MIRA
INFORM REPORT
|
Report Date : |
07.10.2008 |
IDENTIFICATION
DETAILS
|
Name : |
VIVEK EXPORTS |
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Registered Office : |
567, 2nd
Cross, Second Block, R T Nagar, Bangalore – 560032, Karnataka |
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Country : |
India |
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Financials (as on) : |
31.03.2008 |
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Date of Incorporation : |
1998 |
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Legal Form : |
Partnership
concern with an unlimited liability of the partners |
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Line of Business : |
Manufacturers,
Exporters and Importer of Granite Monuments, Slabs, Tiles and Rough Blocks. |
RATING &
COMMENTS
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MIRA’s Rating : |
Ba |
|
RATING |
STATUS |
PROPOSED
CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable
to meet normal commitments. |
Satisfactory |
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Maximum Credit Limit : |
USD 30000 |
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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 well
– established concern having satisfactory track. Trade relations are fair.
General financial position is satisfactory. Payments are usually correct and
as per commitments. The concern can be
considered normal for business dealings at usual trade terms and conditions. |
INFORMATION PARTED
BY
|
Name : |
Mr. Joseph |
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Designation : |
Manager |
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Contact No.: |
Mobile no.91-9845369765 |
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Date : |
26.09.2008 |
LOCATIONS
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Registered Office : |
30/ 1, Kamala Nilayam, 2nd Cross, Chikkana Garden,
Bangalore – 560 004, Karnataka, India. |
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Tel. No.: |
91-80-26610706/ 26610712 |
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Mobile No.: |
91-9845369765 (Mr. Joseph) |
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Fax No.: |
91-80-26674572 |
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E-Mail : |
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Website : |
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Area : |
2000 sq ft |
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Location : |
Owned |
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Corporate Office : |
567, 2nd
Cross, Second Block, R T Nagar, Bangalore – 560032, Karnataka, India. |
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Tel. No.: |
91-80-23335724/23438737 |
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Fax No.: |
91-80-23438738 |
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E-Mail : |
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Factory 1 : |
56, KIADB
Industrial Area, Malur Taluk, District Kolar – 563130, Karnataka, India. |
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Tel. No.: |
91-8151-233640 |
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Fax No.: |
91-8151-233640 |
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Area : |
3 Acres |
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Location : |
Owned |
PARTNERS
|
Name : |
Mr. N Nandakumar |
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Designation : |
Partner |
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Date of Birth/Age : |
27 Years |
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Qualification : |
B.A., LLB |
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Mobile: |
91-9448354772 |
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Name : |
Mr. N Narendra
Kumar |
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Designation : |
Partner |
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Date of Birth/Age : |
23 Years |
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Qualification : |
B.E., Engineer |
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Mobile |
91-9448372758 |
KEY EXECUTIVES
|
Name : |
Mr. Ganesh |
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Designation : |
Manager |
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Mobile No. : |
91-9448372758 |
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|
|
Name : |
Mr. Joseph |
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Designation : |
Manager |
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Mobile No. : |
91-9845369765 |
BUSINESS DETAILS
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Line of Business : |
Manufacturers,
Exporters and Importer of Granite Monuments, Slabs, Tiles and Rough Blocks. |
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Products : |
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Exports
: |
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Products : |
Granite Monuments |
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Countries : |
Germany, France and
European Countries |
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Imports
: |
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Products : |
Blades, Raw Materials |
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Countries : |
China and France |
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Terms : |
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Selling : |
D/P and L/C (60
to 90 days) |
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Purchasing : |
L/C, Credit 30/
60 days, D/P and D/A |
GENERAL
INFORMATION
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Suppliers : |
v
Mr. Chris Gao, China v
Abrasives, France v
Sidhvi Dia Abrasives,
Bangalore |
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Customers : |
Wholesalers, End Users v
G Trauzetter, Germany v
Magratik AG, Switzerland |
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No. of Employees : |
120 (In office-20, In factory-100) |
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Bankers : |
State Bank of
India, Overseas Branch, St. Mark’s Road, Bangalore – 560001, Karnataka,
India. |
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Facilities : |
-- |
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Banking Relations : |
Satisfactory |
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Auditors : |
K Venkatachalam
Aiyer and Company Chartered
Accountants B.N. Sudarshan
and Company Chartered
Accountants |
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Address : |
Bangalore |
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Associates/Subsidiaries : |
Eastern Granites
(Private) Limited Bangalore |
CAPITAL STRUCTURE
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Capital
Investment : |
|
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Owned : |
Rs. 5.750
Millions |
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Borrowed : |
-- |
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Total : |
Rs. 5.750
Millions |
FINANCIAL DATA
[all figures are in Rupees Millions]
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Particulars |
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|
31.03.2008 |
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Sales Turnover |
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47.000 |
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Expected Sales (2008-09): Rs.60.000 Millions
ABRIDGED BALANCE
SHEET
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SOURCES OF FUNDS |
|
31.03.2005 |
31.03.2004 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
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5.750 |
6.050 |
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2] Share Application Money |
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0.000 |
0.000 |
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3] Reserves & Surplus |
|
0.000 |
0.000 |
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4] (Accumulated Losses) |
|
(1.476) |
(14.889) |
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NETWORTH |
|
4.274 |
(8.839) |
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LOAN FUNDS |
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1] Secured Loans |
|
13.006 |
15.519 |
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2] Unsecured Loans |
|
0.000 |
0.000 |
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TOTAL BORROWING |
|
13.006 |
15.519 |
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DEFERRED TAX LIABILITIES |
|
1.500 |
1.500 |
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TOTAL |
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18.780 |
8.180 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
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16.091 |
14.592 |
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Capital work-in-progress |
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0.000 |
0.000 |
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INVESTMENT |
|
0.005 |
0.005 |
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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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Sundry Debtors |
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Cash & Bank Balances |
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4.108 |
5.149 |
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Loans & Advances |
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Total Current Assets |
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4.108 |
5.149 |
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Less
: CURRENT LIABILITIES & PROVISIONS |
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Current Liabilities & Provision |
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1.902 |
12.521 |
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Total Current Liabilities |
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1.902 |
12.521 |
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Net Current Assets |
|
2.206 |
(7.372) |
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MISCELLANEOUS EXPENSES |
|
0.478 |
0.955 |
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TOTAL |
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18.780 |
8.180 |
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PROFIT & LOSS
ACCOUNT
|
PARTICULARS |
31.03.2006 |
31.03.2005 |
31.03.2004 |
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Sales Turnover [including other income] |
20.000 |
16.441 |
18.599 |
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Profit/(Loss)
Before Tax |
7 to 10% |
1.122 |
(8.383) |
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Provision for
Taxation |
-- |
0.000 |
0.000 |
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Profit/(Loss)
After Tax |
7 to 10% |
1.122 |
(8.383) |
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Export Value |
20.000 |
NA |
NA |
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Import Value |
0.500 |
NA |
NA |
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Total Expenditure |
NA |
15.318 |
26.982 |
KEY RATIOS
|
PARTICULARS |
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|
31.03.2005 |
31.03.2004 |
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PAT / Total Income |
(%) |
|
6.82 |
(45.07) |
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Net Profit Margin (PBT/Sales) |
(%) |
|
6.82 |
(45.07) |
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Return on Total
Assets (PBT/Total Assets} |
(%) |
|
5.55 |
(42.46) |
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Return on
Investment (ROI) (PBT/Networth) |
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|
0.26 |
(0.94) |
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Debt Equity Ratio (Total
Liability/Networth) |
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3.48 |
3.17 |
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Current Ratio (Current
Asset/Current Liability) |
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|
2.15 |
0.41 |
LOCAL AGENCY FURTHER
INFORMATION
TRADE REFERENCES:
- Rubelion Granites, France
- Alain Besset, France
Website Details
Subject is the genuine producer of original high quality Paradiso, Vizag Blue, Himalayan Blue, Imperial Red, Red Multi Colour, Black Galaxy and Absolute Black.
These are systematically exported to the highly quality conscious markets of
Germany, Belgium, France, Australia, Spain and Canada to meet international
standards.
Subject has well equipped mines of its own using global technology in mining and processing and is committed to consistent and reliable supply of granite monuments in the international markets.
Subject has earned a high degree of credibility with customers within a short
span as a trustworthy company for the supply of best quality granite monuments
products.
Subject - Always looks ahead to satisfy the customers requirements absolutely. Today the products of subject can be seen all over Europe. The company has the inbuilt capability to supply blocks and all the variety of Granite monuments and Vanity Products.
Factory
Located near the Silicon Valley of India, Bangalore, their
well-equipped plant uses the latest technology in processing to produce the
best quality granite. Their highly skilled technical team works
enthusiastically towards setting standards in quality of production.
Quarry
A peek
into their people working at different quarries -
·
Orion Blue Dark Quarry
·
Pink Clift Quarry
·
Viscount Clift Quarry
·
Paradiso Quarry
·
Indian Black Quarry
·
Ruby Red Quarry
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] 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.47.46 |
|
UK Pound |
1 |
Rs.83.37 |
|
Euro |
1 |
Rs.64.46 |
SCORE & RATING
EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
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--PROFITABILIRY |
1~10 |
6 |
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--LIQUIDITY |
1~10 |
6 |
|
--LEVERAGE |
1~10 |
6 |
|
--RESERVES |
1~10 |
6 |
|
--CREDIT LINES |
1~10 |
6 |
|
--MARGINS |
-5~5 |
- |
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DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
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--LITIGATION |
YES/NO |
NO |
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--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
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 |
YES |
|
--LISTED |
YES/NO |
NO |
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--OTHER MERIT FACTORS |
YES/NO |
YES |
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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. |
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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