MIRA
INFORM REPORT
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Report Date : |
23.10.2008 |
IDENTIFICATION DETAILS
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Name : |
SOUTHERN ROCKS AND MINERALS PRIVATE LIMITED |
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Registered Office : |
House 6-3-883/f/1, 5th Floor, |
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Country : |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
01.12.1995 |
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Com. Reg. No.: |
01-22454 |
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CIN No.: [Company
Identification No.] |
U14100AP1995PTC022454 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
HYDS08006F |
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PAN No.: [Permanent
Account No.] |
AADCS1378K |
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Legal Form : |
Private Limited
Liability Company |
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Line of Business : |
Manufacturer,
Importer and Exporter of Granite Rough Blocks, Tiles, Semi Finished/
Finished, Flame Finished Tiles, Slabs and Monuments. |
RATING & COMMENTS
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MIRA’s Rating : |
A |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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 |
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Maximum Credit Limit : |
USD 1500000 |
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Status : |
Good |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject is a well
established and reputed company having satisfactory track. Directors are reported
as experienced and respectable businessman. Trade relations are reported as
fair. Business is active. Payments are usually correct and as per
commitments. The company can
be considered normal for business dealings at usual trade terms and conditions. |
LOCATIONS
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Registered Office : |
House 6-3-883/f/1, 5th Floor, |
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Tel. No.: |
91-40-23418445 |
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Fax No.: |
91-859-2230994 |
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Factory 1 : |
Near |
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Tel. No.: |
91-8592-230993-4 |
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Fax No.: |
91-8592-281482 |
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Quarries: |
·
At
Chimakurthy (Prakasam District) ·
Tekkali
(Sirkakulam District). ·
RL
Pram Quarry, RL Puram |
DIRECTORS
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Name : |
Mr. P. Rama Rao |
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Designation : |
Chairman cum
Managing Director |
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Address : |
6/72, Near
Vishnalayam, Tanguturu, Prakasam – 523 274, |
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Date of Birth/Age : |
30.05.1950 |
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Date of Appointment : |
01.12.1995 |
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Name : |
Mr. Prem Kumari
Rao |
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Designation : |
Director |
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Address : |
6/72, Near
Vishnalayam, Tanguturu, Prakasam – 523 274, |
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Date of Birth/Age : |
26.04.1956 |
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Date of Appointment : |
01.12.1995 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
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Names of Shareholders |
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No. of Shares |
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Pothuyla Rama Rao |
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256000 |
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Pothula Premkumari |
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4800 |
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P Ramarao, HUF |
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40000 |
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Mitta Radha Venkata Janardhana Rao |
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40000 |
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Total |
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340800 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer,
Importer and Exporter of Granite Rough Blocks, Tiles, Semi Finished/
Finished, Flame Finished Tiles, Slabs and Monuments. |
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Products : |
·
Processed Dimensional Granite Blocks ·
Polished Granite Slabs and Monuments |
GENERAL INFORMATION
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Bankers : |
·
State
Bank of ·
ICICI
Bank Limited ·
Dhana
Lakshmi Bank Limited, Banjara Hills Branch, Trendset Towers, 8-2-289/10, Road
No. 2, Banjara Hills, Hyderabad-500034, Andhra Pradesh, India |
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Facilities : |
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Banking
Relations : |
Satisfactory |
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Financial Institutions: |
Citicorp Finance,
Credit Limit: Rs. 4.761 Millions (29.07.2003) & Rs.
5.700 Millions (20.05.2004) Sundaram Finance
Limited, Credit Limit: Rs. 12.646 Millions |
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Auditors : |
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Name : |
Balagangadhar
and Company Chartered
Accountant |
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Address : |
28-1-48, |
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Tel. No.: |
91-8592-233429/238788 |
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Solicitors : |
Thota Sridhar |
CAPITAL STRUCTURE
As on 31.03.2007
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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400000 |
Equity Shares |
Rs. 100/- each |
Rs. 40.000 Millions |
Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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340800 |
Equity Shares |
Rs. 100/-
each |
Rs. 34.080
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 |
34.080 |
30.080 |
30.080 |
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2] Share Application Money |
2.000 |
6.900 |
4.700 |
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3] Reserves & Surplus |
283.046 |
178.700 |
128.190 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
319.126 |
215.680 |
162.970 |
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LOAN FUNDS |
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1] Secured Loans |
87.314 |
76.249 |
22.742 |
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2] Unsecured Loans |
0.000 |
0.000 |
0.000 |
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TOTAL BORROWING |
87.314 |
76.249 |
22.742 |
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DEFERRED TAX LIABILITIES |
5.836 |
5.910 |
6.219 |
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TOTAL |
412.276 |
297.839 |
191.931 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
193.506 |
146.970 |
79.684 |
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Capital work-in-progress |
17.957 |
0.000 |
0.000 |
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INVESTMENT |
17.693 |
37.693 |
37.643 |
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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 |
87.908
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70.654 |
29.531 |
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Sundry Debtors |
56.374
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30.896 |
20.960 |
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Cash & Bank Balances |
4.041
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1.502 |
0.204 |
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Other Current Assets |
0.000
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0.001 |
0.932 |
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Loans & Advances |
77.809
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53.376 |
51.993 |
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Total
Current Assets |
226.132
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156.429 |
103.620 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
36.817
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34.885 |
23.398 |
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Provisions |
9.502
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12.502 |
5.618 |
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Total
Current Liabilities |
46.319
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47.387 |
29.016 |
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Net Current Assets |
179.813
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109.042 |
74.604 |
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MISCELLANEOUS EXPENSES |
3.307 |
4.134 |
0.000 |
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TOTAL |
412.276 |
297.839 |
191.931 |
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PROFIT & LOSS ACCOUNT
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PARTICULARS |
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31.03.2007 |
31.03.2006 |
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Sales Turnover |
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572.538 |
378.377 |
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Other Income |
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1.772 |
0.000 |
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Total Income |
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574.310 |
378.377 |
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Profit/(Loss) Before Tax |
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150.459 |
75.795 |
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Provision for Taxation |
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14.745 |
19.261 |
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Profit/(Loss) After Tax |
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135.714 |
56.534 |
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Earnings in Foreign Currency : |
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Export Earnings |
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452.288 |
317.492 |
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Expenditures : |
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Depreciation & Amortization |
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21.054 |
15.638 |
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Other Expenditure |
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402.797 |
286.944 |
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Total Expenditure |
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423.851 |
302.582 |
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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 |
(%) |
23.63
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14.94 |
NA |
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Net Profit Margin (PBT/Sales) |
(%) |
26.28
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20.03 |
NA |
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Return on Total Assets (PBT/Total Assets} |
(%) |
35.85
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24.98 |
NA |
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Return on Investment (ROI) (PBT/Networth) |
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0.47
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0.35 |
NA |
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Debt Equity Ratio (Total Liability/Networth) |
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0.42
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0.57 |
0.32 |
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Current Ratio (Current Asset/Current Liability) |
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4.88
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3.30 |
3.57 |
LOCAL AGENCY FURTHER INFORMATION
The Registered office of the company has been shifted from Prathima X Nadu Apartments, Flat No. 204,
Dwarakapuri Colony, Punjagutta, Hyderabad – 500 082, India. to present address
w.e.f. 25.04.2007
Treasury
Operations:
During the current financial year, the company has started foreign
exchanged transactions with ICICI Bank Limited and entered into derivative
transactions like Options, Term Loan Swaps etc. with a view to hedge the
currency risk and reduce the interest cost on Indian rupee loans. The Company’s
potfolio0 of foreign exchange transactions during the current financial year is
positive and has already earned for the company foreign exchange income of Rs.
1.780 Millions at the point of penning this report.”
Bankers Charges
Report as per Registry
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This form is for |
Modification of
charge |
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Charge
identification number of the modified |
90117406 |
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Corporate
identity number of the company |
U14100AP1995PTC022454 |
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Name of the
company |
SOUTHERN ROCKS AND MINERALS PRIVATE LIMITED |
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Address of the
registered office or of the principal place of business in |
House 6-3-883/f/1, 5th Floor, |
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Type of charge |
Book Debts Movable Property Immovable
Property |
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Particular of
charge holder |
State Bank of |
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Nature of
description of the instrument creating or modifying the charge |
1. Sypplemental Agreement of Loan for
increase in the overall limit-C1A 2. Supplemental Agreement of Hypothecation of
Goods and Assets for over all limit – C2A 3. Agreement of Pledge of Goods and Assets –
C3A 4. Supplemental Deed of Guarantee for
increase in overall limit – C4A 5. Letter Regarding Grant of Individual
Limits with in overall limit- C5 |
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Date of
instrument Creating the charge |
24.03.2008 |
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Amount secured by
the charge |
Rs. 115.000
Million |
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Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest Working Capital :
Cash Credit (EPC) 2.75% below SBAR Presently at 10.00% p.a CC (Hypothecation)
1.50% over SBAR (Which is at 12.75%) Effective Rate 14.25% Open Term Loan:
2.00% over SBAR (Which is at 12.75%) Effective Rate 14.75% Terms of
Repayment Working Capital :
Repayable on Demand Open Term Loan :
Repayable in 36 months with moratorium period of 6 months. The tenure of term
loan is 3 Years Margin Working Capital:
Extent and
Operation of the charge All the fixed
assets of and Current assets of the company. |
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Short particulars
of the property charged |
1.1.43 acres of
land in S.Nos96/1 with 5 Nos, AC Roof Sheds at Industrial Estate, Ongole.
2.6.965 Acres of Granit quary with RCC roof building and other constructions
in S.No. 576/2, 3.7.46 Acres of Land in Pelluru Village with 5 Nis AC Roof
Sheds 4.7.69 Acres of Land in Pelluru Village with 5 Nos. Ac Roof shed 5 Ac
11.086 of ;land in |
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Date of latest
modification prior to the present modification |
27.12.2005 |
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Particulars of
the present modification |
Credit Limit are enhanced
form Rs. 75.000 Millions to Rs. 115.000 Millions by increasing the limit of
CC (Hypothecation) from Rs. 38.500 Millions to Rs. 58.500 Millions and fresh
pen Term Loan of Rs, 20.000 Millions |
Fixed Assets:
·
Free
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Office Building-
Hyderabad
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Vehicle
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Office Equipments
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Office Machinery
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Office Furniture
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Data Processing
Equipments
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Electric Installation and
Equipments
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Plant and Machinery
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Machine Tools
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] 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
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.49.29 |
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UK Pound |
1 |
Rs.80.40 |
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Euro |
1 |
Rs.63.35 |
SCORE & RATING EXPLANATIONS
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SCORE FACTORS |
RANGE |
POINTS |
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HISTORY |
1~10 |
5 |
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PAID-UP CAPITAL |
1~10 |
6 |
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OPERATING SCALE |
1~10 |
7 |
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FINANCIAL CONDITION |
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--BUSINESS SCALE |
1~10 |
8 |
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--PROFITABILIRY |
1~10 |
6 |
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--LIQUIDITY |
1~10 |
8 |
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--LEVERAGE |
1~10 |
8 |
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--RESERVES |
1~10 |
8 |
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--CREDIT LINES |
1~10 |
8 |
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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 |
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--AFFILIATION |
YES/NO |
YES |
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--LISTED |
YES/NO |
NO |
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--OTHER MERIT FACTORS |
YES/NO |
YES |
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TOTAL |
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66 |
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
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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>86 |
Aaa |
Possesses an extremely sound financial base with the strongest capability
for timely payment of interest and principal sums |
Unlimited |
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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 |
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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 |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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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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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 |
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<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
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NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
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