MIRA
INFORM REPORT
|
Report Date : |
19th
June 2006 |
IDENTIFICATION
DETAILS
|
Name : |
ARCHEAN GRANITES PRIVATE
LIMITED |
|
|
|
|
Registered Office : |
32-D, North Crescent
Road, T. Nagar, Chennai – 600 017, Tamilandu, India |
|
|
|
|
Country : |
India |
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|
|
|
Financials (as on) : |
31.03.2004 |
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|
|
|
Date of Incorporation : |
07.01.1984 |
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|
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Com. Reg. No.: |
17091 |
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|
|
|
CIN No.: [Company
Identification No.] |
U26999TN1984PTC017091
/ U14102AP1984PTC004400 |
|
|
|
|
TAN No.: [Tax
Deduction & Collection Account No.] |
CHEA00850D |
|
|
|
|
Legal Form : |
Private Limited Liability Company |
|
|
|
|
Line of Business : |
Manufacturing and Exporting of
Granite Stones, Roughly Trimmed Granite Kerbs and Granite Pavers. |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal.
Capable to meet normal commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD
1250000 |
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|
|
|
Status : |
Satisfactory |
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|
|
|
Payment Behaviour : |
Usually
Correct |
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|
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Litigation : |
Clear |
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Comments : |
Subject is a well established company
having fine track. Directors are reported as
experienced, respectable and resourceful industrialists. Their trade
relations are reported as fair. Payments are usually correct and as per
commitments. The company can be considered good
for any normal business dealings at usual trade terms and conditions. |
LOCATIONS
|
Registered Office : |
32-D, North Crescent
Road, T. Nagar, Chennai – 600 017, Tamilandu, India |
|
Tel. No.: |
91.44-28153479 |
|
Fax No.: |
91-44-28156797 |
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E-Mail : |
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|
Website : |
http://www.archeangroup.com
(under construction) |
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|
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Factory
1 : |
166, Trunk Road, Porur,
Chennai – 600 116, Tamilandu |
|
Tel. No.: |
91-44-28254060/28254661 |
|
Fax No.: |
91-44-28250508 |
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E-Mail : |
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Factory
2 : |
34, Vegetarian Village,
Puzhal, Chennai – 600 066, Tamilnadu |
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|
|
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Factory
3 : |
Chittor District, Andhra
Pradesh |
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|
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Factory
4 : |
Mulbgal, Karnataka |
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|
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DIRECTORS
|
Name : |
Mr. P. B. Anandam |
|
Designation : |
Managing
Director |
|
Date of Birth/Age : |
01.12.1938 |
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|
|
|
Name : |
Mr. S. Madhan |
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Designation : |
Director |
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Date of Birth/Age : |
05.06.1956 |
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|
|
MAJOR SHAREHOLDERS
|
Names
of Shareholders |
|
No. of Shares |
|
Mr. P. B. Anandam |
|
|
|
|
|
6,00,600 |
|
Ms. P. Pramila |
|
10,95,000 |
|
Mr. P. Ranjit |
|
4,27,200 |
|
Mr. P. Ravi |
|
4,27,200 |
|
Total
|
|
25,50,000 |
|
|
|
|
BUSINESS DETAILS
|
Line of Business : |
Manufacturing and Exporting of
Granite Stones, Roughly Trimmed Granite Kerbs and Granite Pavers. |
|
|
|
|
Products : |
Granite Pavers, Kerbs, Stones and
Components |
|
|
|
PRODUCTION
STATUS
|
Particulars |
|
Unit
|
Actual Production |
|
Kerbs |
|
Meters |
226932 |
|
Granite Cube of 10 X 7 X 4 |
|
Meters Pieces |
62534 |
|
Granite Cube of 9 X 5 X 4 |
|
Meters Pieces |
12406 |
GENERAL
INFORMATION
|
No. of Employees : |
500 |
|
|
|
|
Bankers : |
Canara Bank Overseas Branch, Chennai – 600 002,
Tamilnadu |
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|
|
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Banking Relations : |
Satisfactory |
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|
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Auditors : |
B. Purushottam & Company Chartered Accountants T. Nagar, Chennai – 600 017,
Tamilnadu |
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|
|
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Associates/Subsidiaries : |
Nil |
CAPITAL STRUCTURE
Authorised
Capital :
|
No.
of Shares |
Type |
Value |
Amount |
|
30,00,000 |
Equity
Shares |
Rs.
10/- each |
Rs.
30.000 millions |
|
|
|
|
|
Issued,
Subscribed & Paid-up Capital :
|
No.
of Shares |
Type |
Value |
Amount |
|
25,50,000 |
Equity
Shares |
Rs.
10/- each |
Rs.
25.500 millions |
|
|
|
|
|
FINANCIAL DATA
[all figures are in Rupees
Millions]
ABRIDGED
BALANCE SHEET
|
SOURCES OF FUNDS |
31.03.2004 |
31.03.2003 |
31.03.2002 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
25.500 |
25.500 |
25.500 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
326.446 |
286.477 |
242.350 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
351.946 |
311.977 |
267.850 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
396.775 |
350.564 |
397.439 |
|
|
2] Unsecured Loans |
20.585 |
19.359 |
19.359 |
|
|
TOTAL BORROWING |
417.360 |
369.923 |
416.798 |
|
|
DEFERRED TAX LIABILITIES |
9.245 |
14.820 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
778.551 |
696.720 |
684.648 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
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|
FIXED ASSETS [Net Block] |
110.794 |
83.652 |
88.407 |
|
|
Capital work-in-progress |
0.083 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
INVESTMENT |
37.036 |
37.036 |
35.615 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
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CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
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|
Inventories |
197.157 |
|
|
|
|
Sundry Debtors |
305.355 |
243.651 |
|
|
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Cash & Bank Balances |
43.253 |
38.102 |
606.830 |
|
|
Other Current Assets |
0.000 |
45.900 |
|
|
|
Loans & Advances |
149.346 |
133.094 |
|
|
Total Current Assets |
695.111
|
610.871 |
|
|
|
Less : CURRENT LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Current Liabilities |
46.479 |
17.865 |
46.283 |
|
|
Provisions |
17.994 |
17.044 |
|
|
Total Current Liabilities |
64.473 |
34.909 |
|
|
|
Net Current Assets |
630.638 |
575.962 |
560.547 |
|
|
|
|
|
|
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|
MISCELLANEOUS EXPENSES |
0.000 |
0.070 |
0.079 |
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|
|
|
|
|
|
|
TOTAL |
778.551 |
696.720 |
684.648 |
|
PROFIT
& LOSS ACCOUNT
|
PARTICULARS |
31.03.2004 |
31.03.2003 |
31.03.2002 |
|
Sales Turnover [including other income] |
702.348 |
639.299 |
NA |
|
|
|
|
|
|
Profit/(Loss)
Before Tax |
48.477 |
73.548 |
NA |
|
Provision
for Taxation |
(16.461) |
(57.486) |
NA |
|
Profit/(Loss)
After Tax |
64.938 |
131.034 |
NA |
|
|
|
|
|
|
Export
Value |
464.392 |
458.062 |
NA |
|
|
|
|
|
|
Import
Value |
3.731 |
3.093 |
NA |
|
|
|
|
|
|
Total
Expenditure |
653.872 |
565.751 |
NA |
KEY
RATIOS
|
PARTICULARS |
|
31.03.2004 |
31.03.2003 |
31.03.2002 |
|
PAT / Total Income |
(%) |
9.24
|
20.49 |
-- |
|
|
|
|
|
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|
Net
Profit Margin (PBT/Sales) |
(%) |
6.90
|
11.50 |
-- |
|
|
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|
Return
on Total Assets (PBT/Total
Assets} |
(%) |
6.01
|
10.58 |
-- |
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|
|
|
|
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|
Return
on Investment (ROI) (PBT/Networth) |
|
0.13
|
0.23 |
-- |
|
|
|
|
|
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|
Debt
Equity Ratio (Total
Liability/Networth) |
|
1.36
|
1.29 |
1.72 |
|
|
|
|
|
|
|
Current
Ratio (Current
Asset/Current Liability) |
|
10.78
|
17.49 |
13.11 |
LOCAL AGENCY
FURTHER INFORMATION
press clippings
2004 Denver Annual Meeting (November
7–10, 2004)
Paper No. 244-5
A LATE ARCHEAN TERRANE BOUNDARY EXPOSED
AT TIN CUP MOUNTAIN, GRANITE MOUNTAINS, WYOMING
MEREDITH, Michael T.1, FROST, B. Ronald2, and FROST, Carol D.2, (1)
Department of Geology and Geophysics, Univ of Wyoming, Laramie, WY 82071,
meredith@uwyo.edu, (2) Department of Geology and Geophysics, Univ of Wyoming,
Dept 3006, 1000 University Ave, Laramie, WY 82071
In the Tin Cup Mountain area of the
northwestern Granite Mountains, Middle Archean gneisses to the south have been
juxtaposed against Late Archean granites and gneisses to the north. Preliminary
field work indicates that these rocks are separated by an intense east-west
trending shear zone that is at least 4 km wide. The amphibolite facies shear
zone consists of mylonitized granites that are complexly interlayered with
supracrustal sequences which include metabasalt, metadacite, metadiabase, and
various psammitic metasediments. Samples from the supracrustal rocks reveal
contrasting epsilon Nd values at 2.63 Ga of -6.5 (schist), -7.0 (metavolcanic
rock), and +2.5 (schist), suggesting that rocks of different provenance are
juxtaposed by this shear zone. At 2.63 Ga, a Late Archean unfoliated granite to
the north of the shear zone has an epsilon Nd value of -1.1, and falls within
the ca. -3 to +2 range of epsilon Nd values (at 2.63 Ga) of other granites in
the Granite Mountains Batholith. A sample of ca. 3.2 Ga gneiss to the south,
however, has an epsilon Nd value of -11 at 2.63 Ga. This value is consistent
with highly negative epsilon Nd values (ca. -10 to -14) obtained by other
workers from similar rocks elsewhere in the Sacawee block of the Granite
Mountains. The contrasting ages and isotopic affinities of the granites and
gneisses at Tin Cup Mountain indicate that the shear zone forms a boundary
between a Late Archean terrane to the north and an isotopically distinct Middle
Archean terrane to the south. Timing of the deformation near Tin Cup Mountain
is yet unconstrained, however, similar but smaller-scale deformation in the
eastern Granite Mountains has been constrained to 2.63-2.65 Ga. The contrasting
Nd signatures found on either side of the shear zone and among the associated
supracrustal rocks within the shear zone leads us to suggest that this shear
zone represents the only exposed suture between the Wyoming Province and the
Middle Archean Sacawee block.
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 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. 45.92 |
|
UK
Pound |
1 |
Rs. 84.76 |
|
Euro |
1 |
Rs. 57.95 |
SCORE &
RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILIRY |
1~10 |
6 |
|
--LIQUIDITY |
1~10 |
6 |
|
--LEVERAGE |
1~10 |
6 |
|
--RESERVES |
1~10 |
6 |
|
--CREDIT LINES |
1~10 |
6 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
|
|
--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 |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
54 |
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 |
Unfavourable & favourable factors
carry similar weight in credit consideration. Capability to overcome
financial difficulties seems comparatively below average/normal. |
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 |