MIRA
INFORM REPORT
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Report Date : |
14.06.2007 |
IDENTIFICATION DETAILS
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Name : |
POKARNA LIMITED |
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Formerly Known As : |
POKARNA GRANITES LIMITED |
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Registered
Office : |
1st Floor,
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Country : |
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Financials (as
on) : |
31-03-2006 |
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Date of
Incorporation : |
09.10.1991 |
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Com. Reg. No.: |
01-13299 |
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CIN No.: [Company
Identification No.] |
L14102AP1991PTC013299 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
HYDP00785B |
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PAN No.: [Permanent
Account No.] |
AABCP2100Q |
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Legal Form : |
Public limited liability
company. The shares of the company are listed on the Stock Exchanges. |
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Line of
Business : |
Excavation of
granite blocks and polishing. |
RATING & COMMENTS
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MIRA’s Rating
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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 : |
USD 2750000 |
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Status : |
Good |
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Payment
Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject is well
established company having satisfactory track. Trade relations are fair.
Financial position is good. 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
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Registered
Office : |
1st Floor,
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Tel. No.: |
91-40-27842182/4101/27897722 |
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Fax No.: |
91-40-27842121 |
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E-Mail : |
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Website : |
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Corporate
Office : |
105, 1st
Floor, |
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Tel. No.: |
91-40-27844101/27842182/27897722/27896361 |
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Fax No.: |
91-40-27842121 |
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E-Mail : |
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Factory 1 : |
Survey No. 123, |
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Tel. No.: |
91-925-2722284/95/96 |
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Fax No.: |
91-925-2722286 |
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Factory 2 : |
Survey No. 563,
568 & 574, |
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Tel. No.: |
91-928-245207/209 |
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Fax No.: |
91-928-245208 |
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Factory 3 : |
Survey No. 33,
39, 50, 51, 55, 68 and 69, |
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Branches : |
Survey No. 980/3
& 5, R. L. Puram, Chimakurthy – 523 226, Andhra Pradesh |
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Branches: |
Survey No. 980/2,
R. L. Puram, Chimakurthy – 523 226, Andhra Pradesh |
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Branches: |
Survey No. 988/1,
R. L. Puram, Chimakurthy – 523 226, Andhra Pradesh |
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Branches: |
Survey No. 115/3,
R. L. Puram, Chimakurthy – 523 226, Andhra Pradesh |
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Branches: |
Survey No. 906, |
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Branches: |
Survey No. 103, |
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Branches: |
Survey No. 52, |
DIRECTORS
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Name : |
Mr. Gautam Chand
Jain |
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Designation : |
Chairman and
Managing Director |
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Name : |
Mr. Prakash Chand.
Jain |
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Designation : |
Director |
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Name : |
Mr. M. Yugandhar |
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Designation : |
Director |
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Name : |
Mr. T. V.
Chowdary |
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Designation : |
Director |
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Name : |
Mr. Vinayak Rao
Juvvadi |
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Designation : |
Director |
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Name : |
Mr. Mahender
Chand Chordia |
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Designation : |
Director |
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Name : |
Mr. Dhanjibhai
Sawla |
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Designation : |
Director |
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Name : |
Mr. Rahul Jain |
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Designation : |
Executive
Director (30th July, 2004) |
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Name : |
Mr. Siddharth Jain |
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Designation : |
Executive
Director (30th July, 2004) |
KEY EXECUTIVES
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Name: |
Mr. Paras Kumar
Jain |
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Designation: |
Company Secretary |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
Category
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No. of shares
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% of Shares
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Promoter |
3586721 |
57.84 |
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Mutual Funds |
137419 |
02.22 |
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FIIs |
283810 |
04.58 |
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Private Corporate
Bodies |
392559 |
06.33 |
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Indian Public |
1688840 |
27.24 |
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NRI’s |
21243 |
00.34 |
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Others |
90208 |
01.45 |
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TOTAL |
6200800 |
100.00 |
BUSINESS DETAILS
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Line of
Business : |
Excavation of
granite blocks and polishing. |
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Products : |
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Exports to : |
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PRODUCTION STATUS
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Particulars |
Unit |
Licensed Capacity |
Installed Capacity |
Actual Production |
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Finished Granites |
Sq.mtr. |
NA |
636000 |
536729 |
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Raw Granites |
Cbm. |
NA |
NA |
12231 |
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Apparels |
Nos. |
1500000 |
1200000 |
224477 |
GENERAL INFORMATION
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No. of
Employees : |
440 |
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Bankers : |
Union Bank of |
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Facilities : |
Unsecured Loans :
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Banking Relations : |
Good |
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Auditors : |
S. Daga &
Company Chartered
Accountants |
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Associates/Subsidiaries
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CAPITAL STRUCTURE
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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10,000,000 |
Equity Shares |
Rs. 10/- each |
Rs. 100.000 millions |
Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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6,200,800 |
Equity Shares |
Rs. 10/- each |
Rs. 62.008 millions |
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
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SOURCES
OF FUNDS |
31.03.2006 |
31.03.2005 |
31.03.2004 |
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SHAREHOLDERS
FUNDS |
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1] Share Capital |
62.008 |
62.008 |
62.008 |
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2] Share
Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves &
Surplus |
717.303 |
635.016 |
522.094 |
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4] (Accumulated
Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH
|
779.311 |
697.024 |
584.102 |
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LOAN FUNDS |
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1] Secured Loans |
864.033 |
790.066 |
685.433 |
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2] Unsecured
Loans |
53.839 |
0.000 |
0.000 |
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TOTAL BORROWING
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917.872 |
790.066 |
685.433 |
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DEFERRED TAX
LIABILITIES |
43.070 |
29.498 |
17.298 |
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TOTAL
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1740.253 |
1516.588 |
1286.833 |
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APPLICATION OF FUNDS
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FIXED ASSETS [Net Block]
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904.023 |
815.091 |
712.306 |
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Capital work-in-progress
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16.089 |
55.116 |
0.754 |
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INVESTMENT
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0.000 |
1.152 |
1.150 |
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DEFERREX TAX ASSETS
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0.000 |
0.000 |
0.000 |
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CURRENT ASSETS, LOANS &
ADVANCES
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Inventories
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269.352 |
184.783 |
89.832 |
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Sundry Debtors
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553.921 |
468.563 |
434.226 |
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Cash & Bank Balances
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94.763 |
57.470 |
46.360 |
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Loans & Advances
|
89.867 |
82.579 |
59.084 |
Total Current Assets
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1007.903 |
793.395 |
703.328 |
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Less :
CURRENT LIABILITIES & PROVISIONS
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Current Liabilities
|
151.705 |
117.164 |
82.313 |
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Provisions
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36.057 |
31.002 |
43.415 |
Total Current Liabilities
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187.762
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148.166
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135.941
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Net Current Assets
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820.141 |
645.229 |
567.387 |
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MISCELLANEOUS EXPENSES
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0.000 |
0.000 |
5.236 |
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TOTAL
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1740.253 |
1516.588 |
1286.833 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
31.03.2006 |
31.03.2005 |
31.03.2004 |
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Sales Turnover |
1501.303 |
1346.740 |
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Other Income |
111.126 |
58.521 |
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Total Income |
1612.429 |
1405.261 |
1135.411 |
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Profit/(Loss) Before Tax |
129.405 |
159.505 |
175.017 |
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Provision for Taxation |
22.371 |
19.232 |
23.281 |
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Profit/(Loss) After Tax |
107.034 |
140.273 |
151.736 |
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Total Earnings |
1164.600 |
1161.600 |
927.412 |
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Imports : |
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Raw Materials |
100.000 |
88.500 |
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Stores & Spares |
136.600 |
133.300 |
169.324 |
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Capital Goods |
47.400 |
99.400 |
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Total Imports |
284.000 |
321.200 |
169.324 |
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Expenditures : |
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Cost of Goods Sold |
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Manufacturing Expenses |
429.323 |
387.570 |
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Administrative Expenses |
61.335 |
50.515 |
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Raw Material Consumed |
445.615 |
388.810 |
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Purchases made for re-sale |
34.917 |
47.324 |
960.393 |
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Salaries, Wages, Bonus, etc. |
105.142 |
86.134 |
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Interest |
72.556 |
62.980 |
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Depreciation & Amortization |
57.066 |
47.656 |
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Other Expenditure |
277.068 |
174.765 |
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Total
Expenditure |
1483.022 |
858.184 |
960.393 |
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QUARTERLY RESULTS
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Particulars |
30.06.2006 (1st Qtr.) |
30.09.2006 (2nd Qtr.) |
31.12.2006 (3rd Qtr.) |
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Sales Turnover |
362.100 |
442.200 |
403.0 |
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Other Income |
3.900 |
9.900 |
0.0 |
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Total Income |
366.000 |
452.100 |
403.0 |
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Total Expenditure |
313.700 |
370.200 |
335.5 |
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Operating Profit |
52.300 |
81.900 |
67.5 |
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Interest |
9.000 |
23.700 |
21.8 |
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Gross Profit |
43.300 |
58.200 |
45.7 |
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Depreciation |
15.100 |
15.500 |
15.1 |
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Tax |
2.000 |
2.700 |
6.2 |
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Reported PAT |
24.500 |
35.900 |
20.2 |
200606 Quarter 1
Notes
EPS is basic
and diluted. 1. The Above unaudited financial results have been reviewed by the
Audit Committee and approved by the Board of Directors at its meeting held on
29.07.2006. 2. Previous year figures have been regrouped/ rearranged wherever
necessary. 3. Interest is net of reimbursement under TUFS amounting Rs. 114.07
Lacs for the period April 2003 to June 2006. 4. The Company had received 7
investor complaints during the quarter which were immediately attened to. The
Company had no investor complaints lying unresolved at the beginning or at the
end quarter. 5. The Granite Division of the company had an EPS of Rs.9.37 for
the quarter ended 30.06.2006.
200609 Quarter 2
Notes:
EPS is
basic & diluted 1. The above unaudited financial results have been reviewed
by the audit committee and approved by the Board of Directors at its meeting
held on 30th October,2006. 2. Previous year's figures have been regrouped /
rearranged wherever necessary 3. The company had received 7 investor complaints
during the quarter which were immediately attended to. The Company had no
investor complaints lying unresolved at the beginning or at the end quarter 4.
The Granite division of the Company had an EPS of Rs. 20.50 for the Half-year
Ended 30th September,2006 5. Out of the total sanctioned outlay of INR 1500
million for the Engineered Stone Division, the company has invested INR 196
million upto the half-year ended 30th September, 2006. The Engineered Stone
Division has not commenced commercial production and accordingly there is no
segment revenue / segment results for the same.
200612 Quarter 3
Notes:
EPS is
Basic & Diluted 1. The above unaudited financial results have been reviewed
by the audit committee and approved by the Board of Directors at its meeting
held on 31st January 2007. 2. Previous year's figures have been
regrouped/rearranged wherever necessary. 3. The company had received 2 investor
complaints during the quarter which were immediately attended to. The company
had no investor complaints lying unresolved at the beginning or at the end
quarter. 4. The granite division of the company had an EPS of Rs.28.99 for the
nine months ended 31st December 2006. 5. Out of the total sanctioned outlay of
INR 1500 million for the Engineered Stone Division, the company has invested
INR 200 million upto the nine months ended 31st December 2006. The Engineered
Stone Division has not commenced commercial production and accordingly there is
no segment revenue/segment results for the same.
KEY RATIOS
|
PARTICULARS |
31.03.2006 |
31.03.2005 |
31.03.2004 |
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Debt
Equity Ratio |
1.16 |
1.15 |
1.10 |
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Long
Term Debt Equity Ratio |
0.51 |
0.45 |
0.34 |
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Current
Ratio |
1.32 |
1.21 |
1.24 |
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TURNOVER
RATIOS |
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Fixed
Assets |
1.43 |
1.48 |
1.71 |
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Inventory
|
6.67 |
9.97 |
12.67 |
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Debtors |
2.96 |
2.79 |
2.39 |
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Interest
Cover Ratio |
2.78 |
3.43 |
5.41 |
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Operating
Profit Margin (%) |
17.09 |
19.48 |
22.21 |
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Profit
Before Interest and Tax Margin (%) |
13.32 |
15.96 |
19.20 |
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Cash
Profit Margin (%) |
10.83 |
13.89 |
16.57 |
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Adjusted
Net Profit Margin (%) |
7.06 |
10.37 |
13.57 |
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Return
on Capital Employed (%) |
12.67 |
15.70 |
19.73 |
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Return
on Net Worth (%) |
14.50 |
21.90 |
29.15 |
STOCK PRICES
|
Face Value |
Rs. 10.00/- |
|
High |
Rs. (0.01) |
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Low |
Rs. (0.01) |
LOCAL AGENCY FURTHER INFORMATION
History:
Subject was
incorporated at Secunderabad in Andhra Pradesh under the name and style of
Pokarna Granites Limited.
The company was
promoted by Mr. Gautam Chand Jain and Mr. Prakash Chand Jain. The company is in the business of producing
polished random slabs and tiles. The
company is operating with 2 plants and 7 quarries.
During 2000-01, the
company purchased the assets of Laxmi Granites Limited from Financial
Institutions (IDBI, IIBI & State Bank of Travancore) at a price of Rs.
75.258 millions. With this acquisition
the total installed capacity was enhanced to 300000 sq. mtrs in 2002-03.
Recently, the name
of the company was changed to the present.
Business:
Subject is engaged
in the business as Excavation of Granite Blocks and Polishing.
Generic Names of
the Principal Products/Services of the company are:-
·
Granite
Rough Blocks
·
Polished
Granite Slabs/Tiles
The company is an
Export Oriented Unit.
NEW PROJECT
Keeping in mind the
increasing demand for the engineered stone in the world market, the Company is
setting up green field project for manufacturing of engineered stone. This
would be the first ever initiative under taken by any Indian Company in this
sector. For this green field project, the Board has sanctioned a total capital
outlay of INR 1500 Million.
This project would
be completed within a period of 15-18 month and would be one of the best manufacturing
complexes around the world. For this project, Company has entered into a
Contract with 'BRETON S.p.A.',
'BRETON' is world
leader for its plants and technology for manufacturing the 'Engineered Stone',
with an absolutely exclusive know-how. Under this Contract, 'BRETON' among
other things, would supply patented plant & technology to the Company.
DIRECTORS' RESPONSIBILITY STATEMENT
Pursuant to the
requirement under Section 217(2AA) of the Companies Act, 1956, with respect to
Directors Responsibility Statement, the Directors confirm:
That in the
preparation of the annual accounts, the applicable accounting standards have
been followed and no material departures have been made from the "same;
That they had selected such accounting policies and applied them consistently
and made judgments and estimates that are reasonable and prudent so as to give
true and fair view of the state of affairs of the company at the end of the
financial year and of the profit of the company for that period; That they had
taken proper and sufficient care for the maintenance of adequate accounting
records in accordance with the provisions of the Companies Act, 1956 for
safeguarding the assets of the company and for preventing and detecting fraud
and other irregularities; That they had prepared the annual accounts on a going
concern basis.
MANAGEMENT DISCUSSION AND ANALYSIS
INDUSTRY STRUCTURE AND DEVELOPMENT
Granite
The word
"Granite" is derived from the Latin word "Granum" meaning
"grain" because of its granular nature. The Company's granite segment
activities can be broadly classified into the following.
Quarrying
Granite quarry is a
pit or some open excavation from which granite is extracted. To extract granite
from a quarry digging, cutting or cracking process is undertaken. This process
of extracting the stone is called as quarrying. The Company extensively uses
mining machinery, such as excavator, tarn rock, compressor and drilling machine
for drilling, wire saw for dressing the blocks, crane for lifting big blocks,
and dumpers and truck for transport of the waste and finished product. The
company recognises the importance of using earth's resources in a responsible
manner as this makes greater business sense. To compliment this philosophy the
Company carries out scientific quarrying operations using the most mechanized
quarrying machinery and by extensively using environmental friendly, very safe
and nonexplosive cracking agent.The Company's endeavour is to quarry in a
manner such that there, is no impact whatsoever on the environment including
men, flora and fauna.
Manufacturing of slabs and tiles
To transform the
huge block of rough granite into smaller pieces for manufacturing, the block
must be sawed into slabs.
This operation is
performed by gang saw. Gang saw use fine steel shot and dozens of thin blades
powered by pitman drive and flywheel assemblies to operate the huge saw
mechanisms primarily used to produce thin structural stone panels. Large pumps
in pits below the saws maintain a constant flow of water and steel shot slurry
onto the block being cut. After slabs are sawed, they are sent for leveling,
grinding and polishing.
The Company has two
manufacturing complexes with state-of-the-art equipment imported from the
finest companies in the world.These machines extract the raw material; then cut
and polish the granite with unmatched precision and efficiency thus ensuring a
great finish.
As per the data
available with the Company, it is the largest exporters of Granite slabs from
Apparel
It has been little
over a year since all quotas were eliminated in most of the world. This has
created a level platform within the industry and with the impact of
globalisation and the world becoming smaller there are tremendous challenges
and opportunities ahead and they believe every challenge is an opportunity.
Size of the Indian
Textiles and clothing sector is estimated to be worth US$ 46 billion and is
forecasted to grow at the rate of 20% per annum. A growing consumer class with
its disposable income has cause significant growth in the domestic market size.
Indian domestic apparel market is estimated to have reached US$ 20 billion in
2005.
The Company
continues to be a preferred contract manufacturer for renowned international
brands. The Company's premium clothing brand STANZA has positioned itself very
aggressively in the market. Right from its launch, STANZA has continuously been
setting new standards in the men's wear domain, which in the past have never
been focused on. The Company's initiative to position STANZA has been very
different when compared with its peers. They kick started STANZA in a teasing
campaign which was unique and saw the markets building on its interest and
curiosity levels with queries and guesses on the brand offerings. The campaign
presented well-dressed men with statements that could only be highly
individualistic, ergo "Sameness Deleted". If the first campaign
generated interest and curiosity, the second one, Summer, was in itself a
personification of glamour. Winter true to its exclusivity, STANZA's campaign
showcased a brilliant display of shirts across various categories of formals,
casuals and fashion. The aim of the campaign was to primarily educate the
consumers, about the distinct brand offerings.
STANZA has
surpassed customer expectations and has achieved a level of quality previously
unheard of in
STANZA is
distinctive in every possible way as are the gentlemen who wear it. The Company
is committed to make STANZA a premium men's wear lifestyle brand, providing the
ultimate in quality and committed to bring about continuous innovations in its
product.
The Company's plan
to launch retail stores for its premium brand STANZA is on track. In this
regard Company has signed letters of intent with various property developers
across the cities in
OUTLOOK
Outlook for both
the segments in which Company operates is encouraging. Vagaries of market in
the form of fierce competition and pricing pressure would be the key
determinants of success in days to come. Focus of the Company in both the
segment would be to improve sales realization by offering quality products and
to implement cost cutting measures.The Company would strive to practice
perfection to exceed expectation.
RISKS AND CONCERNS
Productivity
The main problem of
Granite Mining Industry in
Mitigant — The
Company is fast in adopting the use of wire saws and slot drilling instead of
conventional blasting burner. Mechanisation of Company's Quarries with modern
machines and new techniques will increase the production of defect free blocks.
This will result in high productivity and production of defect free blocks with
less wastage.
Labour management
The low
productivity per worker and less man-hour utilisation is another problem. The
lack of exposure to modern quarrying and training for the Indian workers is a
major reason for the low productivity of the workers.
Mitigant —
Company's field supervisors' train and educate the work force, which helps to a
great extent.
Availability of raw
granite blocks The non-availability of best quality blocks for the processing
continues to be one of the major problems of granite industry and it is
expected to remain the same in future too.
Mitigant — Company
has its own captive quarries and hence is able to get best of the Blocks for
Export. This resolves the shortage to some extent and for the rest the Company
has tied up with the other quarry owners for supply of Blocks.
Exploring new areas
As per the
geological survey,
Mitigant — Every
effort is made by the Company to improve the company's share in the world
market by exploring new areas. The Company has an exclusive team dedicated for
survey and identification of commercially viable granite deposits.
FINANCIAL PERFORMANCE OF THE
COMPANY/OPERATIONS
v
Net
Sales for the full year were Rs. 1501.303 Millions recording a growth of 11.48
% over the previous year (31.03.2005), which was at Rs. 1346.740 Millions
v
Cash Profit
(before depreciation, and Tax) stood at Rs. 186.270 Millions, recording a
decline of 7.14 % over the previous year (31.03.2005), which stood at Rs.
200.595 Millions.
v
Profit
Before Interest and Tax (PBIT) stood at Rs. 201.760 Millions, recording a decline
of 6.56 % over the previous year (31.03.2005), which stood at Rs. 215.920
Millions.
v
Profit
Before Tax (PBT) stood at Rs. 129.204Lacs, recording a decline of 15.52 % over
the previous year (31.03.2005), which stood at Rs. 152.940 Millions.
v
Profit
After tax (PAT) stood at Rs. 107.035 Millions, recording a decline of 23.69 %
over the previous year (31.03.2005), which stood at Rs. 140.274 Millions.
v
EPS for
the year stood at Rs. 17.26, recording a decline of 23.69% over the previous
year (31.03.2005), which stood at Rs. 22.62
v
The
Stand alone EPS of Granite Division of the Company stood at Rs. 35.52
increasing by 12.94% as against Rs. 31.45 of the previous year.
v
The
Board has recommended a final dividend of 35% subject to approval of the
Members' in the ensuing Annual General Meeting of the Company. The Company had
paid dividend of 35% during the financial year 2004-2005.
Initial losses of
apparel business has resulted in decline in bottom line.
Company’s fixed assets include Land, Buildings, Factory and
Website
Details Attached:
Products :
·
Black
Galaxy Granite
·
Absolute
Black Granite
·
Pokarana
Green Granite
·
Tropic
Brown Granite
·
Vyara Granite
·
Tan
Brown Granite
·
Golden
Rock Granite
·
Seaweed
Green Granite
·
·
Yellow
Juparna Granite
·
Vizag
Blue Granite
·
White
Mystic Granite
·
Black
·
Ruby
Red Granite
·
Colomno
Jupama Granite
·
BEGAN WITH A VISION
Most granite companies begin with a quarry or a
factory. Ours began with a vision. A vision that Pokarna Limited (formerly
Pokarna Granites Limited) would be the most integrated granite company in the
country, with a manufacturing ethos that would have simply no equal.
BELIEVE IN VERTICAL INTEGRATION
From the very beginning, they believed in vertical
integration. They begin with the finest raw material, invariably from the very
own captive quarries & carefully identified independent quarries - assuring
consistent, high quality supplies. Round the year.
They now have two manufacturing complexes with
state-of-the-art equipment imported from the finest companies in the world.
These machines extract the raw material; then cut and polish the granite with
unmatched precision and efficiency.
THEY THINK GLOBAL
They were the first company in the country to use
up-to-the-minute diamond wire saw technology to extract the raw material in the
quarries. At the factories, the battery of precision gang saws is engineered by
none other than Breton and Giorgini Maggi. High-speed computer-controlled
polishing lines designed by Breton, accompany the gang saws. A top of the line
Pedrini tile plant, the only one in the country, hums round the clock. All of
these represent the best of
THEY DELIVER THE PROMISES
The same uncompromising standards of excellence are
the foundations of all the machines. Like the quarries, the plants too work 24
x 7. Delivering quality and meeting the most demanding deadlines. They even own
the trucks that move the products. An entire fleet that moves from quarries to
the factories, through inspections all the way to the ports for shipments to
destinations around the globe.
THEY INVEST IN PEOPLE
Most important, they believe in investing in people.
In staff training. In welfare. And in an eco-sensitive way of doing things.
This ethos ensures quality control, the supreme priority. Which is why the
client list is so distinguished, it reads like a Who's Who of the granite trade
world.
THEY'VE WON AWARD AFTER AWARD
The export performance has won us a host of awards.
From state governments to central government, from trade organization to
financial jthenals. Entrepreneurship at its best. No surprise considering the
people behind Pokarna Limited are the people behind
Infrastructure:
Unit
1:
4
gangsaws, 1 polishing line, 2 edge cutting machines
1 wire
saw machine
3 EOT
cranes, 1 gantry crane
2 water
recycling & filtration plants
Good
landscaping
Over
150 employees
Working
24-hours with three shifts in a beautifully landscaped environment.
Unit
2:
6
Breton gang saws
2 slab polishing
lines
2
Edge-Cutting Machines, Fully automated Breton Resining Line complete Pedrini
tile plant. One of its kind in the
country.
Only Pokarna is operating this plant in the country.
6 EOT
Cranes.
2 Water
Treatment Plants.
200
Employees, working in 3 shifts a day in a beatifully landscaped premises.
Quarries:
High capacity extractors with derric cranes and heavy dumpers, wire saw
machines, tamb rock machine for drilling are affectively used. Also, high
quality chemicals are used to split the blocks. All machinery is latest and
imported from the best manufacturers in the world.
Head
Office:
The
head office in
Packing & Shipping
They are among the few
companies in
Most customers who have the facility to
open closed top containers prefer them because they are cheaper and more
secure.
They can stack the granite in the
container on both A-frames and crates.
The stacking method is
so secure, no movement is possible inside the container. Besides the Styrofoam
cushioning throughout, they use only the best chemically treated insect-proof
rubber wood, known for its strength, for packing. Even the wood is trimmed and
given a fine finish to ensure the granite reaches you in pristine condition.
All corners and edges are specially
protected with additional cushioning.
They load granite in 20 feet containers.
Each container can be filled with 20 tons of granites, which means approx. 315
square meters of 2 cm slabs.
As for Tiles, they can
load 7200 sq feet of 1ft.X1ft. tiles, or 5400 square feet of 18 inch X 18inch
tiles in one container.
Because Pokarna exports large volumes,
they are able to secure special shipping rates for the customers.
HR
The founder of Pokarna Group, Mr. Gautam Chand Jain, has always believed
that no matter how sophisticated the technology may be, in the final analysis
it is people who make the difference.
Not surprisingly, the Pokarna management's uppermost echelons comprises of the
finest minds in the industry with academic backgrounds that would be the envy
of its peers. They are not merely professional managers but stake-holders in
the company. And they lead and motivate the 500 employee to excel in everything
they do by example.
They recruit the best people down the line, train them and re-train them as
technology evolves, create a work environment where quality is a nonstop ethos.
They provide staff welfare including meals on duty, group transport, sports and
other facilities. The ability to retain people by giving them space for upward
mobility, is the strength.
This extraordinary 'human capital' invested in Pokarna is the assurance of
quality and reliability.
Awards
v
Awarded Certificate of Export
Recognition for Outstanding Performance in Granite Blocks, Slabs and Tiles for
the Year 2004 by Capexil.
v
Awarded Certificate of Merit as
the Fastest growing & Largest Granite & stone Company at Construction
World - NICMAR Award 2004.
v
“Best Export
Performance Award" (in Granite Sector) for the year 2001-2002, 2002-2003 by the
Visakhapatnam Special Economic Zone.
v
“Bharat Ratna
Dr. Visvesvaraya Industrial Award” by all India Manufacturers Organisation for Best Export
Performance for the year 2002.
v
“Bharat Ratna
Dr. Visvesvaraya Industrial Award” by all India Manufacturers Organisation for Best Export
Performance for the year 2002.
v
“Amancherla
Ramamurthy Silver Rolling Trophy” for Best All Round Performance by the Federation of Andhra
Pradesh Chambers of Commerce & Industry for the year 2002.
v
“Best All Round
Performance in Industrial Activity” including PROMOTION / EXPANSION IN THE STATE for the year
2001-2002 by federation of Andhra Pradesh Chambers of Commerce and Industry.
v
“Certificate of
Merit” from CAPEXIL in
recognition of Company’s Export Achievement for the years 1994-95 to 1999-2000
v
“Second Prize” for the Company’s performance in the category of
best Granite Products from STONA’1999
v
“Export House” statue from Director General of Foreign Trade
for the Companies performance in the year 1999-2000, which would be valid up to
the year 2003.
v
Surana Udyog
Silver Rolling Trophy” for Best Export in the State of
v
“Best
Mechanized Quarry” award at All
India Level from FIMI-AIGSA.
v
"Second
Prize” for “Export
Performance” amongst all the 100% EOU’s in Andhra Pradesh and Yanam from
the Development Commissioner VEPZ during the year 1999-2000.
v
“First Prize” in the Granites Sector for “Export Performance
– Merit Certificate” in 1999-2000 from the Development Commissioner VEPZ.
v
"Special
Award” from CAPEXIL for the
year 1999 – 2000 for the companies Outstanding Export Performance.
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources including
but not limited to: The Courts,
1] INFORMATION ON
DESIGNATED PARTY
No 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.40.84 |
|
|
1 |
Rs.80.47 |
|
Euro |
1 |
Rs.54.32 |
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 |
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/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 |
|
NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
|