MIRA
INFORM REPORT
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Report Date : |
18.06.2012 |
IDENTIFICATION DETAILS
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Name : |
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Registered
Office : |
DB House, Gen. A.K. Vaidya Marg, Goregaon (East), Mumbai – 400063, |
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Country : |
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Financials (as
on) : |
31.03.2011 |
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Date of
Incorporation : |
11.09.1984 |
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Com. Reg. No.: |
11-33987 |
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Capital Investment
/ Paid-up Capital : |
Rs.35.500
Millions |
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CIN No.: [Company Identification
No.] |
U51900MH1984PTC033987 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
MUMC10103C |
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PAN No.: [Permanent Account No.] |
AAACC1661J |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Manufacturer of Granite and Marble Slabs and Tiles. |
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No. of Employees
: |
300 (Approximately) (In Office
+ In Factory) |
RATING & COMMENTS
|
MIRA’s Rating : |
B (39) |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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Maximum Credit Limit : |
USD 1100000 |
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Status : |
Moderate |
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Payment Behaviour : |
Slow but correct |
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Litigation : |
Clear |
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Comments : |
Subject is an established company having moderate track. The company has
started earning profits from the current year after incurring losses for the
past two years. However, trade relations are reported to be fair. Business is
active. Payments are reported to be slow but correct. The company can be considered for business dealings with some
cautions. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
INFORMATION PARTED BY
|
Name : |
Mr. Shetty |
|
Designation : |
Accounts Manager |
|
Date : |
16.06.2012 |
LOCATIONS
|
Registered Office : |
DB House, Gen. A.K. Vaidya Marg, Goregaon (East), Mumbai – 400 063, |
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Tel. No.: |
91-22-28402304 / 28402305 (13 lines)
/ 40430830 / 40778600 |
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Mobile No.: |
91-9870964526 (Mr. Mayur N. Karekar) 91-9886693559 (Mr. Jitendra Rathi) 91-9886693566 (Mr. Shetty) |
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Fax No.: |
91-22-28402322 / 28421667 |
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E-Mail : |
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Website : |
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Area : |
1000 sq. ft. |
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Location : |
Owned |
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Factory 1 / Admin Office: |
41 St KM, |
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Tel. No.: |
91-80-27285029 /27285630/ 27285030 / 27285629 / 27281630 /27276249 /
27276250 |
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Fax No.: |
91-80-27285626 / 27273867 / 27271291 / 27285621 |
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Email : |
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Factory 2 : |
Plot No:K-5, Addl MIDC Area, |
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Tel. No.: |
91-2162-44500 / 46126 / 240600 / 240601 |
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Fax No.: |
91-2162-44126 / 240602 |
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Email: |
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City Office : |
Mittal Tower, ‘A’ Wing, 3rd
Floor, |
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Tel No.: |
91-22-22824464 / 22832305 |
DIRECTORS
As on 17.09.2011
|
Name : |
Mr. Vinod Kumar Goenka |
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Designation : |
Director |
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Address : |
Karmayog, 6th Floor, Hatkesh Society, Juhu Scheme,
Mumbai-400 049, Maharashtra, India |
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Date of Birth/Age : |
02.07.1959 |
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Date of Appointment : |
29.09.2010 |
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DIN No.: |
00029033 |
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Name : |
Mr. Sanjiv Nagarmal Goneka |
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Designation : |
Whole time Director |
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Address : |
405, Hazel, Raheja Residency, Kormangala, 3rd Block,
Bangalore – 560034, Karnataka, India |
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Date of Birth/Age : |
03.03.1968
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Date of Appointment : |
29.07.1994 |
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DIN No.: |
00205975 |
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Name : |
Ms. Aseela Vinod Goneka |
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Designation : |
Director (Marketing) |
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Address : |
Karmayog, 6th Floor, Hatkesh Society, Juhu Scheme,
Mumbai-400 049, Maharashtra, India |
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Date of Birth/Age : |
09.05.1961 |
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Date of Appointment : |
20.03.2006 |
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DIN No.: |
00028432 |
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Name : |
Mr. Narayan Prasad Bajaj |
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Designation : |
Whole time Director |
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Address : |
201, Namita, Gulmohar Road No.4, Juhu-Parle Scheme, Mumbai-400 049,
Maharashtra India |
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Date of Birth/Age : |
02.11.1946 |
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Date of Appointment : |
06.01.2004 |
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DIN No.: |
00718905 |
KEY EXECUTIVES
|
Name : |
Mr. Shetty |
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Designation : |
Accounts Manager |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 17.09.2011
|
Names of Shareholders |
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No. of Shares |
|
Vinod K. Goenka Parter - K.G.
Enterprises, |
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1 |
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Vinod K. Goenka |
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35010 |
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Sanjiv N. Goenka |
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33675 |
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Vinod K. Goenka Karta HUF Aseela Goenka |
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126239 |
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Aseela Goneka Joint With Vinod K. Goenka |
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35000 |
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Jyoti Goenka |
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28396 |
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Sanjiv Goenka F and NG Akshay Goenka |
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13338 |
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Jayvardhan V. Goenka |
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35000 |
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Sanjiv Goenka |
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13341 |
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Sanjana Goenka |
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35000 |
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Total |
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355000 |
As on 17.09.2011
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Equity Share Breakup |
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Percentage of Holding |
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Category |
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Directors
or relatives of directors |
|
99.99 |
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Other top fifty shareholders |
|
0.01 |
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Total |
|
100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer of Granite and Marble Slabs and Tiles. |
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Products : |
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Terms : |
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Selling : |
Cash and Credit |
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Purchasing : |
Cash and Credit |
PRODUCTION STATUS (AS ON 31.03.2011)
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Particulars |
Unit |
Licensed
Capacity |
Installed
Capacity |
Actual
Production |
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Granite |
Sq. Mtrs. |
370000 |
370000 |
209262 |
GENERAL INFORMATION
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Suppliers : |
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Customers : |
End Users
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No. of Employees : |
300 (Approximately) (In Office
+ In Factory) |
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Bankers : |
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Facilities : |
FB: Rs.300.000 Millions (From Bank of Baroda) NFB: Rs.50.000 Millions (From Bank of Baroda)
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
M.A. Parikh and Company Chartered Accountants |
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Address : |
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Pan No : |
AAAFM1433H |
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Subsidiaries : |
Heritage Mining Company Private Limited CIN No.: U74999MH1993PTC070833 |
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Related Parties : |
·
Conwood Construction and Developers Private
Limited ·
Crystal Stone Tech FZC ·
Crystal Granite and Marble FZE |
CAPITAL STRUCTURE
As on 31.03.2011
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
500000 |
Equity Shares |
Rs.100/- each |
Rs.50.000 Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
355000 |
Equity Shares |
Rs.100/- each |
Rs.35.500
Millions |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
35.500 |
35.500 |
35.500 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
246.574 |
242.097 |
251.787 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
282.074 |
277.597 |
287.287 |
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LOAN FUNDS |
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1] Secured Loans |
301.564 |
232.270 |
264.453 |
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2] Unsecured Loans |
44.250 |
44.250 |
29.250 |
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TOTAL BORROWING |
345.814 |
276.520 |
293.703 |
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DEFERRED TAX LIABILITIES |
10.370 |
13.738 |
16.042 |
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TOTAL |
638.258 |
567.855 |
597.032 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
147.702 |
158.964 |
160.241 |
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Capital work-in-progress |
0.000 |
0.000 |
11.537 |
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INVESTMENT |
1.868 |
1.868 |
1.868 |
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DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
243.983
|
229.684
|
245.708 |
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Sundry Debtors |
239.191
|
197.522
|
210.144 |
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Cash & Bank Balances |
26.065
|
21.724
|
25.410 |
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Other Current Assets |
0.000
|
0.000
|
0.000 |
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Loans & Advances |
83.078
|
63.587
|
44.108 |
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Total
Current Assets |
592.317
|
512.517
|
525.370 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Sundry Creditors |
69.823
|
82.009
|
73.019 |
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Other Current Liabilities |
18.362
|
10.393
|
17.889 |
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Provisions |
15.444
|
13.092
|
12.767 |
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Total
Current Liabilities |
103.629
|
105.494
|
103.675 |
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Net Current Assets |
488.688
|
407.023
|
421.695 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
1.691 |
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TOTAL |
638.258 |
567.855 |
597.032 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
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SALES |
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Income |
659.785 |
614.264 |
615.045 |
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Other Income |
5.331 |
7.261 |
4.168 |
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TOTAL (A) |
665.116 |
621.525 |
619.213 |
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Less |
EXPENSES |
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Office Expenses |
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Administrative Expenses |
610.952 |
582.756 |
564.388 |
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Advertising Expenses |
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TOTAL (B) |
610.952 |
582.756 |
564.388 |
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Less |
PROFIT
/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
54.164 |
38.769 |
54.825 |
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Less |
FINANCIAL
EXPENSES (D) |
28.247 |
25.949 |
34.671 |
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PROFIT
/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
25.917 |
12.820 |
20.154 |
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Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
18.809 |
18.756 |
26.259 |
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PROFIT / (LOSS)
BEFORE TAX (E-F) (G) |
7.108 |
(5.936) |
(6.105) |
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Less |
TAX (H) |
2.631 |
3.754 |
(1.964) |
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PROFIT / (LOSS)
AFTER TAX (G-H) (I) |
4.477 |
(9.690) |
(4.141) |
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Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
207.010 |
216.700 |
220.842 |
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BALANCE CARRIED
TO THE B/S |
211.487 |
207.010 |
216.701 |
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EARNINGS IN
FOREIGN CURRENCY |
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Exports of Goods on FOB Basis |
620.524 |
578.840 |
615.978 |
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TOTAL EARNINGS |
620.524 |
578.840 |
615.978 |
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IMPORTS |
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Raw Materials |
91.375 |
92.024 |
55.521 |
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Components and Spares |
8.208 |
11.543 |
12.380 |
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Consumables |
49.827 |
47.386 |
59.994 |
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TOTAL IMPORTS |
149.41 |
150.953 |
127.895 |
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Earnings / (
Loss) Per Share (Rs.) |
12.61 |
(27.30) |
(11.67) |
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Particulars |
|
|
31.03.2012 |
|
Sales Turnover (Approximately) |
|
|
600.000 |
Expected Sales (2012-2013) : Rs.630.000 Millions
The above information has been parted by Mr. Shetty
KEY RATIOS
|
PARTICULARS |
|
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
PAT / Total Income |
(%) |
0.67
|
(1.55)
|
(0.67) |
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Net Profit Margin (PBT/Sales) |
(%) |
1.08
|
(0.97)
|
(0.99) |
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Return on Total Assets (PBT/Total Assets} |
(%) |
0.90
|
(0.88)
|
(0.89) |
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Return on Investment (ROI) (PBT/Networth) |
|
0.03
|
(0.02)
|
(0.02) |
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Debt Equity Ratio (Total Liability/Networth) |
|
1.59
|
1.38
|
1.38 |
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Current Ratio (Current Asset/Current Liability) |
|
5.72
|
4.86
|
5.07 |
LOCAL AGENCY FURTHER INFORMATION
DETAILS OF SUNDRY
CREDITORS
(Rs. in millions)
|
Particulars |
As on 31.03.2011 |
As on 31.03.2010 |
As on 31.03.2009 |
|
Sundry Creditors |
|
|
|
|
- Dues of Micro Enterprise and Small Enterprise |
0.019 |
0.077 |
0.165 |
|
- Dues of Others |
69.804 |
81.932 |
72.854 |
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Total |
69.823 |
82.009 |
73.019 |
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Check List by Info
Agents |
Available in Report
(Yes / No) |
|
1) Year of Establishment |
Yes |
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2) Locality of the firm |
Yes |
|
3) Constitutions of the firm |
Yes |
|
4) Premises details |
Yes |
|
5) Type of Business |
Yes |
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6) Line of Business• |
Yes |
|
7) Promoter’s background |
Yes |
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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 |
Yes |
|
15) Capital in the business |
Yes |
|
16) Details of sister concerns |
Yes |
|
17) Major suppliers |
Yes |
|
18) Major customers |
Yes |
|
19) Payments terms |
Yes |
|
20) Export / Import details (if applicable) |
No |
|
21) Market information |
-- |
|
22) Litigations that the firm / promoter |
-- |
|
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 |
Yes |
|
30) Major Shareholders, if available |
Yes |
NOTE:
The registered office of the company has been shifted from Dynamix Houseyashodham, Goregaon (E),
Mumbai-400063, Maharashtra, India to the present address w.e.f.
18.06.2008
CONTINGENT
LIABILITY:
(Rs.
In Millions)
|
Particulars |
31.03.2011 |
31.03.2010 |
|
|
|
|
|
Estimated amount of contracts remaining to be executed on capital
accounts and not provided for (net advances) |
0.000 |
3.510 |
|
Counter guarantees given to the banks against guarantees issued by
them |
2.560 |
2.560 |
|
Unexpired Letter of Credit Issued by banks |
31.144 |
53.309 |
|
Disputed Excise / Custom Duty |
7.950 |
7.950 |
|
Disputed Income Tax Liability |
0.000 |
0.745 |
|
Disputed Sales Tax Liability |
9.591 |
9.591 |
TRADE REFERENCES:
· Samrat Granite Private Limited
· Pental Granite and Marble, USA
FIXED ASSETS:
·
Land
·
Leasehold Land
·
Building Plant and
Machinery
·
Electrical Installation
·
Furniture and Fixture
·
Equipment
·
Vehicles
·
Capital work in progress
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.55.76 |
|
|
1 |
Rs.86.69 |
|
Euro |
1 |
Rs.70.44 |
INFORMATION DETAILS
|
Information
Gathered by : |
PJA |
|
|
|
|
Report Prepared
by : |
BSN |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
4 |
|
PAID-UP CAPITAL |
1~10 |
4 |
|
OPERATING SCALE |
1~10 |
4 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
4 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
4 |
|
--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 |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
39 |
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.