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MIRA
INFORM REPORT
|
Report Date : |
26.08.2011 |
IDENTIFICATION DETAILS
|
Name : |
LEXUS GRANITO (INDIA) PRIVATE LIMITED (w.e.f. 26.06.2010) |
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|
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Formerly Known
As : |
VITCO VITRIFIED PRIVATE LIMITED |
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Registered
Office : |
Survey No.800, Opposite Lakhdhirpur Village, Lakhdhirpur Road, N H 8A,
Morbi, Lakhdhirpur 363642, Gujarat |
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Country : |
India |
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Financials (as
on) : |
31.03.2010 |
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Date of
Incorporation : |
08.05.2008 |
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Com. Reg. No.: |
053838 |
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Capital
Investment / Paid-up Capital : |
Rs. 0.500 million |
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CIN No.: [Company Identification
No.] |
U26914GJ2008PTC053838 |
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|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
RKTV01305D |
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PAN No.: [Permanent Account No.] |
AACCV7197E |
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Legal Form : |
Private Limited Liability Company
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Line of Business
: |
Manufacturer, Exporter and Importer of Wall Tiles, Vitrified Tiles,
Ceramic Tiles etc. |
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No. of Employees
: |
300 Approximately (including Group Company Employees) |
RATING & COMMENTS
|
MIRA’s Rating : |
Ca (11) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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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Status : |
Yet to Commence Business |
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Payment Behaviour : |
Unknown |
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Litigation : |
Clear |
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Comments : |
Though the company was incorporated in the year 2008, the company is
yet to commence its commercial operations. Payments are unknown. The company can be considered for business dealings on a secured trade
terms and conditions. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – April 1, 2010
|
Country Name |
Previous Rating (31.12.2009) |
Current Rating (01.04.2010) |
|
|
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
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Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
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Restricted |
C2 |
|
Off-credit |
D |
INFORMATION PARTED BY
|
Name : |
Mr. Hitesh Patel |
|
Designation : |
Director |
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Contact No.: |
91-75767500110 |
|
Date : |
23.08.2011 |
LOCATIONS
|
Registered Office /Factory: |
Survey No.800, opposite Lakhdhirpur Village, Lakhdhirpur Road, N H 8A,
Morbi, Lakhdhirpur 363642, Gujarat, India
|
|
Mobile No.: |
91-9925333000 / 7567500110 (Mr. Hitesh Patel) |
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Fax No.: |
91-2822-291340 |
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E-Mail : |
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|
Location : |
Owned |
DIRECTORS
AS ON 30.09.2010
|
Name : |
Mr. Babulal M Detroja |
|
Designation : |
Director |
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Date of Birth/Age : |
17.02.1961 |
|
Date of Appointment : |
22.05.2010 |
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|
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|
Name : |
Mr. Bharat M Detroja |
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Designation : |
Director |
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Date of Birth/Age : |
19.09.1969 |
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Date of Appointment : |
22.05.2010 |
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|
|
|
Name : |
Mr. Anil Kumar B Detroja |
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Designation : |
Director |
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Date of Birth/Age : |
23.12.1985 |
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Date of Appointment : |
22.05.2010 |
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|
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Name : |
Mr. Nilesh B Dotroja |
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Designation : |
Director |
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Date of Birth/Age : |
23.02.1984 |
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Date of Appointment : |
02.08.2010 |
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|
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Name : |
Mr. Hitesh B Dotroja |
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Designation : |
Director |
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Date of Birth/Age : |
03.02.1988 |
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Date of Appointment : |
02.08.2010 |
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|
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|
Name : |
Mr. Rajnikant B Detroja |
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Designation : |
Director |
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Date of Birth/Age : |
25.08.1990 |
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Date of Appointment : |
22.05.2010 |
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|
|
|
Name : |
Mr. Hitesh Patel |
|
Designation : |
Director |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 30.09.2010
|
Names of Shareholders |
No. of Shares |
|
Nanubhai G Kanjia |
10000 |
|
Prabhulal V Panara |
10000 |
|
Jayantilal R Kasundra |
10000 |
|
Pravinbhai K Kasundra |
5000 |
|
Mayor P Panara |
5000 |
|
Keshavjibhai G Patel |
5000 |
|
Pankajbhai J Marvania |
5000 |
|
Total |
50000 |
|
LIST OF SHARES ALLOTMENTS (AS
ON 30.03.2011) |
No. of Shares |
|
Nileshbhai B Detroja |
48750 |
|
Lexus Ceramic Private Limited, Morbi, Gujarat |
128992 |
|
Pankajbhai B Detroja |
2095250 |
|
Total |
2272992 |
|
LIST OF SHARES ALLOTMENTS (AS
ON 08.08.2011) |
No. of Shares |
|
Anil B Detroja |
3600 |
|
Babubhai M Detroja |
139605 |
|
Bharatbhai M Detroja |
75000 |
|
Hiteshbhai B Detroja |
76442 |
|
Nilesh B Detroja |
181761 |
|
Rajnikant B Detroja |
25000 |
|
Bhagvanjibhai G Jethloja |
312500 |
|
Dayabhai M Sherasiya |
394000 |
|
Hitarthbahi P Dalsaniya |
50000 |
|
Kantilal M Serasiya |
394000 |
AS ON 30.09.2010
|
Equity Share
Breakup |
|
Percentage of
Holding |
|
Category |
|
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|
Directors or relatives of directors |
|
100.00 |
|
|
Total
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer, Exporter and Importer of Wall Tiles, Vitrified Tiles,
Ceramic Tiles etc. |
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|
|
|
Products : |
·
Wall Tiles ·
Vitrified Tiles ·
Ceramic Tiles ·
Ceramic Wall Tiles |
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Exports : |
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Products : |
Ceramic Tiles |
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Countries : |
UAE |
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Imports : |
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Products : |
Tiles |
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Countries : |
China, Malaysia |
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Terms : |
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Selling : |
L/C, Cash |
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Purchasing : |
L/C, Cash |
GENERAL INFORMATION
|
Customers : |
·
Wholesaler ·
Retailers ·
Dealer ·
Distributor |
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No. of Employees : |
300 Approximately (including Group Company Employees) |
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Bankers : |
State Bank of India, SME Branch, Gondal Road, Rajkot 360001, Gujarat,
India |
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Facilities : |
-- |
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Banking
Relations : |
-- |
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Auditors : |
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|
Name : |
Nanalal P Hadial Chartered Accountant |
|
Address : |
Shakti Complex, 1st Floor, Near Dr. Rupala Hospital, 16
Savsar Plot, Morbi 363641, Gujarat, India
|
|
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Associates/Subsidiaries : |
·
Lexus Ceramic (P) Limited ·
Pawan Enterprises |
CAPITAL STRUCTURE
AS ON 30.09.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
7000000 |
Equity Shares |
Rs. 10 each |
Rs. 70.000 millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
50000 |
Equity Shares |
Rs. 10 each |
Rs. 0.500 million |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
|
31.03.2010 |
31.03.2009 |
|
|
SHAREHOLDERS FUNDS |
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|
|
|
|
1] Share Capital |
|
0.500 |
0.500 |
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|
2] Share Application Money |
|
1.181 |
2.161 |
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3] Reserves & Surplus |
|
0.000 |
0.000 |
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4] (Accumulated Losses) |
|
0.000 |
0.000 |
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NETWORTH |
|
1.681 |
2.661 |
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LOAN FUNDS |
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|
|
|
1] Secured Loans |
|
0.000 |
0.000 |
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2] Unsecured Loans |
|
0.000 |
0.000 |
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TOTAL BORROWING |
|
0.000 |
0.000 |
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DEFERRED TAX LIABILITIES |
|
0.000 |
0.000 |
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TOTAL |
|
1.681 |
2.661 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
|
1.156 |
1.157 |
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Capital work-in-progress |
|
0.000 |
0.000 |
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INVESTMENT |
|
0.000 |
0.000 |
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DEFERREX TAX ASSETS |
|
0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
|
0.000 |
0.000 |
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Sundry Debtors |
|
0.000 |
0.000 |
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Cash & Bank Balances |
|
0.409 |
1.314 |
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Other Current Assets |
|
0.000 |
0.000 |
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Loans & Advances |
|
0.000 |
0.075 |
|
Total
Current Assets |
|
0.409 |
1.389 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
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Sundry Creditors |
|
0.000 |
0.000 |
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Other Current Liabilities |
|
0.000 |
0.000 |
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|
Provisions |
|
0.010 |
0.005 |
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Total
Current Liabilities |
|
0.010 |
0.005 |
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Net Current Assets |
|
0.399 |
1.384 |
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MISCELLANEOUS EXPENSES |
|
0.126 |
0.120 |
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TOTAL |
|
1.681 |
2.661 |
|
KEY RATIOS
|
PARTICULARS |
|
|
31.03.2010 |
31.03.2009 |
|
Debt Equity Ratio (Total Liability/Networth) |
|
|
0.01 |
0.00 |
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|
|
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Current Ratio (Current Asset/Current Liability) |
|
|
40.90 |
277.80 |
LOCAL AGENCY FURTHER INFORMATION
FINANCIAL RESULTS:
The company has no commenced any business activities during the year under
report. In view of no activities, the directors do not recommended any
dividend.
FIXED ASSETS:
·
Factory Land
·
Building
FORM 8
|
Corporate
identity number of the company |
U26914GJ2008PTC053838 |
|
Name of the
company |
LEXUS GRANITO (INDIA) PRIVATE LIMITED (w.e.f. 26.06.2010) |
|
Address of the
registered office or of the principal place of business in |
Survey No.800, Opposite Lakhdhirpur Village, Lakhdhirpur Road, N H 8A,
Morbi, Lakhdhirpur 363642, Gujarat, India |
|
This form is for |
Modification of
charge |
|
Type of charge |
Immovable
property Book debts Movable property
(not being pledge) Floating charge |
|
Particular of
charge holder |
State Bank of India, SME Branch, Gondal Road, Rajkot 360001, Gujarat,
India Email: sbi.60344@sbi.co.in |
|
Nature of
instrument creating charge |
i) Supl.Agreement
of Loan-cum-hypothecation, ii) Memo. rela.to
Deposit of Title Deeds. |
|
Date of
instrument Creating the charge |
03.03.2011 |
|
Amount secured by
the charge |
Rs. 361.500
millions |
|
Brief of the
principal terms an conditions and extent and operation of the charge |
Rate of interest 12 % : WC minimum 12.25 % : TL
Minimum Terms of repayment WC: On demand, TL : 84 mly. instalments Margin 50 % :
Receivables, 20 % : BG, 25 % : Others. Extent and operation of the charge First charge of
SBI |
|
Short particulars
of the property charged (Including location of the property) |
Hypo.of all
stocks including r/m, semi-finished and finished goods, book-debts, all
current assets, all plant and machineries, present and future more in
agreement. EM of factory
land and building at S. No. 800p1, 800p2 and 800p3, Vill. Ghuntu, Tal. Morbi
– 363642 Gujarat. |
|
Particulars of
the present modification |
The Bank enhanced
BG facilities by Rs. 9.000 millions aggregating total facilities to Rs.
361.500 millions. |
CMT REPORT (Corruption, Money Laundering and 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.46.13 |
|
|
1 |
Rs.75.52 |
|
Euro |
1 |
Rs.66.53 |
SCORE and RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
|
|
PAID-UP CAPITAL |
1~10 |
|
|
OPERATING SCALE |
1~10 |
|
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
|
|
--PROFITABILIRY |
1~10 |
|
|
--LIQUIDITY |
1~10 |
|
|
--LEVERAGE |
1~10 |
|
|
--RESERVES |
1~10 |
|
|
--CREDIT LINES |
1~10 |
|
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
|
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
|
|
--AFFILIATION |
YES/NO |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
|
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 and 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 |
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 |
|
- |
NB |
New Business |
- |
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.