MIRA
INFORM REPORT
|
Report Date : |
22.04.2008 |
IDENTIFICATION
DETAILS
|
Name : |
VICTORIAN GRANITES PRIVATE LIMITED |
|
|
|
|
Registered Office : |
8-2, 684/3/25 and 26, Road No.12, Banjara Hills, Hyderabad – 500 034,
Andhra Pradesh |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as on) : |
31.03.2007 |
|
|
|
|
Date of Incorporation : |
31.05.1984 |
|
|
|
|
Com. Reg. No.: |
01-4754 |
|
|
|
|
CIN No.: [Company
Identification No.] |
U14102AP1984PTC004754 |
|
|
|
|
TAN No.: [Tax
Deduction & Collection Account No.] |
HYDV02632A |
|
|
|
|
PAN No.: [Permanent
Account No.] |
AAACV6736D |
|
|
|
|
Legal Form : |
Private Limited Liability Company |
|
|
|
|
Line of Business : |
Manufacturer of Granites Raw Blocks, Feet Blocks. |
RATING &
COMMENTS
|
MIRA’s 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 376036 |
|
|
|
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
Usually correct |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is a well – established company having satisfactory track.
Trade relations are fair. Financial position is satisfactory. Payments are usually
correct and as per commitments. The company can be considered normal for business dealings at usual
trade terms and conditions. |
LOCATIONS
|
Registered Office : |
8-2, -684/3/25 and 26, Road No.12, Banjara Hills, Hyderabad – 500 034,
Andhra Pradesh, India |
|
Tel. No.: |
91-40-23305193 |
|
Fax No.: |
91-40-23305167 |
|
E-Mail : |
info@midwestgranite.com ajababu@midwestgranite.com |
|
|
|
|
Factory : |
6-3-802, Zainab Commercial Complex, 1st Floor, Ameerpet, Hyderabad 500 016, Andhra Pradesh, India |
|
Tel. No.: |
91-40-23305193 / 94 / 95 / 23406408 |
|
Fax No.: |
91-40-23305167 / 23371961 |
|
Location : |
Owned |
|
|
|
|
Head Quarter: |
Midwest Granite Private Limited, 8-2-696/697, Carmel Point, Road No. 12, Banjara Hills, Hyderabad, Andhra Pradesh 500034, India |
|
Tel. No.: |
91 - 40 - 23305193 / 23305194 / 23305195 |
|
Mobile No.: |
91 - 40 - 23305167 / 23371961 |
|
|
|
|
Branches : |
·
Midwest Granite & Marble Tel +1 (630) 792-1440 Fax: +1 (630) 792-9588 ·
Midwest Granite & Marble Tel: +1 (630) 5211900 Fax:
+1 (630) 5211999 |
DIRECTORS
|
Name : |
Mr. K Raghava Reddy |
|
Designation : |
Managing Director |
|
Address : |
Plot No. 73, Padmaja Courts, Srinagar Colony, Hyderabad, Andhra Pradesh, India |
|
Date of Birth/Age : |
24.04.1954 |
|
Date of Appointment : |
16.12.1996 |
|
|
|
|
Name : |
Mr. M Aja Babu |
|
Designation : |
Director |
|
Address : |
Flat No. 304, Plot 9, Sai Surabhi Awas, Sy 75, Madhura Nagar, Hyderabad, Andhra Pradesh, India |
|
Date of Birth/Age : |
04.07.1946 |
|
Date of Appointment : |
07.01.1998 |
|
|
|
|
Name : |
Mr. V Prabhakara Rao |
|
Designation : |
Director |
|
Address : |
G 3, Suryakiran Apartments, Srinivasa Colony (East), Hyderabad, Andhra Pradesh, India |
|
Date of Birth/Age : |
14.08.1948 |
|
Date of Appointment : |
16.12.1996 |
|
|
|
|
Name : |
Mr. Kollareddy Ramachandra |
|
Designation : |
Director |
|
Address : |
La Creative, Heights, Flat No. 2 andc3, 8-2-696/697 Road, No. 12,
Banjara Hills, Hyderabad – 500 034, Andhra Pradesh, India |
|
Date of Birth/Age : |
29.08.1980 |
|
Date of Appointment : |
01.04.2006 |
|
|
|
|
Name : |
Mr. Nadipineni Thirupathi Rao |
|
Designation : |
Director |
|
Address : |
Plot No. 101, Sagar Society, Banjara Hills, Road, No. 2, Hyderabad –
500 034, Andhra Pradesh, India |
|
Date of Birth/Age : |
01.02.1953 |
|
Date of Appointment : |
01.10.2004 |
|
|
|
|
Name : |
Mr. Thirupati Rao |
|
Designation : |
Director |
|
Date of Birth/Age : |
01.02.1953 |
|
Date of Appointment : |
01.10.2004 |
|
|
|
|
Name : |
Mr. Rama Chandra |
|
Designation : |
Director |
|
Date of Birth/Age : |
29.08.1980 |
|
Date of Appointment : |
20.10.2006 |
|
|
|
|
Name : |
Mr. K Soumya |
|
Designation : |
Director |
|
Date of Birth/Age : |
20.08.1982 |
|
Date of Appointment : |
20.10.2006 |
KEY EXECUTIVES
|
Name : |
M/s G P Associates |
|
Designation : |
Company Secretary |
|
Address : |
#402, Ram Kishan Residency , G – 3-609 / 150, Anand Nagar Colony,
Khaitrabad, Hyderabad, Andhra Pradesh, India |
|
Tel No.: |
91-40-23396879 / 66838437 |
|
Fax No.: |
91-40-23318437 |
|
Email: |
gpa_cs@yahoo.co.on |
SHAREHOLDING
PATTERN
Equity Shares Breakup (Percentage of Total Equity): (as on 31.03.2007):-
|
Sr No. |
Category |
Percentage |
|
1 |
Bodies corporate |
8.50 |
|
2 |
Directors or relative of directors |
67.00 |
|
3 |
Other top fifty (50) shareholders |
24.50 |
|
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer of Granites Raw Blocks, Feet Blocks. |
|
|
|
|
Products : |
|
|
|
|
|
Terms : |
|
|
Selling : |
L/C, Credit upto 30 days basis |
|
|
|
|
Purchasing : |
L/C, Cash and Credit upto 30 days basis |
PRODUCTION STATUS
|
Particulars |
|
|
Unit |
Actual
Production |
|
Raw Blocks |
|
|
CBM |
4459.592 |
|
Feet Blocks |
|
|
Nos. |
3381 |
|
(CBM – Cubic Meters) |
|
|
|
|
GENERAL
INFORMATION
|
Customers : |
End Users |
|
|
|
|
No. of Employees : |
About 1500 |
|
|
|
|
Bankers : |
Canara Bank Overseas Branch, Adarsh Nagar, Hyderabad, Andhra Pradesh, India State Bank of
Hyderabad Overseas Branch, Somjiguda, Hyderabad 500 082, Andhra Pradesh, India |
|
|
|
|
Financial
Institutions : |
L and T Finance Limited 201, 2nd Floor, Dega Towers, Raj
Bhavan Road, Somajiguda, Hyderabad – 500 082, Andhra Pradesh, India |
|
|
|
|
Banking Relations
: |
Satisfactory |
|
|
|
|
Auditors : |
V S S Rajan and Company Chartered Accountants |
|
Address : |
153, Chenoy Trade Centre, Park Lane, Secunderabad 500 003, Andhra Pradesh, India |
|
|
|
|
Group Companies: |
|
|
|
|
|
Parent Company : |
|
|
|
|
|
Associates/Subsidiaries : |
Nil |
CAPITAL STRUCTURE
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
100000 |
Equity Shares |
Rs. 100/- each |
Rs. 10.000 millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
83000 |
Equity Shares |
Rs. 100/-
each |
Rs. 8.300
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 |
8.300 |
8.300 |
8.300 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
85.709 |
61.259 |
52.186 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
94.009 |
69.559 |
60.486 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
31.794 |
69.845 |
38.353 |
|
|
2] Unsecured Loans |
0.000 |
0.000 |
0.000 |
|
|
TOTAL BORROWING |
31.794 |
69.845 |
38.353 |
|
|
DEFERRED TAX LIABILITIES |
3.054 |
3.280 |
3.445 |
|
|
|
|
|
|
|
|
TOTAL |
128.857 |
142.684 |
102.284 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
51.529 |
58.583 |
54.064 |
|
|
Capital work-in-progress |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
INVESTMENT |
0.310 |
0.310 |
0.010 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
4.874
|
9.039 |
3.684 |
|
|
Sundry Debtors |
86.964
|
99.716 |
88.200 |
|
|
Cash & Bank Balances |
6.758
|
11.210 |
6.299 |
|
|
Other Current Assets |
0.419
|
0.228 |
0.000 |
|
|
Loans & Advances |
6.509
|
6.081 |
10.112 |
|
Total
Current Assets |
105.524
|
126.274 |
108.295 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Current Liabilities |
28.506
|
42.483 |
60.085 |
|
|
Provisions |
0.000
|
0.000 |
0.000 |
|
Total
Current Liabilities |
28.506
|
42.483 |
60.085 |
|
|
Net Current Assets |
77.018
|
83.791 |
48.210 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
128.857 |
142.684 |
102.284 |
|
PROFIT & LOSS
ACCOUNT
|
PARTICULARS |
31.03.2007 |
31.03.2006 |
31.03.2005 |
|
|
|
|
|
|
|
|
Sales Turnover |
240.815 |
204.778 |
212.987 |
|
|
Other Income |
0.000 |
0.262 |
0.089 |
|
|
Total Income |
240.815 |
205.040 |
213.076 |
|
|
|
|
|
|
|
|
Profit/(Loss) Before Tax |
43.702 |
12.646 |
16.727 |
|
|
Provision for Taxation |
19.253 |
3.573 |
6.300 |
|
|
Profit/(Loss) After Tax |
24.449 |
9.073 |
10.427 |
|
|
|
|
|
|
|
|
Export Value |
123.647 |
97.826 |
NA |
|
|
|
|
|
|
|
|
Import Value |
4.959 |
5.359 |
NA |
|
|
|
|
|
|
|
|
Expenditures : |
|
|
|
|
|
|
Financial charges |
0.000 |
4.296 |
1.324 |
|
|
Depreciation & Amortization |
7.775 |
7.128 |
3.775 |
|
|
Other Expenditure |
181.563 |
165.772 |
185.755 |
|
Total Expenditure |
189.338 |
177.196 |
190.854 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2007 |
31.03.2006 |
31.03.2005 |
|
PAT / Total Income |
(%) |
10.15
|
4.42 |
4.89 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
18.14
|
6.17 |
7.85 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
27.77
|
6.83 |
10.30 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.46
|
0.18 |
0.27 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
0.64
|
1.61 |
1.63 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
3.70
|
2.97 |
1.80 |
LOCAL AGENCY
FURTHER INFORMATION
FORM 8:-
|
Name of the
company |
VICTORIAN GRANITES PRIVATE LIMITED |
|
Presented By |
Mr. N Tirupathi
Rao , Director |
|
1) Date and
description of instrument creating the change |
Hypothecation
deed dated 17.08.2005 |
|
2) Amount secured
by the charge/amount owing on the securities of charge |
Rs. 182.050
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 |
As listed in
Annexure |
|
4) Gist of the
terms and conditions and extent and operation of the charge. |
First charge on
the assets listed in annexure. loan details · Loan period of 3 year · Loan repayable in 35 structured monthly installments. · Interest rate 7.50% IRR p.a · Penal Interest on delayed installment at 24% p.a |
|
5) Name and
Address and description of the person entitled to the charge. |
L and T Finance Limited 201, 2nd Floor, Dega Towers,
Raj Bhavan Road, Somajiguda, Hyderabad – 500 082, Andhra Pradesh, India |
|
6) Date and brief description of instrument
modifying the charge |
NA |
|
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. |
NA |
WEBSITE DETAILS:
Parent company
Midwest Granite
Private Limited
Midwest Granite was incorporated as Private limited Company
on December 11, 1981, under the Indian companies act 1956 with an objective of
developing competence and expertise in the fields of exploration, mining,
processing and exports of natural stone.
Over the last 2 decades, Midwest has established itself as
a very strong player in the domain of Exploring, Mining, Processing and exports
of natural Stone products. The company that has started in a modest way now
employs around 1000 personnel including managerial, technical, Skilled and
unskilled people across their different exploration, Mining and Processing
sites spread over India and Srilanka. Midwest
has its overseas wing marketing at United States of America apart from the
corporate marketing at its head quarters at Hyderabad, India. Today Midwest has
established business relations with 28 countries around the world.
The company is continuously striving to establish a lead
over its competitors by introduction of new stone varieties in the market by
acquiring new quarries, mechanizing the existing quarries, adopting and
deploying latest technology and equipments for quality and productivity
enhancement and adhering to the stringent safety norms of operation to improve
overall efficiency and ensure a congenial working atmosphere.
The company enjoys a good reputation for its products
through its quality and service and it is evident from the growing strength of
the business year after year. In spite of the crisis in granite industry due to
recessionary trends all over, the company could not only sustain but grow and
post good results consistently. The Company has expanded and broad based its
product range by expanding into new areas such as Marble, Slate and Limestone
which has wider market base. It is continuously modernizing its operations and
enhancing its capacities in order to emerge as one of the leading natural stone
companies. In this direction the company has recently acquired the assets of
GRAPCO GRANITES Limited, Bangalore, India constituting a large processing
capacity.
THE ACTIVITIES
The company has multi-locational operations of Exploration,
Mining and Processing and also involved in Trading.
MINING OPERATIONS:
The Company operates several dimensional stone quarries in
different parts of India. It has a core team of professionals specializing in
mine development, production planning, operation, quality control and
logistics. It employs best equipment, technology tools and high quality
consumables resulting in higher quality of blocks, safety standards, mineral
recovery and better environment protection. Following are some of the major
mining operations of the company.
Black Galaxy from
Cheemakurthy
Black Galaxy Granite mine is located in South Eastern India. This is the Biggest mining operations of the company in terms of production. The quarry is located in R. L.Puram Village, Chimakurthy Mandal, Prakasham Dist, Andhra Pradesh State, India. The mine is spread over 150,000 sqm. The deposit is a gabbroitic anorthosite more towards gabbro with dark gray, black feldspar giving uniform dark black background with bronzite standing out in contrast as gold sparkles. This is a part of anorthosite complex of Chimakurthy, The stone has medium grain size is uniform. The stone is dean and good recovery on processing the deposit yields very large blocks for Slabs, Tiles, Monuments.
The quarry Produces 12000 cbm of Rough Granite Blocks per
annum in mixed size. Midwest is one of the largest Producers of Black Galaxy
granite in the world. The Galaxy thus produced is Medium Galaxy and is
Uniformly spread. The quarry deploys some of the Most advanced machinery
inducing the latest Giro Drift from Perform, Twin master from Boart Longyear,
BEML 2 No's, CAT 330C 2 No's, Wiresaw machines, Compressors, Derrick Cranes,
Dumpers, Tippers, Gen sets, etc. The quarry employs around 300 people and i$
being operated since 8 years.
Another very large quarry of Black Galaxy Granite at
Cheemakurthy is being operated under their associated company Victorian Granite
Private. Limited. Producing about 700 cbm per month the quarry is a large area
spreading out 25 acres and has sufficient reserves for liberal extraction of
stone for over 10 years. The material produced in the quarry is with Medium
Gold specs and is very uniform and is highly popular in the world market. The
company exports the Rough Blocks mainly to Italy, China and Taiwan.
Premium Black from
Gumballi
The Dark or Premium Mack quarry is located in Oumballi Village Near Elandur, Kollegal Taluk, Chamarajanagar District. The deposit extends to 10000 Sqm with support area of 20000 sqm. This deposit is a basic intrusion more the nature of norite / dolerite extending east west in leaner in the charnokite granulitic dark of Precambrian shield area in South India.
The Primary and secondary sawing are executed through
diamond wire saw whereas line drills are used for territory (final) separation
and block squaring and dressing. No explosives will be used in production
operations. The stone is clean and good recovery on processing. The deposit
yields very large blocks used for Slabs, Tiles, Monuments.
This New quarry Produces 1800 CBM per annum. The Machinery deployed is Volvo Excavator, 2 Compressors, Derrick, Wiresaw, Generator set. The quarry provides employment to about 30 people. The quarry is in operation for the past 1 year.
Absolute Black Granite from Arpanaplly
Absolute Black Granite located in South Central India. This is one of the largest mining operations of the company. The Mine is located in Arpanapally Village, Kesamudram Mandal, Warangal Dist, Andhra Pradesh State, India. The actual mining occupies 150,000 sqm with support area of 300,000 sqm. A basic intrusive rock more in the form of dyke with country rock being khandolite. The leaner body extent approximately Kilometer tang with width varying between 60 - 70 mtrs. Primary and secondary sawing are executed through diamond wire saw whereas line drills are used for territory (final) separation and block squaring and dressing. No explosives will be used in production operations. The stone is dean and good recovery on processing. This deposit too yields very large blocks.
The Production is around 3000 cbm per annum in mixed sizes
which come in Shades of Dark, Medium and light The Machinery used :: Excavators
- CAT 330B, Compressors, Tippers, Gensets, Wiresaw machines, etc. and the mine
employs about 150 people. The quarry is being operated since 14 years.
Absolute Black
Granite from Chinnanagarm
Absolute Black Granite located in South Central India. This is one of the largest mining operations of the company. The quarry is located in Chinnanagarm Village, Nellikuduri Mandal, Warangal Dist, Andhra Pradesh State, India The actual mining occupies 150,000 sqm with support area of 300,000 sqm. A basic intrusive rock more in the form of dye with country rock being khandolite. The leaner body extent approximately Kilometer long with width varying between 40 - 70 mtrs.
The Primary and secondary sawing are executed through
diamond wire saw whereas fine drills are used for territory (final) separation
and block squaring and dressing. No explosives win be used in production
operations. The stone is dean and good recovery on processing. The deposit
yields very large blocks used for Slabs, Tiles, Monuments
The Production to around 4000 cbm per annum in mixed sizes
which comes in three shades namely, Dark, Medium and Light. The Machinery used
: Excavators - CAT 330C, Volvo, Tata Hitachi Ex-300, Wiresaw Machines, CP
and Ingressol Rand compressors, Derrick
Cranes, Generators, etc. and about 200 people are employed. The quarry is being
operated since 11 years.
Oxford Blue from
Santhasinghapur
The Oxford Blue quarry is located in Santhasinghapur Village, Balugaon Taluk, Kurda District in Orissa State. The quarry extends over an area of 5.4396 Hectares. The Nature of deposit is a anorhositic part of Puri Anorthositic complex. The feldspar is plagioclase, laborites forming 95% with the ferro magnesium mineral. This stone is completely divide of silica. Its width varying between 100 to 200 mtrs and length between 600 to 700 mtrs. Colour of the feldspar is blue to gray with the mixed forming dark grey background.
The quarry Produces 1200 CBM per annum. The Quarry deploys Machinery like 2 Excavators, 3 Compressors, Wiresaw and Generator. There are about 30 people employed in quarry operations. The quarry is in operation for the past 2 years. The material produced gives a translucent affect when polished both sides.
Green Galaxy from
Trichy
This quarry is located in Ammachatram Village, Kulathur Taluk, Pudukkottai District of Tamil Nadu. The quarry spreads over an Extent of 5 Hectares. The deposit is an anorthositic body more in the form of leaner emplacement in basic charnokite country rock, younger intrusion fresh when compared with country rock below the sub surface of deposit along with about 2 K.ML long width being 40 to 100 mtrs. The feldspars are bluish to greenish colour with botanies, laboritic imparting of colours such as, deep blue, brilliant white etc. this is very valuable stone and rare in occurrence.
The quarry Produces 1200 CBM of Rough Granite Blocks per annum. The quarry deploys Machinery like 2 Excavators, 3 Compressors, Wiresaw and Generator. There are about 100 people employed in production. The quarry is in operation since 6 months.
Sapphire Brown from
Madikonda
Sapphire Brown Quarry is Situtated in Madikonda Village, Kazipet Mandal, Warangal District. A quartz feldspathic rock having large brown laps of feldspar dominating the stone imparting brown colour. Quartz is huge at places tending towards blue shades providing good background. The other major constituents is biotate / horn blend. The deposit is more of gentile slopping, massive, deep seated, raising above the ground to 30 mtrs. It is part of the younger rocks. The quarry is Being operated since 6 years.
The Production in the quarry is 1500 cbm per annum in Big sizes used mainly for slabs. The Machinery deployed is Hitachi Excavator, Wire saw machines, Compressors, Tippers, etc. The quarry employs about 25 people.
Giallo Firenza from Jugalpat
The quarry is located in Jugalpat Village, Bolangir Taluk, Bargadh District in Orissa State. The quarry is spread over an Extent of 6 Hectares. The Mature of deposit is A gneiss feldspar rock wherein the feldspars are leaned giving yellow colour. This part of the khandolitic rock of Eastern Ghats of India. The deposit is foliated, leaned body extending to 700 mtrs length with width varying from 40 -100 mtrs. The height of the deposit at its peak is 40 mtrs.
The quarry Produces 1800 CBM per annum. The Machinery
deployed are 2 Excavators, 3 Compressors, Wiresaw and Generator. The quarry
employs 30 people. The quarry is in operation since 6 months. The material
produced is good for Slabs, Tiles, Monuments.
The mining operations of the company are also at the
following locations
- White
Granite quarry at Jalampaly, Vizag Dist. Andhra Pradesh. India.
- Marble
quarry at Sidhavatam, Kadapa Dist., Andhra Pradesh, India.
- Marble
quarry at Umpavally, Koraput Dist., Orissa, India.
- Yellow
Granite quarry at Palghot, Kerala, India.
- Yellow
Granite quarry at Bolangir, Orissa, India.
PROCESSING OPERATIONS
The processing operations of the Group are at the following
locations.
- The
combined granite and marble processing plant for slabs and tiles in
Bangalore, India at an annual capacity of 1, 00,000 sq.mtr. This is being
expanded to 2, 50,000 sq.mtr using new multi wire diamond technology for
sawing.
- Processing
plant for Marble, Limestone, Travertine, Sand Stone etc., at I.D.A.
Autonagar, Vizag, Andhra Pradesh, India with an installed capacity of
3,00,000 Sq.mtr. This is being expanded to include granite and other
siliceous stones.
- Tiles
manufacturing unit at I.D.A. Patancheru, Medak Dist., Andhra Pradesh,
India for manufacture of finished tiles of Marble, Granite, Limestone,
Travertine, and Sandstone etc having an annual capacity of 50,000 SQM.
- Processing
plant for slabs and tiles of Marble and calcareous stones with an annual
capacity of 4, 00,000 sq.mtrs at Biyagama Export Processing Zone,
Biyagama, Colombo, Sri Lanka.
- Newly
acquired plant of GRAPCO, India at Bangalore, India with an annual
capacity of 2.50.000 Sq.mtr of Granite Slabs will be commissioned by June
2004 after renovation.
LIST OF MAJOR EQUIPMENTS
- Granite
Gang Saws 11 No. (Simec, Hensel, Bra and
Bretton)
- Marble
Gang Saws 8 No. (Friends Engineering)
- Grinding
and Polishing Lines 5 sets (Simec,
Frugoli, and Bra and Bretton)
- Tiles
Line 2 sets (Simec and Hensel)
- Fabrication
1 set full pledged dedicated set up apart from integrated facility at each
plant.
TRADING OPERATIONS:
The company is trading and operating out of Chicago,
Illinois in the name and style of Midwest Granite and Marble Inc. It imports natural stone from various countries
including India, China, South Africa, Italy, Spain, Brazil etc., and
distributes the same in North America. It has 5 dedicated Sales personnel apart
from the required support staff. It has established itself very fast in the
market and planning to expand its operations on continuous basis. It has
offices at Chicago, New Jersey, Atlanta. This also provides an advanced
information system of market trends including customer preferences, evolution
of product specifications, pricing structure and other inputs in the parent
organization
MARKET PROMOTION AND SALES DISTRIBUTION:
The company has established market linkages to the number
of direct customers in all the important markets, agency and distribution
system, in many key areas and enjoys good loyalty of its customers.
The company participates in most of the important
International Trade Shows. It has in place a compact team of marketing and
sales personnel to reach out to the market and meet the customer needs.
PRODUCTS
GRANITE / MARBLE / LIME
STONE
1. Calibrated Tiles
2. Finished Slabs
3. Semi - Finished slabs
4. Fabricated items
5. Squared and Dressed Blocks
PROJECTS
Projects Executed
Four major Casinos executed
along Carara - di - Carara, of Los Vegas, Novena, USA.
Eurekat Towers, Australia
Sheraton Hotel, Chennai, India.
Projects under execution
AIMST, Kedardarul Malaysia
Mall of Emirates, Dubai
Melbourne Towers, Australia.
NEW INITIATIVES:
The company has been striving for cutting down the cost and
improving the quality of its product. The company is fast in adopting new
technologies. In order to achieve these objectives, it has chosen to promote
the diamond tool technology in natural stone industry on its part. It has
decided to set up a diamond tool manufacturing unit in Colombo, Sri Lanka for
making specialized tools for natural stone industry. The unit will go into
stream in the Month of May 2004.
STRENGTHS OF THE COMPANY
The company has recognized by the Government of India as an
"Export House" under manufacture and exporter category which afford
additional advantages and incentives in terms of export and import policy.
1. PROCESS KNOWLEDGE
During its two decades of existence, the company has
acquired a good amount of process knowledge. The result is that the operations
are efficient, processes are well established and the company is very
dependable and valuable to its partners.
2. BUSINESS FOCUS
The entire focus of the company is on natural dimensional stone
in which it has proven expertise. It has emerged as one of the key players in
the industry. On account of its clear focus on dimensional stone, the goals are
very clear i.e. to improve the quality and cut down the cost on a continuous
basis making its product more affordable. Now Midwest is in the phase of
aggressively exploring new markets for its products and simultaneously planning
to cope up with impending raise in the demand for higher production leading to
expansion of capacity. Exploration processes also bring opportunities by way of
finding new deposits and new varieties of stones resulting in expansion of the
product range.
3. INFRASTRUCTURE
The company has the necessary infrastructure in place in
terms of managerial and technical
capability, financial strength and process knowledge. Marketing and
distribution, infrastructure and other related areas are being addressed to
undertake controlled and viable
expansion of business.
4. WIDE SPECTRUM of PRODUCTS
The company offers wide range of products such as special
types of granite, marble Lime stone, travertine in slabs, tiles, prefab stone,
blocks and other forms. This gives an edge over other suppliers particularly
for project needs.
5. STABLE FINANCIALS
The financial strength of the company is growing steadily
from time to time enabling the company to explore several new opportunities in
terms of acquiring additional production capabilities based on existing market
conditions.
6. H.R.POLICIES
The company is able to attract good talent into its fold
and maintain good industrial relations.
7. R and D BASE
The company is known for its innovation. It has R and D
facilities for exploration, testing and process. The Chairman of the company is
involved directly in R and D activity
and heads the team.
CMT REPORT
(Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts, India Prisons Service,
Interpol, etc.
1] INFORMATION ON
DESIGNATED PARTY
No records exist designating subject or any of its beneficial owners,
controlling shareholders or senior officers as terrorist or terrorist
organization or whom notice had been received that all financial transactions
involving their assets have been blocked or convicted, found guilty or against
whom a judgement or order had been entered in a proceedings for violating
money-laundering, anti-corruption or bribery or international economic or
anti-terrorism sanction laws or whose assets were seized, blocked, frozen or
ordered forfeited for violation of money laundering or international
anti-terrorism laws.
2] Court Declaration :
No records exist to suggest that subject is
or was the subject of any formal or informal allegations, prosecutions or other
official proceeding for making any prohibited payments or other improper
payments to government officials for engaging in prohibited transactions or
with designated parties.
3] Asset Declaration :
No records exist to suggest that the property or assets of the subject
are derived from criminal conduct or a prohibited transaction.
4] Record on Financial
Crime :
Charges or conviction
registered against subject: None
5] Records on Violation of
Anti-Corruption Laws :
Charges or
investigation registered against subject: None
6] Records on Int’l
Anti-Money Laundering Laws/Standards :
Charges or
investigation registered against subject: None
7] Criminal Records
No
available information exist that suggest that subject or any of its principals
have been formally charged or convicted by a competent governmental authority
for any financial crime or under any formal investigation by a competent
government authority for any violation of anti-corruption laws or international
anti-money laundering laws or standard.
8] Affiliation with
Government :
No record
exists to suggest that any director or indirect owners, controlling
shareholders, director, officer or employee of the company is a government
official or a family member or close business associate of a Government
official.
9] Compensation Package :
Our market
survey revealed that the amount of compensation sought by the subject is fair
and reasonable and comparable to compensation paid to others for similar
services.
10] Press Report :
No press reports / filings exists on
the subject.
CORPORATE
GOVERNANCE
MIRA INFORM as part of its Due Diligence do provide comments on
Corporate Governance to identify management and governance. These factors often
have been predictive and in some cases have created vulnerabilities to credit
deterioration.
Our Governance Assessment focuses principally on the interactions
between a company’s management, its Board of Directors, Shareholders and other
financial stakeholders.
CONTRAVENTION
Subject is not known to have contravened any existing local laws,
regulations or policies that prohibit, restrict or otherwise affect the terms
and conditions that could be included in the agreement with the subject.
FOREIGN EXCHANGE
RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.39.89 |
|
UK Pound |
1 |
Rs.79.65 |
|
Euro |
1 |
Rs.63.06 |
SCORE & RATING
EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
5 |
|
--CREDIT LINES |
1~10 |
5 |
|
--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 |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
46 |
This score serves as a reference to assess SC’s credit risk
and to set the amount of credit to be extended. It is calculated from a composite
of weighted scores obtained from each of the major sections of this report. The
assessed factors and their relative weights (as indicated through %) are as
follows:
Financial
condition (40%) Ownership
background (20%) Payment
record (10%)
Credit history
(10%) Market trend
(10%) Operational
size (10%)
RATING
EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
>86 |
Aaa |
Possesses an extremely sound financial base with the strongest capability
for timely payment of interest and principal sums |
Unlimited |
|
71-85 |
Aa |
Possesses adequate working capital. No caution needed for credit
transaction. It has above average (strong) capability for payment of interest
and principal sums |
Large |
|
56-70 |
A |
Financial & operational base are regarded healthy. General
unfavourable factors will not cause fatal effect. Satisfactory capability for
payment of interest and principal sums |
Fairly Large |
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
26-40 |
B |
Unfavourable & favourable factors carry similar weight in credit
consideration. Capability to overcome financial difficulties seems
comparatively below average. |
Small |
|
11-25 |
Ca |
Adverse factors are apparent. Repayment of interest and principal sums
in default or expected to be in default upon maturity |
Limited with
full security |
|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
|
NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
|