MIRA
INFORM REPORT
|
Report Date : |
17.06.2011 |
IDENTIFICATION DETAILS
|
Name : |
MIDWEST GRANITE PRIVATE LIMITED |
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Registered
Office : |
8-2-684/3/25 and 26, Road No.
12, Banjara Hills, Hyderabad-500034, Andhra Pradesh |
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Country : |
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Financials (as
on) : |
31.03.2010 |
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Date of
Incorporation : |
11.12.1981 |
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Com. Reg. No.: |
01-003317 |
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Capital
Investment / Paid-up Capital : |
Rs.9.900
Millions |
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CIN No.: [Company Identification
No.] |
U14102AP1981PTC003317 |
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|
TAN No.: [Tax Deduction &
Collection Account No.] |
HYDM00321G |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Importer And Exporter of Granite And Marbles. |
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No. of Employees
: |
Not Available |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (53) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Maximum Credit Limit : |
USD 2600000 |
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Status : |
Good |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject is a well established company having fine track. Financial
position of the company appears to be sound. Trade relations are reported as
fair. Business is active. Payments are reported to be regular and as per
commitments. The company can be considered good for normal 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 |
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Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
LOCATIONS
|
Registered Office/
Headquarter : |
8-2-684/3/25 and 26, Road No.
12, Banjara Hills, Hyderabad-500034, |
|
Tel. No.: |
91-40-23305193-95 |
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Fax No.: |
91-40-23371961/23305167/23371196 |
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Email: |
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Websites: |
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Area : |
29000 sq. ft. |
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Location : |
Owned |
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Factory : |
Patancheru, |
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Branches : |
Located At:
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DIRECTORS
As on 20.09.2010
|
Name : |
Mr. Ajababu |
|
Designation : |
Director |
|
Address: |
M. Kotireddy, Flat No. 304, Sai Surabhi Awas Apartment,
Madhura Nagar Colony, Hyderabad-500093, |
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Date of Birth/Age : |
7.04.1946 |
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Date of Appointment: |
15.12.1997 |
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Name : |
Mr. K. Rama Raghava Reddy |
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Designation : |
Chairman |
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Address: |
Flat No. 2 and 3, |
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Date of Birth/Age : |
28.05.1953 |
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Date of Appointment: |
17.12.1981 |
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Name : |
Mr. Kollareddy Ramachandra |
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Designation : |
Director |
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Address: |
Flat No. 2 and 3, |
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Date of Birth/Age : |
29.08.1980 |
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Date of Appointment : |
01.04.2004 |
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Tel. No.: |
91-40-23305193/94/95 |
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Mobile No.: |
91- 98480 22700 |
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Name : |
Mrs. K. Soumya |
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Designation : |
Additional Director |
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Address: |
Flat No. 2 and 3, |
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Date of Birth/Age : |
20.08.1982 |
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Date of Appointment: |
01.04.2004 |
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Name : |
Mr. G Ravindra Reddy |
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Designation : |
Director |
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Address: |
Flat No. 104, Aditya Apartments, Bhagya Nagar Housing Society, Kukatpally, Hyderabad-500072, Andhra Pradesh, India |
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Date of Birth/Age : |
01.04.1953 |
|
Date of Appointment: |
15.12.2004 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 20.09.2010
|
Names of Shareholders |
|
No. of Shares |
|
K. Rama Raghava Reddy |
|
65000 |
|
M. Padmavati |
|
3000 |
|
V. Prameela Rani |
|
7000 |
|
M.V.V. Nagireddy |
|
7000 |
|
G. Ravindra Reddy |
|
7000 |
|
Reliance Granite Private Limited, |
|
9540 |
|
Victorian Granite Private Limited, |
|
460 |
|
|
|
|
|
Total |
|
99000 |
As on 20.09.2010
|
Equity Share Breakup |
|
Percentage of Holding |
|
Category |
|
|
|
Bodies
corporate |
|
10.11 |
|
Directors
or relatives of directors |
|
72.72 |
|
Other
top fifty shareholders |
|
17.17 |
|
Total |
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Importer And Exporter of Granite And Marbles. |
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Products : |
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GENERAL INFORMATION
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Bankers : |
v
State Bank of v
Axis Bank Limited, v HDFC Bank Limited, HDFC Bank House, Senapati Bapat Marg, Lower Parel(W), Mumbai-400013, Maharashtra, India v
ING Vysya Bank Limited, Consumer Finance
Division, D No. 3-6-140 A and B, Netaji Bhavan, Himayatnagar,
Hyderabad-500029, |
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Facilities : |
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Banking
Relations : |
-- |
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Financial Institution: |
Bajaj Finance Limited, Akurdi, Pune-411035, |
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Auditors : |
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Name : |
P.V.R.K. Nageshwara Rao and Company Chartered Accountant |
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Address : |
109, Metro Residency, 6-3-1247, |
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Associates/Subsidiaries : |
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CAPITAL STRUCTURE
As on 20.09.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
200000 |
Equity Shares |
Rs.100/- each |
Rs.20.000 Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
99000 |
Equity Shares |
Rs.100/- each |
Rs.9.900
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 |
9.900 |
10.000 |
10.000 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
650.740 |
527.485 |
385.809 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
660.640 |
537.485 |
395.809 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
187.424 |
198.896 |
190.578 |
|
|
2] Unsecured Loans |
174.865 |
79.219 |
34.897 |
|
|
TOTAL BORROWING |
362.289 |
278.115 |
225.475 |
|
|
DEFERRED TAX LIABILITIES |
12.926 |
0.000 |
0.000 |
|
|
|
|
|
|
|
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TOTAL |
1035.855 |
815.600 |
621.283 |
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|
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APPLICATION OF FUNDS |
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|
|
|
|
|
|
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|
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|
FIXED ASSETS [Net Block] |
297.419 |
248.321 |
218.793 |
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|
Capital work-in-progress |
2.669 |
10.826 |
5.727 |
|
|
|
|
|
|
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INVESTMENT |
196.684 |
212.373 |
144.825 |
|
|
DEFERREX TAX ASSETS |
0.000 |
5.349 |
4.423 |
|
|
|
|
|
|
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CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
72.210
|
59.612 |
61.411
|
|
|
Sundry Debtors |
44.508
|
70.566 |
204.935
|
|
|
Cash & Bank Balances |
58.600
|
14.864 |
21.567
|
|
|
Other Current Assets |
0.787
|
0.463 |
0.667
|
|
|
Loans & Advances |
545.813
|
336.995 |
170.493
|
|
Total
Current Assets |
721.918
|
482.500 |
459.073 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
59.168
|
67.608 |
|
|
|
Other Current Liabilities |
80.142
|
35.470 |
153.248
|
|
|
Provisions |
43.525
|
40.691 |
58.310
|
|
Total
Current Liabilities |
182.835
|
143.769 |
211.558
|
|
|
Net Current Assets |
539.083
|
338.731 |
247.515
|
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
1035.855 |
815.600 |
621.283 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
1143.725 |
752.572 |
703.318 |
|
|
|
Other Income |
12.467 |
7.480 |
9.298 |
|
|
|
TOTAL (A) |
1156.192 |
760.052 |
712.616 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Manufacturing Expenses |
220.954 |
162.005 |
180.737 |
|
|
|
Trade purchases |
345.345 |
20.022 |
14.693 |
|
|
|
Salaries, Wages and Other allowances |
84.698 |
84.066 |
75.837 |
|
|
|
Other expenses |
262.639 |
269.606 |
240.806 |
|
|
|
Increase/ (Decrease) in Stocks |
(5.590) |
0.267 |
(25.211) |
|
|
|
TOTAL (B) |
908.046 |
535.966 |
486.862 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
248.146 |
224.086 |
225.754 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
32.656 |
27.263 |
16.555 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
215.490 |
196.823 |
209.199 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
36.072 |
31.615 |
27.119 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
179.418 |
165.208 |
182.080 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
38.576 |
11.833 |
25.509 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
140.842 |
153.375 |
156.572 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
407.136 |
285.460 |
175.287 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Transfer to General Reserve |
16.143 |
20.000 |
34.700 |
|
|
|
Dividend |
9.900 |
10.000 |
10.000 |
|
|
|
Tax on Dividend |
1.644 |
1.699 |
1.699 |
|
|
BALANCE CARRIED
TO THE B/S |
520.291 |
407.136 |
285.460 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export Earnings |
608.978 |
502.048 |
414.157 |
|
|
|
Service Charges |
5.620 |
0.000 |
0.000 |
|
|
TOTAL EARNINGS |
614.598 |
502.048 |
414.157 |
|
|
|
|
|
|
|
|
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|
IMPORTS |
|
|
|
|
|
|
|
Stores and Spares |
49.187 |
28.720 |
12.278 |
|
|
|
Capital Equipment |
0.000 |
47.682 |
24.163 |
|
|
TOTAL IMPORTS |
49.187 |
76.402 |
36.441 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
1411.32 |
1533.75 |
1565.72 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
12.18
|
20.18 |
21.97 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
15.69
|
21.95 |
25.89 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
17.64
|
22.60 |
26.86 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.27
|
0.31 |
0.46 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
0.83
|
0.78 |
1.10 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
3.95
|
3.35 |
2.17 |
LOCAL AGENCY FURTHER INFORMATION
Note: The
registered office of the company has been shifted from No. 6-3-802, 1st
Floor, Zainab Commercial Complex, Ameerpet, Hyderabad-500016,
OPERATIONS:
The
Company achieved a turnover of Rs.1143.794 Millions as against turnover of
Rs.753.771 Millions during the previous year. Your company has earned a Profit
of Rs.215.490 Millions before providing for Depreciation of Rs.36.072 Millions.
EXPORTS:
During
the year under report, your Company has exported Processed Blocks and Polished
Slabs etc., and earned foreign exchange of Rs. 608.977 millions.
Bankers Charges
Report as per Registry
|
This form is for |
Creation of
charge |
|
Corporate
identity number of the company |
U14102AP1981PTC003317 |
|
Name of the
company |
MIDWEST GRANITE
PVT LTD |
|
Address of the registered
office or of the principal place of
business in |
8-2-684/3/25 and 26, Road No.
12, Banjara Hills, Hyderabad-500034, |
|
Type of charge |
Immovable
Property |
|
Particular of
charge holder |
ING Vysya Bank Limited, Consumer Finance Division, D No.
3-6-140 A and B, Netaji Bhavan, Himayatnagar, Hyderabad-500029, |
|
Email |
|
|
Nature of description
of the instrument creating or modifying the charge |
1. Home Equity
Sanction Letter Dt.25/01/2011. 2. Loan Agreement
Dt.29/01/2011. |
|
Date of
instrument Creating the charge |
29.01.2011 |
|
Amount secured by
the charge |
Rs.28.000
Millions |
|
Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest 1st and 2nd year
fixed rate of 11.0%, From 3rd year onwards floating/variable rate of interest
at IVBR plus 3.75%. Terms of
Repayment Monthly
installments, total Number of EMIs 120 Months, amount of each is EMI
Rs.396721. Extent and
Operation of the charge as per the terms
of the Agreement |
|
Short particulars
of the property charged |
Residential property
at Flat No.2 and 3, H.No. 8-2-696/697,Road No.12 , Banjara Hills, |
FIXED ASSETS:
v Land
v Leasehold land
v Buildings
v Lease hold buildings
v Plant and Machinery
v Mining Equipment
v Computers
v Electrical Installation
v Office Equipment
v Furniture and Fixtures
v Vehicles
v Water Works
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.44.90 |
|
|
1 |
Rs.72.54 |
|
Euro |
1 |
Rs.63.39 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILIRY |
1~10 |
6 |
|
--LIQUIDITY |
1~10 |
6 |
|
--LEVERAGE |
1~10 |
6 |
|
--RESERVES |
1~10 |
7 |
|
--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 |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
53 |
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.