECUTIVES
|
Name : |
Mr. Kamraj |
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Designation : |
Accountant |
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Mobile No. : |
91-9443158933 |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
As on 28.09.2007
|
Names of Shareholders |
|
No. of Shares |
|
Madurai Akay Roack Produce Private Limited |
|
1750000 |
|
T Sriram |
|
1100000 |
|
K Geetha |
|
550000 |
|
C Kaliannan |
|
250000 |
|
Rama |
|
52500 |
|
K Sripriya |
|
50000 |
|
Dasarathan |
|
100000 |
|
Vanasekaran |
|
15000 |
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Shivaganapathy |
|
30000 |
|
Shanthi |
|
5000 |
|
R Mahalingam |
|
50000 |
|
Sarvana Fibers |
|
50000 |
|
Chandra Enterprised (Private ) Limited |
|
50000 |
|
Metal Management Services |
|
50000 |
|
Srikumar |
|
50000 |
|
M Eswarsamy |
|
100 |
|
Total |
|
4152600 |
Equity Share Breakup (Percentage of Total Equity)
As on 30.09.2007
|
Category |
|
Percentage |
|
Bodies corporate (not mentioned above) |
|
42.04 |
|
Directors or relatives of directors |
|
39.88 |
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Other Top fifty (50) Shareholders (other than listed above) |
|
18.08 |
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Total |
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer,
Exporter and Importer of Granite Monuments, Granite Slabs, Tiles |
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Exports : |
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Products : |
Granite Slabs and Tiles |
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Countries : |
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Imports : |
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Products : |
Diamond wires
used for cutting raw blocks |
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Countries : |
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Terms : |
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Selling : |
L/C, Advance |
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Purchasing : |
Demand Draft |
PRODUCTION STATUS
|
Particulars |
Unit |
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Installed
Capacity |
|
Granite Sables/ Tiles/ Products |
SQM |
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|
210000 |
GENERAL
INFORMATION
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Customers : |
Wholesalers |
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No. of Employees : |
118 (Office 18, Factory 100) |
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Bankers : |
Canara Bank, Madurai Branch, No. 33,
North Veli Street, Mdurai-625001, Tamil Nadu, India |
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Facilities : |
CC Rs. 40.000 Millions |
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Banking
Relations : |
-- |
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Financial Institute: |
Sundaram Finance Limited |
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Auditors : |
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Name : |
Mr. C.
Balkrishnan Chartered
Accountants |
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Address : |
13, Besant Road,
Chockikulam, Madurai – 625002 |
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Tel. No.: |
91-452-2522990 |
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Parent Company : |
Madurai Arkay
Rock Produce Private Limited 4/48, Sholvandan
Road, Madurai - 625221, Tamilnadu, India Line of Business
– Manufacturer and Exporter of Granite Monuments/ Slabs/ Products |
CAPITAL STRUCTURE
As on 28.09.2007
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
550000 |
Equity Shares |
Rs. 100/- each |
Rs. 55.000 Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
416260 |
Equity Shares |
Rs. 100/-
each |
Rs. 41.626
Millions |
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2007 |
31.03.2006 |
31.03.2005 |
|
|
SHAREHOLDERS FUNDS |
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|
|
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1] Share Capital |
41.626 |
0.100 |
0.100 |
|
|
2] Share Application Money |
0.000 |
38.857 |
12.380 |
|
|
3] Reserves & Surplus |
0.000 |
0.000 |
0.000 |
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4] (Accumulated Losses) |
[1.307] |
0.000 |
0.000 |
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NETWORTH |
40.319 |
38.957 |
12.480 |
|
|
LOAN FUNDS |
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1] Secured Loans |
100.984 |
93.888 |
0.000 |
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2] Unsecured Loans |
0.500 |
0.500 |
0.000 |
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TOTAL BORROWING |
101.484 |
94.388 |
0.000 |
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DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
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TOTAL |
141.803 |
133.345 |
12.480 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
99.047 |
104.207 |
4.823 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENT |
0.000 |
0.000 |
0.000 |
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DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
47.102
|
23.512 |
0.000 |
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|
Sundry Debtors |
0.055
|
0.000 |
0.000 |
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Cash & Bank Balances |
2.068
|
1.146 |
2.158 |
|
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Other Current Assets |
0.000
|
0.000 |
0.000 |
|
|
Loans & Advances |
2.396
|
1.760 |
5.210 |
|
Total
Current Assets |
51.621
|
26.418 |
7.368 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
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|
|
|
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|
Current Liabilities |
8.911
|
2.991 |
0.000 |
|
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Provisions |
0.000
|
0.000 |
0.000 |
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Total
Current Liabilities |
8.911
|
2.991 |
0.000 |
|
|
Net Current Assets |
42.710
|
23.427 |
7.368 |
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MISCELLANEOUS EXPENSES |
0.046 |
5.711 |
0.289 |
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TOTAL |
141.803 |
133.345 |
12.480 |
|
PROFIT & LOSS
ACCOUNT
|
PARTICULARS |
|
|
31.03.2007 |
|
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Sales Turnover |
|
|
87.748 |
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Other Income |
|
|
0.000 |
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Total Income |
|
|
87.748 |
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Profit/(Loss) Before Tax |
|
|
[1.293] |
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Provision for Taxation |
|
|
0.014 |
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Profit/(Loss) After Tax |
|
|
[1.307] |
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Expenditures : |
|
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Interest |
|
|
10.861 |
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Depreciation & Amortization |
|
|
14.421 |
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Other Expenditure |
|
|
63.759 |
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Total Expenditure |
|
|
89.041 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2007 |
31.03.2006 |
31.03.2005 |
|
PAT / Total Income |
(%) |
[1.49]
|
NA |
NA |
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Net Profit Margin (PBT/Sales) |
(%) |
[1.47]
|
NA |
NA |
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Return on Total Assets (PBT/Total Assets} |
(%) |
[0.86]
|
NA |
NA |
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Return on Investment (ROI) (PBT/Networth) |
|
[0.03]
|
NA |
NA |
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|
Debt Equity Ratio (Total Liability/Networth) |
|
2.73
|
2.49 |
0.00 |
|
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|
|
Current Ratio (Current Asset/Current Liability) |
|
5.79
|
8.83 |
0.00 |
LOCAL AGENCY FURTHER
INFORMATION
Trade References:
·
IPO 37 |S.B.A , Italy
·
Grantinter
India Private Limited, Chennai
·
F A Mecanica, Italia
·
Husquarna, Belgium
Bankers Charges
Report as per Registry
|
This form is for |
Modification of
charge |
|
Charge identification
number of the modified |
90288202 |
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Corporate
identity number of the company |
U26933TN2004PTC053016 |
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Name of the
company |
DUNITE ROCKS PRIVATE LIMITED |
|
Address of the
registered office or of the principal place of business in India of the company |
S No. 12/1 B Scholavandan Road, Madurai District Nagri,
Madurai-625221, Tamilnadu, India |
|
Type of charge |
Movable Property |
|
Particular of
charge holder |
Canara Bank, Madurai Branch, No. 33,
North Veli Street, Mdurai-625001, Tamil Nadu, India |
|
Nature of
description of the instrument creating or modifying the charge |
1.
Supplemental
Common Hypothecation Agreement 2.
Letter of
Renewal dated 05.12.2007 |
|
Date of
instrument Creating the charge |
05.12.2007 |
|
Amount secured by
the charge |
Rs. 132.300
Millions |
|
Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest
Terms of Repayment
1.
Packing
Credit FDB/FBE and FLC – Repayable on Demand. Limits are valid for a period
of 12 months from the dated of sanction. 2.
TL of Rs.
72.300 Millions – There is no charge in the existing stipulation. Margin
Extent and
Operation of the charge The Charge shall
operate as EXCLISIVE FIRST CHARGE in favour of the bank for an Overall Limit
of Rs. 132.300 Millions together with interest, costs, changes and other
expenses which may be debited to the company’s accounts from time to time. Others
(ii)
Type of LC – Not Revolving
(iii) Usance Period – 180 days from Bill of Lading |
|
Date of latest
modification prior to the present modification |
31.05.2007 |
|
Particulars of
the present modification |
Overall limit is
Increased to Rs. 132.300 Millions Extension as EXCLISIVE FIRST CHARGE on the Company’s
Present and future stocks of Granite Blocks. Export Receivables Machineries
and other movable assets as SECURITY for the enhancement Overall Limit of Rs.
132.300 Millions together with interest, cost, charges and other expenses
which may accrue and /or be debited to the company’s account form time to
time. |
Fixed Assets:
·
Land
·
Building
·
Machinery
·
Electrical
Machinery
·
Electrical
Fittings
·
Office
Equipments
·
Vehicles
·
Furniture and
Fittings
·
Computer and
Accessories
·
Air
Conditioner
AS PER WEBSITE
Profile:
Ideally situated at Madurai amidst bustling
quarries in south tamilnadu Dunite rocks is a granite slab processing
plant with obsesion for high quality.Complementing this is the state of the art
machineries imported from italy and skilled and trained manpower.The strategic
and geographic location ensures proximity to most quarries of India which are
concentrated in the Deccan plateau and the tuticorin port
Group of technically qualified and well trained people operate the gangsaw
that are most modern next generation machines.Round the clock maintenance team
help in quick upkeeping and minimize machine down times.They have a set of
preventive maintenance procedures periodically ensuring a continuous operation.
The slab polishing machine fully automatic is a
latest one with large capacity and fast turnaround time with 22 heads and resin
application is done if needed to give that super glossy finish.They also have a
water recycling plant to make a smooth streamlined operation for producing
slabs of utmost quality and thus make it environment friendly.
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.47.67 |
|
UK Pound |
1 |
Rs.75.47 |
|
Euro |
1 |
Rs.61.19 |
SCORE & RATING
EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
4 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
4 |
|
--PROFITABILIRY |
1~10 |
3 |
|
--LIQUIDITY |
1~10 |
4 |
|
--LEVERAGE |
1~10 |
4 |
|
--RESERVES |
1~10 |
4 |
|
--CREDIT LINES |
1~10 |
4 |
|
--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 |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
38 |
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 |
|