MIRA
INFORM REPORT
|
Report Date : |
01.06.2011 |
IDENTIFICATION DETAILS
|
Name : |
SHAH GRANITES PRIVATE LIMITED |
|
|
|
|
Registered
Office : |
|
|
|
|
|
Country : |
|
|
|
|
|
Financials (as
on) : |
31.03.2010 |
|
|
|
|
Date of
Incorporation : |
22.08.1978 |
|
|
|
|
Com. Reg. No.: |
11-020593 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs.58.900
Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U15103MH1978PTC020593 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
MUMS35254C |
|
|
|
|
PAN No.: [Permanent Account No.] |
AAACS5241C |
|
|
|
|
Legal Form : |
Private Limited Liability Company |
|
|
|
|
Line of Business
: |
Manufacturer, Exporter of Roofings Ceiling Panels and Ceramic Tiles Floorings. |
|
|
|
|
No. of Employees
: |
Not Available |
RATING & COMMENTS
|
MIRA’s Rating : |
B (33) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Maximum Credit Limit : |
USD 400000 |
|
|
|
|
Status : |
Moderate |
|
|
|
|
Payment Behaviour : |
Usually correct |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is an established company having moderate 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 for small to mediocre 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 : |
|
|
Tel. No.: |
91-22-22007995 |
|
E-Mail : |
|
|
|
|
|
Corporate Office : |
Paragon Centre, I Block, 2nd Floor, P.B. Marg, Worli,
Mumbai-400013, |
|
Tel. No.: |
91-22-24986969 / 24986970 / 24986977 / 43442300 |
|
Fax No.: |
91-22-24941312 |
|
E-Mail : |
|
|
|
|
|
Regional / Local Office: |
Located At:
|
|
|
|
|
Warehouse: |
Located At: |
|
|
|
|
Factory: |
Located At:
|
|
|
|
|
International Office: |
Located At: |
DIRECTORS
As on 30.09.2010
|
Name : |
Mr. Gaurang Manilal Shah |
|
Designation : |
Director |
|
Address : |
26, Hemprabha, 68, |
|
Date of Appointment : |
22.08.1978 |
|
Din No.: |
00070945 |
|
|
|
|
Name : |
Mrs. Sonal Gaurang Shah |
|
Designation : |
Director |
|
Address : |
26, Hemprabha, 68, |
|
Date of Appointment : |
01.07.1996 |
|
Din No.: |
00070887 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 30.09.2010
|
Names of Shareholders |
No. of
Preferences Shares |
No. of Equity
Shares |
|
Hi Gloss Abrasives Private
Limited, |
-- |
10 |
|
Swapan Manilal Shah With Shah with Shah Hard Finishes
Private Limited, |
-- |
2 |
|
S. M. Shah Partner of M. L. Shah and Company, |
-- |
10 |
|
Swapan M. Shah Karta of S. M. Shah HUF |
-- |
10 |
|
Swapan M. Shah Guardian of Aman Swapan Shah |
-- |
10 |
|
Shah Hard Finishes Private
Limited , |
-- |
23882 |
|
Shah Stone Exports Private
Limited , |
-- |
1 |
|
Spm Designers Private Limited, |
-- |
1 |
|
Stay Sharp Diamond Tools Private Limited, |
-- |
1 |
|
Rajay Investments Private
Limited , |
-- |
1 |
|
Swapan Manilal Shah |
-- |
15 |
|
Vidhi N. Shah |
-- |
20 |
|
M. L. Shah Karta of M. L. Shah HUF Big |
-- |
10 |
|
M. L. Shah Karta of M. L. Shah HUF Small |
-- |
10 |
|
Gaurang Manilal Shah |
|
199995 |
|
Gaurang Manilal Shah |
80000 |
-- |
|
Aamy S. Shah |
-- |
10 |
|
Sonal G. Shah |
-- |
300010 |
|
Sonal G. Shah |
185000 |
-- |
|
Gaurang Manilal Shah with Shah Hard Finishes Private Limited |
-- |
2 |
As on 30.09.2010
|
Equity Share Breakup |
|
Percentage of Holding |
|
Category |
|
|
|
Bodies
corporate |
|
4.57 |
|
Directors
or relatives of directors |
|
95.43 |
|
Total |
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer, Exporter of Roofings Ceiling Panels and Ceramic Tiles Floorings. |
||||||
|
|
|
||||||
|
Products : |
|
PRODUCTION STATUS (AS ON 31.03.2010)
|
Particulars |
Unit |
Actual
Production |
|
Contract Work |
|
|
|
Granite, Marble Stone Stabs and Ceramic Tiles |
Sq. Ft |
861335 |
GENERAL INFORMATION
|
Customers : |
|
||||||||||||||||||||||||||||||||||||
|
|
|
||||||||||||||||||||||||||||||||||||
|
Bankers : |
Bank of India, Kalbadevi Branch, Round Building, Shamldas Gandhi Marg,
Kalbadevi, Mumbai-400002, Maharashtra, India |
||||||||||||||||||||||||||||||||||||
|
|
|
||||||||||||||||||||||||||||||||||||
|
Facilities : |
|
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
I.O. Dharia and Company Chartered Accountant |
|
Address : |
3/B, First Floor, |
CAPITAL STRUCTURE
As on 30.09.2010
Authorised Capital : Rs.90.000 Millions
Issued, Subscribed & Paid-up Capital : Rs. 58.900
Millions
As on 31.03.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
325000 |
Equity Shares |
Rs.100/- each |
Rs.32.500 Millions |
|
275000 |
Preferences Shares |
Rs.100/- each |
Rs.27.500 Millions |
|
|
Total |
|
Rs.60.000
Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
324000 |
Equity Shares |
Rs.100/- each |
Rs.32.400
Millions |
|
265000 |
Preferences Shares |
Rs.100/- each |
Rs.26.500
Millions |
|
|
Total |
|
Rs.58.900 Millions |
Note: Redeemable at par at any time at the option of
the company after giving 48 hrs notice but not later than 20 years fro the date
of allotment.
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 |
58.900 |
58.900 |
58.900 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
42.431 |
23.858 |
19.589 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
101.331 |
82.758 |
78.489 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
139.757 |
137.798 |
106.573 |
|
|
2] Unsecured Loans |
143.721 |
79.322 |
72.570 |
|
|
TOTAL BORROWING |
283.478 |
217.120 |
179.143 |
|
|
DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
384.809 |
299.878 |
257.632 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
15.524 |
18.474 |
18.180 |
|
|
Capital work-in-progress |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
INVESTMENT |
0.020 |
0.020 |
0.020 |
|
|
DEFERREX TAX ASSETS |
2.532 |
1.528 |
0.668 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
225.010
|
150.729 |
76.100 |
|
|
Sundry Debtors |
140.409
|
169.322 |
164.487 |
|
|
Cash & Bank Balances |
51.051
|
48.113 |
38.610 |
|
|
Other Current Assets |
2.256
|
1.328 |
0.464 |
|
|
Loans & Advances |
112.837
|
100.141 |
82.064 |
|
Total
Current Assets |
531.563
|
469.633 |
361.725 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
111.818
|
117.061 |
80.089 |
|
|
Other Current Liabilities |
53.012
|
72.716 |
42.872 |
|
|
Provisions |
0.000
|
0.000 |
0.000 |
|
Total
Current Liabilities |
164.830
|
189.777 |
122.961 |
|
|
Net Current Assets |
366.733
|
279.856 |
238.764 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
384.809 |
299.878 |
257.632 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
|
|
31.03.2010 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
|
|
|
|
|
|
Other Income |
|
|
|
|
|
|
TOTAL |
|
|
438.132 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Office Expenses |
|
|
|
|
|
|
Administrative Expenses |
|
|
424.413 |
|
|
|
Advertising Expenses |
|
|
|
|
|
|
TOTAL |
|
|
424.413 |
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX |
|
|
13.719 |
|
|
|
|
|
|
|
|
|
Less |
TAX |
|
|
4.101 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
|
|
|
9.618 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export Earnings |
|
|
23.285 |
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
|
|
49.13 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
9.49
|
NA |
NA |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
2.50
|
NA |
NA |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.14
|
NA |
NA |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
4.42
|
4.91 |
3.85 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
3.22
|
2.47 |
2.94 |
LOCAL AGENCY FURTHER INFORMATION
Operations:
During the year, company earned a profit of Rs.13.719 millions with the
view to conserve the resources, the directors to not propose any dividend.
Bankers Charges
Report as per Registry
|
This form is for |
Creation of
charge |
|
Corporate identity
number of the company |
U15103MH1978PTC020593 |
|
Name of the
company |
SHAH GRANITES
PRIVATE LIMITED |
|
Address of the
registered office or of the principal place of business in |
|
|
Type of charge |
Book Debts |
|
Particular of
charge holder |
Bank of India, Kalbadevi Branch, Round Building, Shamldas Gandhi Marg,
Kalbadevi, Mumbai-400002, Maharashtra, India |
|
Email |
|
|
Nature of
description of the instrument creating or modifying the charge |
Charge and
Hypothecation of Book debts |
|
Date of instrument
Creating the charge |
29.04.2011 |
|
Amount secured by
the charge |
Rs.10.000
Millions |
|
Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest 5.75% over Base Rate
with a minimum of 15.25% p.a. or at such rate as may from time to time be
fixed by the bank Terms of
Repayment On Demand. Margin As required by
the bank from time to time. Extent and
Operation of the charge Security for due repayment of all monies which now are or at any time may
become due and owing from Borrower
either in the said loan or cash credit account or in any other account including moneys owing upon any cheques,
promissory notes or bill of exchange made drawn accepted or endorsed or
discounted or purchased or paid at the request or on behalf of credit of
borrower either solely or jointly with another or other together with
interest and all costs Others charges and expenses and for the payment and discharge of all the Borrower's present
and future indebtedness and liabilities
to Bank of any kind in any manner whether solely or jointly, primary
or collateral , accrued or accruing with all relative interest, charge,
costs, and expenses. |
|
Short particulars
of the property charged |
I)
All
the book debts outstandings, moneys receivable, claims and bills which are
now due and owing or which may at any time hereafter during the continuance
of this security become due and II)
Owing
to the Borrower in the course of its business by any person, company or by
the Government or any local or public body or authority. |
Fixed Assets:
- Office Premises
- Plant and Machinery
- Drafting Equipments
- Electrical Installation
- Furniture and Fixtures
- Office Equipments
- Air Conditioner
- Vehicles
- Computer
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.45.03 |
|
|
1 |
Rs.74.43 |
|
Euro |
1 |
Rs.64.75 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
4 |
|
OPERATING SCALE |
1~10 |
4 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
4 |
|
--PROFITABILIRY |
1~10 |
3 |
|
--LIQUIDITY |
1~10 |
4 |
|
--LEVERAGE |
1~10 |
3 |
|
--RESERVES |
1~10 |
3 |
|
--CREDIT LINES |
1~10 |
3 |
|
--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 |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
33 |
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.