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MIRA
INFORM REPORT
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Report Date : |
28.09.2007 |
IDENTIFICATION DETAILS
|
Name : |
H AND R JOHNSON ( |
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Registered Office : |
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Country : |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
25.01.1958 |
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Com. Reg. No.: |
11 -11013 |
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CIN No.: [Company
Identification No.] |
U26900MH1958PTC011013 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
BPLH00064B |
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Legal Form : |
A
Closely held public limited liability company |
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Line of Business : |
Manufacturing
and Marketing of ceramic glazed wall and floor tiles and fully vitrified granite
tiles / Porcelain (glazed / unglazed) tiles. |
RATING & COMMENTS
|
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 7800000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Regular
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Litigation : |
Clear |
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Comments : |
The
company is now under the new management of The
company can be considered normal for business dealings at usual trade terms
and conditions. |
LOCATIONS
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Registered/Corporate Office: |
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Tel. No.: |
91-22-26547300 / 30647300 |
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Fax No.: |
91-22-30647400 |
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E-Mail : |
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Website : |
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Head Office : |
“Rahejas”,
3rd Floor, Corner of |
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Tel. No.: |
91-22-26001291/26001292/26055160/26001293/
26001294/26057975 |
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Fax No.: |
91-22-26001286 |
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E-Mail : |
exports@hrjohnsonindia.com /
santosh@hrjonsonindia.com |
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Websites: |
http://www.hrjohnsonindia.com
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Area : |
4200
sq. fts. |
|
Location : |
Owned
- Commercial Area |
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Factory 1 : |
·
Pen, District Raigad – 400 107, ·
Dewas, ·
Karaikal, ·
Kunigal, |
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Area : |
1,20,000
sq. mtrs. |
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Location : |
Owned |
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|
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Branches : |
· 105, 1st Floor, Harikrupa Shopping Centre, Near City Gold Cinema, Ashram Road, Ahmedabad – 380 009, Gujarat, India ·
C/o. J. L. Agencies, ·
·
Door No. 14/51F, ·
Show Room No. 57, Sector 26, ·
645, · Door No. 61, Part and 62, D.E. F. Thiruvenkadasamy Road (West), R. S. Puram, Coimbatore – 641 002, India ·
·
40/937, ·
Plot No. 1, Basement of ·
Ground Floor, · 1st Floor of Building No. 1-10-73/2, Lumbini Arcade, Begumpet Main Road, Hyderabad – 500 016, Andhra Pradesh, India ·
555-GA-81, Bara Birwa, Alambagh, ·
101 & 102, ·
173, Heera Nagar, ·
Door No. 9B, ·
“Surya
Kiran”, Flat No. 501, 19, Kasturba Gandhi Marg, · Shop 2-3-4-5, “Gulistan”, Cantonment House No. 2390-B, K. B. Hidayatullah Road, New Modikhana, Pune, Maharashtra, India ·
76-5-13, Bhavanipuram, ·
50-93-23/5/A, Plot No. 2, Block No. 5,
Santipuram, Sethannapet, Vishakhapatnam – 520 016, |
DIRECTORS
|
Name : |
Mr.
Vijay Aggarwal |
|
Designation : |
Managing
Director |
|
Address : |
4th
Floor, “Sterling Diamond”, 24, |
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Date of Birth:
|
08.07.1968 |
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Date of
Appointment: |
27.07.1999 |
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Qualification
: |
B.
Tech., PGDBM |
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Previous
Employment: |
Hathway
Investment Limited – Manager |
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Name : |
Mrs. Suman
R. Raheja |
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Designation : |
Director |
|
Address : |
“Rahejas”,
87/1 G. B. Marg, Juhu, Mumbai – 400 049, |
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Date of Birth:
|
06.08.1964 |
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Date of
Appointment: |
11.09.1993 |
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Name : |
Mr. Joseph
Mathews |
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Designation : |
Director |
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Address : |
Bar
House, |
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Date of Birth:
|
23.06.1945 |
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Date of
Appointment: |
29.01.1992 |
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|
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Name : |
Mr.
Aziz Habib Parpia |
|
Designation : |
Director |
|
Address : |
Blooming
Heights, Pali Hill, Bandra, Mumbai – 400 050, |
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Date of Birth:
|
21.06.1929 |
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Date of
Appointment: |
10.09.1993 |
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Name : |
Mr. Rajesh
Kapadia |
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Designation : |
Director |
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Address : |
9-C
Woodlands, New Woodland CHS Limited, 67 Dr G Deshmukh Marg, Mumbai – 400 006, |
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Date of Birth:
|
02.11.1956 |
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Date of
Appointment: |
11.09.1993 |
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|
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Name : |
Mr. Anil
Shridhar Supanekar |
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Designation : |
Director |
|
Address : |
694/2,
Swami Kripa, |
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Date of Birth:
|
24.10.1940 |
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Date of
Appointment: |
26.02.2003 |
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|
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Name : |
Mr.
Akshay Raheja |
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Designation : |
Director |
|
Address : |
“Rahejas”,
87/1 G. B. Marg, Juhu, Mumbai – 400 049, |
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Date of Birth:
|
25.05.1982 |
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Date of
Appointment: |
20.08.2002 |
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|
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Name : |
Mr.
Anil Shridhar Supanekar |
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Designation : |
Director
(IDBI Nominee) |
KEY EXECUTIVES
|
Name : |
Mr. Rajnish Sacheti |
|
Designation : |
Company Secretary |
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Address: |
2/701 Garden Estate, |
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Date of Birth:
|
19.06.1963 |
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Date of
Appointment: |
04.10.1997 |
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Name : |
Mr.
K. K. Rathi |
|
Designation : |
President
- Finance |
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|
Name : |
Mr.
Rajan B. Raheja |
|
Designation : |
Chairman |
|
Address : |
Rahejas,
87/1, G. B. Marg, Juhu, Mumbai – 400 049, |
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Date of Birth:
|
17.06.1954 |
|
Date of
Appointment: |
10.09.1993 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
|
Names of Shareholders |
|
No. of Shares |
|
Mr.
Ranjan B. Raheja |
|
810 |
|
Mr.
Suman R. Raheja |
|
810 |
|
Mr.
Akshay R. Raheja |
|
180 |
|
Mr. Viren
R. Raheja |
|
180 |
|
Varahagiri
Investment and Financial Private Limited |
|
109308 |
|
Matsyagandha
Investment and Financial Private Limited |
|
111636 |
|
Manali
Investment and Finance Private Limited |
|
191340 |
|
Coronet
Investment Private Limited |
|
226080 |
|
Gokul
Construction Company Private Limited |
|
148000 |
|
H
& R Johnson (Overseas) Limited |
|
281534 |
|
Peninsula
Estates Private Limited |
|
89271 |
|
Bloomingdale
Investment and Finance Private Limited |
|
108000 |
|
|
Total |
1267149 |
Equity share Breakup (percentage of total equity):
|
Sr.No. |
Category |
Percentage |
|
1 |
Foreign holdings (Foreign institutional investor(s),
Foreign companie(s), Foreign Financial institution(s), Non – resident
Indian(s) or Overseas corporate bodies or Others |
22.22 |
|
2 |
Bodies corporate |
77.62 |
|
3 |
Directors or relative of directors |
0.16 |
|
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturing
and Marketing of ceramic glazed wall and floor tiles and fully vitrified
granite tiles / Porcelain (glazed / unglazed) tiles |
|
|
|
|
Brand Names : |
“SPECTRUM
H & R J and JOHNSON GRANITO” |
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Exports : |
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Countries : |
Africa,
Middle East, Far East, Europe and |
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Imports : |
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Countries : |
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Terms : |
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Selling : |
Contract
(30 days) or L/C terms |
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Purchasing : |
Cash,
L/C and Credit (30 days) |
GENERAL INFORMATION
|
Suppliers : |
· Al-Karmiee Est., Bharain ·
Binatwala Ceramics, Mumbai, ·
K. Raheja and Company (Private) Limited,
Mumbai, ·
Kukreja Builders Limited, Mumbai, ·
·
Larson & Toubro Limited, Mumbai, ·
Industrial Minerals and Plastics Limited,
Mumbai, ·
Birla Cement Limited, Rajasthan, ·
·
Travancore Minerals Limited, Quilon |
|
|
|
|
Customers : |
Government
bodies, wholesalers and retailers |
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|
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No. of Employees : |
2055 |
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Bankers : |
·
Indian Overseas Bank, Tembi Naka, · Vijaya Bank · State Bank of Bikaner & Jaipur ·
The British Bank of the · Syndicate Bank ·
ICICI Bank Limited |
|
|
|
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Banking
Relations : |
Satisfactory |
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|
|
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Auditors : |
|
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Name : |
Borkar and Muzumdar Chartered Accountants |
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Address 1: Address 2: |
Anand Nagar OM CHS, Anand Nagar lane, off 235-37,
|
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Tel. No.: |
91-22-22613766/22696359/26451340/26426849 |
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Fax No.: |
91-22-22615241 |
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E-Mail : |
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Associates/Subsidiaries : |
· Varahagiri Investment & Finance Private Limited · Coronet Investments Private Limited · Manali Investment and Finance Private Limited · Matsyagandha Investment and Finance Private Limited · Gokul Construction Company Private Limited · Peninsula Estates Private Limited · Bloomingdale Investment and Finance Private Limited · Finance Private Limited · Raheja Builders · Raheja Brothers · Raheja Housing and Financing · Arjuna Agencies Private Limited · Sri Krishna Agencies Private Limited · Prism Cements Limited · Supreme Petrochem Limited · Indus Hotel Corporation Limited · Asianet Communication Limited · Out Look · Indian Council of Ceramic Tiles and Sanitaryware (ICCTAS) · Indian Ceramic Society · Indian Merchants Chambers (IMC) ·
· Confederation of Commerce and Industry (FICCI) ·
Employers Federation of · Construction Industry Development Council (CIDC) · Chemical & Allied Products Export Promotion Council (CAPEXIL) |
CAPITAL STRUCTURE
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
2000000 |
Equity shares |
Rs. 100/- each |
Rs. 200.000 millions |
|
2000000 |
Preference shares |
Rs. 100/- each |
Rs. 200.000 millions |
|
|
|
Total |
Rs. 400.000
millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
1267149 |
Equity shares |
Rs. 100/-
each |
Rs. 126.714
millions |
|
75000 |
Preference shares |
Rs. 100/- each |
Rs. 7.500
millions |
|
|
|
Total |
Rs.134.214 millions |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2007 |
31.03.2006 |
31.03.2005 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
134.219 |
135.215 |
139.200 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
1823.404 |
1726.201 |
1559.200 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
1957.623 |
1861.416 |
1698.400 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
2426.756 |
2310.500 |
1774.500 |
|
|
2] Unsecured Loans |
739.427 |
1067.323 |
1204.600 |
|
|
TOTAL BORROWING |
3166.183 |
3377.823 |
2979.100 |
|
|
DEFERRED TAX LIABILITIES |
662.853 |
646.650 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
5786.659 |
5885.889 |
4677.500 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
4039.400 |
3960.434 |
3946.300 |
|
|
Capital work-in-progress |
240.601 |
131.129 |
0.000 |
|
|
|
|
|
|
|
|
INVESTMENT |
501.185 |
480.786 |
284.400 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
1547.901
|
1509.616 |
1180.500
|
|
|
Sundry Debtors |
682.018
|
538.993 |
235.900
|
|
|
Cash & Bank Balances |
215.647
|
340.124 |
99.700
|
|
|
Other Current Assets |
0.000
|
0.000 |
0.000
|
|
|
Loans & Advances |
325.104
|
300.517 |
513.200
|
|
Total
Current Assets |
2770.670
|
2689.250 |
2029.300 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Current Liabilities |
1740.431
|
1363.803 |
1500.100
|
|
|
Provisions |
53.754
|
57.302 |
147.600
|
|
Total
Current Liabilities |
1794.185
|
1421.105 |
1647.700 |
|
|
Net Current Assets |
976.485
|
1268.145 |
381.600
|
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
28.988 |
45.395 |
65.200 |
|
|
|
|
|
|
|
|
TOTAL |
5786.659 |
5885.889 |
4677.500 |
|
PROFIT & LOSS
ACCOUNT
|
PARTICULARS |
31.03.2007 |
31.03.2006 |
31.03.2005 |
|
|
|
|
|
|
|
|
Sales Turnover |
73.054 |
46.526 |
5658.500 |
|
|
Other Income |
9018.398 |
7151.976 |
0.000 |
|
|
Total Income |
9091.452 |
7198.502 |
5658.500 |
|
|
|
|
|
|
|
|
Profit/(Loss) Before Tax |
154.040 |
270.997 |
450.800 |
|
|
Provision for Taxation |
0.000 |
0.000 |
153.300 |
|
|
Profit/(Loss) After Tax |
154.040 |
270.997 |
297.500 |
|
|
Expenditure: |
|
|
|
|
|
|
Interest |
277.158 |
219.542 |
NA |
|
|
Depreciation |
326.684 |
302.878 |
NA |
|
|
Other Expenditure |
8333.570 |
6405.085 |
NA |
|
Total Expenditure |
8937.412 |
6927.505 |
4782.500 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2007 |
31.03.2006 |
31.03.2005 |
|
PAT / Total Income |
(%) |
1.69
|
3.76 |
5.26
|
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
210.85
|
582.46 |
7.97
|
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
2.18
|
3.99 |
7.54
|
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.07
|
0.14 |
0.27
|
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
2.53
|
2.57 |
2.72
|
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.54
|
1.89 |
1.23
|
LOCAL AGENCY FURTHER INFORMATION
HISTORY
A flagship of Raheja group
company, H and R Johnson is being managed by Mr. Vijay Aggarwal as the Managing
Director.
The company set up its
fifth manufacturing facility in Andhra Pradesh at a cost of Rs. 700 millions
besides it is also increasing capacity of Mumbai plant at a cost of Rs. 800
millions. Both the projects are expected to be completed by February, 2004. It
has also opened an exclusive H and R Johnson display centre in Kolkata.
OPERATIONS
During
the year under report the company had made major strides in strengthening its
position as market leader in the ceramic tile industry. The net sales value had
grown by 9.8% while sales volumes (in tonnage) had grown by 1.3% over the
previous year. The profit after tax stood at Rs. 175 millions recording a
growth of 250% over the previous year. The operating profit (profit before
interest, depreciation, exceptional items and tax) had shown a growth of 35.5%
over previous year signifying the success of the operational strategies adopted
by the management of the company. This was again in the backdrop of the intense
competition from imports and unorganized sector as well as rising fuel prices.
The
company had launched some innovative products during the year. Some of these products
with larger formats and innovative designs and applications had captured the
imagination of the discerning customers. During the year under report, the
company has again made history by launching Joint Free ‘Porselano’, a rectified
glazed white body porcelain tile as premium flooring tile. This is the first
time such a product has been launched in
Another
path breaking product launched in the previous year 2000-01, namely, Endura, is
now well established in the market.
All the
plants of the company had performed satisfactory. Negotiations are going on for
wage agreement with the labour unions at the Karaikal and Pen plant.
CERTIFICATION AND RECOGNITION
All the
four plants of the company has been accredited with ISO 14001 certification
signifying compliance with stringent international norms on environment
management. Kunigal plant has also secured certification for OHSAS 18001 for
complying with Health and Safety standards. The other plants of the company are
also making efforts to secure this recognition as well. All the plants already
certified for ISO 9002 : 1994 are now working toward rolling over to new
quality standards under ISO 9001 : 2000.
FINANCE
The
company continues to restructure its long term debts in order to bring down its
cost of funds. Further efforts are being made to take advantage of the present
soft interest rate regime and easy liquidity to finance further plan and also
to bring down the cost of funds of the existing borrowings.
The
company has fully tied up its working capital requirements for the current year
and has a prudent mix of Foreign Institutional Investors foreign currency loan,
commercial paper and cash credit facility for this purpose.
FUTURE OUTLOOK
The
year under report, was a challenging one with global as well as Indian economy
continuing to decelerate following the tech melt down across the world.
Additionally, the horrific events of September, 11 in the
The
Ceramic Tile industry could grow by about 10% but still leaving significant
capacities in organized sector unutilized and putting pressure on margins. The
company expects another round of consolidation in the ceramic tile industry to
begin soon.
The
situation is further exacerbated by continuous dumping of tiles, particularly
polished vitrified/glazed porcelain tiles. An application was filed by the
domestic tile manufacturers including company to impose anti dumping duty on
imports from
The
company expects that the threat of dumping will continue to exist in some form
or the other and will need closed monitoring. On the other hand, the
unorganized sector continues to thrive on the back of special benefits
available to them from the State and also because of the non-compliance of tax
law. The company has been preparing itself for this kind of onslaught from
imports and unfair competition from the unorganized sector by putting greater
emphasis on product differentiation, customer service, strong distribution
network and continuous cost reduction.
The
company has joint venture with BAL Endura Adhesives Private Limited and H. R.
Johnson (Overseas) Limited.
The
company's fixed assets of important value include goodwill, freehold and
leasehold land, roads and buildings, plant and machinery, furniture and air
conditioners, etc.
|
Corporation identity number or foreign company registrations number of
the company |
U26900MH1958PTC011013 |
|
Name of the company |
H and R Johnson ( |
|
Address |
|
|
This Form is for |
Modification of charge |
|
Type of Charges |
Immovable property |
|
Particular of the charge holder
|
Indian Oversea Bank Address: E-Mali: thanebr@mumnrc01.iobnet.co.in
|
|
Nature or description of the instrument creating charge |
No instrument is executed. Charge created
by way of deposit of title deeds. Confirmation letter from IDBI Bank for
creation of charge attached |
|
Date of the instrument creating charge |
24.05.2007 |
|
Amount Secure by the charge |
Rs.259.100 millions |
|
Brief of the principal terms and conditions and extent and operation
of the charge |
Rate of Interest: As per sanction letter of each bank and as may be determined by each
consortium banker from time to time Terms of repayment: Working capital limits subject to annual review. Margin: As provided in the consortium agreement by each consortium banker Extent and operation of the
charge: As determined by lead banker for the credit facilities granted on the
assets covered by this charge till the time of full repayment of the credit
facilities and all other dues in respect of the credit facilities. Other: The Indian Overseas Bank is the lead bankers for the consortium
facility |
|
Short particulars of the property charged (including location of the
property) |
In addition to first charge on all current assets of company charge is
extended on pari passu se cond charge basis on immovable proerties situate at
|
|
Particulars of the Present modification |
Charge is created on the immovable property situated at kunigal and
pen, In addition to the charge already created on current assets for the
additional working capital facilities aggregating to Rs. 259.100 millions in
favor of the following banks. Indian Oversea Bank – Rs. 133.000 millions ING Vysya Bank Rs. 90.900 millions Syndicate Bank – Rs. 8.000 millions State Bank of ABN Amro Bank NV – Rs. 25.000 millions |
|
Name of the
company |
H and R Johnson ( (herein after referred to as “the
Company”) |
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Presented
By |
Shri Rajnish
Sacheti – Company Secretary (Name and
Designation of the Official of the Company) |
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
1) Date and
description of instrument creating the change |
18th December
1996. Joint Deed of Hypothecation executed by the company jointly in favour
of Indian Overseas Bank, British Bank of the |
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2) Amount secured
by the charge/amount owing on the securities of charge |
Rs. 35720.500
millions. |
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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 |
As per Annexure
‘A’ |
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4) Gist of the terms
and conditions and extent and operation of the charge. |
As per Annexure ‘B’ |
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5) Name and
Address and description of the person entitled to the charge. |
As per Annexure ‘C’ |
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6) Date and brief description of instrument
modifying the charge |
Supplemental
Joint DXeed of Hypothecation dated 23.06.2005 Deed
Hypothecation executed in favour of and with India Overseas Bank (IOB) IOB
acting for self and as agent of the other consortium banks. |
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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. |
Present
Modification: By the said
Supplemental Joint Deed o\f Hypothecation dated 23.06.2005 the Company has hypothecation
and created · First Charge on whole of the current assets of the company pertaining to and its unit at pen, Kunigal and Dewas, more particularly described in second schedule of the hypothecation Agreement. · Second Charge on whole of the movable properties of the company including its movable plant and machineries, Machinery Spares, tools and accessories and other movables both present and future pertaining to its unit at Pen (Maharashtra), Kunigal (Karnataka) and Dewas (Madhya Pradesh) whether installed or not particularly descri8bed in Third schedule of the hypothecation Agreement · For repayment of the working capital facilities as modified and mentioned in Annexure D hereof and repayment of payment of the other monies including all interest, liquidated damages, costs, charges and expenses and all other monies due to the bankers. · All other terms and conditions and securities already created shall continue as it is.
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WEBSITE DETAILS:
Company Profile
H. and R. Johnson (India) Limited is India's No. 1 tile company offering a wide range of wall and floor tile products across various segments viz. wall, floor, vitrified, exterior applications and industrial applications. The company also caters to customer needs in sanitary ware and bathroom accessories segments.
As a member of Johnson Ceramics International,
They have state-of-the-art machinery at their manufacturing plants located at Dewas, Pen, Kunigal and Karaikal. All their plants are ISO compliant with both 9001, 14001 certifications, as well as OHSAS 18001, which is given for excellence in safety standards.
Management Focus
At H. and R. Johnson (
Their core management team is an Executive Committee comprising the Managing Director and Presidents of various functions. This committee meets at regular intervals to formulate company policies and review performance. In effect, this committee strives to constantly innovate and apply global standards to provide excellent products and services to their customers.
They strive to continuously excel, grow and create more value to all their customers.
Commitment To Supply
Their key focus has been to make their products available
across the length and breadth of
Performance and
Growth
Performance in
Riding on superior product R and D and high marketing spends, they propelled their annual revenues to Rs 9260 million in 2006-2007 recording a growth of 25% over the previous year’s figures. Their sales volume during the year crossed 32 million square meters
Their strong performance is demonstrative of their unique growth profile, high
brand pull and a proven track-record to deliver on their expansion plans. The
success of their innovative brand strategy supports their move to continue expanding
their business both through organic course as well as developing inorganic
growth routes. During the current year, they are driving a revenue target of Rs
12,000 million with 30% growth rate.
A strong distribution and sales network, robust production, infrastructure and ability to predict, prepare them for future growth.
Future Plans
As a part of their aggressive expansion plan, they have set
their eyes keenly on the rural markets in
Affiliations
They are members of reputed industry organizations like Indian Council of Ceramic Tiles and Sanitaryware (ICCTAS), Indian Ceramic Society, Indian Merchants Chambers (IMC), Bombay Chamber of Commerce and Industry (BCCI), Confederation of Commerce and Industry (FICCI), Employers Federation of India (EFI) and Construction Industry Development Council (CIDC) and Chemical and Allied Products Export Promotion Council (CAPEXIL).
Their integral involvement in the issues concerning the
overall Indian economy is reflected through the intense support they provide to
these organisations.
Their Managing Director is currently the Chairman of The Indian Council of
Ceramic Tiles and Sanitaryware (ICCTAS), the apex council of the Indian ceramic
tile industry. Likewise, some of their Presidents are part of the various
committees of various industry organizations to which they are affiliated.
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 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.39.74 |
|
|
1 |
Rs.80.34 |
|
Euro |
1 |
Rs.56.30 |
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 |
|