MIRA INFORM REPORT

 

 

Report Date :

21.09.2011

 

IDENTIFICATION DETAILS

 

Name :

M.B.GRANITES PRIVATE LIMITED

 

 

Registered Office :

32nd, 21st Phase, Jigni Industrial Area, Anekal Taluk, Bangalore – 562106, Karnataka, India

 

 

Country :

India

 

 

Financials (as on) :

31.03.2010

 

 

Date of Incorporation :

06.07.1990

 

 

Com. Reg. No.:

181-02789

 

 

Capital Investment / Paid-up Capital :

Rs. 2.000 Millions

 

 

CIN No.:

[Company Identification No.]

U14102TZ19990PTC002789

 

 

Legal Form :

Private Limited Liability Company

 

 

Line of Business :

Manufacturer and Exporter of Granites, Tiles, Slabs etc

 

 

No. of Employees :

In office – 15 and In Factory – 50 ( 65 – Approximately)

 

 

RATING & COMMENTS

 

MIRA’s Rating :

B (28)

 

RATING

STATUS

PROPOSED CREDIT LINE

26-40

B

Capability to overcome financial difficulties seems comparatively below average.

Small

 

Maximum Credit Limit :

USD 24000

 

 

Status :

Moderate

 

 

Payment Behaviour :

Slow

 

 

Litigation :

Clear

 

 

Comments :

Subject is an establishment company having moderate track. Profitability of the company appears to be low. However, trade relations are reported to be slow.

 

The Company can be considered for business dealings with some caution.

 

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 – June 30, 2010

 

Country Name

Previous Rating

(01.04.2010)

Current Rating

(30.06.2010)

India

A1

A1

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low

 

A2

Moderate

 

B1

High

 

B2

Very High

 

C1

Restricted

 

C2

Off-credit

 

D

 

 

INFORMATION PARTED BY

 

Name :

Mr. Sachin

Designation :

Office Executive

Contact No.:

91-080-32518933

Date :

10.09.2011

 

 

LOCATIONS

 

Registered Office / Factory :

32nd, 21st Phase, Jigni Industrial Area, Anekal Taluk, Bangalore – 562106, Karnataka, India

Tel. No.:

91-80-32518933

Mobile No.:

91-9845106876 ( Mr. Ashish Somani)

91-9342138450 ( Mr. Ashish Somani)

Fax No.:

91-80-26787392

E-Mail :

diaamondgranite@yahoo.com

 

 

Location :

Owned

 

DIRECTORS

As on 30.09.2009

 

Name :

Mr. Surajbhan Somani

Designation :

Director

Address :

Ward No. 25, Railway Station Road, Nohar, Rajasthan, India

Date of Birth/Age :

13.05.1947

Date of Appointment :

20.01.2001

DIN No.:

02481520

Other Directorship :

 

.No.

CIN

Name of the Company

Current designation of the director

Date of appointment at current designation

Original date of appointment

Date of cessation

Company Status

Defaulting status

1

U14102TZ1990PTC002789

M B GRANITES PRIVATE LIMITED

Director

20/01/2001

20/01/2001

-

Active

NO

 

 

Name :

Mrs. Sharda Somani

Designation :

Director

Address :

Ward No. 25, Railway Station Road, Nohar, Rajasthan, India

Date of Birth/Age :

18.11.1949

Date of Appointment :

16.09.2002

DIN No.:

02481531

Other Directorship :

 

No.

CIN

Name of the Company

Current designation of the director

Date of appointment at current designation

Original date of appointment

Date of cessation

Company Status

Defaulting status

1

U14102TZ1990PTC002789

M B GRANITES PRIVATE LIMITED

Director

16/09/2002

16/09/2002

-

Active

NO

 

 

Name :

Mrs. Priyanka Somani

Designation :

Director

Address :

Ward No. 25, Railway Station Road, Nohar, Rajasthan, India

Date of Birth/Age :

21.08.1982

Date of Appointment :

20.12.2004

DIN No.:

00109631

Other Directorship :

 

S.No.

CIN

Name of the Company

Current designation of the director

Date of appointment at current designation

Original date of appointment

Date of cessation

Company Status

Defaulting status

1

U14102TZ1990PTC002789

M B GRANITES PRIVATE LIMITED

Director

20/12/2004

20/12/2004

-

Active

NO

 

 

Name :

Mr. Ashish Somani

Designation :

Director

Address :

Ward No. 25, Railway Station Road, Nohar, Rajasthan, India

Date of Birth/Age :

15.01.1978

Date of Appointment :

16.09.2002

DIN No.:

00102705

Other Directorship :

 

.No.

CIN

Name of the Company

Current designation of the director

Date of appointment at current designation

Original date of appointment

Date of cessation

Company Status

Defaulting status

1

U14102TZ1990PTC002789

M B GRANITES PRIVATE LIMITED

Director

16/09/2002

16/09/2002

-

Active

NO

 

KEY EXECUTIVES

 

Name :

Mr. Sachin

Designation :

Office Executive

Tel. No.:

91-080-32518933

 

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.09.2010

 

Names of Shareholders

 

No. of Shares

Suraj Bhan Somani

 

17500

Ashish Somani

 

46600

Sharda Devi Somani

 

30800

Ramesh Chander Somani

 

2000

Priya Somani

 

21100

Sudha Somani

 

15300

Motilal Pachisiya

 

2500

Om Prakash Sikhwal

 

2000

Rajender Kumar Sikhwal

 

1700

Subash Chander Sikhwal

 

1500

Subash Chander Varma

 

1000

Gopi Ram Sharma

 

1000

Ram Khilwan Yadav

 

1500

Suresh Kumar Soni

 

1000

Kasamkhan Lakhara

 

1500

Vipin Barick

 

1500

Chatu Ram Bhargava

 

1500

Bandana Paper Limited

 

20000

Lainer Distributors Private Limited

 

20000

Mehta Furniture Belgaon

 

10000

 

 

 

TOTAL

 

200000

 

 

Equity Share Break up (Percentage of Total Equity)

 

Category

Percentage

Bodies corporate

20.00

Directors or relatives of Directors

66.65

Other top fifty shareholders

13.35

Total

100.00

 

 

BUSINESS DETAILS

 

Line of Business :

Manufacturer and Exporter of Granites, Tiles, Slabs etc

 

 

Products :

Granite Tiles in Four Sizes

Free Length Granite Strips

Granite Skirting

Granite Random Slabs

 

 

Brand Names :

Diaamond Granites

 

 

Exports :

 

Products :

Granites, Tiles, Slabs

Countries :
  • Turkey
  • Egypt

 

 

Terms :

 

Selling :

L/C , Cash and Credit ( 30days / 45days )

 

 

Purchasing :

Cash and Credit ( 30days / 45days )

 

GENERAL INFORMATION

 

Customers :

Wholesalers, Retailers, End User

 

 

No. of Employees :

In Office – 15, In Factory – 50  (65 - Approximately)

 

 

Bankers :
  • ICICI Bank ,

Gandhi Nagar, Branch – Kolkata, India

  • The Bank of Rajasthan Limited

Gandhi Nagar, Bangalore – 560053, Karnataka, India

  • HDFC Bank

HDFC Bank Housesenpati Bapat Marg, Lower Parel – West, Mumbai- 400013, India

  • State Bank of Patiala

 

 

Facilities

Over Draft – Rs. 5.000 Millions

 

 

Facilities :

Secured Loan

As on

31.03.2010

(Rs. in

Millions)

As on

31.03.2009

(Rs. in

Millions)

Bank Of Rajasthan CC Account

0.000

3.424

HDFC CC Account

4.825

0.000

Reliance Capital Limited

0.268

0.463

State Bank of Patiala

0.000

0.036

Total

5.093

3.923

Secured Loan

As on

31.03.2010

(Rs. in

Millions)

As on

31.03.2009

(Rs. in

Millions)

Ashish Somani

1.478

1.920

Ms. Priya Somani

0.865

0.645

Richa Somani

0.000

0.155

Sharda Somani

1.514

1.846

Sudha Somani

0.603

0.000

Suraj Bhan Somani

3.420

1.628

Total

7.880

6.194

 

 

 

 

 

 

Banking Relations :

 

 

 

Auditors :

 

Name :

Pitaliya and Associates

Chartered Accountant

Address :

No. 9, ll Floor, Sriram Mansion, Subraamanya Temple Road, 4th Main Road, Kumarapark(w), Bangalore – 560020, Karnataka, India

PAN.:

ACAPP6574C

 

CAPITAL STRUCTURE

As on 31.03.2010

 

Authorised Capital :

No. of Shares

Type

Value

Amount

 

 

 

 

500000

Equity Shares

Rs.10/- each

Rs. 5.000 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

0.700

0.700

0.700

3] Reserves & Surplus

3.350

2.589

2.704

4] (Accumulated Losses)

0.000

0.000

0.000

NETWORTH

6.050

5.289

5.404

LOAN FUNDS

 

 

 

1] Secured Loans

5.093

3.923

5.322

2] Unsecured Loans

7.880

6.194

3.809

TOTAL BORROWING

12.973

10.117

9.131

DEFERRED TAX LIABILITIES

 

 

 

 

 

 

 

TOTAL

19.023

15.406

14.535

 

 

 

 

APPLICATION OF FUNDS

 

 

 

 

 

 

 

FIXED ASSETS [Net Block]

11.404

12.431

12.033

Capital work-in-progress

 

 

 

 

 

 

 

INVESTMENT

0.000

0.000

0.001

DEFERREX TAX ASSETS

0.000

0.000

0.000

 

 

 

 

CURRENT ASSETS, LOANS & ADVANCES

 

 

 

 

Inventories
6.111

4.334

3.139

 

Sundry Debtors
10.565

4.290

4.994

 

Cash & Bank Balances
0.578

0.096

0.100

 

Other Current Assets
0.000

0.000

1.954

 

Loans & Advances
1.595

1.311

0.000

Total Current Assets
18.849

10.031

10.187

Less : CURRENT LIABILITIES & PROVISIONS
 

 

 

 

Sundry Creditors
10.185

6.184

6.607

 

Other Current Liabilities
0.000

0.000

1.089

 

Provisions
1.045

0.872

0.000

Total Current Liabilities
11.230

7.056

7.696

Net Current Assets
7.619

2.975

2.491

 

 

 

 

MISCELLANEOUS EXPENSES

0.000

0.000

0.010

 

 

 

 

TOTAL

19.023

15.406

14.535

 

 

 

 

PROFIT & LOSS ACCOUNT

 

 

PARTICULARS

31.03.2010

31.03.2009

31.03.2008

 

SALES

 

 

 

 

 

Gross  Income

50.547

32.183

25.661

 

 

TOTAL                                    

50.547

32.183

25.661

 

 

 

 

 

Less

EXPENSES AND FINANCIAL EXPENSES

47.846

30.653

24.387

 

 

 

 

 

 

PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION

2.694

1.530

1.274

 

 

 

 

 

Less/ Add

DEPRECIATION/ AMORTISATION                    

1.300

1.469

1.390

 

 

 

 

 

 

PROFIT BEFORE TAX              

1.394

0.061

(0.116)

 

 

 

 

 

Less

TAX                                                                 

0.634

0.175

(0.358)

 

 

 

 

 

 

PROFIT AFTER TAX)

0.760

(0.114)

(0.474)

 

 

 

 

 

Add

PREVIOUS YEARS’ BALANCE BROUGHT FORWARD

0.392

(0.474)

0.000

 

 

 

 

 

 

BALANCE CARRIED TO THE B/S

1.152

0.588

0.000

 

 

 

 

 

 

EXPORTS  VALUE

29.416

0.000

3.994

 

 

 

 

 

 

Earnings Per Share (Rs.)

3.80

(0.57)

(2.37)

 

Particulars

 

31.03.2011

Sales Turnover

100.000

 

 

 

Expected Sales ( 2011 - 2012 ) : Rs.120.000 Millions

 

The above information has been parted by Mr. Sachin (Office Executive)

 

 

KEY RATIOS

 

PARTICULARS

 

 

31.03.2010

31.03.2009

31.03.2008

 

 
 

 

 

Return on Total Assets

(PBT/Total Assets}

(%)
4.61

0.27

0.52

 

 
 

 

 

Return on Investment (ROI)

(PBT/Networth)

 
0.23

0.01

0.02

 

 
 

 

 

Debt Equity Ratio

(Total Liability/Networth)

 
4.00

3.25

3.11

 

 
 

 

 

Current Ratio

(Current Asset/Current Liability)

 
1.68

1.42

1.32

 

 

LOCAL AGENCY FURTHER INFORMATION

 

The Registered office of the company has been shifted from 19 – A , Sipcot Industrial Area, Hosur, Tamilnadu- 635123, India To Present Address

 

FORM 8:

 

Corporate identity number of the company

U14102TZ1990PTC002789

Name of the company

M. B GRANITE PRIVATE LIMITED

Address of the registered office or of the principal place of  business in India of the company

19, Asipcot Industrial Complex, Hosur, Tamilnadu – 635126, India

This form is for

Creation of Charge

Charge identification (ID) number of the charge to be modified

 

Type of charge

  • Book Debts
  • Movable Property (not being pledge)
  • Floating Charge

Particular of charge holder

HDFC Bank Housesenapati Bapat Marg

Lower Parel W, Mumbai - 4000013, Maharasahtra, India Email Id : RBBform8@hdfcbank.com

Nature of instrument creating charge

Letter of Hypothecation

Date of instrument Creating the charge

02.03.2010

Amount secured by the charge

Rs. 10.000 Millions

Brief of the principal terms an conditions and extent and operation of the charge

Rate Of Interest :

Interest at the rate as may be communicated by the bank from time to time.

 

Terms of Payment :

On Demand

 

Margin :

Company shall at all times during the continuance of this security maintain the said debts of a sufficient amount to provide the margin of security as may from time to time advised by the bank.

 

Extent and Operation of the Charge :

Hypothecation by way of first charge on Company’s Stocks, Bed Debts, etc., to secure as a continuing security as mentioned in Column No. 15 below for the repayment of Rs. 10.000 Millions, together with interest, costs. Charge, Expenses and other moneys due and payable by the Company to the Bank.

Short particulars of the property or asset(s) charged (including complete address and location of the property)

All the Stock in trade both present and future consisting of raw material , finished goods.

All the Book- Debts, Outstanding monies , Receivables, Claims and Bills which are now due and owing or which may at ant time hereafter during the continuance.

 

FIXED ASSTES:

 

  • Building
  • Computer
  • Electrical Installation
  • Factory Land
  • Furniture and Fixture
  • Mobile Phone
  • Motor Car
  • Motor Cycle
  • Plant and Machinery
  • Capital WIP
  • Scooter

 

 

 

CMT REPORT (Corruption, Money Laundering & Terrorism]

 

The Public Notice information has been collected from various sources including but not limited to: The Courts, India Prisons Service, Interpol, etc.

 

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.47.89

UK Pound

1

Rs.75.31

Euro

1

Rs.65.64

 

 

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

3

--PROFITABILIRY

1~10

2

--LIQUIDITY

1~10

3

--LEVERAGE

1~10

3

--RESERVES

1~10

2

--CREDIT LINES

1~10

2

--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

 

28

 

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

-

 

 

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.