MIRA
INFORM REPORT
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Report Date : |
10.06.2011 |
IDENTIFICATION DETAILS
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Name : |
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Registered
Office : |
DB House, Gen. A.K. Vaidya Marg, Goregaon (East), Mumbai – 400063, |
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Country : |
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Financials (as
on) : |
31.03.2010 |
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Date of
Incorporation : |
11.09.1984 |
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Com. Reg. No.: |
11-33987 |
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Capital
Investment / Paid-up Capital : |
Rs.35.500
Millions |
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CIN No.: [Company Identification
No.] |
U51900MH1984PTC033987 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
MUMC10103C |
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PAN No.: [Permanent Account No.] |
AAACC1661J |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Manufacturer of Granite and Marble Slabs and Tiles. |
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No. of Employees
: |
300 (Approximately) |
RATING & COMMENTS
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MIRA’s Rating : |
B (32) |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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Maximum Credit Limit : |
USD 1100000 |
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Status : |
Moderate |
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Payment Behaviour : |
Slow but correct |
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Litigation : |
Clear |
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Comments : |
Subject is an established company having moderate track. The company
is incurring losses from last tow years. However, trade relations are fair.
Business is active. Payments are reported to be slow but correct. The company can be considered for business dealings with some
cautions. |
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
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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 |
LOCATIONS
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Registered/ Admin Office : |
DB House, Gen. A.K. Vaidya Marg, Goregaon (East), Mumbai – 400 063, |
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Tel. No.: |
91-22-28402304 / 28402305 (13
lines) / 40430830/ 40778600 |
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Mobile No.: |
91-9870964526 (Mr. Mayur N. Karekar) 91-9886693559 (Mr. Jitendra Rathi) |
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Fax No.: |
91-22-28402322 |
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E-Mail : |
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Website : |
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Area : |
1000 sq. ft. |
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Location : |
Owned |
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Administrative
Office 2: |
41 St KM, |
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Tel. No.: |
91-80-27285029 /27285630/ 27285030 /5629/ 27276249 / 27276250 |
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Fax No.: |
91-80-27285626 / 27273867 / 27271291/27285621 |
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Email : |
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Satara Factory : |
Plot No:K-5, Addl MIDC Area, |
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Tel. No.: |
91-2162-44500 / 46126 |
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Fax No.: |
91-2162-44126 |
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Email: |
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City Office : |
Mittal Tower, ‘A’ Wing, 3rd
Floor, |
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Tel No.: |
91-22-22824464 / 22832305 |
DIRECTORS
As on 27.09.2010
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Name : |
Mr. Vinod K. Goenka |
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Designation : |
Managing Director |
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Address : |
Karmayog, 6th Floor, Hatkesh Society, Juhu Scheme, Mumbai-400
049, |
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Date of Birth/Age : |
02.07.1959 |
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Date of Appointment : |
20.11.1986 |
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Name : |
Mr. Sanjiv Goneka |
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Designation : |
Whole time Director |
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Address : |
405, Hazel, Raheja Residency, Kormangala, 3rd Block, |
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Date of Birth/Age : |
03.03.1968 |
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Date of Appointment : |
29.07.1994 |
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Name : |
Ms. Aseela Goneka |
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Designation : |
Director (Marketing) |
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Address : |
Karmayog, 6th Floor, Hatkesh Society, Juhu Scheme,
Mumbai-400 049, |
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Date of Birth/Age : |
09.05.1961 |
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Date of Appointment : |
20.03.2006 |
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Name : |
Mr. Narayan P. Bajaj |
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Designation : |
Whole time Director |
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Address : |
201, Namita, |
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Date of Birth/Age : |
02.11.1946 |
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Date of Appointment : |
06.01.2004 |
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Name : |
Mr. Shahid U. Balwa |
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Designation : |
Director |
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Address : |
Aaliya Manor, Road No.9, TPS IV, Bandra (West), Mumbai – 400 050, |
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Date of Birth/Age : |
04.01.1974 |
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Date of Appointment : |
28.07.2006 |
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Pan No : |
AACPB0311K |
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Directorship in other company : |
CIN No: U55101MH1997PTC107571
CIN No: L55101MH1988PLC047531
CIN No: U70100MH2005PTC154506
CIN No: U70100MH2004PTC149602
CIN No: U45200MH2005PTC155150
CIN No: U70100MH2005PTC158322
CIN No: U70101MH2006PLC162860
CIN No: U55101MH2004PTC149219
CIN No: U45201MH2004PTC144704 |
KEY EXECUTIVES
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Name : |
Mr. Ratilal K. Bharadya |
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Designation : |
Company Secretary |
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Address : |
Vidya Vihar, 1st Floor, Flat No.101, |
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Date of Birth/Age : |
16.04.1940 |
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Date of Appointment : |
02.01.2003 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 27.09.2010
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Names of Shareholders |
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No. of Shares |
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Vinod K. Goenka Parter - K.G.
Enterprises, |
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1 |
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Vinod K. Goenka |
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35010 |
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Sanjiv N. Goenka |
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33675 |
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Vinod K. Goenka Karta HUF Aseela Goenka |
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126239 |
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Aseela Goneka Joint With Vinod K. Goenka |
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35000 |
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Vinod K. Goenka F and NG of Sanjana Goenka Aseela Goenka |
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35000 |
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Jyoti Goenka |
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28396 |
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Sanjiv Goenka F and NG Akshay Goenka |
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13338 |
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Jayvardhan V. Goenka |
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35000 |
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Sanjiv Goenka |
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13341 |
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Total |
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355000 |
As on 27.09.2010
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Equity Share Breakup |
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Percentage of Holding |
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Category |
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Directors
or relatives of directors |
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100.00 |
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Total |
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100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer of Granite and Marble Slabs and Tiles. |
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Products : |
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PRODUCTION STATUS (AS ON 31.03.2010)
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Particulars |
Unit |
Licensed
Capacity |
Installed
Capacity |
Actual
Production |
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Granite |
Sq. Mtrs. |
370000 |
370000 |
188508 |
GENERAL INFORMATION
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No. of Employees : |
300 (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 : |
M.A. Parikh and Company Chartered Accountants |
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Address : |
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Pan No : |
AAAFM1433H |
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Name : |
Chaturvedi and Shah Chartered Accountants |
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Address : |
912-913, Tulsiani Chambers, 212, Nariman Point, Mumbai – 400 021, |
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Pan No : |
AAAFC0662N |
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Associates/Subsidiaries : |
Heritage Mining Company Private Limited (U74999MH1993PTC070833) |
CAPITAL STRUCTURE
As on 27.09.2010
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
|
500000 |
Equity Shares |
Rs.100/- each |
Rs.50.000 Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
355000 |
Equity Shares |
Rs.100/- each |
Rs.35.500
Millions |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
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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 |
35.500 |
35.500 |
35.500 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
242.097 |
251.787 |
255.928 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
277.597 |
287.287 |
291.428 |
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LOAN FUNDS |
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1] Secured Loans |
232.270 |
264.453 |
315.507 |
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2] Unsecured Loans |
44.250 |
29.250 |
36.343 |
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TOTAL BORROWING |
276.520 |
293.703 |
351.850 |
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DEFERRED TAX LIABILITIES |
13.738 |
16.042 |
24.156 |
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TOTAL |
567.855 |
597.032 |
667.434 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
141.407 |
160.241 |
186.234 |
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Capital work-in-progress |
17.557 |
11.537 |
11.537 |
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INVESTMENT |
1.868 |
1.868 |
7.598 |
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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 |
229.684
|
245.708 |
192.450 |
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Sundry Debtors |
197.522
|
210.144 |
303.241 |
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Cash & Bank Balances |
21.724
|
25.410 |
12.574 |
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Other Current Assets |
0.000
|
0.000 |
0.000 |
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Loans & Advances |
63.587
|
44.108 |
55.594 |
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Total
Current Assets |
512.517
|
525.370 |
563.859 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Sundry Creditors |
82.009
|
73.019 |
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Other Current Liabilities |
10.393
|
17.889 |
93.111 |
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Provisions |
13.092
|
12.767 |
12.063 |
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Total
Current Liabilities |
105.494
|
103.675 |
105.174 |
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Net Current Assets |
407.023
|
421.695 |
458.685 |
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MISCELLANEOUS EXPENSES |
0.000 |
1.691 |
3.380 |
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TOTAL |
567.855 |
597.032 |
667.434 |
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PROFIT & LOSS ACCOUNT
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PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
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SALES |
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Income |
614.264 |
615.045 |
735.007 |
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Other Income |
7.261 |
4.168 |
2.298 |
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TOTAL (A) |
621.525 |
619.213 |
737.305 |
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Less |
EXPENSES |
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Office Expenses |
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Administrative Expenses |
582.756 |
564.388 |
671.790 |
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Advertising Expenses |
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TOTAL (B) |
582.756 |
564.388 |
671.790 |
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Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
38.769 |
54.825 |
65.515 |
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Less |
FINANCIAL
EXPENSES (D) |
25.949 |
34.671 |
36.457 |
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PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
12.820 |
20.154 |
29.058 |
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Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
18.756 |
26.259 |
23.525 |
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PROFIT BEFORE
TAX (E-F) (G) |
(5.936) |
(6.105) |
5.533 |
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Less |
TAX (H) |
3.754 |
(1.964) |
3.051 |
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PROFIT AFTER TAX
(G-H) (I) |
(9.690) |
(4.141) |
2.482 |
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Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
216.700 |
220.842 |
218.360 |
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BALANCE CARRIED
TO THE B/S |
207.010 |
216.701 |
220.842 |
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EARNINGS IN
FOREIGN CURRENCY |
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Exports of Goods on FOB Basis |
578.840 |
615.978 |
721.840 |
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TOTAL EARNINGS |
578.840 |
615.978 |
721.840 |
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IMPORTS |
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Raw Materials |
92.024 |
55.521 |
35.674 |
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Components and Spares |
11.543 |
12.380 |
13.175 |
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Consumables |
47.386 |
59.994 |
60.889 |
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TOTAL IMPORTS |
150.953 |
127.895 |
109.738 |
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Earnings Per
Share (Rs.) |
(27.30) |
(11.67) |
NA |
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KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
(1.55)
|
(0.67) |
0.34 |
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Net Profit Margin (PBT/Sales) |
(%) |
(0.97)
|
(0.99) |
0.75 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
(0.91)
|
(0.89) |
0.74 |
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Return on Investment (ROI) (PBT/Networth) |
|
(0.02)
|
(0.02) |
0.02 |
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Debt Equity Ratio (Total Liability/Networth) |
|
1.38
|
1.38 |
1.57 |
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Current Ratio (Current Asset/Current Liability) |
|
4.86
|
5.07 |
5.36 |
LOCAL AGENCY FURTHER INFORMATION
Note: The
registered office of the company has been shifted from Dynamix Houseyashodham, Goregaon (E), Mumbai-400063,
Bankers Charges
Report as per Registry
|
This form is for |
Modification of
charge |
|
Charge
identification number of the modified |
80006053 |
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Corporate
identity number of the company |
U51900MH1984PTC033987 |
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Name of the
company |
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Address of the
registered office or of the principal place of business in |
Dynamix
Houseyashodham, Goregaon (E), Mumbai-400063, |
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Type of charge |
Immovable
Property |
|
Particular of
charge holder |
Bank of Baroda, Mumbai Main Office, Mumbai Main Office 10/12, Mumbai Samachar, Marg, Fort, Mumbai – 400 001, Maharashtra, India Indusind Bank, 425, Dadasaheb Bhadkamkar Marg, Mumbai-400 004, , Maharashtra, India |
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Email |
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Nature of
description of the instrument creating or modifying the charge |
No instrument was
executed to create equitable mortgage on 09/02/2007 by the Company. However
Supplemental Memorandum of Entry dated 9-2-2007 was recorded by Bank of
Baroda acting for itself and as Agent of Allahabad Bank (Bank of Baroda
consortium). |
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Date of
instrument Creating the charge |
09.02.2007 |
|
Amount secured by
the charge |
Rs.465.000
Millions |
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Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest The working
capital facilities sanctioned by the Consortium of Banks to the Company is
repayable on demand forthwith with interest at such rate or rates as
determined by the Banks and/or as per RBI Directives from time to time
together with all costs, charges, expenses and other monies payable thereon. Terms of
Repayment Repayable on
demand. Margin 10% Extent and
Operation of the charge The equitable
mortgage was created as security for due repayment of all the amounts due and
payable by the Company to the Banks in respect of the facilities sanctioned
by the Consortium of Banks together with interest, additional interest, penal
interest commission, costs. Charges and expenses and other monies payable
thereon to the Consortium of Banks. Total aggregating limit of Rs. 465.000
Millions, i.e. Bank of Baroda: Rs. 247.500 Millions and Allahabad Bank: Rs.
217.500 Millions. |
|
Short particulars
of the property charged |
Land, Building
structures, immovable plant and
machinery situated at: 1. Survey
No.39/1,39/2,39/3,39/4 situated at 2. Lease hold
Plot No.K-5 admeasuring 18,883 sq. mrs. at additional Satara Industrial Area.
3.Lease hold Plot
No.K-6 admeasuring 13,440 sq. mrs. at additional Satara Industrial Area |
|
Date of latest
modification prior to the present modification |
12.06.2006 |
|
Particulars of
the present modification |
Supplementary
memorandum of entry for extension of mortgage on company land and factory
building situated at Village Madaqpur, Kasaba Hobli, Taluka Ramnagaram. Dist.
a) Bank of Baroda
: Existing facilities Rs. 202.500 Millions
increased to Rs. 247.500 Millions b) Allahabad Bank:
Existing facilities Rs.195.000 Millions increased to Rs. 217.500 Millions. |
FIXED ASSETS
·
Land
·
·
Building Plant and
Machinery
·
Electrical Installation
·
Furniture and Fixture
·
Equipment
·
Vehicles
·
Capital work in progress
AS PER WEBSITE
Profile
Company Catering to the Global Market for Indian Natural Stones. The company which started its operation in 1984 and later taken over by the Dynamix Group in 1989 sets a glaring example of what professional management can achieve within a short span.
Subject was converted into a 100% export oriented unit (EOU) and the management by inducting professionals drew up various marketing strategies with an emphasis on quality, reliability and competitiveness. From a capacity of producing only 50 containers of granite tiles per annum, it has grown multifold and boasts an impressive annual production capacity of 24,00,000 sq. ft. of slabs and 3,60,000 sq. ft. of tiles.
The thrust of the company has always been in the field of export and capturing world markets. It is heartening to note that over the last three years the export has gone up by more than 50% in the midst of fierce world competition.
The company has two fully automated processing units - one
at Satara located approximately 250 kms. from
The company's core strength lies in it's constant endeavour to promote new of Granites from time to time and also its ability in having fine tuned its concept of customer satisfaction to a razor sharp understanding of its client's needs.
Consistent and committed efforts of the company in offering world-class
products to meet the most stringent quality standards has earned a lasting
reputation as a dependable exporter and service provider. The company's
continuous contribution in the field of export has gained recognition through
various Export Awards presented by concerned departments of Trade and Commerce
of the Government and other Trade Bodies.
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.44.72 |
|
|
1 |
Rs.73.47 |
|
Euro |
1 |
Rs.65.38 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
4 |
|
OPERATING SCALE |
1~10 |
3 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
3 |
|
--PROFITABILIRY |
1~10 |
3 |
|
--LIQUIDITY |
1~10 |
3 |
|
--LEVERAGE |
1~10 |
3 |
|
--RESERVES |
1~10 |
5 |
|
--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 |
NO |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
32 |
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.