MIRA INFORM REPORT

Report No. :	345609
Report Date :	21.10.2015

IDENTIFICATION DETAILS

Name :	PRECISION GRANITES PRIVATE LIMITED
Registered Office :	No. 140/140 A, II Phase, Bommasandra Industrial Area, Bangalore – 560099, Karnataka
Tel. No.:	91-80-25541904
Country :	India
Financials (as on) :	31.03.2013
Date of Incorporation :	22.10.1980
Com. Reg. No.:	08-003977
Capital Investment / Paid-up Capital :	Rs. 42.697 Million
CIN No.: [Company Identification No.]	U14102KA1980PTC003977
IEC No.:	Not Available
TAN No.: [Tax Deduction & Collection Account No.]	Not Available
PAN No.: [Permanent Account No.]	Not Available
Legal Form :	Private Limited Liability Company
Line of Business :	Subject is a 100% EOU (Export Oriented Unit) and engaged in the manufacturing of granite slabs and granite tops
No. of Employees :	Information declined by the Management

RATING & COMMENTS

MIRA’s Rating :

B (31)

RATING		STATUS	PROPOSED CREDIT LINE
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small

Maximum Credit Limit :	USD 208000
Status :	Moderate
Payment Behavior :	Slow but correct
Litigation :	Clear
Comments :	Subject is an established company incorporated in the year 1980. It is 100% EOU (Export Oriented Unit) and is engaged in the manufacturing of granite slabs and granite tops. It is a part of Surana Group. As per registrar of companies the date of balance sheet (i.e. financial filed) is shown as 31.03.2014 but documents related to financial for the year ending 2014 is not available from any sources. As per the available financials of the year 2013, the company has reported slightly high level, but has earned decent profit margin. Trade relations are fair. Business is active. Payment terms are reported to be slow but correct. In view of risk associated with the unavailability of latest financials, 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 – March 31, 2015

Country Name	Previous Rating (31.12.2014)	Current Rating (31.03.2015)
India	A1	A1

Risk Category	ECGC Classification
Insignificant	A1
Low	A2
Moderate	B1
High	B2
Very High	C1
Restricted	C2
Off-credit	D

EXTERNAL AGENCY RATING

Rating Agency Name	CARE
Rating	Long-term Bank Facilities: BB-
Rating Explanation	Inadequate credit quality and high credit risk.
Date	March 05, 2015

Rating Agency Name	CARE
Rating	Short-term Bank Facilities: A4
Rating Explanation	Moderate degree of safety and very high credit risk
Date	March 05, 2015

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 31-03-2015.

INFORMATION DENIED BY

Name :	Mr. Venkatesh
Designation :	General Manager
Contact No.:	91-80-25541904
Date :	17.10.2015

LOCATIONS

Registered Office/ Processing Unit :	No. 140/140 A, II Phase, Bommasandra Industrial Area, Bangalore – 560099, Karnataka, India
Tel. No.:	91-80-25541904/25541090/25573902
Fax No.:	91-80-40914372
E-Mail :	graplind@gmail.com

DIRECTORS

AS ON 30.09.2013

Name :

Mr. Jodhraj Surana Basantkumar

Designation :

Director

Address :

No. 784, 1st Cross, 12th Main, Hal 2^nd Stage, Indiranagar, Bangalore - 560038, Karnataka, India

Date of Birth/Age :

05.08.1947

Date of Appointment :

22.10.1980

DIN No.:

01897252

Other Directorship:

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	U14102KA1980PTC003977	PRECISION GRANITES PRIVATE LIMITED	Director	22/10/1980	22/10/1980	-	Active	NO
2	U29246KA1989PTC010019	SURANA FABRICATORS PRIVATE LIMITED	Managing director	21/04/1989	21/04/1989	-	Active	NO
3	U74899DL1969NPL005064	FEDERATION OF INDIA MINERAL INDUSTRIES	Director	04/09/2011	04/09/2011	23/05/2014	Active	NO

Name :

Mr. Vishal Surana

Designation :

Managing Director

Address :

No. 784, I Cross, 12th Main Road, Hal III Stage, Indiranagar, Bangalore - 560038, Karnataka, India

Date of Birth/Age :

12.01.1979

Date of Appointment :

28.02.2001

DIN No.:

01897276

Other Directorship:

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	U29246KA1989PTC010019	SURANA FABRICATORS PRIVATE LIMITED	Director	13/05/2000	13/05/2000	-	Active	NO
2	U14102KA1980PTC003977	PRECISION GRANITES PRIVATE LIMITED	Managing director	28/02/2001	28/02/2001	-	Active	NO

KEY EXECUTIVES

Name :	Mr. Venkatesh
Designation :	General Manager

MAJOR SHAREHOLDERS

AS ON 30.09.2013

Names of Shareholders	No. of Shares
J B Surana	185436
Kailash Surana	1350
Vishal Surana	72984
Bhoomika Mehta	18000
Pranav Mehta	10525
Surana Fabricators Private Limited, India	125000
Funidea Vinimay Private Limited, India	25000
Allworth Developers Private Limited, India	25000
Goodshine vyapaar Private Limited, India	25000
Fabert deales Private Limited, India	25000
Goutham Kothari	2500
Kreetika Mehta	2500
Lalitha bai	2500
Poonam Kothari	5000
Pranav mehta HUF	2500
Shantabai	2500
Yash mehta	2500
Dyuti	2300
Indira Mehta	1600
Sunder Mehta	1275
Vimala Mehta	8500
Total	546970

Equity Share Break up (Percentage of Total Equity)

AS ON 30.09.2013

Category	Percentage
Bodies corporate	40.59
Directors or relatives of Directors	58.40
Other	1.01
Total	100.00

BUSINESS DETAILS

Line of Business :	Subject is a 100% EOU (Export Oriented Unit) and engaged in the manufacturing of granite slabs and granite tops
Products :	· Granite Slabs · Granite Tops
Brand Names :	Not Available
Agencies Held :	Not Available
Exports :	Not Divulged
Imports :	Not Divulged
Terms :	Not Divulged

PRODUCTION STATUS: NOT AVAILABLE

GENERAL INFORMATION

Suppliers :

Reference :	Not Divulged
Name of the Person :	Not Divulged
Contact No.:	Not Divulged
Since How Long Known :	Not Divulged
Maximum Limit Dealt :	Not Divulged
Experience :	Not Divulged
Remark:	Not Divulged

Customers :

Reference :	Not Divulged
Name of the Person :	Not Divulged
Contact No.:	Not Divulged
Since How Long Known :	Not Divulged
Maximum Limit Dealt :	Not Divulged
Experience :	Not Divulged
Remark:	Not Divulged

No. of Employees :

Information declined by the Management

Bankers :

Bank Name	State Bank of Bikaner and Jaipur
Branch	Gandhinagar Branch, Bangalore – 560001, Karnataka, India
Person Name (With Designation)	Not Divulged
Contact Number	Not Divulged
Name of Account Holder	Not Divulged
Account Number	Not Divulged
Account Since (Date/Year of Account Opening)	Not Divulged
Average Balance Maintained (If Possible)	Not Divulged
Credit Facilities Enjoyed (If any)	Not Divulged
Account Operation	Not Divulged
Remarks (If any)	Not Divulged

· Union Bank of India, Industrial Finance Branch, No.23, Archana Complex, 1st Floor, J C Road, Bangalore – 560002, Karnataka, India

Facilities :

Secured Loan	31.03.2013 (Rs. in Million)	31.03.2012 (Rs. in Million)
Long-term Borrowings
Loan from Bank – Union Bank of India
Non-Current Portion	2.840	4.295
Current Maturities	1.298	1.290
Loan from Bank – Union Bank of India
Non-Current Portion	52.347	4.412
Current Maturities	11.320	0.000
Short-term borrowings
Cash credit from Banks	32.429	24.394
Total	100.234	34.391

Financial Institutions	Karnataka State Financial Corporation, No. 25, Shankaranarayana Building, M.G. Road, Bangalore, Karnataka - 560001, India
Auditors :
Name :	G L Kothari and Company Chartered Accountants
Address :	No. 5/3, 2nd Floor, 2nd 'A' Cross, J C Road, Near Vijya Bank, Bangalore – 560002, Karnataka, India
PAN. No.:	ABFPK0302H
Memberships :	-----
Collaborators :	-----
Holding company (as on 31.03.2013):	· Surana Fabricators Private Limited (U29246KA1989PTC010019)
Group company (as per indirect sources)	· Surana Stones

CAPITAL STRUCTURE

AS ON 30.09.2013

Authorised Capital :

No. of Shares	Type	Value	Amount
550000	Equity Shares	Rs.100/- each	Rs. 55.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
546970	Equity Shares	Rs.100/- each	Rs. 54.697 Million

AS ON 31.03.2013

Authorised Capital :

No. of Shares	Type	Value	Amount
550000	Equity Shares	Rs.100/- each	Rs. 55.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
426970	Equity Shares	Rs.10/- each	Rs. 42.697 Million

FINANCIAL DATA

[All figures are in Rupees Million]

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	42.697	28.197	28.197
(b) Reserves & Surplus	30.246	11.289	9.815
(c) Money received against share warrants	0.000	0.000	0.000
(2) Share Application money pending allotment	0.000	2.735	2.735
Total Shareholders’ Funds (1) + (2)	72.943	42.221	40.747
(3) Non-Current Liabilities
(a) long-term borrowings	131.224	25.397	21.039
(b) Deferred tax liabilities (Net)	1.915	0.570	0.559
(c) Other long term liabilities	0.000	0.000	0.000
(d) long-term provisions	0.096	0.046	0.000
Total Non-current Liabilities (3)	133.235	26.013	21.598
(4) Current Liabilities
(a) Short term borrowings	32.429	24.394	18.661
(b) Trade payables	9.018	3.223	5.544
(c) Other current liabilities	1.108	1.211	1.330
(d) Short-term provisions	0.611	0.763	0.707
Total Current Liabilities (4)	43.166	29.591	26.242
TOTAL	249.344	97.825	88.587
II.          ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	107.830	21.694	24.242
(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	0.000	0.000	0.000
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	1.370	0.870	0.870
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	109.200	22.564	25.112
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	45.054	32.960	26.385
(c) Trade receivables	18.625	13.689	18.230
(d) Cash and cash equivalents	51.407	12.875	11.152
(e) Short-term loans and advances	25.058	15.367	6.967
(f) Other current assets	0.000	0.370	0.741
Total Current Assets	140.144	75.261	63.475
TOTAL	249.344	97.825	88.587

PROFIT & LOSS ACCOUNT

PARTICULARS	31.03.2013	31.03.2012	31.03.2011
SALES
Income	85.005	67.679	62.426
Other Income
TOTAL INCOME	85.005	67.679	62.426
TOTAL EXPENSES	66.944	58.947	62.426
PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION	18.061	8.732	5.358
DEPRECIATION/ AMORTISATION	4.081	2.769	3.154
PROFIT/ (LOSS) BEFORE TAX	6.413	2.217	2.204
TAX	1.956	0.743	0.707
PROFIT/ (LOSS) AFTER TAX	4.457	1.474	1.497
EARNINGS IN FOREIGN CURRENCY
F.O.B. Value of Exports	70.950	NA	NA
TOTAL EARNINGS	70.950	NA	NA
Earnings / (Loss) Per Share (Rs.)	8.14	2.69	2.73

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

Particulars	31.03.2013	31.03.2012	31.03.2011
Current Maturities of Long term debt	12.617	16.690	NA
Cash generated from operations	NA	NA	NA
Net cash flow from (used in) operations	NA	NA	NA

KEY RATIOS

PARTICULARS		31.03.2013	31.03.2012	31.03.2011
Net Profit Margin (PAT / Total Income)	(%)	5.24	2.18	2.40
Return on Total Assets (PBT/Total Assets}	(%)	2.57	2.27	2.49
Return on Investment (ROI) (PBT/Networth)		0.09	0.05	0.05
Debt Equity Ratio (Total Debt /Networth)		2.24	1.18	0.97
Current Ratio (Current Asset/Current Liability)		3.25	2.54	2.42

FINANCIAL ANALYSIS

[All figures are in Rupees Million]

DEBT EQUITY RATIO

Particular	31.03.2011	31.03.2012	31.03.2013
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Share Capital	28.197	28.197	42.697
Reserves & Surplus	9.815	11.289	30.246
Share Application money pending allotment	2.735	2.735	0.000
Net worth	40.747	42.221	72.943
long-term borrowings	21.039	25.397	131.224
Short term borrowings	18.661	24.394	32.429
Total borrowings	39.700	49.791	163.653
Debt/Equity ratio	0.974	1.179	2.244

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2011	31.03.2012	31.03.2013
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Total Income	62.426	67.679	85.005
		8.415	25.600

NET PROFIT MARGIN

Net Profit Margin	31.03.2011	31.03.2012	31.03.2013
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Total Income	62.426	67.679	85.005
Profit	1.497	1.474	4.457
	2.40%	2.18%	5.24%

LOCAL AGENCY FURTHER INFORMATION

Sr. No.	Check list by info agents	Available in Report (Yes/No)
1	Year of establishment	Yes
2	Constitution of the entity -Incorporation details	Yes
3	Locality of the entity	Yes
4	Premises details	No
5	Buyer visit details	----------
6	Contact numbers	Yes
7	Name of the person contacted	Yes
8	Designation of contact person	Yes
9	Promoter’s background	Yes
10	Date of Birth of Proprietor / Partners / Directors	Yes
11	Pan Card No. of Proprietor / Partners	No
12	Voter Id Card No. of Proprietor / Partners	No
13	Type of business	Yes
14	Line of Business	Yes
15	Export/import details (if applicable)	No
16	No. of employees	No
17	Details of sister concerns	Yes
18	Major suppliers	No
19	Major customers	No
20	Banking Details	Yes
21	Banking facility details	Yes
22	Conduct of the banking account	--
23	Financials, if provided	Yes
24	Capital in the business	Yes
25	Last accounts filed at ROC, if applicable	No
26	Turnover of firm for last three years	Yes
27	Reasons for variation <> 20%	--
28	Estimation for coming financial year	No
29	Profitability for last three years	Yes
30	Major shareholders, if available	Yes
31	External Agency Rating, if available	Yes
32	Litigations that the firm/promoter involved in	---
33	Market information	---
34	Payments terms	No
35	Negative Reporting by Auditors in the Annual Report	No

OPERATIONS (As On 31.03.2013)

The turnover achieved for the period ended 30.03.2013 is Rs. 81.580 Million. After providing for depreciation and tax the profit arrived at for the current year is Rs. 8.537 Million i.e., has registered a profit of Rs. 4.457 Million (Previous year: Rs. 1.474 Million).

The Directors are confident that they will strive to make considerable progress and in turn enhance performance of the company the years to come.

UNSECURED LOAN

PARTICULARS	31.03.2013 (Rs. in Million)	31.03.2012 (Rs. in Million)
Long-term Borrowing
Other loans
From Shareholders - Interest Free Loan	52.905	0.000
From intercorporate - Interest Free Loan	10.514	15.400
Total	63.419	15.400

INDEX OF CHARGES:

S.No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10111534	29/01/2015 *	401,200,000.00	UNION BANK OF INDIA	INDUSTRIAL FINANCE BRANCH, NO.23, ARCHANA COMPLEX,  , 1ST FLOOR, J. C .ROAD, BANGALORE -  560002, KARNATAKA, INDIA	C42379255
2	90196015	04/12/1981	250,000.00	KARNATAKA STATE FINANCIAL CORPORATION	NO. 25; SHANKARANARAYANA BUILDING, M.G. ROAD, BAN  GALORE - 560001, KARNATAKA, INDIA	-

FIXED ASSETS

Tangible assets

· Land

· Factory Building

· Furniture and Fixtures

· Plant and Machinery

· Electrical Installation

· Crane

· Top Loader

· Air Conditioner

· Office Equipment

· Motor Cycle – Platina

· Vehicle

Intangible assets

· Software Package

CMT REPORT (Corruption, Money Laundering & Terrorism]

The Public Notice information has been collected from various sources including but not limited to: The Courts, India Prisons Service, Interpol, etc.

1] INFORMATION ON DESIGNATED PARTY

No exist designating subject or any of its beneficial owners, controlling shareholders or senior officers as terrorist or terrorist organization or whom notice had been received that all financial transactions involving their assets have been blocked or convicted, found guilty or against whom a judgement or order had been entered in a proceedings for violating money-laundering, anti-corruption or bribery or international economic or anti-terrorism sanction laws or whose assets were seized, blocked, frozen or ordered forfeited for violation of money laundering or international anti-terrorism laws.

2] Court Declaration :

No exist to suggest that subject is or was the subject of any formal or informal allegations, prosecutions or other official proceeding for making any prohibited payments or other improper payments to government officials for engaging in prohibited transactions or with designated parties.

3] Asset Declaration :

No records exist to suggest that the property or assets of the subject are derived from criminal conduct or a prohibited transaction.

4] Record on Financial Crime :

Charges or conviction registered against subject: None

5] Records on Violation of Anti-Corruption Laws :

Charges or investigation registered against subject: None

6] Records on Int’l Anti-Money Laundering Laws/Standards :

Charges or investigation registered against subject: None

7] Criminal Records

No available information exist that suggest that subject or any of its principals have been formally charged or convicted by a competent governmental authority for any financial crime or under any formal investigation by a competent government authority for any violation of anti-corruption laws or international anti-money laundering laws or standard.

8] Affiliation with Government :

No record exists to suggest that any director or indirect owners, controlling shareholders, director, officer or employee of the company is a government official or a family member or close business associate of a Government official.

9] Compensation Package :

Our market survey revealed that the amount of compensation sought by the subject is fair and reasonable and comparable to compensation paid to others for similar services.

10] Press Report : No press reports / filings exists on the subject.

CORPORATE GOVERNANCE

MIRA INFORM as part of its Due Diligence do provide comments on Corporate Governance to identify management and governance. These factors often have been predictive and in some cases have created vulnerabilities to credit deterioration.

Our Governance Assessment focuses principally on the interactions between a company’s management, its Board of Directors, Shareholders and other financial stakeholders.

CONTRAVENTION

Subject is not known to have contravened any existing local laws, regulations or policies that prohibit, restrict or otherwise affect the terms and conditions that could be included in the agreement with the subject.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs. 65.15
UK Pound	1	Rs. 100.53
Euro	1	Rs. 73.97

INFORMATION DETAILS

Information Gathered by :	KMN
Analysis Done by :	KIN
Report Prepared by :	SANS

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	4
PAID-UP CAPITAL	1~10	3
OPERATING SCALE	1~10	4
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	3
--PROFITABILITY	1~10	4
--LIQUIDITY	1~10	3
--LEVERAGE	1~10	3
--RESERVES	1~10	3
--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
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		31

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 unfavorable factors will not cause fatal effect. Satisfactory capability for payment of interest and principal sums	Fairly Large
41-55	Ba	Overall operation is considered normal. Capable to meet normal commitments.	Satisfactory
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small
11-25	Ca	Adverse factors are apparent. Repayment of interest and principal sums in default or expected to be in default upon maturity	Limited with full security
<10	C	Absolute credit risk exists. Caution needed to be exercised	Credit not recommended
--	NB	New Business	--

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.