MIRA
INFORM REPORT
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Report Date : |
13.12.2007 |
IDENTIFICATION
DETAILS
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Name : |
ORIENTAL TRIMEX LIMITED |
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Registered Office : |
708, 7th Floor, Padma Tower – 1, 5 Rajinder Place, New
Delhi – 110008 |
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Country : |
India |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
22.04.1996 |
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Com. Reg. No.: |
078339 |
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CIN No.: [Company
Identification No.] |
L74899DL1996PLC078339 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
DELO00994A |
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PAN No.: [Permanent
Account No.] |
AAACO1556G |
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Legal Form : |
Public limited liability company.
The company's shares are listed on the Stock Exchanges. |
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Line of Business : |
Manufacturers and Exporters of Granite, Green Marbles, Tiles and Slabs |
RATING &
COMMENTS
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MIRA’s Rating : |
Ba |
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RATING |
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 : |
USD 2230672 |
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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 and reputed company having satisfactory track. Director are reported as experienced and respectable businessmen. Trade relations are reported as fair. Business is active. Payments are reported as usually correct and as per commitments. The company can be considered normal for business dealings at usual trade terms and conditions. |
LOCATIONS
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Registered Office : |
708, 7th Floor, Padma Tower – 1, 5 Rajinder Place, New
Delhi – 110008 |
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Tel No.: |
91-11-41536970 |
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Fax No.: |
91-11-25816910 |
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E-Mail : |
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Website: |
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Corporate Office : |
26/25, 2nd Floor, Bazar Marg, Old Rajendra Nagar, New Delhi – 110 060 |
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Tel. No.: |
91-11-25769567/25769568/25739567 |
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Fax No.: |
91-11-25752002/25752007/25816910 |
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E-Mail : |
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Location : |
Commercial |
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Plant Location: |
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Factory 1: |
Marble Processing
Unit D-3, Site 5, Surajpur Industrial Area, Greater Noida, Uttar Pradesh |
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Area : |
9,000 Sq. ft |
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Location : |
Industrial (Owned) |
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Factory 2: |
Granite
Processing Unit S-2/6, Industries Estate, Asanbani Rairangpur, District – Mayurbhai,
Orissa, India |
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Factory 3: |
Minesh and
Factory Plot No. 4, IDCO Industrial Estate, Somnathpur, Balasore, Orissa |
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Mobile No: |
91-9937033367 |
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New Delhi Office: |
Sales Depot:New
Delhi Balbir Singh Market, Opposite Executive Club Bhati Mines
Road, Village Chandanhaula New Delhi – 110074 |
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Tel No.: |
91-26655567 |
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Eastern Regional
Office: (Cum Showroom) |
391 Nokarhat, South Khalpara, Ps. Tiljala, E M Bypass, Kolkata
700039 |
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Tel No.: |
91-33-24410478 / 24410483 |
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Fax No.: |
91-33- 24410483 |
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Southern Regional
Office (Cum Showroom) |
96/102 Kaliamman Koil Street Virugumbakkam, Chennai 600092 |
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Tel No.: |
91-44-23775567 |
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Fax No.: |
91-44-23773767 |
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Godown: |
350-355, Mehrauli, Sultanpur, New Delhi – 110030 |
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Tel. No.: |
91-11-26805567 |
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Branches : |
96/102, Kaliamman Koil Street, Virugambakkam, Chennai – 600 092, Tamilnadu |
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Tel. No.: |
91-44-23775567 |
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Fax No.: |
91-44-23773767 |
DIRECTORS
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Name : |
Mr. Rajesh Punia |
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Designation : |
Managing Director |
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Qualification : |
B.Sc, L.L.B. |
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Experience : |
25 years |
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Date of Birth/Age : |
17.10.1960 |
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Date of Appointment : |
22.041996 |
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Name : |
Ms. Savita Punia |
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Designation : |
Whole Time Director |
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Date of Birth/Age : |
16.06.1966 |
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Date of Appointment : |
22.04.1996 |
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Name : |
Mr. Sunil Kumar Punia |
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Designation : |
Director |
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Date of Birth/Age : |
01.01.1977 |
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Date of Appointment : |
21.06.2002 |
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Name : |
Mr. Dinesh Kumar |
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Designation : |
Director |
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Mobile No.: |
919810004371 |
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Name : |
Mr. Vivek Seth |
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Designation : |
Director |
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Date of Birth/Age : |
07.06.1951 |
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Qualification : |
Engineering Graduate from Indian Instituteof Tecnology, Mardras |
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Experience : |
Export and Forex Matters and Consultancy in international trade for
granite and marble industry |
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Date of Appointment : |
06.10.2005 |
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Name : |
Mr.M.C. Mehta |
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Designation : |
Director |
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Date of Birth/Age : |
10.07.1950 |
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Qualification : |
Fellow member of the institute of Chartered Accountants and Company
Secretary of India |
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Experience : |
Corporate Project Finance, Financial Management/re-structuring,
Foreign Exchange matters |
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Date of Appointment : |
17.05.2006 |
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Name : |
Mr. D. V. Gupta |
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Designation : |
Director |
KEY EXECUTIVES
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Name : |
Mr. Hari Singh Bisht |
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Designation : |
Company Secretary |
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Address: |
26/25, 2nd Floor, Bazar Marg, Old Rajendra Nagar, New Delhi – 110 060 |
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Tel No.: |
91-11-25769567/68 |
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Fax No.: |
91-11-25752007/25816910 |
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Email: |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
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Names of Shareholders |
No. of Shares |
Percentage of
Holding |
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Shareholding of
Promoter and Promoter Group |
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Individuals/Hindu Undivided Family |
2918916 |
19.70 |
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Bodies Corporate |
3184417 |
21.49 |
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Public
Shareholding (Institutions) |
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Financial Institutions/Banks |
320000 |
2.16 |
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Foreign Instituions Investors |
58731 |
0.40 |
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Non-Institutions |
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Bodies Corporate |
2200627 |
14.85 |
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Individuals Shareholders holding nominal Share Capital up
to RS.0.100 Million |
4700256 |
31.73 |
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Individuals Shareholders holding nominal Share Capital in
excess of RS.0.100 Million |
1191629 |
8.04 |
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Clearing Members |
224002 |
1.51 |
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NRIs / OCBs |
16630 |
0.11 |
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BUSINESS DETAILS
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Line of Business : |
Manufacturers and Exporters of Granite, Green Marbles, Tiles and Slabs |
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Products : |
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Agencies Held : |
30th September, 2003 |
PRODUCTION STATUS
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Unit |
31.03.2007 |
31.03.2006 |
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Licenced Capacity (At Greater Noida,
Rairangpur and Balasore) |
MT |
16500 |
15500 |
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Installed Capacity |
MT |
13350 |
13350 |
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Production – Inhouse |
MT |
15815 |
12393 |
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Production - Outhouse |
MT |
2895 |
1101 |
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GENERAL
INFORMATION
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No. of Employees : |
55 |
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Bankers : |
· HDFC Bank Limited · Jammu and Kashmir Bank Limited, New Delhi · ICICI Bank Limited · State Bank of Bikaner and Jaipur, New Delhi |
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Facilities : |
Note: ·
Term Loans secured by exclusive first charge on all the fixed
assets, including equitable mortgage of land and building of Company's
factory at Greater Noida, Equitable mortgage of Company's factory land at
Balasore (Orissa), Equitable mortgage of Company's factory land at Rairangpur
(Orissa), Equitable mortgage of Company's land at Kolkata, and Hypothecation
of existing and future plant & machinery at all the units. ·
Demand Loan secured against key-man insurance policy. ·
Working Capital Loans secured by hypothecation of all kinds
of stocks of raw materials, stock-inprocess and finished goods, assignment of
book debts, title of goods covered under letter of credit against FLC and
additionally secured by personal guarantee of promoter Directors of the
Company.
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
M/s. R Kumar and Associates Chartered Accountant |
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Address: |
B-134, 2ND Floor, West Patel Nagar, New Delhi – 110 009 |
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Tel No.: |
919810892851/919811302814 |
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Name: |
M/s. Mehra Wadhwa and Company Chartered Accountant |
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Address: |
26/25, Bazar Marg, Old Rajendra Nagar, New Delhi – 110 060 |
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Tel No.: |
91-11-25739582/25813730 |
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Associates/Subsidiaries : |
·
Oriental Tiles Limited ·
Oriental Buildmat Exports Private Limited ·
Colombo Stone Industries Private Limited, Srilanka ·
Oriental Air and Ship Services Limited ·
Oriental Air and Ship Services ·
Oriental Impex ·
Oriental Marble |
CAPITAL STRUCTURE
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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16000000 |
Equity shares |
Rs.10/- each |
Rs.160.000 Millions |
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Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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14815208 |
Equity shares |
Rs.10/- each |
Rs.148.152
Millions |
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Note: Out of
the above shares 17,33,333 shares are allotted as fully paid up by way of bonus
shares out of capitalisation of
profits and general reserve)
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
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SOURCES OF FUNDS |
31.03.2007 |
31.03.2006 |
31.03.2005 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
148.152 |
43.333 |
19.500 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
409.516 |
26.302 |
19.500 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
557.668 |
69.635 |
39.000 |
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LOAN FUNDS |
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1] Secured Loans |
155.049 |
90.134 |
58.500 |
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2] Unsecured Loans |
14.098 |
19.739 |
25.500 |
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TOTAL BORROWING |
169.147 |
109.873 |
84.000 |
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DEFERRED TAX LIABILITIES |
7.099 |
4.077 |
0.000 |
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TOTAL |
733.914 |
183.585 |
123.000 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
45.377 |
42.449 |
41.100 |
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Capital work-in-progress |
0.314 |
1.222 |
0.000 |
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INVESTMENT |
0.000 |
0.000 |
0.000 |
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DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
215.257
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83.291 |
58.400 |
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Sundry Debtors |
110.606
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106.132 |
60.800 |
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Cash & Bank Balances |
364.926
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14.394 |
4.300 |
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Other Current Assets |
33.046
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15.941 |
0.000 |
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Loans & Advances |
0.840
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0.840 |
6.500 |
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Total
Current Assets |
724.675
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220.599 |
130.000 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
68.393
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64.616 |
42.200 |
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Provisions |
17.547
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18.147 |
5.900 |
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Total
Current Liabilities |
85.940
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82.763 |
48.100 |
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Net Current Assets |
638.735
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137.836 |
81.900 |
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MISCELLANEOUS EXPENSES |
49.488 |
2.078 |
0.000 |
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TOTAL |
733.914 |
183.585 |
123.000 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
31.03.2007 |
31.03.2006 |
31.03.2005 |
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Sales Turnover |
783.724 |
507.371 |
250.100 |
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Other Income |
5.670 |
1.887 |
2.000 |
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Variation in Stocks |
101.808 |
11.157 |
2.000 |
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Total Income |
891.202 |
520.415 |
254.100 |
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Profit/(Loss) Before Tax |
50.038 |
40.927 |
10.000 |
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Provision for Taxation |
19.352 |
13.713 |
4.100 |
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Profit/(Loss) After Tax |
30.686 |
27.214 |
5.900 |
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Earnings in Foreign Currency : |
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Export Earnings |
1.062 |
0.943 |
N.A. |
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Commission Earnings |
0.000 |
0.760 |
N.A. |
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Other Earnings |
0.000 |
0.000 |
N.A. |
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Total Earnings |
1.062 |
1.703 |
N.A. |
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Imports : |
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Raw Materials |
129.599 |
99.057 |
N.A. |
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Stores & Spares |
0.000 |
0.557 |
N.A. |
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Capital Goods |
0.000 |
0.000 |
N.A. |
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Others |
0.000 |
0.000 |
N.A. |
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Total Imports |
129.599 |
99.614 |
N.A. |
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Expenditures : |
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Purchases of traded Goods |
162.101 |
92.560 |
3.200 |
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Raw Material Consumed |
605.238 |
317.895 |
201.800 |
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Manufacturing Expenses |
19.175 |
24.445 |
9.700 |
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Personal Expenses |
14.664 |
13.427 |
7.000 |
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Financial Charges |
18.937 |
11.761 |
11.200 |
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Administrative Expenses |
12.437 |
10.799 |
8.800 |
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Selling and Administration Expenses |
6.395 |
6.578 |
11.700 |
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Depreciation & Amortization |
2.213 |
2.019 |
1.700 |
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Other Expenditure |
0.003 |
0.004 |
20.500 |
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Total Expenditure |
841.163 |
479.788 |
275.600 |
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QUARTERLY /
SUMMARISED RESULTS
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PARTICULARS |
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30.06.2007 1st
Quarter |
31.09.2007 2nd
Quarter |
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Sales Turnover |
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244.500 |
252.300 |
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Other Income |
|
0.700 |
1.000 |
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Total Income |
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245.200 |
256.300 |
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Total Expenditure |
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220.500 |
234.400 |
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Operating Profit |
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24.700 |
21.900 |
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Interest |
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6.500 |
7.200 |
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Gross Profit |
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18.200 |
14.700 |
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Depreciation |
|
0.600 |
0.700 |
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Tax |
|
6.900 |
6.200 |
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Reported PAT |
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10.100 |
6.900 |
KEY RATIOS
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PARTICULARS |
31.03.2007 |
31.03.2006 |
31.03.2005 |
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Debt-Equity Ratio |
0.44 |
1.78 |
2.19 |
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Long Term Debt-Equity Ratio |
0.08 |
0.49 |
1.30 |
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Current Ratio |
2.33 |
1.27 |
1.50 |
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TURNOVER RATIOS |
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Fixed Assets |
15.22 |
10.71 |
6.08 |
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Inventory |
5.26 |
7.17 |
4.58 |
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Debtors |
7.25 |
6.09 |
3.88 |
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Interest Cover Ratio |
3.64 |
4.47 |
2.14 |
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Operating Profit Margin(%) |
9.03 |
10.77 |
8.20 |
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Profit BeforeInterest and Tax Margin(%) |
8.75 |
10.38 |
7.52 |
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Cash Profit Margin (%) |
4.01 |
5.73 |
3.04 |
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Adjusted Net Profit Margin (%) |
3.73 |
5.34 |
2.36 |
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Returm on Capital Emplyed(%) |
16.10 |
35.10 |
16.84 |
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Returm On Net Worth(%) |
9.34 |
49.91 |
16.86 |
LOCAL AGENCY
FURTHER INFORMATION
DIRECTOR’S REPORT
PERFORMANCE
The consolidated turnover of the Company increased from
509.259 Millions in 2005-06 to Rs.789.395 Millions in 2006-07.
Initial
Public Offer and IPO Fund Utilisation
In the financial year 2006-07, the Company had come out with
an IPO, wherein Company had issued 93,11,875 Equity Shares of Rs.10 Each
through 100% Book Building Route to investors and raised a sum of Rs.446.970
Millions The utilization of the IPO proceeds as on 3.1s' March 2007 is as
follows:
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Particulars |
Amount (Millions) |
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Funds Received through IPO proceeds |
446.970 Millions |
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Utilisation 1 . Issue Expenses 2. In Fixed Deposits with "The Jammu and Kashmir Bank Limited" 3. In Escrow Account with "The Jammu and Kashmir Bank Limited" 4; Utilised for General Corporate Purposes (Working
Capital) |
41.419 Millions 350.800 Millions 0.005 Millions 54.756 Millions |
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Unutilised
Funds as on 31-03-2007 have been kept in fixed deposits with "The Jammu
and Kashmir Bank Limited) |
DIVIDEND
In view of the
ongoing expansion programme of the Company, the Board of Directors have not
recommended any dividend for the financial year ended 31st March 2007.
ACQUISITION OF NEW
GRANITE QUARRY AT VILLAGE POTTERU IN MALKANGIRI DISTRICT OF ORISSA
During the year, the
company has acquired thtngnrights from the department of mines, government of
orissa for mining of decorative stone (minor minerals) at village Potteru in
Malkangiri District of Orissa through a prospecting license. The decorative
stone quarry is spread over 10.279 hectares/25.40 acres and has deposits of
black colour granite stone. The workable deposits in this quarry are estimated
around 3,53,86,155 Cubic feet.
EXPANSION
PROGRAMME
As per the expansion
plan of the company, the company is expanding its present capacity of Greater
Noida to 25200 MT p.a. and setting up marble processing units at Kolkata and
Tamilnadu (earlier planned in Bangalore) with an annual processing capacity of
12600 MT p.a. each. Apart from marble processing units, the company is also
setting up a granite processing unit in the outskirts of Kolkata (earlier
planned at Balasore). The expansion projects are likely to be commissioned
during by the last quarter of this current fiscal year 2007-08 and would
commence production in the beginning of the next fiscal year 2008-09. With
sufficient processing capacities, the company would be in a position to tap the
bctoming construction industry. The expansion projects was to commence in April
2007 and completed by October/November 2007 but due certain
modification/changes in the projects, the same are slated to be completed by
March 2008.
Presently the
company owns three granite quarries and the Company has applied for around a
dozen more quarries in the state of orissa and expect allotment of few more
quarries in the current fiscal year 2007-08. company would"derive
substantial operational benefits when these quarries come in full production in
the near future.
Management Discussion and Analysis
Marble Industry
The company is presently enganged into processing of
imported and high quality indian marble apart from mining ofgranites in the
state of Orissa.
Marble is a metamorphic rock resulting from regional or
rarely contact metamorphism of sedimentary carbonate rocks, eitherlimestone or
dolostone. This metamorphic process causes a complete recrystallization of the
original rock into an interlocking mosaic of calcite, aragonite and/or dolomite
crystals. The temperatures and pressures necessary to form marble usually
destroy any fossils and sedimentary textures present in the original rock.
Some historically important kinds of marble, named after the
locations of their quarries, include-Durango Marble from Coyote Quarry, Mexico,
Thassos -from Greece, Paros from
Greece, Rouge de Ranee from
Ranee, .Belgium .Penteli from
Greece, Carrara and Luni from
Italy, Proconnesus from Turkey,
Connemara from Ireland, Black Marble from
Kilkenny, Ireland, Macael from
Spain, Makrana from India, Boticena and Onyx(Green) from
Pakistan, Danby from Vermont -, Yule from Colorado, Royal White from China, Beijing White from China, Vietnam White from Vietnam arid Llano Pink from Central Texas
The major producer of marble in the world are Italy, Greece,
Spain, China, Egypt, Turkey and India. Though India produces . around 27% of
the world stone but only few colours are available in India which do not fit
into the schemes of the architects/builders who have universal tastes and
usually prefer European or Egyptian/Turkish material which is used worldwide to
give the construction an international look.
The company imports its raw matrial from Italy, Spain,
Greece, Egypt, Turkey and Sri Lanka and after processing at its Greater Noida
Unit catered to the customers in India. The present capacity of the company's
Greater Noida Unit I 12600 MT per annum which is fully utilised and with
doubling of the capacity of the greater noida unit and setting up of Marble
processing units at Kolkata and Banaglore, the total capacity of the company
would be 50,400 MT per annum.
Marble import policy
The import of marble into India is regulated by the
government of India. In August 2005 substantial changes were made in the marble
import policy. Under the earlier policy, the import of marble was permitted to
the following categories of importers against a license:
(i) Firms who had set up manufacturing / processing units in
the country and made the import of these items in the preceding years when the
items were under a special Import Licence (SIL) list, (ii) Four and five-star
hotels on the basis of a recommendation of the Ministry of Tourism; and
(iii) Temples / trusts of international repute on the basis
of a recommendation by the Ministry of Home Affairs. Under the revised policy,
only marble processing units are permitted to import marble. Further, the basis
of the allocation is on the basis of turnover.
Opportunities:
The future of the marble industry is directly related to the
health of the economy, construction and realty sectors, each of which is
passing through a period of unprecedented growth. As a result, the company
stands to benefit from this trend. However, any sectoral slowdown can impact
the company's performance.
Granite Industry
India has one of the best granite deposits in the world
having vast verities comprising over 200 shades. India accounts for over 20% of
the world resources in granite. Granite reserves in India have now been
estimated by Indian Bureau of Mines at over 42,916 million cubic meters.
Splendid black and multi-colour verities of granite are available in the states
of Karnataka, Andhra Pradesh, Tamilnadu and Uttar Pradesh'. Granite deposits
are also widespread over provinces of Rajasthan, Bihar, West Bengal and
Gujarat. India is the largest exporter of granite and granite products in the
world.
Granite is increasingly being preferred over other stones
due to its resistance to wear and tear as well as weathering which makes granite
ever-lasting stone. The market potential is abundant and there are excellent
prospects for the Indian Granite Industry to get its due share in the world
market. The professional and realistic approach towards solving the practical
problems and careful planning of facilities by the Industry and Government can
make India the leading exporter of the world market. The Industry shall have
challenging years ahead but the potential for growth is beyond any reasonable
doubt.
Outlook
Over the past few years, demand for Indian Granite, both in
the domestic and foreign markets, has spurted. An analysis of data of the past
few years reveals that India has invariably riatained the status as one of the
world's leading exporters of Granite. Indian Granite has been accepted and is
rated highly in the international market for its distinguished quality and
increasing emphasis is being laid on the export of value added products. The
market is also observing a shift of the manufacturing facilities from Europe to
places where the raw material and labor is available at cheaper rates. On'this
count, India, China and Brazil score over others.
Opportunities and Threats For The Indian Granite Industry
The factors contributing to the robust growth of the
industry are as follows:
Improvement in off-take by USA due to robust housing sector
and growing demand for natural products in construction in USA. Exports account
for over 95% of Indian Granite Sales. However, there is increase in demand in
domestic market on account of emergence of multiplexes and large shopping malls
and boom in housing sector. Also most airport projects in recent years have
used Granite as the flooring material.
Spurt in demand from china arising out of construction
activity for Beijing-Olympics (2008). The Italian processing industry used to
source rough granite blocks from India, process and ship them to USA. However,
with the Euro coming into picture, the ultimate buyers how prefer to source
directly and this has given fillip to the granite processing industry in India.
The government has recently, taken several significant steps
to boost granite exports. These includes.declaring granite as a thrust sector
for promoting exports, (b) setting up of a separate panel on granite and stone
products under the chemical and Allied Products Export Promotion council. With
the Government support, the Indian Granite Industry is going to become the hub
for sourcing the world requirements.
The major competitor is china. However, china specializes
mainly in black granites; The major threat areas include nonavailability of
good quality Rough Blocks in-requisite quantity for the Indian Processors, use
of old technology at the quarry sites, stiff competition for Rough Blocks as
well as finished products from countries like china and Italy. Also the quality
of roads / transportation system and frequent port congestions are affecting
the deliveries.
Fixed
Assets:
·
Land
·
Buildings (inc roads)
·
Buildings – Factory
·
Puerely Temporary Erections
·
Plant and Machinery
·
Computer
·
Truck
·
Cars
·
Furnitures and Fixture
·
Capital Work in Progress
·
Buildings under construction
·
Project Expenditure
Website details:
Subject is an ISO 9001-2000 certified public company,
with its Headquarters at New Delhi which specialise in all kinds of Imported Marbles. Company also deals in Granites which are from own quarries. Imported Marbles/Granites
are sourced from Italy, Spain, Greece,
Turkey, Portugal, Vietnam and also
from Middle East. Rough
Marble Blocks are processed in company's state-of-the-art Marble Processing
Unit located near to Delhi at Greater Noida. The finished decorative marbles
are used by Hotels, Restaurants, Residential and Commercial Projects, Farm
Houses and in all kind of good constructions with quality flooring.
Subject has
trained personnel for procurement of raw materials, clearing the imported
materials from various Customs Port in India and marketing of these products
available throughout India. Apart from imported marble business, the
company is also engaged in mining of indigenous granite stones and has started
exports/domestic supply.
Their cliental includes Hotels, Restaurants, Residential and
Commercial Projects, Farm
Houses, Hospitals. This list
includes some Corporate Houses like Sahara
India, Unitech, Eros Group, International Home Déco Park, Bhushan Ltd and also renowned, Architects,
Interiors and Contractors.
Profile
Subject is an ISO 9001-2000 certified public
company, with its Headquarters at New Delhi which specialise in all kinds of Imported Marbles and Granites
from own quarries. Imported Marbles/Granites are sourced from Italy, Spain, Greece, Turkey, Portugal, Vietnam and also
from Middle East. Rough
marbles are processed in company's state-of-the-art Marble Processing Unit
located near to Delhi at Greater Noida. The finished decorative marble are used
by Hotels, Restaurants, Residential and Commercial Projects, Farm Houses and in
all kind of good constructions with quality flooring.
The processing unit is equipped with Gangsaw, Polishers and Edge Cutting
Machines, Block Dressers and all other facilities to handle large size blocks
and slabs. The company has its Regional Sales and Marketing Offices/Warehouses
at New Delhi, Kolkatta and Chennai.
Company’s state-of-art Marble Processing plant is located at D-3, Site
-V, Surajpur Industrial Area, Greater Noida, UP. This marble processing plant
got commissioned in 2001 and has installed capacity of 12600 MT per annum. The
company owns number of Granite mines in the state of Orissa and have also
started mining operations recently. The company plans aggressively to
acquire more granite mines in the state of Orissa and Southern states of India
to explore qualitative granite and export the same to earn foreign currency for
the company and the nation.
Subject Group is promoted by
Shri Rajesh Punia, aged 46 years, who is a first generation successful
entrepreneur. Mr. Punia is a Law Graduate and has more than 15 years of
experience in the field of Marble and Granite and Industry. He is
professionally qualified and has extensive knowledge of various intricacies and
complexities of Marble and Granite business including international
trade.
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.39.36 |
|
UK Pound |
1 |
Rs.80.31 |
|
Euro |
1 |
Rs.57.79 |
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 |
7 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--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 |
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 |
YES |
|
--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. |
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 |
|
NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
|