MIRA
INFORM REPORT
|
Report Date : |
07.05.2012 |
IDENTIFICATION DETAILS
|
Name : |
BILIGIRI GRANITES PRIVATE LIMITED |
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Registered
Office : |
120, Hoodi
Apartment, |
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Country : |
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Financials (as
on) : |
31.03.2011 |
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Date of
Incorporation : |
29.09.1994 |
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Com. Reg. No.: |
08 -16325 |
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Capital
Investment / Paid-up Capital : |
Rs.8.000 Millions |
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CIN No.: [Company Identification
No.] |
U14102KA1994PTC016325 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
BLRB01546G/
BLRB01149B |
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PAN No.: [Permanent Account No.] |
AABCB5844K |
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Legal Form : |
Private Limited
Liability Company. |
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Line of Business
: |
Manufacturer of
Granite Block and Tiles |
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No. of Employees
: |
30 Approximately |
RATING & COMMENTS
|
MIRA’s Rating : |
B (33) |
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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 37000 |
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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. There appears
some accumulated losses recorded by the company. However, trade relations are
reported as fair. Business is active. Payments are reported to be slow but
correct. 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 – September 30, 2011
|
Country Name |
Previous Rating (30.06.2011) |
Current Rating (30.09.2011) |
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A1 |
A1 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
LOCATIONS
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Registered Office : |
120, Hoodi
Apartment, |
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Tel. No.: |
91-80-22259702 |
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Fax No.: |
91-80-22259704 |
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E-Mail : |
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Website : |
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Area : |
2500 sq. ft. |
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Location : |
Rented |
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Factory : |
9th
KM, |
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Tel. No.: |
91-8226-230033/
34/ 222113/ 722113 91-821-2543847 |
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Fax No.: |
91-8226-230073/
222252/ 722252 |
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Area : |
25000 sq. ft. |
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Location : |
Owned |
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Overseas
Office: |
BG Granites Inc., 39372, Drakeway, |
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Tel. No.: |
510 795 7630 |
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Fax No.: |
510 795 7621 |
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E-Mail : |
DIRECTORS
(AS ON 16.09.2011)
|
Name
|
Mr. Ananthakumar
Venkataramanaiah |
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Designation |
Managing Director
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Address : |
“Biligiri”, B R
Hills Road, Chamraj Nagar - 571313, Karnataka, India |
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Date of Birth/Age : |
14.10.1944 |
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Qualification |
S. S. L. C. ,
Diploma |
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Date of
Appointment |
29.09.1994 |
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Profile |
His dedication
and hardwork paved way to the growth of the company, which resulted in the
constitution of an exclusive monuments manufacturing unit in 1994. |
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DIN No.: |
00575940 |
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Name |
Mr. Srigiri
Venkataramanaiah Ananthakumar |
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Designation |
Director |
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Address : |
“Biligiri”, B R
Hills Road, Chamraj Nagar - 571313, Karnataka, India |
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Date of Birth/Age : |
15.07.1976 |
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Qualification |
MBA |
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Date of
Appointment |
02.02.1998 |
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Profile |
He holds a
Masters degree in International Business Management from |
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DIN No.: |
00614280 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
(AS ON 16.09.2011)
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Names of Shareholders |
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No. of Shares |
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Salem Rangasamy
Kumar |
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14000 |
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Srigiri
Venkataramanaiah Ananthakumar |
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100 |
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Jayaram
Krishnappa Beladkere |
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10000 |
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Revathi
Venkataramanaiah Ananthakumar |
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24000 |
(AS ON 30.09.2011)
Equity Shares Break – up
|
Category |
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Percentage |
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Directors or
relatives of directors |
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65.00 |
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Other top fifty shareholders |
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35.00 |
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Total
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|
100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer of
Granite Block and Tiles |
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Products : |
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GENERAL INFORMATION
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No. of Employees : |
30 Approximately |
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Bankers : |
· State Bank of Mysore · Canara Bank, B R Hills Road, Chamarajnagar – 571313, Karnataka, India ·
State Bank of |
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Facilities : |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
Nagarajan and Company Chartered
Accountant |
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Address : |
10 Trust
Complex, 3rd Floor, DV Road, Basvangudi, Bangalore – 560004,
Karnataka, India |
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Tel. No.: |
91-80-25323245 |
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PAN No.: |
AAAFN5937F |
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Associates : |
· Biligiri Granites (Proprietory Concern) Address: 120,
Hoodi Apartment, Line of Business:
Manufacturer and Exporter of Granite Block and Tiles |
CAPITAL STRUCTURE
(AS ON 16.09.2011)
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
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|
100000 |
Equity shares |
Rs.100/- each |
Rs.10.000 millions |
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Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
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80000 |
Equity shares |
Rs.100/-
each |
Rs.8.000
millions |
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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 |
8.000 |
8.000 |
8.000 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
3.000 |
3.000 |
3.000 |
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|
4] (Accumulated Losses) |
(1.758) |
(2.883) |
(3.477) |
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NETWORTH |
9.242 |
8.117 |
7.523 |
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LOAN FUNDS |
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1] Secured Loans |
0.000 |
0.000 |
0.000 |
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2] Unsecured Loans |
6.945 |
7.283 |
9.128 |
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TOTAL BORROWING |
6.945 |
7.283 |
9.128 |
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DEFERRED TAX LIABILITIES |
0.732 |
0.767 |
0.807 |
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TOTAL |
16.919 |
16.167 |
17.458 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
9.294 |
10.558 |
9.363 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENT |
0.000 |
0.000 |
0.000 |
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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 |
0.743
|
2.978 |
2.550 |
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Sundry Debtors |
0.000
|
0.000 |
0.000 |
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Cash & Bank Balances |
1.982
|
2.104 |
1.117 |
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Other Current Assets |
1.807
|
1.763 |
1.699 |
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Loans & Advances |
3.851
|
1.049 |
4.166 |
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Total
Current Assets |
8.383
|
7.894
|
9.532
|
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
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|
|
|
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|
Sundry Creditor |
0.685
|
1.369 |
1.270 |
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Other Current Liabilities |
0.073
|
0.916 |
0.167 |
|
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Provisions |
0.000
|
0.000
|
0.000
|
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Total
Current Liabilities |
0.758
|
2.285 |
1.437 |
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Net Current Assets |
7.625
|
5.609 |
8.095 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
16.919 |
16.167 |
17.458 |
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PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
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SALES |
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Income |
12.506 |
16.028 |
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Other Income |
NA |
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TOTAL |
NA |
16.028 |
12.757 |
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Less |
EXPENSES |
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TOTAL |
NA |
14.296 |
11.074 |
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PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION |
2.354 |
1.732 |
1.683 |
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Less/ Add |
DEPRECIATION/
AMORTISATION |
1.263 |
1.178 |
1.352 |
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PROFIT BEFORE
TAX |
1.091 |
0.554 |
0.331 |
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Less |
TAX |
0.000 |
0.000 |
0.000 |
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PROFIT AFTER TAX
|
1.091 |
0.554 |
0.331 |
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EARNINGS IN
FOREIGN CURRENCY |
12.506 |
16.521 |
12.437 |
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|
Earnings Per
Share (Rs.) |
14.07 |
7.41 |
4.58 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
PAT / Total Income |
(%) |
NA
|
3.46
|
2.59
|
|
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|
Net Profit Margin (PBT/Sales) |
(%) |
8.72
|
NA
|
NA
|
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|
Return on Total Assets (PBT/Total Assets} |
(%) |
6.17
|
3.00
|
1.75
|
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Return on Investment (ROI) (PBT/Networth) |
|
0.12
|
0.07
|
0.04
|
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Debt Equity Ratio (Total Liability/Networth) |
|
0.83
|
1.27
|
1.40
|
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Current Ratio (Current Asset/Current Liability) |
|
11.06
|
3.45
|
6.63
|
LOCAL AGENCY FURTHER INFORMATION
|
Check list by info
Agents |
Available in Report (Yes/ No) |
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Year of Establishment |
Yes |
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Locality of the Firm |
Yes |
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Constitution of the Firm |
Yes |
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Premises details |
Yes |
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Type of Business |
Yes |
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Line of Business |
Yes |
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Promoter’s Background |
Yes |
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No. of Employees |
Yes |
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Name of Person Contacted |
No |
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Designation of Contact person |
No |
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Turnover of Firm for last three years |
Yes |
|
Profitability for last three years |
Yes |
|
Reasons for variation <> 20% |
----- |
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Estimation for coming financial year |
No |
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Capital in the business |
Yes |
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Details of sister concerns |
Yes |
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Major Suppliers |
No |
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Major Customers |
No |
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Payments Terms |
No |
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Export/ Imports Details (If applicable) |
No |
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Market Information |
----- |
|
Litigations that the firm/ Promoters Involved in |
----- |
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Banking details |
Yes |
|
Banking Facility Details |
Yes |
|
Conduct of the Banking Account |
----- |
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Buyer visit details |
----- |
|
Financials, if provided |
Yes |
|
Incorporation details is applicable |
Yes |
|
Last Accounts filed at ROC |
Yes |
|
Major Shareholders, if available |
Yes |
FORM 8:-
|
Name of the company |
BILIGIRI GRANTIES PRIVATE LIMITED Registered Office : 120,
Hoodi Apartment, |
|
Presented By |
BILIGIRI GRANTIES PRIVATE LIMITED Registered Office : 120,
Hoodi Apartment, |
|
1) Date and
description of instrument creating the change |
Date : 18.06.1996 Letter of
undertaking re : Loans Deed of hypothecation
re : machinery Letter evidencing
deposit of title deeds |
|
2) Amount secured
by the charge/amount owing on the securities of charge |
Rs.8.000 millions |
|
3) Short
particular of the property charged. If the property acquired is subject to charge,
date of the acquired of the property should be given |
Land, Building
and Machinery items. Date : 18.06.1996 |
|
4) Gist of the
terms and conditions and extent and operation of the charge. |
Hypothecation of Machinery and Equitable Mortgage of Land and
Building. |
|
5) Name and
Address and description of the person entitled to the charge. |
Canara Bank, B R Hills Road, Chamarajnagar - 571313 |
|
6) Date and brief description of instrument modifying the charge |
Not Applicable Fresh Charge |
|
7) Particulars of modifications specifying the terms and conditions or the extent of operations of the charge in which modification is made and the details of the modification. |
Not Applicable |
FIXED ASSETS:
·
Building
·
Plant
and Machinery
·
Electrical
Installation
·
Office
Equipment
·
Furniture
and Fixtures
·
CWIP
Buildings
NEWS
KARNATAKA HC SEEKS INFO ON MINING NEAR FOREST LAND
April
13, 2012
The high court on Thursday directed the mines and geology department to file an affidavit stating instances and permissions granted for quarrying within 100 metres of forest land within six weeks.
Biligiri Granites Private Limited had filed a petition, stating it had filed an application on May 4, 2000, seeking permission to quarry granite in Kotikoppa Taluk.
It was granted a lease and a notification was issued on February 18, 2010. Later, the petitioner received a letter on February 10, 2011, from the deputy conservator of forest and director, mines and geology. The letter stated a survey and demarcation was done.
The letter stated that of the 8.02 acres granted to the company, six acres was within 100 metres of the state forest boundary and hence steps would be taken to execute lease deed only in respect of 2.02 acres. The Karnataka Forest Rules, 1969, prohibit grant of occupancy rights of an area within 100 metres of reserved forests.
The petitioner contended that this rule was not applicable in its case as there is no reserved forest within 100 metres of the area granted for quarrying. The government advocate submitted that in the past, permits had been granted on the strength of the interpretation of the circular dated February 5, 2007.
He further submitted that it was now impermissible to grant permission for quarrying or mining within 100 metres of forest land.
A division bench headed by Chief Justice Vikramajit Sen directed that the director, mines and geology, should file an affidavit stating the instances, if any, where permission has been granted for quarrying or mining within 100 metres of forest land within six weeks. The case has been adjourned to May 31, 2012.
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.53.72 |
|
|
1 |
Rs.86.98 |
|
Euro |
1 |
Rs.70.65 |
INFORMATION DETAILS
|
Report Prepared
by : |
NIT |
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 |
4 |
|
--PROFITABILIRY |
1~10 |
3 |
|
--LIQUIDITY |
1~10 |
3 |
|
--LEVERAGE |
1~10 |
4 |
|
--RESERVES |
1~10 |
3 |
|
--CREDIT LINES |
1~10 |
3 |
|
--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 |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
33 |
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.