MIRA INFORM REPORT
|
Report Date : |
23.04.2014 |
IDENTIFICATION DETAILS
|
Name : |
ASHOK GRANITES LIMITED (w.e.f.
28.04.1992) |
|
|
|
|
Formerly Known
As : |
ASHOK GRANITES PRIVATE LIMITED |
|
|
|
|
Registered
Office : |
4/35, |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as
on) : |
31.03.2013 |
|
|
|
|
Date of
Incorporation : |
13.11.1991 |
|
|
|
|
Com. Reg. No.: |
18-007127 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs.11.250 Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U14102TZ1991PLC007127 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
CHEA08095D |
|
|
|
|
Legal Form : |
A Closely Held Public Limited Liability Company |
|
|
|
|
Line of Business
: |
Manufactures granite monuments and slabs. |
|
|
|
|
No. of Employees
: |
300 (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 736000 |
|
|
|
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
Usually correct |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is a part of the “GTP Group”. It is an established company
having satisfactory track record. The company possesses a favorable financial profile marked by low
gearing and moderate operating efficiencies. The ratings also take into consideration the working capital intensive
operations and foreign exchange fluctuations risks along with intense
competition in the global granite market. However, trade relations are fair. Business is active. Payment terms
are reported as usually correct. In view of established track in the granite export business, the
subject can be considered 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 – March 31, 2014
|
Country Name |
Previous Rating (31.12.2013) |
Current Rating (31.03.2014) |
|
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
US investment bank
Goldman Sachs has upgraded its outlook on Indian markets as it expects
positive impact of the election cycle.
India’s economy may
grow 4.7 % in the current financial year, lower than the official estimate of
4.9 %, Fitch Rating said. The global rating agency expects the economy to pick
up in the next two financial years.
Global ratings
agency Standard & Poor said increasing focus by India Inc on lowering debt
is likely to improve their credit profiles.
Singapore (1.1 million
Indian tourists in 2012), Thailand (one million), the United Arab Emirates
().98 million) and Malaysia ().82 million) emerged as the preferred holidays
hotspots for Indians. The total figure is expected to increase to 1.93 million
by 2017, according to the latest Eurmonitor international report.
There is a $29.34 bn
outward foreign direct investment by domestic companies between April and
January of 2013/14 which has seen some signs of recovery according to a Care
Ratings report.
There are 264 number
of new companies being set up every day on average during 2014. Most of them
are registered in Mumbai. India had 1.38 million registered companies at the
end of January, 2014.
Twitter like
messaging service Weibo Corporation has filed to raise $ 500 million via a US
initial public offering. Alibaba, which owns a stake in Weibo is expected to
raise about $ 15 billion New York this year in the highest profile Internet IPO
since Facebook’s in 2012.
Bharti Airtel has
raised Rs.2,453.2 crore (350 million Swiss Francs) by selling six-year bonds at
a coupon rate of three per cent and maturing in 2020. This is the largest ever
bond offering by an Indian company in Swiss Francs. Bharat Petroleum
Corporation raised 175 million Swiss Francs by selling five year bonds at 2.98
% coupon rate in February.
Indian Oil
Corporation plans to invest Rs 7650 crore in setting up a petrochemical complex
at its almost complete Paradip refinery in Odhisha in three to four years. The
company board is set to consider the setting up of a 700000 tonne per annum
polypropylene plant at an estimated cost at Rs.3150 crore.
Global chief
information officers at gathering in Bangalore in April to meet Indian startups
at an event called Tech50 Watchout for Little Eye Labs-Facebook type deals in
the making.
EXTERNAL AGENCY RATING
|
Rating Agency Name |
CRISIL |
|
Rating |
Short term rating A2 |
|
Rating Explanation |
Strong degree of safety and low credit risk.
|
|
Date |
Marsh 05, 2014 |
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 (PARTIAL DETAILS)
|
Name : |
Mr. Thirumoorthy |
|
Designation : |
Account Department |
|
Contact No.: |
91-427-2345020 |
|
Date : |
21.04.2014 |
LOCATIONS
|
Registered/ Corporate Office : |
4/35, |
|
Tel. No.: |
91-427-2447645 / 2448490 / 2345456 / 2345572 |
|
Fax No.: |
91-427-2446223/ 2448744 |
|
E-Mail : |
|
|
Website : |
|
|
|
|
|
Factory 1 : |
15/1, Jagirammapalayam, Mamangam, Salem – 636302, Tamilnadu, India |
|
|
|
|
Factory 2 : |
63/1-C, Vellakkalpatty, Chetichavadi, Omalur, Salem - 636012,
Tamilnadu, India |
DIRECTORS
As on 30.09.2013
|
Name : |
Mr. Duraisamy Krishnan |
|
Designation : |
Whole Time Director |
|
Address : |
Old No. 2/65, B3, New No. 129/5, 11th cross, Silvaya Nagar,
Alagapuram, Salem-636016, |
|
Date of Birth/Age : |
30.07.1967 |
|
Qualification : |
B.E. |
|
Experience : |
01.02.1998 |
|
Date of Appointment : |
01.02.1998 |
|
DIN No.: |
00047686 |
|
|
|
|
Name : |
Mr. Appichiounder Mani |
|
Designation : |
Director |
|
Address : |
2/55-5, 3rd Cross, II Main Road, Shivaya Nagar,
Reddiyur, Salem – 636016, Tamilnadu,
India |
|
Date of Birth/Age : |
18.07.1956 |
|
Qualification : |
B.A. |
|
Date of Appointment : |
05.05.1995 |
|
DIN No.: |
01982414 |
|
|
|
|
Name : |
Ms. Muthusamy Baby Saroja |
|
Designation : |
Director |
|
Address : |
|
|
Date of Birth/Age : |
15.12.1954 |
|
Qualification : |
B.S.C |
|
Date of Appointment : |
13.11.1991 |
|
DIN No.: |
00047539 |
KEY EXECUTIVES
|
Name : |
Mr. Thirumoorthy |
|
Designation : |
Account Department |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 30.09.2013
|
Names of Shareholders |
No. of Shares |
%age |
|
M. Baby Saroja |
114100 |
10.14 |
|
D. Krishnan |
100 |
0.01 |
|
A Mani |
100 |
0.01 |
|
S. Muthurajan |
722700 |
64.24 |
|
GTP Exports Private Limited, |
35000 |
3.11 |
|
M. Ashok Raj |
74700 |
6.64 |
|
M. Ramya |
92500 |
8.22 |
|
M. Divya |
7500 |
0.67 |
|
S. Pavayammnal |
78300 |
6.96 |
|
|
|
|
|
Total |
1125000 |
100.00 |
As on 30.09.2013
Equity Share Break up (Percentage of Total Equity)
|
Category |
Percentage of Holding |
|
Bodies corporate |
3.00 |
|
Directors or relatives of Directors |
90.00 |
|
Other top fifty shareholders |
7.00 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufactures granite monuments and slabs. |
||||
|
|
|
||||
|
Products : |
·
Granite ·
Monuments ·
Slabs |
||||
|
|
|
||||
|
Exports : |
|
||||
|
Products : |
Granites |
||||
|
Countries : |
Germany |
GENERAL INFORMATION
|
No. of Employees : |
300 (Approximately) |
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Bankers : |
The Karnataka Bank Limited, Divya Towers, Fort Main Road, Salem - 636 001, Tamilnadu, India |
||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Facilities : |
NOTE: LONG TERM
BORROWINGS *Secured by
Equitable Mortgage of Factory Land, Buildings and hypothecation of plant and
machinery, and other moveable assets and personally guaranteed by the
directors. Carries interest rate of 13.75% p.a and repayable over 63 monthly
instalments from the date of the loan. ** Secured by
hypothecation of relevant asset. Carries interest rate of around 9.49% to
9.50% p.a. Repayable in 35 monthly instalments from the date of loan. *** Secured by
hypothecation of relevant asset. Carries interest rate of around 9.50% to
10.00% p.a. Repayable in 12 and 36 monthly instalments from the date of loan. SHORT TERM BORROWINGS * Secured by hypothecation of stocks, book debts, other moveable assets, plant and machinery, and equitable mortgage of factory land and building and personally guaranteed by the directors. Carries interest rate of around 10.5% to 12 % p.a. **
Secured by hypothecation of stocks, book debts, other moveable assets, plant
and machinery and personally guaranteed by the directors. Carries interest rate
of around 10.5% to 12 % p.a. |
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
Bala and Sakthi Chartered Accountants |
|
Address : |
7AA |
|
Tel. No. : |
91-427-2210676/2212718 |
|
PAN
No. : |
AACFB2800R |
|
|
|
|
Associate: |
² GTP Finance
Limited |
|
|
|
|
Enterprises owned by key managerial personal/ relative of key
managerial personnel: |
² GTP Exports Private Limited ² GTP Granites Limited ² GTP Ceramics Private Limited |
|
|
|
|
Subsidiaries : |
² Granite and
Tombstone Products Inc |
CAPITAL STRUCTURE
As on 31.03.2013
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
1500000 |
Equity Shares |
Rs.10/- each |
Rs.15.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
1125000 |
Equity Shares |
Rs.10/- each |
Rs.11.250 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 |
11.250 |
11.250 |
11.250 |
|
(b) Reserves & Surplus |
172.784 |
164.688 |
156.660 |
|
(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) |
184.034 |
175.938 |
167.910 |
|
|
|
|
|
|
(3) Non-Current
Liabilities |
|
|
|
|
(a) long-term borrowings |
8.938 |
17.814 |
21.553 |
|
(b) Deferred tax liabilities (Net) |
7.299 |
9.162 |
10.632 |
|
(c) Other long term
liabilities |
1.196 |
1.202 |
1.202 |
|
(d) long-term provisions |
0.000 |
0.398 |
0.000 |
|
Total Non-current
Liabilities (3) |
17.433 |
28.576 |
33.387 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short
term borrowings |
173.616 |
176.534 |
183.328 |
|
(b) Trade
payables |
5.364 |
4.228 |
5.593 |
|
(c) Other
current liabilities |
21.620 |
24.161 |
16.490 |
|
(d) Short-term
provisions |
1.133 |
0.475 |
1.292 |
|
Total Current
Liabilities (4) |
201.733 |
205.398 |
206.703 |
|
|
|
|
|
|
TOTAL |
403.200 |
409.912 |
408.000 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed
Assets |
|
|
|
|
(i)
Tangible assets |
87.354 |
98.845 |
96.832 |
|
(ii)
Intangible Assets |
0.000 |
0.000 |
0.000 |
|
(iii)
Capital work-in-progress |
0.000 |
0.000 |
0.000 |
|
(iv)
Intangible assets under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current Investments |
5.598 |
5.598 |
5.598 |
|
(c) Deferred tax assets (net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
15.373 |
20.749 |
30.811 |
|
(e) Other Non-current
assets |
0.949 |
0.801 |
0.801 |
|
Total Non-Current
Assets |
109.274 |
125.993 |
134.042 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a)
Current investments |
0.000 |
0.000 |
0.000 |
|
(b)
Inventories |
112.738 |
89.125 |
69.851 |
|
(c) Trade
receivables |
98.131 |
119.674 |
148.028 |
|
(d) Cash
and cash equivalents |
1.159 |
4.226 |
7.606 |
|
(e)
Short-term loans and advances |
81.898 |
70.894 |
48.473 |
|
(f) Other
current assets |
0.000 |
0.000 |
0.000 |
|
Total
Current Assets |
293.926 |
283.919 |
273.958 |
|
|
|
|
|
|
TOTAL |
403.200 |
409.912 |
408.000 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
382.635 |
396.734 |
342.810 |
|
|
|
Other Income |
1.257 |
1.227 |
4.106 |
|
|
|
TOTAL |
383.892 |
397.961 |
346.916 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of Materials Consumed |
120.610 |
123.451 |
116.150 |
|
|
|
Purchases of Stock-in-Trade |
88.142 |
78.519 |
56.407 |
|
|
|
Changes in inventories of finished goods, work-in-progress
and Stock-in-Trade |
(19.584) |
(12.412) |
(14.397) |
|
|
|
Employees benefits expense |
28.933 |
30.424 |
29.872 |
|
|
|
Other expenses |
123.898 |
132.648 |
126.334 |
|
|
|
TOTAL |
341.999 |
352.630 |
314.366 |
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE INTEREST, TAX,
DEPRECIATION AND AMORTISATION |
41.893 |
45.331 |
32.550 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES |
20.809 |
24.374 |
14.518 |
|
|
|
|
|
|
|
|
|
|
PROFIT
/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION |
21.084 |
20.957 |
18.032 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION |
11.982 |
11.598 |
9.126 |
|
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE TAX |
9.102 |
9.359 |
8.906 |
|
|
|
|
|
|
|
|
|
Less |
TAX |
1.007 |
1.331 |
1.351 |
|
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) AFTER TAX |
8.095 |
8.028 |
7.555 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export Earnings |
356.546 |
374.529 |
329.478 |
|
|
|
Insurance and Fright |
2.521 |
0.466 |
0.139 |
|
|
TOTAL EARNINGS |
359.067 |
374.995 |
329.617 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Rough Granite Blocks |
2.516 |
10.452 |
7.825 |
|
|
|
Polishing materials and consumable spares |
5.688 |
4.495 |
4.521 |
|
|
|
Machinery spares |
0.709 |
0.591 |
1.435 |
|
|
TOTAL IMPORTS |
8.913 |
15.538 |
13.781 |
|
|
|
|
|
|
|
|
|
|
Earnings / (Loss)
Per Share (Rs.) |
7.20 |
7.14 |
6.72 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
PAT / Total Income |
(%) |
2.11 |
2.02 |
2.18 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
2.38 |
2.36 |
2.60 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
2.29 |
2.31 |
2.21 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.05 |
0.05 |
0.05 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
0.99 |
1.10 |
1.22 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.46 |
1.38 |
1.33 |
FINANCIAL ANALYSIS
[all figures are
in Rupees Millions]
DEBT EQUITY RATIO
|
Particular |
31.03.2011 |
31.03.2012 |
31.03.2013 |
|
|
(Rs.
In Millions) |
(Rs.
In Millions) |
(Rs.
In Millions) |
|
Share Capital |
11.250 |
11.250 |
11.250 |
|
Reserves & Surplus |
156.660 |
164.688 |
172.784 |
|
Net
worth |
167.910 |
175.938 |
184.034 |
|
|
|
|
|
|
long-term borrowings |
21.553 |
17.814 |
8.938 |
|
Short term borrowings |
183.328 |
176.534 |
173.616 |
|
Total
borrowings |
204.881 |
194.348 |
182.554 |
|
Debt/Equity
ratio |
1.220 |
1.105 |
0.992 |
YEAR-ON-YEAR GROWTH
|
Year
on Year Growth |
31.03.2011 |
31.03.2012 |
31.03.2013 |
|
|
(Rs.
In Millions) |
(Rs.
In Millions) |
(Rs.
In Millions) |
|
Sales |
342.810 |
396.734 |
382.635 |
|
|
|
15.730 |
(3.554) |
NET PROFIT MARGIN
|
Net
Profit Margin |
31.03.2011 |
31.03.2012 |
31.03.2013 |
|
|
(Rs.
In Millions) |
(Rs.
In Millions) |
(Rs.
In Millions) |
|
Sales |
342.810 |
396.734 |
382.635 |
|
Profit |
7.555 |
8.028 |
8.095 |
|
|
2.20% |
2.02% |
2.12% |
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 |
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 |
Yes |
|
17] |
Major suppliers |
No |
|
18] |
Major customers |
No |
|
19] |
Payments terms |
No |
|
20] |
Export / Import details
(if applicable) |
Yes |
|
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 |
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 |
Yes |
INDEX OF CHARGES
|
S.No. |
Charge ID |
Date of Charge
Creation/Modification |
Charge amount
secured |
Charge Holder |
Address |
Service Request
Number (SRN) |
|
1 |
10476145 |
24/12/2013 |
7,500,000.00 |
THE KARNATAKA BANK LIMITED |
DIVYA TOWERS, FORT MAIN ROAD, SALEM, Tamil Nadu - |
B95717575 |
|
2 |
10464084 |
29/11/2013 |
8,400,000.00 |
HDFC BANK LIMITED |
HDFC BANK HOUSESENAPATI BAPAT MARG, LOWER PAREL W, MUMBAI, Maharashtra
- 400013, INDIA |
B91076158 |
|
3 |
10370880 |
11/07/2013 * |
50,000,000.00 |
DBS BANK LIMITED |
24, YERCAUD ROAD, OPP MODERN THEATERS, KANNAKURICHI, SALEM, Tamil Nadu
- 636008, INDIA |
B83785675 |
|
4 |
10300850 |
27/07/2011 |
735,000.00 |
TATA CAPITAL LIMITED |
ONE FORBES, DR V B GANDHI MARG,FORT, MUMBAI, Maharashtra - 400001,
INDIA |
B18290080 |
|
5 |
10300256 |
13/06/2011 |
1,167,000.00 |
BAJAJ FINANCE LIMITED |
AKURDI PUNE-, Pune, Maharashtra - 411035, INDIA |
B18100586 |
|
6 |
10290044 |
14/05/2011 |
6,840,000.00 |
TATA CAPITAL LIMITED |
ONE FORBES, DR V B GANDHI MARG,FORT, MUMBAI, Maharashtra - 400001,
INDIA |
B14225965 |
|
7 |
10288828 |
25/04/2011 |
1,050,000.00 |
BAJAJ FINANCE LIMITED |
AKURDI PUNE-, PUNE, Maharashtra - 411035, INDIA |
B12128161 |
|
8 |
10274390 |
07/02/2011 |
2,513,000.00 |
BAJAJ FINANCE LIMITED |
AKURDI PUNE-, PUNE, Maharashtra - 411035, INDIA |
B08440240 |
|
9 |
10244865 |
08/08/2013 * |
55,000,000.00 |
THE KARNATAKA BANK LIMITED |
DIVYA TOWERS, FORT MAIN ROAD, SALEM, Tamil Nadu - |
B83773333 |
|
10 |
10244864 |
28/09/2010 |
20,000,000.00 |
THE KARNATAKA BANK LIMITED |
DIVYA TOWERS, FORT MAIN ROAD, SALEM, Tamil Nadu - |
A96895222 |
|
11 |
10244861 |
28/09/2010 |
30,000,000.00 |
THE KARNATAKA BANK LIMITED |
DIVYA TOWERS, FORT MAIN ROAD, SALEM, Tamil Nadu - |
A96895065 |
|
12 |
10177570 |
11/08/2009 |
7,500,000.00 |
THE KARNATAKA BANK LIMITED |
DIVYA TOWERS, FORT MAIN ROAD, SALEM, Tamil Nadu - |
A70569579 |
|
13 |
10022484 |
07/10/2006 |
25,000,000.00 |
KARNATAKA BANK LTD. |
KARNATAKA BANK LIMITED,REGD. AND HEAD OFFICE, P.B |
A05761234 |
|
14 |
90008955 |
15/02/2002 |
7,500,000.00 |
THE KARNATAKA BANK LIMITED |
DIVYA TOWERS, FORT MAIN ROAD, SALEM, Tamil Nadu - |
- |
|
15 |
90008494 |
12/08/1997 |
1,012,600.00 |
LAKSHMI GENERAL FINANCE LIMITED |
21, PATULLOS ROAD, CHENNAI, Tamil Nadu - 600002, INDIA |
- |
|
16 |
90008414 |
08/08/2013 * |
147,500,000.00 |
THE KARNATAKA BANK LIMITED |
DIVYA TOWERS, FORT MAIN ROAD, SALEM, Tamil Nadu - |
B83774158 |
|
17 |
90008368 |
27/03/1996 |
4,410,000.00 |
THE LAKSHMI VILAS BANK LIMITED |
62-63, BAZAAR STREET, SALEM, Tamil Nadu - 636001, |
- |
* Date of charge modification
OPERATIONS:
During the year under review, the company registered a turnover of 3826.35 lakhs and a Net Profit of 80.95 lakhs after providing for interest, depreciation, tax and also other provisions.
CORPORATE
INFORMATION
Subject is a closely held limited company domiciled in India and incorporated under the Companies Act, 1956. The company manufactures granite monuments and slabs at its 100% Export oriented unit and exports them. The company owns and operates wind electric generator and power generated is captivity consumed and partly sold.
FIXED ASSETS
- Land
- Building
- Plant and Machinery
- Electrical Installations
- Furniture and Fixture
- Vehicles
- Office Equipment
- Computer
- Wind Electric Generator
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 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.60.71 |
|
|
1 |
Rs.101.04 |
|
Euro |
1 |
Rs.83.77 |
INFORMATION DETAILS
|
Information
Gathered by : |
PDT |
|
|
|
|
Analysis Done by
: |
SUB |
|
|
|
|
Report Prepared
by : |
ANK |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
--PROFITABILIRY |
1~10 |
4 |
|
--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 |
YES |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTER |
|
|
|
--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.