MIRA
INFORM REPORT
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Report Date : |
16.02.2011 |
IDENTIFICATION DETAILS
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Name : |
RASHI GRANITE EXPORTS INDIA PRIVATE LIMITED |
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Registered
Office : |
117 and 118, 4th Phase, Bommasandra Industrial Area, |
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Country : |
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Financials (as
on) : |
31.03.2010 |
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Date of
Incorporation : |
18.12.2001 |
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Com. Reg. No.: |
08-29900 |
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CIN No.: [Company Identification
No.] |
U14101KA2001PTC029900 |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Producer and Exporter of Granite Products |
RATING & COMMENTS
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MIRA’s Rating : |
Ba (48) |
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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 940000 |
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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 an 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) |
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A1 |
A1 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
INFORMATION PARTED BY
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Name : |
Mr. Ratan Kumar Kandoi |
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Designation : |
Director |
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Contact No.: |
91-9844030831 |
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Date : |
15.02.2011 |
LOCATIONS
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Registered Office : |
117 and 118, 4th Phase, Bommasandra Industrial Area, Hosur
Main Road, Bangalore – 560099, Karnataka, India |
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Tel. No.: |
91-80-27839071 |
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Mobile No.: |
91-9844030831 (Mr. Ratan Kumar Kandoi) |
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Fax No.: |
91-80-27839072 |
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E-Mail : |
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Website : |
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Area : |
15000 Sq. ft. |
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Location : |
Owned |
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Factory : |
#235, P.B. Bommasandra Industrial Area, 3rd Phase, |
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Tel. No.: |
91-80-27833210 / 27833692 / 27836121 / 27835341 |
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Fax No.: |
91-80-27833057 |
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Area : |
5000 sq. ft. |
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Location : |
Owned |
DIRECTORS
As on 30.09.2010
|
Name : |
Ms. Madhu Kandoi |
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Designation : |
Director |
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Address : |
No. 55, Vaishnavi Apartments. 47 Cross, 8th Block,
Jayanagar, |
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Date of Birth/Age : |
01.10.1963 |
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Qualification : |
Graduate |
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Date of Appointment : |
18.12.2001 |
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Name : |
Mr. Ratan Kumar Kandoi |
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Designation : |
Director |
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Address : |
No. 55, Vaishnavi Apartments. 47 Cross, 8th Block,
Jayanagar, |
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Date of Birth/Age : |
06.05.1957 |
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Qualification : |
Graduate |
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Date of Appointment : |
18.12.2001 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 30.09.2010
|
Names of Shareholders |
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No. of Shares |
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Ratan Kumar Kandoi |
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197660 |
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Madhu Kandoi W/o R.K. Kandoi |
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1710140 |
|
Glorious Holdings Private Limited ( |
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10000 |
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Artline Fiscal Services Private Limited ( |
|
10000 |
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Bhagyalakshmi Merchandise Private Limited ( |
|
12000 |
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Expresso Tie-up Private Limited ( |
|
10000 |
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Clariom Merchants Private Limited ( |
|
10000 |
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Basukinath Design Private Limited ( |
|
50000 |
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CRM Sysstems Private Limited ( |
|
25000 |
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Jasmine Vanijya Private Limited ( |
|
20000 |
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Nirjhar Financial Advisory Private Limited ( |
|
31250 |
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Samrat Fincon Private Limited ( |
|
70000 |
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Sanjibani Tie Up Private Limited ( |
|
25000 |
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Shriste Marketing Private Limited ( |
|
25000 |
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Swastik Vintrade Private Limited ( |
|
25000 |
As on 30.09.2010
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Category |
Percentage |
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Bodies corporate |
15.00 |
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Directors or relatives of Directors |
85.00 |
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Total |
100.00 |
BUSINESS DETAILS
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Line of Business : |
Producer and Exporter of Granite Products |
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Exports : |
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Products : |
Polished Granite Slabs |
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Countries : |
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Terms : |
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Selling : |
Cash and Credit (30 / 60 / 90 days) |
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Purchasing : |
Cash and Credit (30 / 60 / 90 days) |
GENERAL INFORMATION
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Customers : |
End users, OEM’s and Manufacturer |
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No. of Employees : |
100 (Approximately) |
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Bankers : |
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Facilities : |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
A.K. Bhandari and Associates Chartered Accountant |
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Address : |
324/325, 1st Floor Prabhat Complex, |
CAPITAL STRUCTURE
As on 30.09.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
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|
5000000 |
Equity Shares |
Rs.10/- each |
Rs.50.000 Millions |
Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
|
|
|
|
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|
2274534 |
Equity Shares |
Rs.10/- each |
Rs.22.745
Millions |
FINANCIAL DATA
[all figures are in
Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
22.745 |
19.995 |
19.968 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
212.248 |
173.853 |
156.765 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
234.993 |
193.848 |
176.733 |
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LOAN FUNDS |
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1] Secured Loans |
22.865 |
0.000 |
18.213 |
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2] Unsecured Loans |
0.000 |
0.000 |
0.000 |
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TOTAL BORROWING |
22.865 |
0.000 |
18.213 |
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DEFERRED TAX LIABILITIES |
7.339 |
6.421 |
5.788 |
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TOTAL |
265.197 |
200.269 |
200.734 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
117.614 |
92.296 |
88.552 |
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Capital work-in-progress |
5.211 |
15.500 |
0.000 |
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INVESTMENT |
0.000 |
0.000 |
0.000 |
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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 |
136.625
|
80.156 |
36.071 |
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Sundry Debtors |
34.102
|
28.244 |
82.337 |
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Cash & Bank Balances |
3.924
|
14.975 |
1.633 |
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Other Current Assets |
0.000
|
0.000 |
0.000 |
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Loans & Advances |
28.060
|
30.637 |
49.549 |
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Total
Current Assets |
202.711
|
154.012 |
169.590 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Sundry Creditors |
|
16.114 |
16.119 |
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Other Current Liabilities |
58.544
|
42.128 |
41.289 |
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Provisions |
1.795
|
3.297 |
0.000 |
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Total
Current Liabilities |
60.339
|
61.539 |
57.408 |
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Net Current Assets |
142.372
|
92.473 |
112.182 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
265.197 |
200.269 |
200.734 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
|
31.03.2010 |
31.03.2009 |
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SALES |
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Income |
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Other Income |
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TOTAL (A) |
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246.589 |
254.476 |
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Less |
EXPENSES |
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Office Expenses |
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Administrative Expenses |
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Advertising Expenses |
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TOTAL (B) |
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297.752 |
240.515 |
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PROFIT BEFORE
TAX (A-B) (C) |
|
(51.163) |
13.961 |
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Less |
TAX (D) |
|
1.085 |
1.015 |
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PROFIT AFTER TAX
(C-D) (E) |
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(52.248) |
12.946 |
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Earnings Per
Share (Rs.) |
|
6.82 |
-- |
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Expected Sales ( 2010-2011 ) : Rs.300.000 Millions
KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
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PAT / Total Income |
(%) |
(21.19)
|
5.09 |
-- |
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Return on Total Assets (PBT/Total Assets} |
(%) |
(15.97)
|
5.67 |
-- |
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Return on Investment (ROI) (PBT/Networth) |
|
(0.22)
|
0.07 |
-- |
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Debt Equity Ratio (Total Liability/Networth) |
|
0.35
|
0.32 |
0.43 |
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Current Ratio (Current Asset/Current Liability) |
|
3.36
|
2.50 |
2.95 |
LOCAL AGENCY FURTHER INFORMATION
SUNDRY CREDITORS
DETAILS :
(Rs.
in Millions)
|
Particulars |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
Sundry Creditors |
NA |
16.114 |
16.119 |
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Total |
NA |
16.114 |
16.119 |
PERFORMANCE :
The company’s general working towards its objective progressing
gradually and it is hoping that the company will do well in the coming future.
The company is having very good command in Granite in the market.
FIXED ASSETS :
- Land
- Plant and
Machinery
- Attendance
Machine
- Furniture and
Ficxtures
- Motor
Car/Cycle
- Pipe Fitting
Work
- D.G. Set
- Telephone Set
- Tools
- TV
- Electrical
Installations
- Crane
- Borewell
- Cooling Tower
- Computer
- Fax
- Cycle
- Fork Lift
- Xerox Office
Equipments
- Tractor
- Truck
- Residential
Flats
AS PER WEBSITE :
Subject (RG), a 100% Export
Oriented unit, is one of
RG was founded by R.K. Kandoi in 1989
a period when India had just begun processing of value added Granites in large
scale using state of art fully automatic equipments imported from Italy and
Germany.
RGH has invested large amounts in
creating world class facilities by importing fully automatic Hi Tech Gangsaws,
Multi Head Line Polishing machines, Multi Blade Block Cutters, Water Filtration
plant, CNC controlled Bridge cutting machines, material handling equipments
etc.
RG has a strong and dedicated team of professionals having expertise in their
respective fields.
RG has impeccable record of
producing quality products and has set values viz. Integrity, understanding,
excellence, unity and responsibility. These values have been part of Group’s
beliefs and convictions from its earlier days continue to guide and drive the
business decisions of RG. This has bestowed RG with best customer’s award from
Banks, Award for distinguished growth in Exports from Government of India,
award from CAPEXIL, award from All India Granite Association and from various
other platforms.
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.45.45 |
|
|
1 |
Rs.72.90 |
|
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 |
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FINANCIAL CONDITION |
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|
--BUSINESS SCALE |
1~10 |
5 |
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--PROFITABILIRY |
1~10 |
5 |
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--LIQUIDITY |
1~10 |
6 |
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--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
6 |
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--CREDIT LINES |
1~10 |
5 |
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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 |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
YES |
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--AFFILIATION |
YES/NO |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
48 |
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.