MIRA
INFORM REPORT
|
Report Date : |
09.12.2013 |
IDENTIFICATION DETAILS
|
Name : |
MADHAV MARBLES AND GRANITES LIMITED |
|
|
|
|
Registered
Office : |
11 A, Charak
Marg, Ambamata Scheme, |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as
on) : |
31.03.2013 |
|
|
|
|
Date of
Incorporation : |
07.04.1989 |
|
|
|
|
Com. Reg. No.: |
17-004903 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs.89.470
Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
L14101RJ1989PLC004903 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
JDHM03496D |
|
|
|
|
Legal Form : |
A Public Limited Liability Company. The Company’s Shares are Listed on
the Stock Exchange. |
|
|
|
|
Line of Business
: |
Subject is engaged in Manufacturing, Processing and Trading of Granite
Slabs / Tiles, Marble Slabs / Tiles and Reality Business. |
|
|
|
|
No. of Employees
: |
218 [Approximately] |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (46) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 4042000 |
|
|
|
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
Usually Correct |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is an established company having satisfactory track record.
There appears slight dip in profit of the company in 2013. However, liquidity
position of the company appears to be strong and healthy. Trade relation reported to be fair. Business is active. Payment terms
are reported to be usually correct. The company can be considered for business dealing 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 – March 31st, 2013
|
Country Name |
Previous Rating (31.12.2012) |
Current Rating (31.03.2013) |
|
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
The current downturn
provides an opportunity to push ahead with reforms to accelerate growth, says
the latest India Development Update report released by the World Bank. The report
says that the adverse effects of rupee depreciation are likely to be offset by
the gains in the exports performance due to improved external competitiveness.
Since May this year, the local currency has depreciated substantially and fell
to a record level of Rs 68.85 to a dollar on August, 28.
A stagflation like
situation appears to have arisen as inflation jumped to an eight month high of
6.46 % for the month of September. It is up from 6.10 % in August. Growth
continues to be muted with factory output plunging to 0.6 % in August.
Onion prices have risen nearly 300 % from last September. Vegetables cost
nearly 90 % more than they did last year. Wake up to the economic contribution
of slum dwellers. They contribute more than 7.5 % to the country’s gross
domestic product, according to a recent study conducted in 50 top cities.
136000 estimated
number of jobs created during the second quarter of the current financial year.
50000 estimated number of additional jobs in the field of corporate social responsibility
in the coming years.
The International
Finance Corporation expects to come out with its rupee linked bonds issue
before the end of 2013 as a part of its plan to raise $ 1 billion. The Apple
iPhone 5c (Rs 41900 for 16 GB variant) and 5s (Rs 53500 for 16GB variant) has
been launched in India from 1st November.
The Land Acquisition
Act to provide just and fair compensation to farmers will come into force from
January 1 next year, said Rural Development Minister Jairam Ramesh. The Act
replaces a 119 year old registration. The Securities and Exchange Board of
India has approved the trading of currency futures on the Bombay Stock
Exchange. The exchange plans to launch the currency futures platform with
advanced trading technology by the end of November.
EXTERNAL AGENCY RATING
|
Rating Agency Name |
CARE |
|
Rating |
BBB [Long Term Bank Facilities] |
|
Rating Explanation |
Moderate credit quality and average credit risk. |
|
Date |
04.04.2013 |
|
Rating Agency Name |
CARE |
|
Rating |
A3+ [Short Term Bank Facilities] |
|
Rating Explanation |
Moderate degree of safety and higher credit risk. |
|
Date |
04.04.2013 |
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.
LOCATIONS
|
Registered
Office : |
11 A, Charak
Marg, Ambamata Scheme, |
|
Tel. No.: |
91-294-2525808/
2527535/ 2440113/ 131/ 2430200 |
|
Fax No.: |
91-294-2525887/
2440139/ 2430400 |
|
E-Mail : |
|
|
Website : |
|
|
|
|
|
Administrative
Office : |
59, Moti Magri,
Scheme V, |
|
Tel. No.: |
91-294-2427999/2426878 |
|
Fax No.: |
91-294-2426655 |
|
E-Mail : |
|
|
Website : |
|
|
|
|
|
Mailing
Address : |
4/36, Bharathi Street, Swaranapuri, Salem – 636004, Tamilnadu, India |
|
Tel. No. : |
91-427-2449275 |
|
|
|
|
Overseas
Distributors : |
Located At : v
v
v
v
v
v
|
|
|
|
|
Factory : |
Marble Division Tel : 91-294-2427999 91-294-2440131 Fax :91-294-2440139 Granite Division [Unit I and
II ] Village Thoppur,
District Dharampuri, Tel : 91-434-2246233 Fax :91-427-2446913 91-434-2246224 Wind Mills SF No. 405/1 (PART) and 412 (Part), Village: Balabathiraramapuram,
District Tirunelveli, Tamilnadu, India |
DIRECTORS
AS ON 31.03.2013
|
Name : |
Mr. Ashok Doshi |
|
Designation : |
Managing Director |
|
|
|
|
Name : |
Mr. Praksh Kumar Verdia |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. Sudhir Doshi |
|
Designation : |
Whole-time Director |
|
|
|
|
Name : |
Mr. Roshan Lal Nagar |
|
Designation : |
Director |
KEY EXECUTIVES
|
Name : |
Mr. Priyakant Manavat |
|
Designation : |
Company Secretary |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 30.09.2013
|
Category of Shareholder |
Total No. of Shares |
Total Shareholding as a % of Total No. of Shares |
|
(A) Shareholding of Promoter and Promoter Group |
|
|
|
|
|
|
|
|
1497412 |
16.74 |
|
|
2034708 |
22.74 |
|
|
3532120 |
39.48 |
|
|
|
|
|
Total shareholding of Promoter and Promoter Group (A) |
3532120 |
39.48 |
|
(B) Public Shareholding |
|
|
|
|
|
|
|
|
9500 |
0.11 |
|
|
360425 |
4.03 |
|
|
100 |
0.00 |
|
|
370025 |
4.14 |
|
|
|
|
|
|
382600 |
4.28 |
|
|
|
|
|
|
2758184 |
30.83 |
|
|
1641816 |
18.35 |
|
|
262255 |
2.93 |
|
|
260965 |
2.92 |
|
|
1290 |
0.01 |
|
|
5044855 |
56.39 |
|
Total Public shareholding (B) |
5414880 |
60.52 |
|
Total (A)+(B) |
8947000 |
100.00 |
|
(C) Shares held by Custodians and against which Depository Receipts
have been issued |
0 |
0.00 |
|
|
0 |
0.00 |
|
|
0 |
0.00 |
|
|
0 |
0.00 |
|
Total (A)+(B)+(C) |
8947000 |
0.00 |
BUSINESS DETAILS
|
Line of Business : |
Subject is engaged in Manufacturing, Processing and Trading of Granite
Slabs / Tiles, Marble Slabs / Tiles and Reality Business. |
||||||||||
|
|
|
||||||||||
|
Products : |
|
PRODUCTION STATUS [AS ON 31.03.2011]
|
Particulars |
Unit |
Licensed/Registered# |
Installed
Capacity* |
Actual
Production |
|
Marble Tiles |
Sq. meters |
361338 |
361338 |
- |
|
Granite Tiles |
Sq. meters |
260000 |
260000 |
216349.499 |
|
Granite Slabs |
Sq. meters |
340000 |
340000 |
202782.668 |
|
Marble Slabs |
Sq. meters |
40000 |
40000 |
0.00 |
# Registered capacities are those capacities for which registration has been granted by DGTD or approval obtained from the Government of India, Ministry of Industry, New Delhi or Development Commissioner, Madras Export Processing Zone, under “100% Export Oriented Scheme”.
@ Includes 41277.691 sq.mtr. production of Rejects and 18263.62sq. mtr. Production of Scrap (Previous year 44409.32 Sq. mtr Rejects and 25651.024 sq. mtr. Scrap).
* As certified by the Management and relied upon by the Auditors, this being a technical matter.
GENERAL INFORMATION
|
No. of Employees : |
218 [Approximately] |
||||||||||||||||||
|
|
|
||||||||||||||||||
|
Bankers : |
·
State
Bank of India ·
Allahabad
Bank |
||||||||||||||||||
|
|
|
||||||||||||||||||
|
Facilities : |
|
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
Nyati
and Associates Chartered
Accountants |
|
Address : |
87, Chetak Marg, Near Punjab National Bank, Udaipur – 313001,
Rajasthan, India |
CAPITAL STRUCTURE
AS ON 31.03.2013
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
9000000 |
Equity Shares |
Rs.10/- each |
Rs.90.000 Millions |
|
75000 |
Cumulative Convertible Preferences Shares |
Rs.100/- each |
Rs.7.500 Millions |
|
|
TOTAL
|
|
Rs.97.500
Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
8947000 |
Equity Shares |
Rs.10/- each
|
Rs.89.470
Millions |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES
OF FUNDS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
I.
EQUITY AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
89.470 |
89.470 |
89.470 |
|
(b) Reserves & Surplus |
921.073 |
900.237 |
864.534 |
|
(c) Money received
against share warrants |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
(2) Share
Application money pending allotment |
0.000 |
0.000 |
0.000 |
|
Total Shareholders’ Funds (1) + (2) |
1010.543 |
989.707 |
954.004 |
|
|
|
|
|
|
(3) Non-Current
Liabilities |
|
|
|
|
(a) long-term borrowings |
0.000 |
10.000 |
23.514 |
|
(b) Deferred tax liabilities (Net) |
46.607 |
53.473 |
48.255 |
|
(c) Other long
term liabilities |
20.578 |
28.867 |
28.967 |
|
(d) long-term
provisions |
3.566 |
5.360 |
4.596 |
|
Total Non-current
Liabilities (3) |
70.751 |
97.700 |
105.332 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a)
Short term borrowings |
0.002 |
12.678 |
34.885 |
|
(b)
Trade payables |
59.305 |
41.846 |
66.280 |
|
(c) Other
current liabilities |
13.542 |
12.231 |
66.419 |
|
(d) Short-term
provisions |
37.559 |
18.935 |
19.492 |
|
Total Current
Liabilities (4) |
110.408 |
85.690 |
187.076 |
|
|
|
|
|
|
TOTAL |
1191.702 |
1173.097 |
1246.412 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a)
Fixed Assets |
|
|
|
|
(i)
Tangible assets |
265.668 |
295.009 |
336.081 |
|
(ii)
Intangible Assets |
0.000 |
0.000 |
0.000 |
|
(iii)
Capital work-in-progress |
1.455 |
0.305 |
0.740 |
|
(iv) Intangible assets under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current
Investments |
0.000 |
0.000 |
0.000 |
|
(c) Deferred tax
assets (net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
176.803 |
244.343 |
252.698 |
|
(e) Other
Non-current assets |
14.200 |
5.859 |
9.703 |
|
Total Non-Current
Assets |
458.126 |
545.516 |
599.222 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a)
Current investments |
0.000 |
0.000 |
0.000 |
|
(b)
Inventories |
274.212 |
246.715 |
275.867 |
|
(c)
Trade receivables |
328.107 |
261.129 |
269.252 |
|
(d) Cash
and cash equivalents |
79.450 |
91.240 |
59.724 |
|
(e)
Short-term loans and advances |
51.489 |
27.358 |
40.388 |
|
(f) Other
current assets |
0.318 |
1.139 |
1.959 |
|
Total
Current Assets |
733.576 |
627.581 |
647.190 |
|
|
|
|
|
|
TOTAL |
1191.702 |
1173.097 |
1246.412 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
634.059 |
627.501 |
651.875 |
|
|
|
Other Income |
19.250 |
7.788 |
7.381 |
|
|
|
TOTAL (A) |
653.309 |
635.289 |
659.256 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of materials consumed |
266.927 |
266.310 |
303.666 |
|
|
|
Purchase of stock in trade |
9.107 |
7.590 |
38.537 |
|
|
|
Cost of Sales (Realty) |
0.219 |
3.513 |
0.000 |
|
|
|
Employee Benefits Expenses |
51.291 |
40.551 |
51.003 |
|
|
|
Other Expenses |
222.014 |
220.726 |
209.087 |
|
|
|
Changes in inventories of Finished goods, Work in Progress & Stock
in trade |
4.168 |
20.841 |
(4.557) |
|
|
|
Exceptional Items |
0.000 |
(30.605) |
0.000 |
|
|
|
TOTAL (B) |
553.726 |
528.926 |
597.736 |
|
|
|
|
|
|
|
|
Less |
PROFIT
/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
99.583 |
106.363 |
61.520 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
0.939 |
7.747 |
10.980 |
|
|
|
|
|
|
|
|
|
|
PROFIT
/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
98.644 |
98.616 |
50.540 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
48.255 |
42.079 |
45.354 |
|
|
|
|
|
|
|
|
|
|
PROFIT / (LOSS)
BEFORE TAX (E-F) (G) |
50.389 |
56.537 |
5.186 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
19.086 |
10.436 |
(5.231) |
|
|
|
|
|
|
|
|
|
|
PROFIT / (LOSS)
AFTER TAX (G-H) (I) |
31.303 |
46.101 |
10.417 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
495.480 |
469.780 |
469.800 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Transfer to General Reserve |
15.000 |
10.000 |
0.000 |
|
|
|
Proposed Dividend |
8.950 |
8.950 |
8.950 |
|
|
|
Tax on Proposed Dividend |
1.520 |
1.450 |
1.490 |
|
|
BALANCE CARRIED
TO THE B/S |
501.313 |
495.481 |
469.777 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
On account of exports calculated at FOB value |
559.469 |
580.839 |
550.808 |
|
|
TOTAL EARNINGS |
559.469 |
580.839 |
550.808 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
11.204 |
20.995 |
44.934 |
|
|
|
Stores & Spares |
48.426 |
51.227 |
47.178 |
|
|
|
Capital Goods |
0.000 |
1.494 |
0.000 |
|
|
|
Traded Goods |
0.000 |
0.000 |
11.096 |
|
|
TOTAL IMPORTS |
59.630 |
73.716 |
103.208 |
|
|
|
|
|
|
|
|
|
|
Earnings /
(Loss) Per Share (Rs.) |
|
|
|
|
|
|
-
Basic |
3.50 |
5.15 |
1.16 |
|
|
|
-
Diluted |
3.50 |
5.15 |
1.16 |
|
QUARTERLY RESULTS
|
PARTICULARS |
|
30.06.2013 |
30.09.2013 |
|
Type |
|
1st
Quarter |
2nd
Quarter |
|
Net Sales |
|
168.800 |
195.000 |
|
Total Expenditure |
|
151.100 |
156.400 |
|
PBIDT (Excl OI) |
|
17.700 |
38.600 |
|
Other Income |
|
05.600 |
10.900 |
|
Operating Profit |
|
23.300 |
49.500 |
|
Interest |
|
0.000 |
0.000 |
|
PBDT |
|
23.300 |
49.500 |
|
Depreciation |
|
12.200 |
12.200 |
|
Profit Before Tax |
|
11.100 |
37.300 |
|
Tax |
|
0.000 |
00.200 |
|
Profit After Tax |
|
11.100 |
37.200 |
|
Other Adjustments |
|
0.000 |
0.000 |
|
Net Profit |
|
11.100 |
37.200 |
KEY RATIOS
|
PARTICULARS |
|
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
PAT / Total Income |
(%) |
4.79
|
7.25 |
1.58 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
7.95
|
9.00 |
0.80 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
4.23
|
4.82 |
0.42 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.05
|
0.05 |
0.01 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
0.00
|
0.02 |
0.06 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
6.64
|
7.32 |
3.45 |
LOCAL AGENCY FURTHER INFORMATION
|
Sr. No. |
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 |
No |
|
10] |
Designation of contact person |
No |
|
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 |
No |
|
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 |
Yes |
|
30] |
Major Shareholders, if available |
No |
|
31] |
PAN of Proprietor/Partner/Director, if available |
No |
|
32] |
Date
of Birth of Proprietor/Partner/Director, if available |
No |
|
33] |
Voter ID No of Proprietor/Partner/Director, if available |
No |
|
34] |
External Agency Rating, if available |
Yes |
INDEX OF CHARGES:
|
S. No. |
Charge ID |
Date of Charge
Creation/Modification |
Charge amount
secured |
Charge Holder |
Address |
Service Request
Number (SRN) |
|
1 |
10032892 |
06/08/2007 * |
147,515,000.00 |
ALLAHABAD BANK |
104-A,
ARUNACHALA ASARI STREET, SALEM - 636001,
TAMILNADU, INDIA |
A21357595 |
|
2 |
10000830 |
04/06/2012 * |
122,800,000.00 |
STATE BANK OF
INDIA |
SME BRANCH, 4-C
RIDHI SIDHI COMPLEX, MADHUBAN, UD |
B44416527 |
|
* Date of charge modification |
||||||
|
Unsecured Loan |
As
on 31.03.2013 [Rs.
in Millions] |
As
on 31.03.2012 [Rs.
in Millions] |
|
Long Term
Borrowings |
|
|
|
Loans and Advances From Related Parties |
0.000 |
10.000 |
|
TOTAL
|
0.000 |
10.000 |
COMPANY OVERVIEW:
Subject is a
public limited Company and listed on Bombay Stock Exchange (BSE) and National
Stock Exchange (NSE). The Company is engaged in manufacturing, processing and trading
of granite slabs / tiles, marble slabs / tiles and reality business. The
Granite division is situated in Tamil Nadu and Marble / Reality business is
carried at Udaipur.
PERFORMANCE
REVIEW:
They reported
revenue from Net sales of Rs. 634.060 millions, an increase of marginal 1.05%
compared to Net sales for the year 2011-2012. Earning before Exceptional Items
and Tax stood at Rs.50.390 millions, a substantial increase of two times over
last year’s earning of Rs.25.940 millions. This was primarily on account of
reduction in Finance costs coupled with increase in other income.
MANAGEMENT'S DISCUSSION AND ANALYSIS REPORT:
REVIEW OF
OPERATIONS:
GRANITE BUSINESS -
TILE AND SLAB SEGMENT:
The turnover from the
tile business was at Rs.174.260 millions as against Rs. 185.320 millions in the
previous year, a decline of 5.97%. The production during the year was at
139774.58 sq meters as compared to 143668.541sq. meters of previous year. The
turnover from the Slab business was at Rs. 407.890 millions as against
Rs.412.290 millions in the previous year, a slight decline of 1.07%. The
production during the year was at 150223.053 sq meters as compared to
162856.433 sq. meters of previous year.
WINDMILLS:
The production
during the year was 4158301 units as against 4249178 units in the previous
year. Out of current years' production 2075829 (previous year 1484742) units
were sold to TNEB after utilizing 2082472 (2764436) units by granite division.
REALTY:
During the year
the Company sold the remaining area out of the converted plots. The Company is
in the process of getting the balance land of 184885 sq. feet converted and the
management is hopeful that it will be completed by September 2013.
OUTLOOK:
GRANITE BUSINESS:
The major problem
being faced is shortage of rough granite blocks due to closure of large number
of quarries by the Tamilnadu State Government. The Company was importing rough
granite blocks but due to steep decline in Rupee it is not viable to import
further. However the management is confident that the State Government will
take initiative to revamp the closed mines. Other areas of concern are power
shortage, high dependence on diesel and paucity of skilled labour that directly
or indirectly impact profitability and performance of the Company.
REALTY BUSINESS:
Global economic
uncertainties have affected India's economy, including the real estate market.
"Macroeconomic indicators are not healthy. Fiscal deficit and interest
rates are high while the rupee is depreciating. All this does not bode well for
any industry, especially real estate. Slow sales and a glut of properties are
set to hamper the residential real estate market.
CONTINGENT
LIABILITIES NOT PROVIDED FOR
|
Particulars |
31.03.2013 |
31.03.2012 |
|
|
(Rs In Millions) |
|
|
(a) Bills discounted with Bankers |
0.000 |
19.661 |
|
(b) Bank Guarantee/Letter of Credit issued by Bank |
9.347 |
4.075 |
|
(c) Income Tax Liability (including penalty) that may
arise in respect of matters which are pending in appeal |
5.116 |
6.911 |
|
(d) Bond executed in favour of Customs, Excise and DGFT authorities |
81.500 |
81.500 |
|
TOTAL |
95.963 |
112.147 |
FIXED ASSETS:
·
Free Hold
Land
·
Lease
Hold Land
·
Building
·
Plant
and Machinery
·
Electrical
Installation
·
Factory
Equipment’s
·
Office
Equipment
·
Furniture
and Fixture
·
Vehicles
·
Computer
·
Site Development
·
Wind Mill
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 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.61.67 |
|
|
1 |
Rs.100.65 |
|
Euro |
1 |
Rs.84.25 |
INFORMATION DETAILS
|
Report Prepared
by : |
TPT |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
5 |
|
--CREDIT LINES |
1~10 |
5 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
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 |
YES |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
46 |
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.