MIRA
INFORM REPORT
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Report Date : |
22.11.2008 |
IDENTIFICATION DETAILS
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Name : |
BILIGIRI GRANITES
PRIVATE LIMITED |
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Registered Office : |
120, Hoodi
Apartment, |
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Country : |
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Financials (as on) : |
31.03.2008 |
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Date of Incorporation : |
29.09.1994 |
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Com. Reg. No.: |
08 -16325 |
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CIN No.: [Company
Identification No.] |
U14102KA1994PTC016325 |
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IEC No.: |
0791001491 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
BLRB01546G |
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PAN No.: [Permanent
Account No.] |
AABCB5844K |
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Legal Form : |
Private Limited
Liability Company. |
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Line of Business : |
Manufacturer, Importer,
Dealers and Exporter of Granite Block and Tiles |
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 20000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Usually Correct |
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Litigation : |
Clear |
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Comments : |
Subject is a 100 percent
export oriented company engaged in manufacturing and exporting of granite of
granite monuments, mamorial and markers. The company has been making
satisfactory progress in its performance. Trade relations
are reported as fair. Payments are usually correct and as per
commitments. The company can
be considered normal for business dealings at usual trade terms and
conditions. |
INFORMATION PARTED BY
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Name : |
Mr. Guruprasad |
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Designation : |
Incharge Office |
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Date : |
13.11.2008 |
LOCATIONS
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Registered
Office : |
120, Hoodi
Apartment, |
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Tel. No.: |
91-80-22259702 91-8226-222113 |
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Fax No.: |
91-80-22259704 91-821-2343438 |
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Mobile No.: |
91-9448070722/
9731358651 |
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E-Mail : |
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Website : |
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Area : |
2500 sq. ft. |
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Location : |
Rented |
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Factory : |
9th
KM, , |
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Tel. No.: |
91-8226-230033/34/222113/722113 91-821-2543847 |
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Fax No.: |
91-8226-230073/222252/722252 |
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Area : |
2.5sq. ft. |
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Location : |
Owned |
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Overseas
Office: |
BG Granites Inc., 39372, Drakeway, |
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Tel. No.: |
510 795 7630 |
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Fax No.: |
510 795 7621 |
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E-Mail : |
DIRECTORS
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Name
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Mr. V. Anantha
Kumar |
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Designation |
Managing Director
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Address : |
B R |
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Age |
14.10.1944 |
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Qualification |
S. S. L. C. ,
Diploma |
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Address |
“Biligiri”, |
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Date of
Appointment |
29.09.1994 |
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Profile |
His dedication and
hardwork paved way to the growth of the company, which resulted in the
constitution of an exclusive monuments manufacturing unit in 1994. |
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Name |
Mr. A. Srigiri |
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Designation |
Director |
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Address : |
B R |
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Age |
15.07.1976 |
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Qualification |
MBA |
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Address |
“Biligiri”, |
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Date of
Appointment |
02.02.1998 |
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Profile |
He holds a
Masters degree in International Business Management from |
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Name |
Mr. R Sekar |
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Designation |
Director |
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Address |
120, Hoodi
Apartments, |
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Date of
Appointment |
29.09.1994 |
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Name |
Mr. S R Kumar |
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Designation |
Director |
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Address |
No. 4/B, Japore
Terras, 219, |
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Name |
Mr. Jayaram K
Beladkere |
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Designation |
Director |
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Address |
No. M1035, III
Cross, Vivekanand Nagar, |
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Name |
Ms. V Revathi |
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Designation |
Director |
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Address |
“Biligiri”, |
KEY EXECUTIVES
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Name : |
Mrs. Shilpa Anand
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Designation : |
President BG
Granites Inc., |
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Profile : |
Since the establishment
of BG Granites Inc, Mrs. Shilpa Anand is concentrating on developing the
business in the |
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Name : |
Mr. Anand
Vidyanand |
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Designation : |
Treasurer BG
Granites, Inc., |
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Profile : |
Mr. Anand is the
key person to establish BG Granites in |
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Name : |
Mr. K. Rajshekar |
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Designation : |
Company Secretary |
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Address: |
Bhavani, 104, 1st
Floor, 4th Main, 10th Cross, Malleswaram, |
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Tel No.: |
91-80-2344 3712 |
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Fax No.: |
91-80-2356 3321 |
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Mobile No.: |
91-98440 43712 |
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E mail : |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
(As on 29.09.2007)
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Names
of Shareholders |
No. of shares |
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B Sekar |
14000 |
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V Anantha Kumar |
17900 |
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S R Kumar |
14000 |
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A Srigiri |
100 |
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Jayaram K
Beladkere |
10000 |
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V Revathi |
24000 |
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Total |
80000 |
(As on
30.09.2007)
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Category |
Percentage |
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Directors or
relatives of directors |
100.00 |
BUSINESS DETAILS
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Line of
Business : |
Manufacturer,
Importer, Dealers and Exporter of Granite Block and Tiles |
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Products : |
Ř
Granite
Monuments Ř
Memorials Ř
Markers Ř
Private
Mausoleums Ř
Blocks Ř
Tiles
Slabs |
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Exports : |
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Products : |
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Countries : |
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Imports : |
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Products : |
Consumer Wealth |
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Countries : |
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Terms : |
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Selling : |
L/C or Credit (90
days) terms, Advance |
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Purchasing : |
Cash or Credit
(60 days) terms, Advance/ DA |
PRODUCTION STATUS
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Particulars |
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Installed Capacity |
Actual Production |
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Monuments,
Memorials and Slabs |
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14 Nos. |
12 Nos. |
GENERAL INFORMATION
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Customers : |
Wholesalers |
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Suppliers : |
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No. of
Employees : |
34 (Office – 10
and Factory – 24) |
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Bankers : |
·
State Bank of · Canara Bank Chamrajnagar |
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Banking Relations : |
Satisfactory |
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Auditors : |
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Name : |
Nagarajan and Company Chartered Account |
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Address : |
10 Trust Complex,
3rd Floor, |
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Tel. No.: |
91-80-25323245 |
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Name : |
Nagarajan and
Company Chartered
Accountant |
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Address : |
195/2, |
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Associates : |
Biligiri Granites 120, Hoodi
Apartment, (Manufacturer and
Exporter of Granite Block and Tiles) |
CAPITAL STRUCTURE
Authorised Capital:
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No. of Shares |
Type |
Value |
Amount |
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100000 |
Equity shares |
Rs.100/- each |
Rs. 10.000 millions |
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Issued, Subscribed & Paid-up Capital:
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No. of Shares |
Type |
Value |
Amount |
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80000 |
Equity shares |
Rs.100/-
each |
Rs. 8.000
millions |
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FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
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SOURCES OF FUNDS |
31.03.2008 |
31.03.2007 |
31.03.2006 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
8.000 |
8.000 |
8.290 |
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2] Share Application Money |
0.000 |
0.290 |
0.000 |
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3] Reserves & Surplus |
(3.843) |
3.000 |
3.000 |
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4] (Accumulated Losses) |
0.000 |
(4.249) |
(5.183) |
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NETWORTH |
4.157 |
7.041 |
6.107 |
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LOAN FUNDS |
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1] Secured Loans |
0.000 |
0.000 |
0.000 |
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2] Unsecured Loans |
9.128 |
9.128 |
9.221 |
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TOTAL BORROWING |
9.128 |
9.128 |
9.221 |
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DEFERRED TAX LIABILITIES |
0.851 |
0.982 |
1.168 |
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TOTAL |
14.136 |
17.151 |
16.496 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
10.715 |
12.252 |
13.238 |
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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 |
3.031 |
3.267 |
0.000 |
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Sundry Debtors |
0.000 |
0.000 |
0.000 |
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Cash & Bank Balances |
1.199 |
0.428 |
0.332 |
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Other Current Assets |
0.081 |
0.109 |
1.388 |
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Loans & Advances |
3.644 |
3.669 |
4.025 |
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Total
Current Assets |
7.955
|
7.473 |
5.745
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
1.534 |
2.574 |
2.487 |
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Provisions |
0.000
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0.000
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0.000 |
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Total
Current Liabilities |
1.534 |
2.574 |
2.487 |
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Net Current Assets |
6.421 |
4.899 |
3.258 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
14.136 |
17.151 |
16.496 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
31.03.2008 |
31.03.2007 |
31.03.2006 |
Sales Turnover [including other income]
|
7.983 |
8.284 |
21.627 |
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Profit/(Loss) Before Tax
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NA |
0.277 |
0.638 |
Provision for Taxation
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NA |
0.000 |
0.000 |
Profit/(Loss) After Tax
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NA |
0.277 |
0.638 |
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Export Value
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7.984 |
NA |
NA |
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Import Value
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NA |
NA |
12.592 |
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Total Expenditure
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NA |
8.007 |
20.989 |
KEY RATIOS
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PARTICULARS |
|
31.03.2008 |
31.03.2007 |
31.03.2006 |
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PAT / Total Income |
(%) |
NA
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3.34
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2.95
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Net Profit Margin (PBT/Sales) |
(%) |
NA
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3.34
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2.95
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Return on Total Assets (PBT/Total Assets} |
(%) |
NA
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1.40
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3.36
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Return on Investment (ROI) (PBT/Networth) |
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NA
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0.04
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0.10
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Debt Equity Ratio (Total Liability/Networth) |
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2.56
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1.66
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1.92
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Current Ratio (Current Asset/Current Liability) |
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5.19
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2.90
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2.31
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LOCAL AGENCY FURTHER INFORMATION
HISTORY:
The subject company
is a 100% EOU. Awarded Gold Medal for Export Promotion and Quality Management
by Government of Karnataka.
Its products include
dimensional blocks, slabs, markers, furniture, innovatively and exclusively
designed monuments, memorials and architectural pieces in a wide range of
colors. Catering to the market demand, it also manufactures finished granite
products.
TRADE REFERENCES:
- BG Granites Inc,
- Allied Granites Midulster,
- Diamond
FORM 8:-
|
Name of the company |
BILIGIRI GRANTIES PRIVATE LIMITED Registered Office : 120,
Hoodi Apartment, |
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Presented By |
BILIGIRI GRANTIES PRIVATE LIMITED Registered Office : 120,
Hoodi Apartment, |
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1) Date and
description of instrument creating the change |
Date : 18.06.1996 Letter of undertaking
re : Loans Deed of
hypothecation re : machinery Letter evidencing
deposit of title deeds Schedule A and B |
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2) Amount secured
by the charge/amount owing on the securities of charge |
Rs.8.000 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 |
Land, Building
and Machinery items. Date : 18.06.1996 |
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4) Gist of the
terms and conditions and extent and operation of the charge. |
Hypothecation of machinery and equitable mortgage of land and
building. |
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5) Name and
Address and description of the person entitled to the charge. |
Canara Bank B R |
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6) Date and brief description of instrument modifying
the charge |
Not applicable |
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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. |
Not applicable |
FIXED ASSETS:
- Building
- Plant and Machinery
- Electrical Installation
- Office Equipment
- Furniture and Fixtures
- Machinery - WIP
WEBSITE DETAILS:
PROFILE:
Incorporated
in the year 1977, Subject has been in the vanguard of technological advancement
in the granite industry. The
company is controlled and managed by technical people of proven record.
With over two decades of legacy, their success is attributed not only to their
dedicated efforts in manufacturing quality products, but also to the paramount
importance given to customer service. World-class state of art technology and
equipment coupled with skilled manpower and excellent resources enable them to
serve their customers better.
Subject is focused on providing quality products manufactured using modern
technology. Their products include dimensional blocks, slabs, markers,
furniture, innovatively and exclusively designed monuments, memorials and
architectural pieces in a wide range of colors. Catering to the market demand,
they also manufacture finished granite products. As a result, they have
established a 100% export oriented unit at Chamarajanagar near
Company synonymous with Engineering Excellence where imaginations and
engineering come together to produce world-class products. They are thoroughly
motivated to meet the demands of their customers, for us, sky is the limit.
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts,
1] INFORMATION ON
DESIGNATED PARTY
No 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.50.03 |
|
|
1 |
Rs.74.42 |
|
Euro |
1 |
Rs.62.71 |
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 |
|
--RESERVES |
1~10 |
5 |
|
--CREDIT LINES |
1~10 |
- |
|
--MARGINS |
-5~5 |
- |
|
DEMERIT POINTS |
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--BANK CHARGES |
YES/NO |
NO |
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--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
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--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 |
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