MIRA INFORM REPORT
|
Report Date : |
26.06.2007 |
IDENTIFICATION
DETAILS
|
Name : |
ARCHEAN GRANITES PRIVATE
LIMITED |
|
|
|
|
Registered Office : |
32-D, |
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|
|
Country : |
|
|
|
|
|
Financials (as on) : |
31.03.2006 |
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|
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Date of Incorporation : |
07.01.1984 |
|
|
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Com. Reg. No.: |
18-17091 |
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|
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CIN No.: [Company Identification No.] |
U26999TN1984PTC017091
|
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|
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|
TAN No.: [Tax Deduction & Collection Account
No.] |
CHEA00850D |
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|
|
|
Legal Form : |
Private Limited Liability Company |
|
|
|
|
Line of Business : |
Manufacturing and Exporting of
Granite Stones, Roughly Trimmed Granite Kerbs and Granite Pavers. |
RATING
& COMMENTS
|
MIRAs Rating : |
Ba |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall
operation is considered normal. Capable to meet normal commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 1700000 |
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|
|
|
Status : |
Satisfactory |
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|
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Payment Behaviour : |
Usually
Correct |
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|
Litigation : |
Clear |
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Comments : |
Subject is a well established company
having fine track. Directors are reported as
experienced, respectable and resourceful industrialists. Their trade
relations are reported as fair. Payments are usually correct and as per
commitments. The company can be considered good
for any normal business dealings at usual trade terms and conditions. |
LOCATIONS
|
Registered Office : |
32-D, |
|
Tel. No.: |
91.44-28153479
/ 80 |
|
Fax No.: |
91-44-28156797 |
|
E-Mail : |
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|
Website : |
http://www.archeangroup.com (under
construction) |
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|
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Factory
1 : |
166, Trunk Road, Porur,
Chennai 600 116, Tamilandu |
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Tel. No.: |
91-44-28254060/28254661 |
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Fax No.: |
91-44-28250508 |
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E-Mail : |
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Factory
2 : |
34, |
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|
|
|
Factory
3 : |
Chittor District, Andhra
Pradesh |
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|
|
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Factory
4 : |
Mulbgal, Karnataka |
DIRECTORS
|
Name : |
Mr. P. B. Anandam |
|
Designation : |
Managing
Director |
|
Address : |
9, |
|
Date of Birth/Age : |
01.12.1938 |
|
Date of Appointment : |
07.01.1984 |
|
|
|
|
Name : |
Mr. S. Madhan |
|
Designation : |
Director |
|
Address: |
188
B, Station |
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Date of Birth/Age : |
05.06.1956 |
|
Date of Appointment : |
14.09.1996 |
MAJOR
SHAREHOLDERS
|
Names
of Shareholders |
|
No. of Shares |
|
Mr. P. B. Anandam |
|
6,00,600 |
|
Ms. P. Pramila |
|
10,95,000 |
|
Mr. P. Ranjit |
|
4,27,200 |
|
Mr. P. Ravi |
|
4,27,200 |
|
Total
|
|
25,50,000 |
BUSINESS
DETAILS
|
Line of Business : |
Manufacturing and Exporting of
Granite Stones, Roughly Trimmed Granite Kerbs and Granite Pavers. |
|
|
|
|
Products : |
v Granite Pavers, Kerbs, Stones and Components v
Granite Stude Ones Roughly
Trimmedimmed Granite Pavers Vers 251611.00 |
PRODUCTION
STATUS
|
Particulars |
|
Unit
|
Actual Production |
|
Kerbs |
|
Meters |
289126 |
|
Granite Cube of 10 X 7 X 4 |
|
Meters Pieces |
99424 |
|
Granite Cube of 9 X 5 X 4 |
|
Meters Pieces |
40982 |
|
Cubes |
|
Meters |
14987 |
|
Other |
|
Meters |
39146 |
GENERAL
INFORMATION
|
No. of Employees : |
500 |
|
|
|
|
Bankers : |
v Canara Bank, Overseas Branch, Chennai 600 002, Tamilnadu v Kotak Mahindra Bank Limited, 36-38A, Nariman Bhavan, 227, Nariman
Point, Mumbai 400021 v
UCO Bank, |
|
|
|
|
Facilities : |
Secured Loan From Banks Export Packing Credit from Banks
Rs. 180.895 Millions Against hypothecation of stock of raw
materials and finished goods and equitable mortgage of certain properties Bills Discounted with Banks Rs.
225.254 Millions Against hypothecation of book debts Other Secured Loans - Rs. 497.959 Millions Total Rs. 904.109 Millions |
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|
|
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Banking Relations : |
Satisfactory |
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|
|
|
Auditors : |
B. Purushottam & Company Chartered Accountants |
|
Address: |
Flat No. 3 D, Pioneer Homes,
23/A, |
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Tel. No.: |
91-44-28152515/52013486 |
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E-Mail: |
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|
|
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Subsidiaries : |
v
Total Maritime Design Private Limited v
Greenergy Gujarat Company Private Limited |
CAPITAL
STRUCTURE
Authorised
Capital :
|
No.
of Shares |
Type |
Value |
Amount |
|
30,00,000 |
Equity
Shares |
Rs.
10/- each |
Rs.
30.000 millions |
Issued,
Subscribed & Paid-up Capital :
|
No.
of Shares |
Type |
Value |
Amount |
|
25,50,000 |
Equity
Shares |
Rs.
10/- each |
Rs.
25.500 millions |
FINANCIAL
DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE SHEET
|
SOURCES OF FUNDS |
31.03.2006 |
31.03.2005 |
31.03.2004 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
25.500 |
25.500 |
25.500 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
413.049 |
381.555 |
326.446 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
438.549 |
407.055 |
351.946 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
1068.340 |
904.109 |
396.775 |
|
|
2] Unsecured Loans |
3.189 |
5.867 |
20.585 |
|
|
TOTAL BORROWING |
1071.529 |
909.976 |
417.360 |
|
|
DEFERRED TAX LIABILITIES |
55.078 |
31.452 |
9.245 |
|
|
|
|
|
|
|
|
TOTAL |
1565.156 |
1348.483 |
778.551 |
|
|
|
|
|
|
|
|
APPLICATION
OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED
ASSETS [Net Block] |
868.741 |
671.269 |
110.794 |
|
|
Capital
work-in-progress |
1.047 |
11.242 |
0.083 |
|
|
|
|
|
|
|
|
INVESTMENT |
71.755 |
69.935 |
37.036 |
|
|
DEFERREX
TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT
ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
208.029 |
205.686 |
197.157 |
|
|
Sundry
Debtors |
302.670 |
251.083 |
305.355 |
|
|
Cash
& Bank Balances |
53.345 |
42.692 |
43.253 |
|
|
Other
Current Assets |
0.000 |
0.000 |
0.000 |
|
|
Loans
& Advances |
228.386 |
122.996 |
149.346 |
|
Total Current
Assets |
792.430
|
622.457
|
695.111
|
|
|
Less : CURRENT LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Current
Liabilities |
156.650 |
18.513 |
46.479 |
|
|
Provisions |
12.167 |
7.907 |
17.994 |
|
Total Current
Liabilities |
168.817 |
26.420 |
64.473 |
|
|
Net Current Assets |
623.613 |
596.037 |
630.638 |
|
|
|
|
|
|
|
|
MISCELLANEOUS
EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
1565.156 |
1348.483 |
778.551 |
|
PROFIT & LOSS ACCOUNT
|
PARTICULARS |
31.03.2006 |
31.03.2005 |
31.03.2004 |
|
|
Sales Turnover |
920.890 |
|
702.348 |
|
|
Other Income |
145.129 |
71.286 |
|
|
|
Total
Income |
1066.019 |
855.172 |
702.348 |
|
|
|
|
|
|
|
|
Profit/(Loss) Before Tax |
60.448 |
85.224 |
48.477 |
|
|
Provision for Taxation |
28.955 |
|
(16.461) |
|
|
Profit/(Loss) After Tax |
31.493 |
55.109 |
64.938 |
|
|
|
|
|
|
|
|
Total
Earnings |
512.735 |
489.912 |
464.392 |
|
|
|
|
|
|
|
|
Total
Imports |
NA |
NA |
3.731 |
|
|
|
|
|
|
|
|
Expenditures : |
|
|
|
|
|
|
Interest |
80.193 |
|
|
|
|
Depreciation & Amortization |
0.000 |
17.665 |
653.872 |
|
|
Other Expenditure |
845.185 |
635.425 |
|
|
Total
Expenditure |
925.378 |
702.686 |
653.872 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2006 |
31.03.2005 |
31.03.2004 |
|
PAT / Total Income |
(%) |
2.95 |
6.44 |
9.24
|
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
5.67 |
9.96 |
6.90
|
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
3.64 |
6.58 |
6.01
|
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
13.78 |
0.20 |
0.13
|
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
2.83 |
2.30 |
1.36
|
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
4.69 |
23.56 |
10.78
|
LOCAL
AGENCY FURTHER INFORMATION
Fixed
Assets
v
Land
v
Building
v
Plant & Machinery
v
Furniture & Fixture
v
Office Equipment
v
Vehicles
v
Barges
v
Ship
Form
8 Particular for creation or modification of charges
|
Name
of the company |
ARCHEAN GRANITES PRIVATE
LIMITED |
|
Presented By |
Mr.
P B Anandam |
|
1)
Date and description of instrument creating the change |
Deed
of hypothecation dated 03.02.2006 |
|
2)
Amount secured by the charge/amount owing on the securities of charge |
Rs.
6.258 millions |
|
3)
Short particular of the property charged. If the property acquired is subject
to charge, date of the acquired of the property should be given |
Specific,
exclusive and first charge on Tata Hitachi model EX350 more fully described
in the agreement schedule by of the hypothecation of the said vehicles |
|
4)
Gist of the terms and conditions and extent and operation of the charge. |
The
principal and the interest should be paid in equated monthly instalments of
Rs. 0.178 per month starting from 20.01.2006 to 20.11.2008 future other
levies as described more fully in the schedule 1 to the loan agreement No.
1116439 dated 16.12.2005 is payable |
|
5)
Name and Address and description of the person entitled to the charge. |
Kotak Mahindra Bank Limited, 36-38A,
Nariman Bhavan, 227, Nariman Point, Mumbai 400021 |
|
6)
Date and brief description of
instrument modifying the charge |
Not
Applicable |
|
7) Particulars
of modifications specifying the terms and conditions or the extent of
operations of the charge in which modification is made and the details of the
modification. |
Not
Applicable |
|
|
|
|
Name
of the company |
ARCHEAN GRANITES PRIVATE
LIMITED |
|
Presented By |
UCO Bank, |
|
1)
Date and description of instrument creating the change |
Agreement
relating to term loan dated 19.12.2005 for Rs. 461.900 millions (USD 10.1785
Millions) Agreement
relating to term loan dated 19.12.2005 for Rs. 91.300 millions (USD 2.0119
Millions) Agreement
relating to term loan dated 19.12.2005 for Rs. 67.500 millions with deed of
hypothecation of movable plant and machinery to secure a term loan dated
19.12.2005 for Rs. 67.500 millions |
|
2)
Amount secured by the charge/amount owing on the securities of charge |
Term
Loan I Rs. 461.900 for acquisition of the ship M V Good Season Term
Loan II Rs. 91.300 for dry dock expenses Term Loan III Rs. 67.500 for acquisition
of Granite Quarry at Ongole |
|
3)
Short particular of the property charged. If the property acquired is subject
to charge, date of the acquired of the property should be given |
Term
Loan I Secured by creating first charge over the ship M V Good Season and
by way of assignment of insurance Term
Loan II Secured by creating first charge over the ship M V Good Season for
dry dock expanses Term
Loan III Secured by creating first charge on the Granite Quarry at Ongole |
|
4)
Gist of the terms and conditions and extent and operation of the charge. |
Margin - 26.95% Rate
of Interest Term
Loan 6m libor + 2.5% upto 5 years on US $ Component of the loan and after
5 years on conversion of US $ loan in Indian Term
Loan II Dry docking loan 6m libor + 2.5% on US $ Term
Loan III Quarry Loan 9% with monthly rests Repayment Term
Loan I Repayable in 27 quarterly instalment @ US $ 0.3770 Millions
commencing after one month from the date of disbursement Term
Loan I Repayable in 10 quarterly instalment @ US $ 0.2012 Millions
commencing after one month from the date of disbursement Term
Loan I Repayable in 28 quarterly instalment @ 2.411 Millions commencing
after one month from the date of disbursement Insurance Insurance
of the ship already valid upto 15.04.2006 may be continued with necessary
modification by the insurance company in the name of the financier ie. The
name of canara bank will be replaced by UCO Bank The
quarry including the raw material, finished goods and machinery is to be
insured against all possible risks with banks |
|
5)
Name and Address and description of the person entitled to the charge. |
UCO Bank, |
|
6)
Date and brief description of
instrument modifying the charge |
Not Applicable
|
|
7)
Particulars of modifications specifying the terms and conditions or the
extent of operations of the charge in which modification is made and the
details of the modification. |
Not
Applicable |
press clippings
2004
Paper No. 244-5
A LATE ARCHEAN TERRANE BOUNDARY EXPOSED
AT
MEREDITH, Michael T.1, FROST, B. Ronald2, and FROST, Carol D.2, (1)
Department of Geology and Geophysics, Univ of Wyoming, Laramie, WY 82071,
meredith@uwyo.edu, (2) Department of Geology and Geophysics, Univ of Wyoming,
Dept 3006, 1000 University Ave, Laramie, WY 82071
In the
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 Intl 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
companys 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. 40.95 |
|
|
1 |
Rs. 81.80 |
|
Euro |
1 |
Rs. 55.09 |
SCORE
& RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILIRY |
1~10 |
6 |
|
--LIQUIDITY |
1~10 |
6 |
|
--LEVERAGE |
1~10 |
6 |
|
--RESERVES |
1~10 |
6 |
|
--CREDIT LINES |
1~10 |
6 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
|
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
YES |
|
--AFFILIATION |
YES/NO |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
54 |
This score serves as a reference to assess SCs 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 |