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Business
information report
1. Summary Information
|
|
|
Country |
India |
|
Company Name |
STONE WONDERS INDIA LIMITED |
Principal Name 1 |
Mr. Rangaswami Veeramani |
|
Status |
Satisfactory |
Principal Name 2 |
Mr. Sekar Rangaswamy |
|
|
|
Registration # |
18 – 27592 |
|
Street Address |
No. 76/78, Cathedral Road, Chennai – 600 086, Tamil Nadu, India |
||
|
Established Date |
20.05.1994 |
SIC Code |
-- |
|
Telephone# |
91-44-28115190 |
Business Style 1 |
Manufacturer |
|
Fax # |
91-44-28117338 |
Business Style 2 |
Exporter |
|
Homepage |
Product Name 1 |
Granite Monuments |
|
|
# of employees |
50 (Approximately) |
Product Name 2 |
Granite Blocks |
|
Paid up capital |
Rs.
2,000,000/- |
Product Name 3 |
-- |
|
Shareholders |
Directors or relatives of Directors – 100% |
Banking |
Oriental Bank of
Commerce |
|
Public Limited Corp. |
Yes |
Business Period |
17 years |
|
IPO |
No |
International Ins. |
- |
|
Public Enterprise |
No |
Rating |
Ba (45) |
|
Related
Company |
|||
|
Relation
|
Country
|
Company
Name |
CEO |
|
- |
- |
- |
- |
|
Note |
- |
||
2. Summary
Financial Statement
|
Balance Sheet as of |
31.03.2010 |
(Unit: Indian Rs.) |
|
|
Assets |
Liabilities |
||
|
Current Assets |
46,591,000 |
Current Liabilities |
20,845,000 |
|
Inventories |
38,907,000 |
Long-term Liabilities |
0 |
|
Fixed Assets |
29,269,000 |
Other Liabilities |
0 |
|
Deferred Assets |
0 |
Total Liabilities |
20,845,000 |
|
Invest& other Assets |
300,000 |
Retained Earnings |
92,222,000 |
|
|
|
Net Worth |
94,222,000 |
|
Total Assets |
115,067,000 |
Total Liab. & Equity |
115,067,000 |
|
Total Assets (Previous Year) |
108,639,000 |
|
|
|
P/L Statement as of |
31.03.2010 |
(Unit: Indian Rs.) |
|
|
Sales |
60,952,000 |
Net Profit |
1,388,000 |
|
Sales(Previous yr) |
70,399,000 |
Net Profit(Prev.yr) |
3,206,000 |
MIRA
INFORM REPORT
|
Report Date : |
09.09.2011 |
IDENTIFICATION DETAILS
|
Name : |
STONE WONDERS INDIA LIMITED |
|
|
|
|
|
|
Registered
Office : |
No. 76/78, Cathedral Road, Chennai – 600 086, Tamil Nadu |
|
|
|
|
|
|
Country : |
India |
|
|
|
|
|
|
Financials (as
on) : |
31.03.2010 |
|
|
|
|
|
|
Date of
Incorporation : |
20.05.1994 |
|
|
|
|
|
|
Com. Reg. No.: |
18 – 27592 |
|
|
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs. 2.000 Millions |
|
|
|
|
|
|
CIN No.: [Company Identification
No.] |
U14299TN1994PLC027592 |
|
|
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
CHES04750E |
|
|
|
|
|
|
TIN No.: |
33890720603 |
|
|
|
|
|
|
Legal Form : |
A Closely Held Public Limited Liability Company. |
|
|
|
|
|
|
Line of Business
: |
Manufacturer and Exporter
of Granite Monuments. |
|
|
|
|
|
|
No. of Employees : |
50 (Approximately) |
|
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (45) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 370000 |
|
|
|
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
Usually correct |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
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) |
|
|
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 : |
No. 76/78, Cathedral Road, Chennai – 600 086, Tamil Nadu, India |
|
Tel. No.: |
91-44-28115190 (10 Lines) |
|
Fax No.: |
91-44-28117338 |
|
E-Mail : |
|
|
Area : |
10000 Sq. ft |
|
Location : |
Owned |
|
|
|
|
Factory : |
248/1A, |
|
Area : |
5000 Sq. ft |
|
Location : |
Owned |
DIRECTORS
AS ON 24.09.2010
|
Name : |
Mr. Rangaswami
Veeramani |
|
Designation : |
Director |
|
Address : |
305, |
|
Date of Birth/Age : |
15.05.1942 |
|
Date of Appointment : |
20.05.1994 |
|
DIN No : |
00032895 |
|
|
|
|
Name : |
Mr. |
|
Designation : |
Director |
|
Address : |
78, |
|
Date of Birth/Age : |
01.12.1948 |
|
Date of Appointment : |
20.05.1994 |
|
DIN No : |
00032998 |
|
|
|
|
Name : |
Mr. Sekar Rangaswamy |
|
Designation : |
Director |
|
Address : |
Hood Apartments, |
|
Date of Birth/Age : |
04.03.1952 |
|
Date of Appointment : |
20.05.1994 |
|
DIN No : |
00097891 |
|
|
|
|
Name : |
Mr. |
|
Designation : |
Director |
|
Address : |
4-B, Jeypore Terrace, |
|
Date of Birth/Age : |
02.04.1954 |
|
Date of Appointment : |
02.09.1994 |
|
DIN No : |
00244533 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 24.09.2010
|
Names of Shareholders |
No. of Shares |
|
S R Asaithamb |
47300 |
|
R Sekar |
46000 |
|
S R Kumar |
46000 |
|
R Veeramani |
60000 |
|
Rajiveeramani |
500 |
|
K Selvam Paneer |
50 |
|
S Srinivasan |
100 |
|
S Rajasekaran |
50 |
|
Total |
200000 |
AS ON 24.09.2010
|
Category |
Percentage |
|
Directors or relatives of Directors |
100.00 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer and
Exporter of Granite Monuments. |
||||||
|
|
|
||||||
|
Products : |
|
PRODUCTION STATUS AS ON 31.03.2010
|
Particulars |
Unit |
Actual
Production |
|
Monuments |
PCS |
15620 |
|
|
|
|
GENERAL INFORMATION
|
No. of Employees : |
50 (Approximately) |
|
|
|
|
Bankers : |
·
Oriental Bank of Commerce, Spencer Plaza, 769,
Anna Salai, Chennai-600002, Tamil Nadu, India |
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
Vijay Sarathy and
Company Chartered
Accountants |
|
Address : |
|
|
Tel. No.: |
91-44-28153830/2852948 |
|
E-Mail : |
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 |
|
|
|
|
|
|
200000 |
Equity Shares |
Rs.10/- each |
Rs. 2.000
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 |
2.000 |
2.000 |
2.000 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
92.222 |
90.833 |
87.627 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
94.222 |
92.833 |
89.627 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
0.000 |
0.000 |
0.000 |
|
|
2] Unsecured Loans |
0.000 |
0.000 |
0.000 |
|
|
TOTAL BORROWING |
0.000 |
0.000 |
0.000 |
|
|
DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
94.222 |
92.833 |
89.627 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
29.269 |
19.869 |
22.964 |
|
|
Capital work-in-progress |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
INVESTMENT |
0.300 |
0.548 |
0.548 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
38.907
|
24.869
|
30.000
|
|
|
Sundry Debtors |
23.416
|
41.664
|
30.698
|
|
|
Cash & Bank Balances |
5.002
|
5.890
|
4.772
|
|
|
Other Current Assets |
0.000
|
0.000
|
0.000
|
|
|
Loans & Advances |
18.173
|
15.799
|
12.391
|
|
Total
Current Assets |
85.498
|
88.222 |
77.861 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
7.050
|
6.663 |
4.681 |
|
|
Other Current Liabilities |
5.010
|
1.698
|
1.679
|
|
|
Provisions |
8.785
|
7.445
|
5.385
|
|
Total
Current Liabilities |
20.845
|
15.806 |
11.745 |
|
|
Net Current Assets |
64.653
|
72.416
|
66.116
|
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
94.222 |
92.833 |
89.627 |
|
PROFIT & LOSS ACCOUNT
|
|
PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
60.952 |
70.399 |
53.611 |
|
|
|
Other Income |
0.250 |
1.471 |
0.452 |
|
|
|
TOTAL (A) |
61.202 |
71.870 |
54.063 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Raw Material Consumed |
20.441 |
22.950 |
10.890 |
|
|
|
Sale of Raw Materials |
1.845 |
0.652 |
0.532 |
|
|
|
Manufacturing and Other Expenses |
36.112 |
38.569 |
31.104 |
|
|
|
(Increase) / Decrease In Stock of Goods |
(3.060) |
0.647 |
0.391 |
|
|
|
TOTAL (B) |
55.338 |
62.818 |
42.917 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) I |
5.864 |
9.052 |
11.146 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
0.209 |
0.380 |
0.255 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
5.655 |
8.672 |
10.891 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
3.490 |
3.481 |
2.644 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
2.165 |
5.191 |
8.247 |
|
|
|
|
|
|
|
|
|
Less |
TAX (I) |
0.777 |
1.985 |
0.380 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-I) (J) |
1.388 |
3.206 |
7.867 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
90.834 |
87.628 |
79.761 |
|
|
|
|
|
|
|
|
|
|
BALANCE CARRIED
TO THE B/S |
92.222 |
90.834 |
87.628 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export Earnings |
50.936 |
54.084 |
41.028 |
|
|
|
Other Earnings |
5.396 |
10.346 |
7.195 |
|
|
TOTAL EARNINGS |
56.332 |
64.430 |
48.223 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
6.94 |
11.41 |
-- |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
2.27
|
4.46 |
14.55
|
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
3.55
|
7.37 |
15.38
|
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
1.89
|
4.80 |
8.18
|
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.02
|
0.06 |
0.09
|
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
0.22
|
0.17 |
0.13
|
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
4.10
|
5.58 |
6.62
|
LOCAL AGENCY FURTHER INFORMATION
FORM 8
|
Corporate
identity number of the company |
U14299TN1994PLC027592 |
|
Name of the
company |
STONE WONDERS
(INDIA) LIMITED |
|
Address of the
registered office or of the principal place of business in |
No. 76/78, Cathedral Road, Chennai – 600 086, Tamil Nadu, India |
|
This form is for |
Creation of
charge |
|
Type of charge |
Immovable
property Book debts Movable property
(not being pledge) |
|
Particular of
charge holder |
Oriental Bank of Commerce, Spencer Plaza, 769, Anna Salai, Chennai-600002, Tamil Nadu, India |
|
Nature of
instrument creating charge |
1) Agreement of
Term Loan for Immovable Property dated 11-10-2010 2) Agreement of
Hypothecation of Assets dated 11-10-2010 3) Agreement of
Term Loan dated 11-10-2010 |
|
Date of
instrument Creating the charge |
11.10.2010 |
|
Amount secured by
the charge |
Rs. 57.500
Millions |
|
Brief of the
principal terms an conditions and extent and operation of the charge |
Rate of interest Packing Credit
- 9.50% p.a., FDBP/FUDBP- 9.50% p.a.,
Term Loan 13.00% p.a, Margin Packing credit -
Stocks - 25.00% and Book - debts - 25.00%( cover period 90 days) FDBP/FUDBP - Nil Bank Guarantee -
15.00% in the shape of unencumbered duly discharged FDRs/CDRs. Tem Loan - 25.00% Letter of credit -
15.00% in the shape of unencumbered duly discharged FDRs/CDRs. Extent and operation of the charge 1) Equitable
mortgage of immovable landed property along with factory building and sheds
situated at survey No.248/1, 248/2 and 248/1B Sirupinayoor village,
Uthiramerur village, Kancheepuram District. 2) Hypothecation
of plant and machinery, factory shed to be created out of term loan. 3) Hypothecation
of Stocks and assignment of Book-debts. Other as per loan agreements dated
11.10.2010 |
|
Short particulars
of the property charged (Including location of the property) |
Equitable
mortgage of immovable landed property along with factory building and sheds
situated at survey No.248/1, 248/2 and 248/1B Sirupinayoor village,
Uthiramerur village, Kancheepuram District. Hypothecation of
plant and machinery, factory shed to be created out of term loan. Hypothecation of
Stocks and assignment of Book-debts. |
Fixed Assets:
· Land
· Building
· Plant and Machinery
· Vehicles
· Office Equipments
· Electrical Installation
· Generator
· Transformer
· Furniture
· Cycle
· 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. 46.17 |
|
|
1 |
Rs. 73.64 |
|
Euro |
1 |
Rs. 64.95 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
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 |
NO |
|
--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 |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
45 |
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.