MIRA INFORM REPORT
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Report Date : |
31ST March, 2006 |
IDENTIFICATION DETAILS
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Name : |
PRP
GRANITES |
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Registered Office : |
Near
Veera Kali Amman Koil, Keelavalavu Village, Melur Taluk, Madurai Dist 625102 |
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Date of Incorporation : |
1996 |
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TAN No.: (Tax Deduction &
Collection Account No.) |
-- |
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PAN No.: (Permanent Account No.) |
-- |
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Legal Form : |
Sole
Proprietory Concern |
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Line of Business : |
Manufacturers and Exporters of
Processed Granite Dressed and Polished in Assorted Dimensions, Granite Slabs,
Tiles, Monuments and other Articles or Things |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
RATING
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STATUS |
PROPOSED CREDIT LINE |
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41-55 |
Ba |
Overall operation is
considered normal. Capable to meet normal commitments. |
Satisfactory |
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Maximum Credit Limit : |
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Status : |
Satisfactory |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject
is a well – established concern having satisfactory track. Proprietor of the
concern is reported as experienced, respectable and resourceful businessman.
His trade relations are fair. Payments are usually correct and as per
commitments. The
concern can be considered good for normal business dealings at usual trade
terms and conditions. |
LOCATIONS
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Registered Office : |
Near
Veera Kali Amman Koil, Keelavalavu Village, Melur Taluk, Madurai Dist 625102 |
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Tel. No.: |
91-452-2420346/2420347/535055 |
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Fax No.: |
91-452-2420350/535704 |
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E-Mail : |
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Factory 1 : |
Near
Veera Kali Amman Koil, Keelavalavu Village, Melur Taluk, Madurai Dist 625102 |
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Tel. No.: |
91-44-2428290 |
SOLE PROPRIETOR
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Name : |
Mr. Palanisamy |
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Designation : |
Proprietor
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Address : |
279
Sarveswara Koil Street, Anna Nagar, Madurai 625020 |
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Tel. No.: |
91-452-2535055/2520114 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturers and Exporters of
Processed Granite Dressed and Polished in Assorted Dimensions, Granite Slabs,
Tiles, Monuments and other Articles or Things |
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Products : |
Granite,
Machinery |
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Exports to : |
USA, Europe, China, Taiwan, Hong Kong, Singapore, Korea |
PRODUCTION STATUS
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Particulars |
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Installed Capacity |
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Granite |
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15.000 tonnes per year |
GENERAL INFORMATION
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No. of Employees : |
210
(200 - contract
labor & 10 – Office) |
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Bankers : |
Indian
overseas Bank, Melur Branch, Madurai |
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Facilities : |
- |
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Banking Relations : |
Satisfactory
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Associates/Subsidiaries
: |
Nil |
FINANCIAL
DATA
[all figures are in Rupees Millions]
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Particulars |
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31.03.2005 Per Annum |
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Sales Turnover |
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270.000 |
LOCAL AGENCY FURTHER INFORMATION
This firm is the manufacturing and export wing of PRP Group of companies. Now exports of polished slabs are being done under this firm. The firm was started in 1996. The firm first started as a partnership firm
with Mr. Ramaya and Mr. Palanisamy with few others under the name of PRP
Granties. Later during 1996 there was
a split and now PRP granites is a proprietorship firm with Mr. Palanisamy being
the owner. Their name has spread far and
wide for the quality of Network Raw Silk Granites that they export. They are a 100% export oriented unit and are
registered with the MEPZ. (Madras Export processing Zone).
The firm has been certified by the EPCG –
Certificate Number - 23/2004/AM'03/EPCG-I for the export of granites.
They have a very good name in Madurai and are doing
excellent export business. They have
also received Best Export Awards from the Government of India.
The Union Minister distributed `Best Export Awards
for 2003-04', instituted by the ICCIT for the best exporters through Tuticorin
Port and best ports users of the port to 19 exporters.
P.R.P Granites, Madurai, which exported 0.129 Millions tonnes of granite in 2003-04, along with Krishna and Company, Tuticorin, (salt exporters), Nila Sea Food Products, Tuticorin, Thiagarajar Mills Limited, Madurai, and Beach Mineral Company Limited, Kuttam, received the Best Export award
There are two types of granites that the firm deals
in.
Raw Silk Ivory – This is a material with a bottom
color ivory without any sign of red or rosaceous color. It is extracted in three quarries. The joint production of the three quarries
is about 300 cubic meters per month.
The quarries have been in operation for over seven years and the
material is extracted at a depth of
more than 50 meters. This type
of raw silk is exported in the form of tables elaborated and sent to the USA
and Europe. The blocks of this
granite are exported to China, and
Taiwan also.
Network
Raw Silk is a type of Raw Silk with a reddish shade.
The
quarries of Network Raw Silk are located in a called town Thiruvathur, located
to about 30 km of the city of Madurai in the State of Tamilnadu, India. This
type of Raw Silk is extracted in more than eight quarries. The total production
of these eight quarries is of about 600 cubic meters to the month.
The
Network Raw Silk has one more a more uniform structure. Nevertheless, there are
intrusiones of quartz in some of the blocks, that can be avoided during the
selection of the blocks.
More
of 50% of the production of Network Raw Silk one exports from India Europe. The
local factories of India also process both types of Raw Silk to sell it in form
from tables to the market of the United States. Most of the tables is used for
top of kitchens in that country.
This
type is very popular for projects and has been used in buildings such as Queens
Harbour Hotel (Hong Kong), Holiday Inn Shenzen (Chinese) and Sogo Departmental
Stores (Taiwan). It is possible to obtain great amounts of blocks of very small
variation of the quarries of Network Raw Silk.
The
deposits in the quarries of both types of granite raw Silk that are working at
the moment could last one decade at least. There are possibilities that more
quarries are opened if the demand raises. The greater stonecutters of Raw Silk
are: P.R.P. Granites, P.R. Granites, Madurai .
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.44.61 |
|
UK
Pound |
1 |
Rs.77.80 |
|
Euro |
1 |
Rs.54.20 |
SCORE & RATING EXPLANATIONS
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SCORE FACTORS |
RANGE |
POINTS |
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HISTORY |
1~10 |
6 |
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PAID-UP CAPITAL |
1~10 |
6 |
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OPERATING SCALE |
1~10 |
6 |
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FINANCIAL CONDITION |
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--BUSINESS SCALE |
1~10 |
6 |
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--PROFITABILIRY |
1~10 |
6 |
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--LIQUIDITY |
1~10 |
6 |
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--LEVERAGE |
1~10 |
6 |
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--RESERVES |
1~10 |
6 |
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--CREDIT LINES |
1~10 |
6 |
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--MARGINS |
-5~5 |
- |
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DEMERIT POINTS |
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--BANK CHARGES |
YES/NO |
YES |
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--LITIGATION |
YES/NO |
NO |
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--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
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MERIT POINTS |
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--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
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--EXPORT ACTIVITIES |
YES/NO |
YES |
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--AFFILIATION |
YES/NO |
NO |
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--LISTED |
YES/NO |
NO |
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--OTHER MERIT FACTORS |
YES/NO |
YES |
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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
|
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 |
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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 |
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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 |
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41-55 |
Ba |
Overall operation is
considered normal. Capable to meet normal commitments. |
Satisfactory |
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26-40 |
B |
Unfavourable &
favourable factors carry similar weight in credit consideration. Capability
to overcome financial difficulties seems comparatively below average/normal. |
Small |
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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 |
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<10 |
C |
Absolute credit risk
exists. Caution needed to be exercised |
Credit not recommended |