MIRA INFORM REPORT

 

 

Report Date :

21.12.2012

 

IDENTIFICATION DETAILS

 

Name :

M B GRANITES PRIVATE LIMITED

 

 

Registered Office :

# 32nd, 21st Phase, Jigni Industrial Area, Anekal Taluk, Bangalore – 562 106, Karnataka

 

 

Country :

India

 

 

Financials (as on) :

31.03.2011

 

 

Date of Incorporation :

06.07.1990

 

 

Com. Reg. No.:

18-002789

 

 

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 of Granites, Tiles, Slabs etc.

 

 

No. of Employees :

17 (Approximately)

 

 

RATING & COMMENTS

 

MIRA’s Rating :

Ba (42)

 

RATING

STATUS

 

PROPOSED CREDIT LINE

41-55

Ba

Overall operation is considered normal. Capable to meet normal commitments.

Satisfactory

 

Maximum Credit Limit :

USD 66000

 

 

Status :

Satisfactory

 

 

Payment Behaviour :

Usually Correct

 

 

Litigation :

Clear

 

 

Comments :

Subject is an established company having satisfactory track record. 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 – June 30, 2012

 

Country Name

Previous Rating

(31.03.2012)

Current Rating

(30.06.2012)

India

A1

A1

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low

 

A2

Moderate

 

B1

High

 

B2

Very High

 

C1

Restricted

 

C2

Off-credit

 

D

 

 

INDIAN ECONOMIC OVERVIEW

 

India is developing into an open-market economy, yet traces of its past autarkic policies remain. Economic liberalization, including industrial deregulation, privatization of state-owned enterprises, and reduced controls on foreign trade and investment, began in the early 1990s and has served to accelerate the country's growth, which has averaged more than 7% per year since 1997. India's diverse economy encompasses traditional village farming, modern agriculture, handicrafts, a wide range of modern industries, and a multitude of services. Slightly more than half of the work force is in agriculture, but services are the major source of economic growth, accounting for more than half of India's output, with only one-third of its labor force. India has capitalized on its large educated English-speaking population to become a major exporter of information technology services and software workers. In 2010, the Indian economy rebounded robustly from the global financial crisis - in large part because of strong domestic demand - and growth exceeded 8% year-on-year in real terms. However, India's economic growth in 2011 slowed because of persistently high inflation and interest rates and little progress on economic reforms. High international crude prices have exacerbated the government's fuel subsidy expenditures contributing to a higher fiscal deficit, and a worsening current account deficit. Little economic reform took place in 2011 largely due to corruption scandals that have slowed legislative work. India's medium-term growth outlook is positive due to a young population and corresponding low dependency ratio, healthy savings and investment rates, and increasing integration into the global economy. India has many long-term challenges that it has not yet fully addressed, including widespread poverty, inadequate physical and social infrastructure, limited non-agricultural employment opportunities, scarce access to quality basic and higher education, and accommodating rural-to-urban migration.

Source : CIA

 

RBI DEFAULTERS’ LIST STATUS

 

Subject’s name is not enlisted as a defaulter in the publicly available RBI Defaulters’ list.

 

EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS

 

Subject’s name is not enlisted as a defaulter in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of 31-03-2012.

 

INFORMATION PARTED BY (GENERAL DETAILS)

 

Name :

Mr. Ashish Somani

Designation :

Director

Contact No.:

91-9845106876

Date :

18.12.2012

 

 

LOCATIONS

 

Registered Office/ Corporate Office/ Factory 1 :

# 32nd, 21st Phase, Jigni Industrial Area, Anekal Taluk, Bangalore – 562 106, Karnataka, India

Tel. No.:

91-80-32518933

Mobile No.:

91-9845106876/ 9342138450 (Mr. Ashish Somani)

Fax No.:

91-80-26787392

E-Mail :

diaamondgranite@yahoo.com

Location :

Owned

 

 

Factory 2 :

No.867/4A, Sumudugandapalli, Deknikota Road, Hosur - 635 109, Tamilnadu, India

Tel. No.:

91-80-27825062/ 32518933

Fax No.:

91-80-26787392/ 27825062

 

 

DIRECTORS

 

As on 30.09.2011

 

Name :

Mrs. Priya Somani

Designation :

Director

Address :

571, 27th Main, BTM II Stage, Bangalore – 560 076, Karnataka, India

Date of Birth/Age :

21.08.1982

Date of Appointment :

20.12.2004

DIN No.:

00109631

 

 

Name :

Mr. Ashish Somani

Designation :

Director

Address :

571, 27th Main, BTM II Stage, Bangalore – 560 076, Karnataka, India

Date of Birth/Age :

15.01.1978

Date of Appointment :

16.09.2002

DIN No.:

00102705

 

 

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

 

 

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

 

 

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

 

As on 30.09.2011

 

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

 

As on 30.09.2011

 

Equity Share Breakup

 

Percentage of Holding

Category

 

 

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 of Granites, Tiles, Slabs etc.

 

 

Products :

Item Code No. (ITC Code)

680223

Product Description

Granite Blocks

 

 

Brand Names :

“DIAAMOND GRANITES”

 

 

Terms :

 

Selling :

Cash and Credit

 

 

Purchasing :

Cash and Credit 

 

 

GENERAL INFORMATION

 

Customers :

Wholesalers and Retailers

 

 

No. of Employees :

17 (Approximately)

 

 

Bankers :

v  HDFC Bank Limited, HDFC Bank House, Senpati Bapat Marg, Lower Parel (West), Mumbai- 400 013, Maharashtra, India

v  Indian Overseas Bank

v  Oriental Bank of Commerce

v  State Bank of Bikaner and Jaipur, Nohar, Rajasthan, India

v  ICICI Bank Limited, Gandhi Nagar Branch

v  The Bank of Rajasthan Limited, Gandhi Nagar, Bangalore – 560 053, Karnataka, India

v  State Bank of Patiala

 

 

Facilities :

Secured Loans

31.03.2011

(Rs. in Millions)

31.03.2010

(Rs. in Millions)

Bank of Rajasthan CC Account

4.353

0.000

HDFC CC Account

0.000

4.825

Reliance Capital Limited - Car Loan

0.000

0.268

Total

4.353

5.093

 

Unsecured Loans

31.03.2011

(Rs. in Millions)

31.03.2010

(Rs. in Millions)

Ashish Somani

1.528

1.478

Priya Somani

1.537

0.865

Sharda Somani

4.151

1.514

Sudha Somani

0.669

0.603

Suraj Bhan Somani

2.434

3.420

Total

10.319

7.880

 

 

 

Banking Relations :

--

 

 

Auditors :

 

Name :

Pitaliya and Associates

Chartered Accountants

Address :

No.9, ll Floor, Sriram Mansion, Subramanya Temple Road, 4th Main Road, Kumarapark (W), Bangalore – 560 020, Karnataka, India

Income-tax PAN of auditor or auditor's firm :

ACAPP6574C

 

 

CAPITAL STRUCTURE

 

As on 30.09.2011

 

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

 

31.03.2011

31.03.2010

31.03.2009

SHAREHOLDERS FUNDS

 

 

 

1] Share Capital

2.000

2.000

2.000

2] Share Application Money

8.652

0.700

0.700

3] Reserves & Surplus

5.864

3.350

2.589

4] (Accumulated Losses)

0.000

0.000

0.000

NETWORTH

16.516

6.050

5.289

LOAN FUNDS

 

 

 

1] Secured Loans

4.353

5.093

3.923

2] Unsecured Loans

10.319

7.880

6.194

TOTAL BORROWING

14.672

12.973

10.117

DEFERRED TAX LIABILITIES

0.000

0.000

0.000

 

 

 

 

TOTAL

31.188

19.023

15.406

 

 

 

 

APPLICATION OF FUNDS

 

 

 

 

 

 

 

FIXED ASSETS [Net Block]

10.858

11.404

12.431

Capital work-in-progress

0.000

0.000

0.000

 

 

 

 

INVESTMENT

0.000

0.000

0.000

DEFERRED TAX ASSETS

0.000

0.000

0.000

 

 

 

 

CURRENT ASSETS, LOANS & ADVANCES

 

 

 

 

Inventories
5.420
6.111

4.334

 

Sundry Debtors
15.152
10.565

4.290

 

Cash & Bank Balances
0.400
0.578

0.096

 

Other Current Assets
0.000
0.000

0.000

 

Loans, Advances & Deposits

7.440
1.595

1.311

Total Current Assets
28.412

18.849

10.031

Less : CURRENT LIABILITIES & PROVISIONS
 

 

 

 

Sundry Creditors
6.942
10.185

6.184

 

Other Current Liabilities
0.000
0.000

0.000

 

Provisions
1.140
1.045

0.872

Total Current Liabilities
8.082

11.230

7.056

Net Current Assets
20.330
7.619

2.975

 

 

 

 

MISCELLANEOUS EXPENSES

0.000

0.000

0.000

 

 

 

 

TOTAL

31.188

19.023

15.406

 

PROFIT & LOSS ACCOUNT

 

 

PARTICULARS

31.03.2011

31.03.2010

31.03.2009

 

SALES

 

 

 

 

 

Income

96.145

50.547

32.183

 

 

Other Income

 

 

 

 

 

TOTAL                                    

96.145

50.547

32.183

 

 

 

 

 

Less

EXPENSES

 

 

 

 

 

Office Expenses

91.603

47.853

30.653

 

 

Administrative Expenses

 

 

 

 

 

Advertising Expenses

 

 

 

 

 

TOTAL                                    

91.603

47.853

30.653

 

 

 

 

 

 

PROFIT/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION

4.542

2.694

1.530

 

 

 

 

 

Less/ Add

DEPRECIATION/ AMORTISATION                    

1.113

1.300

1.469

 

 

 

 

 

 

PROFIT/ (LOSS) BEFORE TAX

3.429

1.394

0.061

 

 

 

 

 

Less

TAX                                                                 

0.915

0.634

0.175

 

 

 

 

 

 

PROFIT/ (LOSS) AFTER TAX

2.514

0.760

(0.114)

 

 

 

 

 

Add

PREVIOUS YEARS’ BALANCE BROUGHT FORWARD

1.152

0.392

NA

 

 

 

 

 

 

BALANCE CARRIED TO THE B/S

3.666

1.152

0.392

 

 

 

 

 

 

EARNINGS IN FOREIGN CURRENCY

76.640

29.416

0.000

 

 

 

 

 

 

Earnings/ (Loss) Per Share (Rs.)

12.57

3.80

(0.57)

 

 

KEY RATIOS

 

PARTICULARS

 

 

31.03.2011

31.03.2010

31.03.2009

PAT / Total Income

(%)
2.61

1.50

(0.35)

 

 
 

 

 

Return on Total Assets

(PBT/Total Assets}

(%)
8.73
4.61

0.27

 

 
 
 

 

Return on Investment (ROI)

(PBT/Networth)

 
0.21
0.23

0.01

 

 
 
 

 

Debt Equity Ratio

(Total Liability/Networth)

 
1.38
4.00

3.25

 

 
 
 

 

Current Ratio

(Current Asset/Current Liability)

 
3.52
1.68

1.42

 

 

LOCAL AGENCY FURTHER INFORMATION

 

Check List by Info Agents

Available in Report (Yes / No)

1) Year of Establishment

Yes

2) Locality of the firm

Yes

3) Constitutions of the firm

Yes

4) Premises details

No

5) Type of Business

Yes

6) Line of Business

Yes

7) Promoter’s background

Yes

8) No. of employees

Yes

9) Name of person contacted

Yes

10) Designation of contact person

Yes

11) Turnover of firm for last three years

Yes

12) Profitability for last three years

Yes

13) Reasons for variation <> 20%

--

14) Estimation for coming financial year

No

15) Capital in the business

Yes

16) Details of sister concerns

No

17) Major suppliers

No

18) Major customers

No 

19) Payments terms

Yes

20) Export / Import details (if applicable)

No

21) Market information

--

22) Litigations that the firm / promoter involved in

--

23) Banking Details

Yes

24) Banking facility details

Yes

25) Conduct of the banking account

--

26) Buyer visit details

--

27) Financials, if provided

Yes

28) Incorporation details, if applicable

Yes

29) Last accounts filed at ROC

No

30) Major Shareholders, if available

Yes

31) Date of Birth of Proprietor/Partner/Director, if available

Yes

32) PAN of Proprietor/Partner/Director, if available

No

33) Voter ID No of Proprietor/Partner/Director, if available

No

34) External Agency Rating, if available

No

 

 


Note:

The registered office of the company has been shifted from 19-A, SIPCOT Industrial Area, Hosur – 635 123, Tamilnadu to the present address.

 

Bankers Charges Report as per Registry

 

Corporate identity number of the company

U14102TZ1990PTC002789

Name of the company

M B GRANITES PRIVATE LIMITED

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

19-A, SIPCOT Industrial Area, Hosur – 635 123, Tamilnadu, India

E-Mail: diaamondgranite@yahoo.com

This form is for

Creation of charge

Type of charge

Immovable Property

Particular of charge holder

CIN No.: L65920MH1994PLC080618

HDFC Bank Limited, HDFC Bank House, Senpati Bapat Marg, Lower Parel (West), Mumbai- 400 013, Maharashtra, India

E-Mail: RBBform8@hdfcbank.com

Nature of description of the instrument creating or modifying the charge

Memorandum Recording Past Transactions of Creation of Mortgage by Delivery of Title Deeds.

Date of instrument Creating the charge

10.07.2012

Amount secured by the charge

Rs.25.000 millions

Brief particulars 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 Repayment:

On demand.

 

Margin:

As may be stipulated by the Bank from time to time.

 

Extent and Operation of the charge:

The Company created an equitable mortgage by way of deposit of title deeds in respect of its immovable properties as stated as security for the due repayment of Rs.25.000 millions by Diaamond Granites (A Unit of M B Granites Private Limited) ["The Borrower"] including principal amount of the Facility, interest, liquidated damages, costs, charges and expenses etc.

 

Others:

Nil

Short particulars of the property charged

Plot No.32, in Sy No.124 (P) and 130 (P), Jigani I Phase, Industrial Area, Within the Limits of Jigani Village, Jigani Hobli, Anekal Taluk, Bangalore District : Measuring 6850 Sq. Mtrs.

 

FIXED ASSTES:

 

v  Building

v  Computer

v  Cutting Blade

v  Electrical Installation

v  Factory Land

v  Furniture and Fixture

v  Mobile Phone

v  Motor Car

v  Motor Cycle

v  Plant and Machinery

v  Scooter

v  Water Filter

 

 

 

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 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 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.54.84

UK Pound

1

Rs.89.11

Euro

1

Rs.72.47 

 

 

INFORMATION DETAILS

 

Information Gathered by :

PJA

 

 

Report Prepared by :

SMN

 

 

SCORE & RATING EXPLANATIONS

 

SCORE FACTORS

 

RANGE

POINTS

HISTORY

1~10

4

PAID-UP CAPITAL

1~10

4

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

4

--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

NO

--LISTED

YES/NO

NO

--OTHER MERIT FACTORS

YES/NO

YES

TOTAL

 

42

 

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.