Business
information report
1. Summary Information
|
|
|
Country |
India |
|
Company Name |
GEM GRANITES PRIVATE LIMITED |
Principal Name 1 |
Mr. Rangaswami Veeramani |
|
Status |
Satisfactory |
Principal Name 2 |
Mr. Rangaswamy Sekar |
|
|
|
Registration # |
18-009709 |
|
Street Address |
No.76/ 78, Cathedral Road,
Chennai – 600 086, Tamilnadu |
||
|
Established Date |
27.11.1982 |
SIC Code |
-- |
|
Telephone# |
91-44-28115190 (10 Lines) / 28110859 |
Business Style 1 |
Exporter of Granites. |
|
Fax # |
91-44-28117338/ 28110859 |
Business Style 2 |
-- |
|
Homepage |
Product Name 1 |
-- |
|
|
# of employees |
-- |
Product Name 2 |
-- |
|
Paid up capital |
Rs.9,500,000 |
Product Name 3 |
-- |
|
Shareholders |
Directors or relatives of directors 100.00 % |
Banking |
Indian Overseas
Bank |
|
Public Limited Corp. |
-- |
Business Period |
29 years |
|
IPO |
-- |
International Ins. |
-- |
|
Public |
-- |
Rating |
Ba (46) |
|
Related
Company |
|||
|
Relation |
Group Companies |
Company Name |
Ferro
Magnets and Allied Products Private Limited |
|
Note |
- |
||
2. Summary
Financial Statement
|
Balance Sheet as of |
31.03.2010 |
(Unit: Indian Rs.) |
|
|
Assets |
Liabilities |
||
|
Current Assets |
73,711,000 |
Current Liabilities |
121,404,000 |
|
Inventories |
163,178,000 |
Long-term Liabilities |
100,386,000 |
|
Fixed Assets |
118,936,000 |
Other Liabilities |
0 |
|
Deferred Assets |
0 |
Total Liabilities |
221,790,000 |
|
Invest& other Assets |
493,000 |
Retained Earnings |
125,028,000 |
|
|
0 |
Net Worth |
134,528,000 |
|
Total Assets |
356,318,000 |
Total Liab. & Equity |
356,318,000 |
|
Total Assets (Previous Year) |
353,537,000 |
|
|
|
P/L Statement as of |
31.03.2010 |
(Unit: Indian Rs.) |
|
|
Sales |
195,593,000 |
Net Profit |
6,374,000 |
|
Sales(Previous yr) |
176,588,000 |
Net Profit(Prev.yr) |
12,425,000 |
MIRA
INFORM REPORT
|
Report Date : |
08.09.2011 |
IDENTIFICATION DETAILS
|
Name : |
GEM GRANITES PRIVATE LIMITED |
|
|
|
|
Registered
Office : |
No.76/ 78, |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as
on) : |
31.03.2010 |
|
|
|
|
Date of
Incorporation : |
27.11.1982 |
|
|
|
|
Com. Reg. No.: |
18-009709 |
|
|
|
|
Capital Investment
/ Paid-up Capital : |
Rs.9.500
millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U28991TN1982PTC009709 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
CHEG02266F |
|
|
|
|
Legal Form : |
Private Limited Liability Company |
|
|
|
|
Line of Business
: |
Exporter of Granites. |
|
|
|
|
No. of Employees
: |
Not Available |
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 538000 |
|
|
|
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
Regular |
|
|
|
|
Litigation : |
Clear |
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|
|
|
Comments : |
Subject is a well established and a reputed company having
satisfactory track. Trade relations are reported as fair. Business is active.
Payments are reported to be 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/ Corporate Office : |
No.76/ 78, |
|
Tel. No.: |
91-44-28115190 (10 Lines) / 28110859 |
|
Fax No.: |
91-44-28117338/ 28110859 |
|
E-Mail : |
|
|
Website : |
DIRECTORS
As on 23.09.2010
|
Name : |
Mr. Rangaswami Veeramani |
|
Designation : |
Director |
|
Address : |
305, |
|
Date of Birth/Age : |
15.05.1942 |
|
Date of Appointment : |
27.11.1982 |
|
DIN No.: |
00032895 |
|
|
|
|
Name : |
Mr. Rangaswamy Sekar |
|
Designation : |
Director |
|
Address : |
Hoodi Apartments, 120, |
|
Date of Birth/Age : |
04.03.1952 |
|
Date of Appointment : |
27.11.1982 |
|
DIN No.: |
00097891 |
|
|
|
|
Name : |
Mr. |
|
Designation : |
Director |
|
Address : |
4-B, Jeypore Terrace, 219, |
|
Date of Birth/Age : |
02.04.1954 |
|
Date of Appointment : |
27.11.1982 |
|
DIN No.: |
00244533 |
|
|
|
|
Name : |
Mr. |
|
Designation : |
Director |
|
Address : |
78, |
|
Date of Birth/Age : |
01.12.1948 |
|
Date of Appointment : |
27.05.1998 |
|
DIN No.: |
00032998 |
|
|
|
|
Name : |
Mr. Sambandham Rajasekaran |
|
Designation : |
Director |
|
Address : |
2/ 19, Mogappair Extension, Chennai – 600 050, |
|
Date of Birth/Age : |
27.09.1951 |
|
Date of Appointment : |
20.01.1999 |
|
Date of Ceasing : |
18.06.2009 |
|
DIN No.: |
00044004 |
|
|
|
|
Name : |
Mr. Ramasamy Dharumaiyan |
|
Designation : |
Director |
|
Address : |
# 3, Karunanidhi, |
|
Date of Birth/Age : |
01.01.1957 |
|
Date of Appointment : |
01.04.2004 |
|
Date of Ceasing : |
21.05.2010 |
|
DIN No.: |
00104555 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 23.09.2010
|
Names of Shareholders |
No. of Shares |
|
R. Veeramani |
287000 |
|
R. Sekar |
217700 |
|
R. Kumar |
217700 |
|
S.R. Asaithambi |
227600 |
|
Total |
950000 |
As on 23.09.2010
|
Equity Share Breakup |
Percentage of Holding |
|
Category |
|
|
Directors
or relatives of directors |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Exporter of Granites. |
PRODUCTION STATUS
(As on 31.03.2010)
|
Particulars |
Licensed
Capacity |
Actual
Production |
|
Dimensional Granite Blocks |
1200 CBM per
annum per shift |
2697.3010 CBM |
|
Granite Slabs |
50000 SQM per
annum per shift |
53899.260 SQM |
GENERAL INFORMATION
|
Bankers : |
Indian Overseas Bank, Commercial and Institutional Credit Branch, 98A,
Dr. Radhakrishnan Salai, Mylapore, Chennai – 600 004, Tamilnadu – 600 004, |
|||||||||||||||||||||||||||
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Facilities : |
|
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|
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|
Banking
Relations : |
-- |
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|
|
|
Auditors : |
|
|
Name : |
Vijai Sarthy and Company Chartered Accountants |
|
Address : |
New No.39 (Old No.18 A), |
|
Tel. No.: |
91-44-28152948/ 28153830 |
|
E-Mail: |
|
|
|
|
|
Group Companies : |
(As on 31.03.2009)
|
CAPITAL STRUCTURE
As on 31.03.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
1000000 |
Equity Shares |
Rs.10/- each |
Rs.10.000 millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
950000 |
Equity Shares |
Rs.10/- each |
Rs.9.500
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 |
9.500 |
9.500 |
9.500 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
125.028 |
118.653 |
106.228 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
134.528 |
128.153 |
115.728 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
98.182 |
118.363 |
133.162 |
|
|
2] Unsecured Loans |
2.204 |
0.858 |
1.258 |
|
|
TOTAL BORROWING |
100.386 |
119.221 |
134.420 |
|
|
DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
234.914 |
247.374 |
250.148 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
118.936 |
124.642 |
135.372 |
|
|
Capital work-in-progress |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
INVESTMENT |
0.493 |
0.493 |
0.493 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
163.178
|
135.285
|
93.904 |
|
|
Sundry Debtors |
39.761
|
31.273
|
58.849 |
|
|
Cash & Bank Balances |
1.813
|
0.844
|
5.450 |
|
|
Other Current Assets |
0.000
|
0.000
|
0.000 |
|
|
Loans & Advances |
32.137
|
61.000
|
52.793 |
|
Total
Current Assets |
236.889
|
228.402
|
210.996 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
108.004
|
70.078 |
32.926 |
|
|
Other Current Liabilities |
7.142
|
5.334
|
34.545 |
|
|
Provisions |
6.258
|
30.751
|
29.242 |
|
Total
Current Liabilities |
121.404
|
106.163
|
96.713 |
|
|
Net Current Assets |
115.485
|
122.239
|
114.283 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
234.914 |
247.374 |
250.148 |
|
PROFIT & LOSS ACCOUNT
|
|
PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
195.593 |
176.588 |
250.061 |
|
|
|
Other Income |
0.424 |
14.825 |
1.163 |
|
|
|
TOTAL (A) |
196.017 |
191.413 |
251.224 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Office Expenses |
158.718 |
150.832 |
197.366 |
|
|
|
Administrative Expenses |
|
|
|
|
|
|
Advertising Expenses |
|
|
|
|
|
|
TOTAL (B) |
158.718 |
150.832 |
197.366 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
37.299 |
40.581 |
53.858 |
|
|
|
|
|
|
|
|
|
Less |
INTEREST &
FINANCIAL EXPENSES (D) |
12.789 |
16.053 |
20.080 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
24.510 |
24.528 |
33.778 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
17.019 |
11.651 |
26.242 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
7.491 |
12.877 |
7.536 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
1.117 |
0.452 |
(1.200) |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
6.374 |
12.425 |
8.736 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Realized |
120.167 |
142.187 |
161.560 |
|
|
|
Unrealized |
22.428 |
5.215 |
57.839 |
|
|
TOTAL EARNINGS |
142.595 |
147.402 |
219.399 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Spares/ Consumables/ Packing |
18.908 |
27.694 |
NA |
|
|
TOTAL IMPORTS |
18.908 |
27.694 |
NA |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
6.71 |
13.08 |
NA |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
3.25 |
6.49
|
3.48 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
3.83 |
7.29
|
3.01 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
2.11 |
3.65
|
2.18 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.06 |
0.10
|
0.07 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
1.65 |
1.76
|
2.00 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.95 |
2.15
|
2.18 |
LOCAL AGENCY FURTHER INFORMATION
FORM 8
|
This form is for |
Modification of charge
|
||||||||||||
|
Charge
identification number of the modified |
80048128 |
||||||||||||
|
Corporate
identity number of the company |
U28991TN1982PTC009709 |
||||||||||||
|
Name of the
company |
GEM GRANITES PRIVATE LIMITED |
||||||||||||
|
Address of the registered
office or of the principal place of
business in |
No.76/ 78, |
||||||||||||
|
Type of charge |
Movable Property |
||||||||||||
|
Particular of
charge holder |
Indian Overseas Bank, Commercial and Institutional Credit Branch, 98A,
Dr. Radhakrishnan Salai, Mylapore, Chennai – 600 004, Tamilnadu – 600 004, E-Mail: canicbr@chemreol.iob.net.co.in |
||||||||||||
|
Nature of
description of the instrument creating or modifying the charge |
Letter of
Hypothecation dated 22.12.2008 |
||||||||||||
|
Date of
instrument Creating the charge |
22.12.2008 |
||||||||||||
|
Amount secured by
the charge |
Rs.220.400
millions |
||||||||||||
|
Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest:
As per the Deed of Hypothecation Letter.
Terms of
Repayment: Repayable on demand. Margin: As per
the Deed of Hypothecation Extent and Operation
of the charge: Charge operates as security for the repayment of loan and
interest. |
||||||||||||
|
Short particulars
of the property charged |
Term Loan; first
exclusive charge on the entire block assets of the company packing credit;
first charge on the entire current assets of the company FDDBP/ FDUBD first
charge on current assets. |
||||||||||||
|
Particulars of
the present modification |
|
FIXED ASSETS:
- Land
- Compressor
- Flat – Land
- Flat – Building
- Computer
- Shed Under Construction
- Quarry – Building
- Explosive Magazine
- Furniture and Fixtures
- Diesel Pump
- Diesel Genset
- Drilling Machine
- Electrical Equipments
- Office Equipments
- Vehicles
- Colour Television
- Air Conditioner
- Kirlosker Brand Motor
- Cellular Phone
- Building
- Plant and Machinery
- EOT Crane
- TOPAZ – Factory Machinery
- Gangsaw Polishing Machine
- Kriloskar Transformer
- Gantry Crane
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.46.02 |
|
|
1 |
Rs.73.60 |
|
Euro |
1 |
Rs.64.77 |
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 |
NO |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--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.