1. Summary Information
|
|
|
Country |
|
|
Company Name |
INANI MARBLE AND
GRANITES DIVISION OF INANI MARBELS AND INDUSTRIES LIMITED |
Principal Name 1 |
Mr. Nand Lal Inani |
|
Status |
Satisfactory |
Principal Name 2 |
Mr. Suresh Kumar
Inani |
|
|
|
Registration # |
-- |
|
Street Address |
F – 17 and 58,
RICO Industrial Area, Chittorgarh – 312001, Rajasthan |
||
|
Established Date |
18.10.1994 |
SIC Code |
-- |
|
Telephone# |
91-1472-256711
to 256714 |
Business Style 1 |
Processors and
Exporters of Marble Blocks, Slabs, Tiles and Monuments |
|
Fax # |
91-1472-256717 |
Business Style 2 |
-- |
|
Homepage |
-- |
Product Name 1 |
-- |
|
# of employees |
-- |
Product Name 2 |
-- |
|
Paid up capital |
32,500,000 |
Product Name 3 |
-- |
|
Shareholders |
Individuals / Hindu Undivided Family - 39.62 |
Banking |
NA |
|
Public Limited Corp. |
-- |
Business Period |
16 years |
|
IPO |
--- |
International Ins. |
- |
|
Public |
--- |
Rating |
Ba (46) |
|
Related
Company |
|||
|
Relation -- |
Country -- |
Company
Name |
- |
|
Note |
- |
||
2. Summary
Financial Statement
|
Balance Sheet as of |
31.03.2010 |
(Unit: Indian Rs.) |
|
|
Assets |
Liabilities |
||
|
Current Assets |
67,700,000 |
Current Liabilities |
18,400,000 |
|
Inventories |
9,600,000 |
Long-term Liabilities |
9,600,000 |
|
Fixed Assets |
41,600,000 |
Other Liabilities |
-- |
|
Deferred Assets |
-- |
Total Liabilities |
28,000,000 |
|
Invest& other Assets |
6,700,000 |
Retained Earnings |
65,100,000 |
|
|
|
Net Worth |
97,600,000 |
|
Total Assets |
125,600,000 |
Total Liab. & Equity |
125,600,000 |
|
Total Assets (Previous Year) |
134,400,000 |
|
|
|
P/L Statement as of |
31.03.2010 |
(Unit: Indian Rs.) |
|
|
Sales |
130,400,000 |
Net Profit |
5,700,000 |
|
Sales(Previous yr) |
143,200,000 |
Net Profit(Prev.yr) |
6,800,000 |
MIRA
INFORM REPORT
|
Report Date : |
21.02.2011 |
IDENTIFICATION DETAILS
|
Name : |
INANI MARBELS AND INDUSTRIES LIMITED INANI MARBLE AND GRANITES DIVISION OF INANI MARBELS AND INDUSTRIES
LIMITED |
|
|
|
|
Registered
Office : |
F – 17 and 58, RICO Industrial Area, Chittorgarh – 312001, Rajasthan |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as
on) : |
31.03.2010 |
|
|
|
|
Date of
Incorporation : |
18.10.1994 |
|
|
|
|
Com. Reg. No.: |
008930 |
|
|
|
|
CIN No.: [Company Identification
No.] |
L14101RJ1994PLC008930 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
JDHI00996C |
|
|
|
|
PAN No.: [Permanent Account No.] |
AAACI1190C |
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|
|
|
Legal Form : |
Public Limited Liability Company. The Company’s Shares are Listed on
Stock Exchange |
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|
|
|
Line of Business
: |
Processors and Exporters
of Marble Blocks, Slabs, Tiles and Monuments |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (46) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 390400 |
|
|
|
|
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 company having satisfactory track. Trade
relations are reported as fair. Business is active. Payments are reported to
be usually correct and as per commitments. The company can be considered normal for business dealings at usual
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 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
LOCATIONS
|
Registered Office/Factory : |
F – 17 and 58, RICO Industrial Area, Chittorgarh – 312001, |
|
Tel. No.: |
91-1472-256711 to 256714 |
|
Fax No.: |
91-1472-256717 |
|
E-Mail : |
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|
Website : |
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|
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|
Factory 2 : |
Post- Paloda, Tah.
Gadhi, Banswara, |
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|
|
|
Factory 3 : |
Post- Masaron Ki Obri,
Tah. Kerwada, Udaipur District, |
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|
|
|
Factory 4 : |
Araji No. 1312, Mataji
Ki Pandoli, Tehsil and District, Chittorgarh, |
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|
|
|
Administrative Office: |
GreenWoods 501, Andheri
Kurla, |
DIRECTORS
AS ON 31.03.2010
|
Name : |
Mr. Nand Lal Inani |
|
Designation : |
Chairman |
|
|
|
|
Name : |
Mr. Suresh Kumar Inani |
|
Designation : |
Managing Director |
|
|
|
|
Name : |
Mr. harish Kumar Inani |
|
Designation : |
Director |
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|
|
|
Name : |
Mr. Rajesh Kumar Inani |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. Prem Narayan Sharma |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. Ravi Birla |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. Dinesh Kumar Inani |
|
Designation : |
Joint Managing Director |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 30.09.2010
|
Names of Shareholders |
No. of Shares |
Percentage of
Holding |
|
(A) Shareholding of promoter
and Promoter Group |
|
|
|
1) Indian |
|
|
|
a) Individuals / Hindu Undivided Family |
1288651 |
39.62 |
|
B) Bodies corporate |
650650 |
20.00 |
|
|
|
|
|
2) Foreign |
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|
|
|
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(B) Public Shareholdings |
|
|
|
1) Institutions |
|
|
|
A) Financial Institutions/Banks |
82400 |
2.53 |
|
|
|
|
|
2) Non – Institution |
|
|
|
a) Bodies corporate |
195399 |
6.01 |
|
|
|
|
|
b) Individuals |
|
|
|
i. Individual Shareholders holding nominal share capital upto Rs.0.100
Million |
608998 |
18.72 |
|
ii. Individual Shareholders holding nominal share capital in excess
Rs.0.100 Million |
223363 |
6.87 |
|
|
|
|
|
c) Any other |
|
|
|
i) NRI |
200220 |
6.16 |
|
ii) Clearing |
2819 |
0.09 |
|
|
|
|
|
Total |
3252500 |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Processors and
Exporters of Marble Blocks, Slabs, Tiles and Monuments |
GENERAL INFORMATION
|
Bankers : |
NA |
|
|
|
|
Facilities : |
-- |
|
|
|
|
Banking
Relations : |
-- |
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|
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|
Auditors : |
|
|
Name : |
Jagdish Rathi and Associates Chartered Accountant |
|
Address : |
|
|
|
|
|
Associates/Subsidiaries : |
NA |
CAPITAL STRUCTURE
AS ON 31.03.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
10000000 |
Equity Shares |
Rs.10/- each |
Rs.100.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
3252500 |
Equity Shares |
Rs.10/- each |
Rs.32.525
Millions |
|
|
|
|
|
FINANCIAL DATA
[all figures are in
Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
32.500 |
32.500 |
32.500 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
65.100 |
71.900 |
79.400 |
|
|
4] (Accumulated Losses) |
0.0000 |
0.000 |
0.000 |
|
|
NETWORTH |
97.600 |
104.400 |
111.900 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
9.600 |
10.900 |
12.900 |
|
|
2] Unsecured Loans |
0.000 |
0.000 |
0.000 |
|
|
TOTAL BORROWING |
9.600 |
10.900 |
12.900 |
|
|
DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
107.200 |
115.300 |
124.800 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
41.600 |
42.500 |
34.300 |
|
|
Capital work-in-progress |
1.700 |
1.700 |
21.200 |
|
|
|
|
|
|
|
|
INVESTMENT |
5.000 |
5.000 |
5.500 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.00 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
9.600
|
13.500 |
15.000 |
|
|
Sundry Debtors |
37.300
|
32.100 |
41.900 |
|
|
Cash & Bank Balances |
7.200
|
10.800 |
7.800 |
|
|
Other Current Assets |
5.800
|
6.100 |
6.600 |
|
|
Loans & Advances |
17.400
|
22.700 |
25.500 |
|
Total
Current Assets |
77.300
|
85.200 |
96.800 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
0.000
|
0.000 |
0.000 |
|
|
Other Current Liabilities |
14.400
|
14.500 |
22.400 |
|
|
Provisions |
4.000
|
4.600 |
10.600 |
|
Total
Current Liabilities |
18.400
|
19.100 |
33.000 |
|
|
Net Current Assets |
58.900
|
66.100 |
63.800 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000
|
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
107.200 |
115.300 |
124.800 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
130.400 |
143.200 |
195.700 |
|
|
|
Other Income |
0.000 |
0.900 |
1.000 |
|
|
|
TOTAL (A) |
130.400 |
144.100 |
196.700 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Raw Material |
45.200 |
45.600 |
77.000 |
|
|
|
Power and Fuel Cost |
8.100 |
8.600 |
8.000 |
|
|
|
Employees Cost |
4.500 |
4.100 |
5.000 |
|
|
|
Other Manufacturing Expenses |
35.500 |
45.700 |
53.400 |
|
|
|
Selling and Administrative Expenses |
16.700 |
17.100 |
25.100 |
|
|
|
Miscellaneous Expenses |
2.700 |
2.100 |
2.800 |
|
|
|
Increased/ (Decreased) in Stock |
0.200 |
0.600 |
(0.900) |
|
|
|
TOTAL (B) |
112.900 |
123.800 |
170.400 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
17.500 |
20.300 |
26.300 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
1.600 |
1.800 |
1.500 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
15.900 |
18.500 |
24.800 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
7.500 |
8.100 |
7.700 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
8.400 |
10.400 |
17.100 |
|
|
|
|
|
|
|
|
|
Less |
TAX (I) |
2.700 |
3.600 |
5.800 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-I) (J) |
5.700 |
6.800 |
11.300 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export Earnings |
175.291 |
124.227 |
NA |
|
|
TOTAL EARNINGS |
175.291 |
124.227 |
NA |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
1.74 |
2.10 |
--- |
|
QUARTERLY
|
PARTICULARS |
|
30.06.2010 |
30.09.2010 |
|
Type |
|
1st
Quarter |
2nd
Quarter |
|
Sales Turnover |
|
140.380 |
65.770 |
|
Total Expenditure |
|
111.050 |
66.080 |
|
PBIDT (Excl
OI) |
|
29.330 |
19.690 |
|
Other Income |
|
0.750 |
2.270 |
|
Operating
Profit |
|
30.080 |
21.960 |
|
Interest |
|
4..460 |
4.070 |
|
Exceptional
Items |
|
0.000 |
0.000 |
|
PBDT |
|
25.620 |
17.890 |
|
Depreciation |
|
6.360 |
6.860 |
|
Profit
Before Tax |
|
19.250 |
11.030 |
|
Tax |
|
2.500 |
1.000 |
|
Reported PAT |
|
16.750 |
10.030 |
|
Extraordinary Items |
|
0.000 |
0.000 |
|
Prior Period Expenses |
|
0.000 |
0.000 |
|
Other Adjustments |
|
0.000 |
0.000 |
|
Net Profit |
|
16.750 |
10.030 |
KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
4.37
|
4.72 |
5.74 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
6.44
|
7.26 |
8.73 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
7.06
|
8.14 |
13.04 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.09
|
0.10 |
0.15 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
0.29
|
0.29 |
0.41 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
4.20
|
4.46 |
2.93 |
LOCAL AGENCY FURTHER INFORMATION
1994 - Inani Marbles and Industries Limited, engaged in the processing and marketing of marble, sandstone and other natural stones was established during the year and had witnessed a tremendous growth in volume and variety of products.
1995 - Inani Marbles and Industries Limited had entered the capital market with a public issue of 12.5 lakh equity shares of Rs.10/- each at par aggregating to Rs. 12.500 Millions.
- The promoters' stake in the company was high at 61.54% of the post issue capital.
2005 - On 6th September, board of directors had approved the subdivision of equity shares of the company with nominal face value of Rs.10 per equity share into equity shares with nominal face value of Rs.1 per equity shares.
- On 30th September, members of the annual general meeting had dropped the resolution of splitting of shares due to small market price of shares.
2007 - Register of members and share transfer books of the company were closed from 25th September, 2007 to 29th September, 2007 including both days for the purpose of 13th Annual General Meeting.
OPERATIONS AND FUTURE
OUT LOOK:
The Turnover of the company has increased by 53.24 % however profit before tax increased by 52.21% in comparison to previous year. The Company has achieved export turnover of Rs. 201.293 Millions, as compared to Rs.175.291 Millions in previous year. The Company has started to deal in imported Marble Blocks for which demand are very high in domestic market therefore your directors are hopeful for much better performance and results during the current year ahead.
FINANCE
The Company has obtained Term Loan of Rs.26.377 Millions
from HDFC Bank Limited Rs.19.740 Millions from State bank of
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.45.18 |
|
|
1 |
Rs.73.04 |
|
Euro |
1 |
Rs.61.43 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
5 |
|
--CREDIT LINES |
1~10 |
5 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
YES |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
YES |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
46 |
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 |
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.