MIRA
INFORM REPORT
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Report Date : |
25.11.2008 |
IDENTIFICATION DETAILS
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Name : |
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Registered Office : |
DB House, Gen. A. K. Vaidya Marg, Goregaon [East], Mumbai – 400063, |
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Country : |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
11.09.1984 |
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Com. Reg. No.: |
11-033987 |
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CIN No.: [Company
Identification No.] |
U51900MH1984PTC033987 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
MUMC10103C |
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PAN No.: [Permanent
Account No.] |
AAACC1661J |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Manufacturers and Processors of Granite/Marble Slabs 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 1400000 |
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Status : |
Good |
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Payment Behaviour : |
Slow |
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Litigation : |
Clear |
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Comments : |
Subject is a well-established company of Conwood Group having diversified interest in construction, dairy, software and satisfactory track. Their trade relations are reported as fair. Payments are slow as gathered. The company can be considered good for normal business dealings at usual trade terms and conditions. It can be regarded as a promising business partner in a medium and long- run |
INFORMATION PARTED BY
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Name : |
Mr. Prashant |
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Designation : |
Export – Import Department |
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Date : |
19.11.2008 |
LOCATIONS
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Registered Office : |
DB House, Gen. A. K. Vaidya Marg, Goregaon [East], Mumbai – 400063, |
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Tel. No.: |
91-22-28402304 / 28402305/
40430830 |
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Fax No.: |
91-22-28402322 |
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E-Mail : |
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Website : |
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Area : |
1000 sq.ft. [Owned] |
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Factory : |
Plot No:k-5, Addl MIDC Area, |
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Tel. No.: |
91-2162-44500 / 46126 |
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Fax No.: |
91-2162-44126 |
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Administrative Office / Factory : |
41st |
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Tel. No.: |
91-80-27285029 / 27285030 / 27276249 / 27276250 |
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Fax No.: |
91-80-27285626 / 27273867 / 27271291 |
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Email : |
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Area : |
5 Acre [Approx] |
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City Office : |
Mittal Tower, ‘A’ Wing, 3rd
Floor, |
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Tel No.: |
91-22-22824464 / 22832305 |
DIRECTORS
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Name : |
Mr. Vinod K. Goenka |
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Designation : |
Managing Director |
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Address : |
Karmayog, 6th Floor, Hatkesh Society, Juhu Scheme,
Mumbai-400 049, |
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Date of Birth/Age : |
02.07.1959 |
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Date of Appointment : |
20.11.1986 |
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Name : |
Mr. Sanjeev Goneka |
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Designation : |
Whole time Director |
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Address : |
405, Hazel, Raheja Residency, Kormangala, 3rd Block, |
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Date of Birth/Age : |
03.03.1968 |
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Date of Appointment : |
29.07.1994 |
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Name : |
Mr. Ramanathan G.P. |
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Designation : |
Director |
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Address : |
A2-9/103, Nirmal, Gokuldham Goregaon (East), Mumbai-400 063, |
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Date of Appointment : |
20.06.2001 |
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Name : |
Ms. Aseela Goneka |
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Designation : |
Director (Marketing) |
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Address : |
Karmayog, 6th Floor, Hatkesh Society, Juhu Scheme, Mumbai-400
049, |
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Date of Birth/Age : |
09.05.1961 |
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Date of Appointment : |
20.03.2006 |
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Name : |
Mr. Narayan P. Bajaj |
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Designation : |
Whole time Director |
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Address : |
201, Namita, |
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Date of Birth/Age : |
02.11.1946 |
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Date of Appointment : |
06.01.2004 |
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Name : |
Mr. Subhash K. Dalmia |
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Designation : |
Whole time Director |
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Address : |
205, Muktnagan, Upper Govindnagar, Malad (East) Mumbai-400 097, |
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Date of Appointment : |
01.04.2005 |
KEY EXECUTIVES
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Name : |
Mr. Ratilal K. Bharadva |
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Designation : |
Company Secretary |
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Address : |
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Date of Appointment : |
02.01.2003 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 30.09.2007
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Names of Shareholders |
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No. of Shares |
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Vinod K. Goenka Parter - K.G.
Enterprises |
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1 |
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Vinod K. Goenka |
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35010 |
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Sanjiv N. Goenka |
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33675 |
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Vinod K. Goenka Karta HUF Aseela Goenka |
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126239 |
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Aseela Goneka Joint With Vinod K. Goenka |
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35000 |
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Vinod K. Goenka F and NG of Sanjana Goenka Aseela Goenka |
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35000 |
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Vinod K. Goenka F and NG of Jayvardhan Goenka Aseela Goenka |
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35000 |
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Jyoti Goenka |
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28396 |
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Sanjiv Goenka F and NG Akshay Goenka |
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13338 |
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Sanjiv Goenka F and NG Sanjana Goenka |
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13341 |
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Total |
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355000 |
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 : |
Manufacturers and Processors of Granite/Marble Slabs and
Tiles |
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Products : |
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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 : |
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Countries : |
Raw Material |
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Terms : |
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Selling : |
D/A, D/P L/C [30 days] |
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Purchasing : |
L/C |
GENERAL INFORMATION
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Customers : |
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No. of Employees : |
Above 250 |
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Bankers : |
Bank of Mumbai Main Office 10/12, Mumbai Samachar, Marg, Fort, Mumbai – 400001 Tel : 91-22-22048641 Fax : 91-22-22040494 Indusind Bank Oriental Bank of
Commerce Jash Chambers, Fax : 91-22-2267 3262 / 2265 8419 Allahabad Bank Industrial
Finance Branch, Apeejay House, 3, |
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Facility : |
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Banking
Relations : |
Good |
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Auditors : |
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Name : |
M. A. Parikh and Company Chartered Accountant |
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Address : |
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Name : |
Chaturvedi and Shah Chartered Accountant |
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Address : |
A-3,1st Floor, |
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Associates/Subsidiaries : |
[CIN No : U74999MH1993PTC070833]
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Group Companies : |
Dynamix Balwa Group |
CAPITAL STRUCTURE
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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500000 |
Equity Shares |
Rs.100/-each |
Rs.50.000 Millions |
Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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355000 |
Equity Shares |
Rs.100/-each |
Rs.35.500 Millions |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
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SOURCES OF FUNDS |
31.03.2007 |
31.03.2006 |
31.03.2005 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
35.500 |
35.500 |
35.500 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
254.156 |
238.010 |
210.485 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
289.656 |
273.510 |
245.985 |
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LOAN FUNDS |
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1] Secured Loans |
338.976 |
327.668 |
378.909 |
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2] Unsecured Loans |
0.246 |
7.648 |
22.658 |
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339.222 |
335.316 |
401.567 |
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DEFERRED TAX LIABILITIES |
25.805 |
27.806 |
22.764 |
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TOTAL |
654.683 |
636.632 |
670.316 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
207.963 |
227.883 |
139.840 |
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Capital work-in-progress |
10.434 |
9.310 |
109.540 |
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INVESTMENT |
7.583 |
7.583 |
8.675 |
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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 |
161.416 |
136.154 |
141.408 |
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Sundry Debtors |
299.503 |
262.932 |
245.926 |
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Cash & Bank Balances |
8.430 |
5.793 |
6.069 |
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Other Current Assets |
0.000 |
0.000 |
0.000 |
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Loans & Advances |
69.610 |
65.448 |
100.751 |
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Total
Current Assets |
538.959 |
470.327 |
494.154 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
99.989 |
71.981 |
73.197 |
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Provisions |
15.338 |
13.251 |
8.696 |
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Total
Current Liabilities |
115.327 |
85.232 |
81.893 |
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Net
Current Assets |
423.632 |
385.095 |
412.263 |
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MISCELLANEOUS EXPENSES |
5.071 |
6.761 |
0.000 |
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TOTAL |
654.683 |
636.632 |
670.316 |
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PROFIT & LOSS ACCOUNT
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PARTICULARS |
31.03.2007 |
31.03.2006 |
31.03.2005 |
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Sales Turnover |
NA |
707.998 |
635.996 |
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Other Income |
NA |
9.076 |
1.469 |
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Total Income |
NA |
717.074 |
637.465 |
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Profit/(Loss) Before Tax |
34.645 |
51.014 |
45.162 |
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Provision for Taxation |
NA |
19.442 |
17.639 |
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Profit/(Loss) After Tax |
NA |
31.573 |
27.534 |
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Earnings in Foreign Currency : |
NA |
696.674 |
628.807 |
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Expenditures : |
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Interest |
31.091 |
27.769 |
15.850 |
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Depreciation & Amortization |
23.762 |
23.977 |
25.196 |
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Other Expenditure |
NA |
614.314 |
551.257 |
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Total Expenditure |
NA |
666.060 |
592.303 |
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Sales Turnover (2007-08) : Rs. 750.000 Millions
Expected Sales (2008-09) : Rs. 800.000 Millions
KEY RATIOS
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PARTICULARS |
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31.03.2007 |
31.03.2006 |
31.03.2005 |
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PAT / Total
Income |
(%) |
-- |
4.40 |
4.32 |
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Net Profit Margin (PBT/Sales) |
(%) |
-- |
7.21 |
7.10 |
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Return on Total
Assets (PBT/Total
Assets} |
(%) |
4.64 |
7.31 |
7.12 |
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Return on
Investment (ROI) (PBT/Networth) |
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0.12 |
0.19 |
0.18 |
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Debt Equity Ratio (Total
Liability/Networth) |
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1.57 |
1.54 |
1.97 |
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Current Ratio (Current
Asset/Current Liability) |
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4.67 |
5.52 |
6.03 |
LOCAL AGENCY FURTHER INFORMATION
The Registered office of the company has been shifted from Dynamix
House, Yashodhan, Goregaon [East], Mumbai – 400063,
Trade Reference
- Pental Granite & Marble
Fixed Assets
- Land
- Building
- Plant and
Machinery
- Electrical
Instillations
- Furniture and
Fixture
- Equipments
- Vehicles
- Capital Work
in Progress
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This form is for |
Modification of
Charge |
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Charge
identification number of the charge to be modified |
80006053 |
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Corporate
identity number of the company |
U51900MH1984PTC033987 |
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Name of the
company |
Crystal Granite
And Marble Private Limited |
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Address of the
registered office or of the principal place of business in |
Dynamix House
Yashodham Goregaon (East), Mumbai : 400063, |
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Type of charge |
Immovable
Property |
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Particular of
charge holder |
Bank of 10/12, Mumbai
Samachar Marg, Fort, Mumbai - 400001, |
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Nature of
description of the instrument creating or modifying the charge |
No instrument was
executed to create equitable mortgage on 09.02.2007 by the Company. However
Supplemental Memorandum of Entry dated 09.02.2007 was recorded by Bank of
Baroda acting for itself and as Agent of Allahabad Bank [Bank of Baroda
consortium] |
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Date of
instrument Creating the charge |
09.02.207 |
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Amount secured by
the charge |
Rs.465.000
Millions |
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Brief particulars
of the principal terms an conditions and extent and operation of the charge |
a) Rate of
Interest: The Working
Capital Facilities sanctioned by the Consortium of Banks to the company is
repayable on demand forthwith with interest at such rate or rates as
determined by the Bank and / or as per RBI directives from time to time
together with all costs, charges expenses and other monies payable hereon. b) Terms of
repayment: repayable on demand c) Margin : 10% d) Extent and
operation of the charge: the equitable
mortgage was created as security for due repayment of all the amounts due and
payable by the Company to the Banks in respect of the facilities sanctioned
by the Consortium of Banks together with interest, additional interest, penal
interest, Penal interest commission, costs charges and expenses and other
monies payable thereon to the Consortium of Banks. Total aggregating limit of
Rs. 465 Million i.e. Bank of |
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Short particulars
of the property charged |
Land, Building
structures, Immovable, plant and machinery situated at : Survey No. 39/1,
39/2, 39/3, 39/4 situated a Lease hold Plot
No. K-5 admeasuring 18883 sq. mrs. At additional Satara Industrial Area Lease hold Plot
No. K-6 admeasuring 13440 sq. mrs. At additional Satara Industrial Arae |
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Name of the company |
Crystal Granite and Marble Private Limited |
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Presented By |
Crystal Granite and Marble Private Limited |
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1) Date and description of instrument creating the change |
General Letter of Hypothecation Dated 28th December, 2005 |
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2) Amount secured by the charge/amount owing on the securities of charge |
Rs.30.000
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 |
All tangible
movable Machineries, Plant, Machinery, Fixture, Fittings, other
installations, Cranes, Furniture, Computer and other accessories, Vehicles
together with Spares, Tools and accessories an all other articles lying in
the premises of the company or in the godowns of the Company or in the
custody of any person who are mercantile agent of the company or in the
course of transit which they hereinafter be brought stored or be lying in or
upon the said premises of the Company. The whole of the
Company’s movable goods and Assets, both Present and Future and including but
without prejudice to generality of the foregoing words, all Stocks of Raw
Materials, Work in Progress, Semi finished goods and finished goods and
finished goods such as Granites and Marbles, Packing materials consumable
stores and Spares etc. whatsoever and wheresoever situated and / or in
transit whether now belonging to or that may at any time during thte
continuance of these securities belong to or that may at any time during the
continuance of these securities belong to the Company or that may be held by
any party anywhere to the order and disposition of the Company. All the Present
and Future Book Debts, Outstanding, Moneys receivable, Claims, Bills
Contracts, Engagements and securities which are now due and owing or which
may at any time hereafter the continuance of these securities become due and
owing to the Company in the course of its business by Person, Firm, Company
or body corporate or by the Government of India or any State Government or
Indian Railway or any Government Department or Office or any Municipal or
Local or Public or Semi Government body or authority whatsoever including
those relating to the Assets leased out and / given on hire purchases basis. |
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4) Gist of the terms and conditions and extent and operation of the charge. |
Limits Covered Adhoc Post
Shipment Credit [PSC] |
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5) Name and Address and description of the person entitled to the charge. |
Allahabad bank Industrial
Finance Branch Apeejay House 3, Mumbai – 400020 |
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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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AS PER WEBSITE
Profile
The company catering to the Global Market for Indian Natural Stones. The company which started its operation in 1984 and later taken over by the Dynamix Group in 1989 sets a glaring example of what professional management can achieve within a short span.
Subject was converted into a 100% export oriented unit (EOU) and the management by inducting professionals drew up various marketing strategies with an emphasis on quality, reliability and competitiveness. From a capacity of producing only 50 containers of granite tiles per annum, it has grown multifold and boasts an impressive annual production capacity of 24,00,000 sq. ft. of slabs and 3,60,000 sq. ft. of tiles.
The thrust of the company has always been in the field of export and capturing world markets. It is heartening to note that over the last three years the export has gone up by more than 50% in the midst of fierce world competition.
The company has two fully automated processing units - one
at Satara located approximately 250 kms. from
The company's core strength lies in it's constant endeavour to promote new varities of Granites from time to time and also its ability in having fine tuned its concept of customer satisfaction to a razor sharp understanding of its client's needs.
Consistent and committed efforts of the company in offering world-class
products to meet the most stringent quality standards has earned a lasting
reputation as a dependable exporter and service provider. The company's
continuous contribution in the field of export has gained recognition through
various Export Awards presented by concerned departments of Trade &
Commerce of the Government and other Trade Bodies.
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 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.50.09 |
|
|
1 |
Rs.74.90 |
|
Euro |
1 |
Rs.63.40 |
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 |
6 |
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OPERATING SCALE |
1~10 |
6 |
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FINANCIAL CONDITION |
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--BUSINESS SCALE |
1~10 |
6 |
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--PROFITABILIRY |
1~10 |
6 |
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--LIQUIDITY |
1~10 |
6 |
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--LEVERAGE |
1~10 |
6 |
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--RESERVES |
1~10 |
6 |
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--CREDIT LINES |
1~10 |
6 |
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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 |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
54 |
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/normal. |
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 |
|