MIRA
INFORM REPORT
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Report Date : |
12.12.2008 |
IDENTIFICATION
DETAILS
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Name : |
TRIMEX INDUSTRIES LIMITED |
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Registered Office : |
Trimpex Towers, No. 1, Subbraya Anvenue, C. P Ramswsamy Road, Chennai-600018.
Tamilnadu |
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Country : |
India |
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Financials (as on) : |
31.03.2008 |
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Date of Incorporation : |
10.12.1984 |
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Com. Reg. No.: |
18-11398 |
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CIN No.: [Company
Identification No.] |
U52321TN1984PLC011398 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
CHET02459C |
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Legal Form : |
A Closely Held Public Limited Liability Company |
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Line of Business : |
Manufacturer and Supplier of Cement Plant |
RATING &
COMMENTS
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MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Maximum Credit Limit : |
USD 2400000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject is a well-established and reputed company having satisfactory
track. Trade relations are fair. Business is active. General financial position
is satisfactory. Payments are reported as usually made as per commitments. The company can be considered good for normal business dealings. |
LOCATIONS
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Registered Office : |
Trimpex Towers, No. 1, Subbraya Anvenue, C. P Ramswsamy Road,
Chennai-600018. Tamilnadu, India |
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Tel. No.: |
91-44-24988822/ 24988813 |
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Fax No.: |
91-44-24986047 |
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E-Mail : |
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Website : |
DIRECTORS
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Name : |
Mr. Pradeep Koneru |
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Designation : |
Director |
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Address : |
18A, Cresent Avenue, R.A. Puram, Chennai-600028, Tamilnadu, India |
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Date of Birth/Age : |
21.08.1977 |
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Date of Appointment : |
31.05.2000 |
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Name : |
Mrs. Vimaladevi Koneru |
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Designation : |
Directro |
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Address : |
10, Crescent Avenue, K.P. Puram, Chennai-600028, Tamilnadu, India |
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Date of Birth/Age : |
17.12.1951 |
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Date of Appointment : |
31.10.1996 |
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Name : |
Mr. Thati Venkataswamy Chowdary |
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Designation : |
Director |
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Address : |
T V Chowdary, B 27, Madhurangar, Hyderabad-500038, Andhra Pradesh,
India |
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Date of Birth/Age : |
01.06.1943 |
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Date of Appointment : |
03.10.2001 |
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Name : |
Mr. Satya Krishna Agarwal |
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Designation : |
Director |
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Address : |
C-25, Gulmohar Park, New Delhi-110049, India |
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Date of Birth/Age : |
27.03.1934 |
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Date of Appointment : |
17.07.1995 |
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Name : |
Mr. Koneru Rajendra Prasad |
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Designation : |
Director |
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Address : |
10, Crescent Avenue, K.P. Puram, Chennai-600028, Tamilndau, India |
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Date of Birth/Age : |
12.07.1950 |
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Date of Appointment : |
31.10.1996 |
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Name : |
Mr. Garigipati Subramanaym |
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Designation : |
Director |
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Address : |
304A, Road No. 78, Jubilee Hills, Hyderabad-500034, Andhra Pradesh,
India |
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Date of Birth/Age : |
12.09.1954 |
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Date of Appointment : |
30.04.2008 |
KEY EXECUTIVES
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Name : |
Mr. S Sujatha Lyall |
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Designation : |
Secretary |
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Address : |
179, V.G. P Nagar, Mogappair West, Chennai-600037, Tamilnadu, India |
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Date of Birth/Age : |
29.11.1979 |
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Date of Appointment : |
19.03.2008 |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
As on 22.09.2008
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Names of Shareholders |
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No. of Shares |
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K Vimaladevi |
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4235500 |
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K Madhu |
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2145100 |
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K Pradeep |
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2150100 |
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Sivanand Athmanthan |
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500 |
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V Ramprakash |
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500 |
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Sunkavli Lakshmi Narasimha Srisha |
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500 |
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Venkanna Chowdari Sunkavali |
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500 |
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K Chandra Sekhar |
|
500 |
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Mohan Raghavan |
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300 |
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M.G. Krishnan |
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500 |
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Sathyanarayan Reddy Elaganti |
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500 |
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Venkat Reddy Eleganti |
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500 |
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Hanirao Falinen |
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1000 |
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K R Annamalai |
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1000 |
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Madhava Investment and Finance company Private Limited |
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1000 |
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Nikkay Finance Investment Private Limited |
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7000 |
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Chitra Ayer |
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500 |
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Jayanthi S Mani |
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500 |
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Durga Prasad |
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1000 |
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Inayatullah Khan |
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1000 |
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Naveen Vouganti |
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1000 |
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IMC Limited, 109 |
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16700 |
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Anjabhai Karshabhai Patel |
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1000 |
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Bhanji Mamu Sanghar |
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1000 |
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K Nageswara Rao |
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1000 |
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D Vidyaprakash |
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3500 |
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Malini Devdas |
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400 |
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Chituri Subba Rao Chowdari |
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2000 |
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Sachinkumar Shetty |
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1800 |
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Gadde Srinivas Rao |
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1500 |
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N sarathchandra |
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500 |
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Ullatill Bharat Raj |
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500 |
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List of Allottees |
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No. of Shares Alloted |
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K Vimaladevi |
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900000 |
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Madhu Koneru |
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435000 |
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Pradeep Koneru |
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415000 |
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Total |
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1750000 |
Equity Share Breakup (Percentage of Total Equity)
As on 30.09.2008
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Category |
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Percentage |
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Bodies corporate (not mentioned above) |
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0.29 |
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Directors or relatives of directors |
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99.42 |
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Other top fifty (50) shareholders (Other than listed above) |
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0.29 |
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Total |
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100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer and Supplier of Cement Plant |
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Products : |
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GENERAL
INFORMATION
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Bankers : |
State Bank of India, Overseas Branch, No. 86, Rajaji Salai, Chennai-600001,
Tamilnadu, India |
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Facilities : |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
Purushottam and Company Chartered Accountant |
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Address : |
Flat No. 3-D, “Pioneer Homes”, 23/A, North Boag Road, T. Nagar,
Chennai-600017, Tamilnadu, India |
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Tel. No.: |
91-44-28152515/ 42013486 |
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Fax No.: |
91-44-42013485 |
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E-Mail : |
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Joint Ventures : |
·
RAk Minerals and Metals Investments ·
Ceramin ·
Middle East Coal ·
TJ ·
Rakindo |
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Associates/Subsidiaries : |
Pradeep Shipping
and Logistics Private Limited U63090TN19999PTC041870 Trimex Sands Private
Limited U14299A2004PTC042986 Trimex
International FZE Address: P.O. Box 17056, Jubel Ali, Dubai, U.A.E Tel No.: +971-4-8835544 Fax No.: + 971-4-8836410 E Mail: info@trimexgroup.com
PT Trimed
Indonesia Address: Sudirman Plaza, Plaza, Marine 20th Floor, Jl Jend,
Sudirman Kav. 76-78, Jakart – Selatan-12910, Indonesia Tel No.: +62-21-57937050 Fax No.: +62-21-57937051 E mail: indo@trixexgroup.com Trimex Asia
Limited Address: Unit A, 20th Floor, 9 Queen’s Road Central,
Central, Hong Kong Tel No.: +852-31897033 Fax No.: +852-31897697 E Mail : trimexhk@trimexgroup.com |
CAPITAL STRUCTURE
As on 22.09.2008
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
12000000 |
Equity Shares |
Rs. 10/- each |
Rs. 120.000 Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
8580400 |
Equity Shares |
Rs. 10/-
each |
Rs. 85.804
Millions |
Note:
(Of the above 1847250 shares allotted as fully
paid-up by way of Bonus Shares by capitalization of Free Reserves)
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2008 |
31.03.2007 |
31.03.2006 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
85.804 |
68.304 |
50.804 |
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2] Share Application Money |
0.000 |
17.500 |
0.000 |
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3] Reserves & Surplus |
413.379 |
128.513 |
75.887 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
499.183 |
214.317 |
126.691 |
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LOAN FUNDS |
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1] Secured Loans |
597.748 |
290.072 |
222.501 |
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2] Unsecured Loans |
26.600 |
26.600 |
2.079 |
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TOTAL BORROWING |
624.348 |
316.672 |
224.580 |
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DEFERRED TAX LIABILITIES |
1.869 |
0.000 |
8.599 |
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TOTAL |
1125.400 |
530.989 |
359.870 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
143.377 |
127.960 |
127.010 |
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Capital work-in-progress |
14.084 |
3.684 |
9.164 |
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INVESTMENT |
278.502 |
47.661 |
19.619 |
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DEFERREX TAX ASSETS |
0.000 |
3.689 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
271.634
|
222.688 |
111.180 |
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Sundry Debtors |
71.887
|
32.473 |
131.402 |
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Cash & Bank Balances |
98.487
|
47.633 |
55.388 |
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Other Current Assets |
0.000
|
0.000 |
0.000 |
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Loans & Advances |
583.872
|
236.839 |
162.238 |
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Total
Current Assets |
1025.880
|
539.633 |
460.208 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
257.204
|
180.986 |
246.205 |
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Provisions |
79.239
|
10.652 |
9.926 |
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Total
Current Liabilities |
336.443
|
191.638 |
256.131 |
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Net Current Assets |
689.437
|
347.995 |
204.077 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
1125.400 |
530.989 |
359.870 |
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PROFIT & LOSS
ACCOUNT
|
PARTICULARS |
31.03.2008 |
31.03.2007 |
31.03.2006 |
|
|
Sales Turnover |
3290.628 |
1504.764 |
1066.468 |
|
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Other Income |
6.244 |
11.582 |
6.630 |
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Total Income |
3296.872 |
1516.346 |
1073.098 |
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Profit/(Loss) Before Tax |
449.598 |
72.286 |
45.003 |
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Provision for Taxation |
164.018 |
17.581 |
26.776 |
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Profit/(Loss) After Tax |
285.580 |
54.705 |
18.227 |
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Earnings in Foreign Currency : |
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Export Earnings |
1028.017 |
560.068 |
NA |
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Imports : |
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Import Value |
0.741 |
0.000 |
NA |
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Expenditures : |
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Raw Material Consumed |
1820.948 |
916.522 |
575.242 |
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Salaries, Wages, Bonus, etc. |
35.991 |
30.074 |
17.640 |
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Managerial Remuneration |
49.827 |
2.400 |
1.476 |
|
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Payment to Auditors |
0.737 |
0.322 |
0.178 |
|
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Interest |
67.123 |
29.323 |
30.761 |
|
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Insurance Expenses |
3.367 |
3.499 |
2.005 |
|
|
Power & Fuel |
0.922 |
1.046 |
14.105 |
|
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Depreciation & Amortization |
17.878 |
24.236 |
11.849 |
|
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Other Expenditure |
850.481 |
436.638 |
374.839 |
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Total Expenditure |
2847.274 |
1444.060 |
1028.095 |
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KEY RATIOS
|
PARTICULARS |
|
31.03.2008 |
31.03.2007 |
31.03.2006 |
|
PAT / Total Income |
(%) |
8.66
|
3.61 |
1.70 |
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Net Profit Margin (PBT/Sales) |
(%) |
13.67
|
4.80 |
4.22 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
38.45
|
10.82 |
7.66 |
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Return on Investment (ROI) (PBT/Networth) |
|
0.90
|
0.34 |
0.36 |
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Debt Equity Ratio (Total Liability/Networth) |
|
1.92
|
2.37 |
3.79 |
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Current Ratio (Current Asset/Current Liability) |
|
3.05
|
2.82 |
1.79 |
LOCAL AGENCY
FURTHER INFORMATION
Domestic Sales:
During the year 2007-08, the company has shown a remarkable increase in
Turnover. The total domestic turnover in the year has increased in value by
approx. 141.56% and has been Rs. 2120.505 Millions as compared to Rs. 877.829
Millions in the previous year. Iron ore has made the maximum contribution to
this with a turnover of Rs. 2080.837 Millions as compared to Rs. 799.613
Millions in the previous year. The increase has been achieved due to an
increase in turnover volume as well as the rise in prices.
Export Sales
Durin the year 2007-08, the export turnover has also shown substantial
increase in value of approx. 86.64%. The total export turnover has been Rs.
1170.123 Millions as compared to Rs. 626.936 Millions in the previous year.
Iron ore contributed the major chunk of R.s 704.315 Millions as compared to Rs.
155.531 Millions in the previous year. Export of processed barites also went up
by about 50% in value terms.
Profitability:
As a result of the increase in turnover, the profit before tax is Rs.
449.598 Millions as compared to Rs. 72.286 Millions in the previous year and
the profit after tax is Rs. 285.581 Millions as compared to R.s 54.705 Millions
in the previous year.
Future Plans
Encouraged by the current performance and promising scenario in the Iron
Ore Sector, the Company is in the process of setting up more Iron ore crushing
Units and also a Sponge Iron Unit for enhancing its existing processing
capacities.
The company has been indentified by APMDC to set up a Barite
Beneficiation Plant. Land has already been identified for setting up the Plant
and they expect to enter into an agreement with APMDC during the course of this
year for this venture.
The Company is in the process of entering into a joint venture agreement
with Laviosa Chimica Mineraria S.P.A, Italy for promoting the Bentonite trade
both within India and Outside. This way they will be able to tap the immense
potential in the Bentonite market.
Contingent
Liabilities:
|
Contingent
Liabilities |
31.03.2008 Rs.
In Millions |
|
Bank Guarantee |
36.740 |
|
Letters of Credit Openend |
13.420 |
|
Corporate Guarantee on behalf of subsidiary company |
1519.000 |
|
Letter of Undertaking |
213.800 |
|
Bills Discounted |
264.725 |
|
Total |
2047.685 |
Bankers Charges Report
as per Registry
|
This form is for |
Modification of
charge |
|
Charge
identification number of the modified
|
90287186 |
|
Corporate
identity number of the company |
U52321TN1984PLC011398 |
|
Name of the
company |
TRIMPEX INDUSTRIES LIMITED |
|
Address of the
registered office or of the principal place of business in India of the company |
Trimpex Towers, No. 1, Subbraya Anvenue, C. P Ramswsamy Road,
Chennai-600018. Tamilnadu, India |
|
Type of charge |
Immovable
Property |
|
Particular of
charge holder |
State Bank of India, Overseas Branch, No. 86, Rajaji Salai,
Chennai-600001, Tamilnadu, India |
|
Nature of
description of the instrument creating or modifying the charge |
EM Confirmation
Letter |
|
Date of
instrument Creating the charge |
26.09.2008 |
|
Amount secured by
the charge |
Rs. 1440.900
Millions |
|
Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest As per the
existing Terms and Conditions. Terms of
Repayment As per the
existing terms and conditions. Margin As per the
existing term and conditions. Extent and
Operation of the charge As mentioned in
the EM Confirmation Letter. |
|
Short particulars
of the property charged |
Creation of
Equitable Mortgage by way of deposit of Title deeds of the Company’s
immovable property viz, Vacant land with
old building situated at Old Door No. 87, New Door No. 90. Chaminers Road,
Chennai-600018 comprised in survey No. 3915/4 admeasuring 3 grounds and 2035
sq.ft vide Sale Deed Doc. No. 752/2008 Date 05.08.2008 |
|
Date of latest
modification prior to the present modification |
13.08.2008 |
|
Name of the company |
TRIMPEX INDUSTRIES LIMITED |
|
Presented By |
K.M. Ramanunni, Company Secretary |
|
1) Date and description of instrument creating the change |
a. Letter of Hypothecation for Rs. 3.000 Millions dated 16.10.19687 b. Shipping Lien for Rs. 3.000 Millions dated 16.10.1987 c. Indemnity for negotiation of bill dated 16.10.1987 d. General Letter of Hypothecation dated 16.10.1987, both relating to
the same charge |
|
2) Amount secured by the charge/amount owing on the securities of
charge |
Rs. 6.000 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 |
Hypothecation of stocks at Madras Port, Mine at Kodur and elsewhere
and stocks in transit. Hypothecation of quarry advances paid to mine owners. |
|
4) Gist of the terms and conditions and extent and operation of the
charge. |
Interest will be 0.75% above
SBAR with the minimum of 19.75% p.a. |
|
5) Name and Address and description of the person entitled to the
charge. |
State Bank of India, Overseas Branch, No. 86, Rajaji Salai,
Chennai-600001, Tamilnadu, India |
|
6) Date and brief description
of instrument modifying the charge |
a.Form C. 1-A Supplemental agreement of loan for increase of overall
limit dated 28.08.2003 b. Form C.2-A Supplemental agreement of Hypothecation of goods and
assets for increase in overall limit dated 28.08.2003 c. Form C.3A Supplemental Agreement of Pledge of Goods and Assets for
increase in overall limit dated 28.08.2003 d. Form C.5 Letter regarding the grant of individual limits within the
overall limit dated 28.08.2003 e. Form c.10 Memorandum of Deposits for creation of further charge fro
Term Loans/ Overall limit where the initial charges is created by way of
Mortgage by Deposits of Title Deeds. f. Letter dated 29.08.2003 Extension of Equitable mortgage on
28.08.2003, confirming that the company has deposited on 27.03.1999 the title
deeds in respect of the property at sininum village, ponneri taluk measuring
A. 10.08 ½ centes with the intention
of creating equitable mortgage on the said property asdn that the benefit of
mortgage shall apply to the limit as enhanced on 28.08.2003 |
Fixed Assets:
·
Land
·
Building
·
Factory
·
Plant and Machinery
·
Furniture and Fittings
·
Vehicles
·
Air Conditioner
·
Computer
·
Office Equipments
·
Electrical Fixtures
·
Lab Equipments
·
Temp Shed
·
Lease Mines
AS PER WEBSITE
PROFILE:
Distinction through three decades
Founded in 1985 by Prasad Koneru, a mainstay of the minerals business since
1973, Trimex Group was launched to fill the demand supply gap for quality
industrial minerals to the oil drilling industry. A noted visionary, Mr
Prasad’s organisation has since grown into a leading minerals and metals
conglomerate with interests in all areas of the minerals supply chain, from
mining and logistics to processing and research & development.
Located in UAE and India, the group has grown in assets and market
capitalisation several times over within the past decade. Trimex’s outstanding success
is the result of strategic diversification through forward and backward
integration, which looks at all aspects of the mineral value chain.
Trimex Group today is one of the region’s largest mineral and metal
conglomerate. The company prospects, mines, sources, processes and delivers
minerals and metals to the world’s leading oil drilling, ceramic, glass,
construction, energy and fertilizer industries.
MANAGEMENT
PRASAD KONERU
Prasad Koneru is the Founder-Chairman and Chief Mentor of The Trimex
Group, that has global business operations across three business lines -
mining, processing and trading and is currently is guiding the group into new
verticals & businesses. With wide ranging experience across several
industry sectors spanning industrial raw minerals, real estate development,
trading, shipping and logistics, Prasad spearheads a group of companies engaged
in laterally integrated activities. Prasad Koneru is currently the Managing
Director of Rakindo Developers Private Limited . ( 50 - 50 JV between Trimex
Group and Rakeen Private Limited; UAE (PJSC) Company promoted by Government of
Ras Al Khaimah
He sincerely believes that all those who work in his Group companies
across the globe form his large family. Koneru is a deeply religious man, with
a kind heart that reaches the poor and needy aptly seen by his various
philanthropic activities through the Koneru Prasad Foundation free clinics and
schools in Andhra Pradesh
Forging strong ties
In addition to his Group's business, Koneru, performs a key role in
promoting investments between UAE and India. He liaises between the State
Governments in India and UAE and has espoused many such initiatives across
various sectors - Manufacturing, Real Estate, IT etc.
Group Building
With his vast hands on experience & astute business acumen, Koneru,
has built the group into becoming a global leader in the field of Industrial
Minerals covering industries like Ceramics, Oil Exploration etc.. Trimex is now
expanding into heavy metals, by processing beach sand on the east coast of
India, Once the plant starts production by the end of 2008, Trimex would be the
first private company in India processing heavy minerals like illuminate,
garnet & zircon
Global Vision
Koneru's global business vision and deep sense of understanding of major
opportunities in various verticals, has driven the Group to foray in to Real
Estate & Infrastructure. His vision of a Green healthy living has seen the
birth of a revolutionary entity in RAKINDO - a real estate JV with the
Government of Ras Al Khaimah, which would primarily focus on the construction
and development of large self-contained , Integrated Townships with world-class
standards and amenities in various parts of India. The turnover is expected to
cross USD Five billion in the next 5 years.
MADHU KONERU
A socially aware and dynamic young entrepreneur and business leader with
a string of achievements to his credit, Madhu Koneru, Managing Director, RAK
Minerals and Metals Investments and Executive Director, TRIMEX International
FZE, has distinguished himself through his ability to continuously set and
achieve newer and higher standards of efficiency and business excellence.
Koneru has demonstrated impeccable leadership qualities throughout his
13-year tenure on the top echelon of the Trimex Group. During this period, the
Group has seen stunning growth from US$50 million in 1995 to nearly US$300
million in 2006 and has been reorganized into a portfolio-driven enterprise.
Each of its six core areas of concentration: Mining, Processing, Shipping,
Logistics, Marketing and Research and Development have grown and developed into
state of the art units.
RAK Minerals and Metals Investment (RMMI), a 50% joint venture with the
Government of Ras Al Khaimah is one such success story that bears testimony to
Madhu Koneru's initiative, entrepreneurial skills and leadership qualities.
RMMI was founded in 2005 with $200 million in investments and has grown into a
trans-global $4 billion asset conglomerate within a short span of two years.
The company has expanded into the markets of Africa, Europe, Indian
Sub-continent and the Middle East, as one of the major contenders in the
industry.
Alongside his business engagements, Madhu Koneru has successfully helped
in cementing business ties between the UAE and India, particularly in his home
state of Andhra Pradesh. He is credited with having made lasting contributions
to the economic development of Hyderabad, the capital of Andhra Pradesh, which
is now internationally hailed as one of India's most developed cities and one
with the closest ties with the UAE.
His expertise is regularly sought by the Dubai and Ras-Al-Khaimah
Governments in developing initiatives between India and the UAE. He has been
instrumental in facilitating a number of bilateral initiatives between the UAE
and Andhra Pradesh, including the granting of landing rights for Emirates
Airlines in Hyderabad in 2002, the agreement between Emaar and the Andhra
Pradesh government for developing a 600 acre township with an 18 hole golf
course and the Hitech Convention Centre with a 6000 seating capacity.
Koneru facilitated the signing of an MOU between Dubai World Trade
Centre and Andhra Pradesh government for organizing Gitex Hyderabad, setting up
of a RAK Ceramics plant in Andhra Pradesh, holding of World Telugu Federation
in Dubai, setting up of a plant in Ras Al Khaimah by Pioneer Cement. Through
these initiatives, he has played a major role in the economic development of
Hyderabad in the last few years.
Having begun his career as a trainee with the TRIMEX Group in 1992,
Koneru rose to the position of General Manager in 1995 and Executive Director
in 1996. In these roles, he not only expanded his core business across
products, sectors and continents, but also diversified to include several other
businesses.
During his tenure he has held a number of top leadership positions as
member of the Board of Directors, TRIMEX Group, as Director, Al Ghanem
Industrial Company, Kuwait, as Managing Director, TJ Shipping and Logistics and
Director and as CEO, Vxceed Technologies FZE, Dubai.
A socially active member of the business society, Madhu Koneru is a YEO,
India member, a Charter Member of The Indus Entrepreneurs in Dubai and a member
of the Indian Business and Professional Council in Dubai.
As a business leader with a distinctive vision, he considers
entrepreneurship as "the mission of imparting the stamp of the distinctive
individuality into what you are passionate about, taking risks and trusting
themself." He believes that the harder he works, the luckier he gets.
He believes that leadership is about empowering the team, encouraging
them to take risks and make decisions, thereby bringing the best
entrepreneurial skills out of them. He believes that successful entrepreneurship
is hollow in the absence of solid commitment to the world around, which is
teeming with the needy and underprivileged.
Socially aware of the society's needs and as part of his passionate
commitment to serving the needy and underprivileged, he runs a trust in India
providing free education, medical treatment and employment facilitation.
He has won the Asian Business Award Middle East 2007 for Young Asian
Achiever of the year.
Koneru is a sports car enthusiast and a keen golfer having won the title
of 'Player of the Year' in 1998.
He has a Bachelor degree in Commerce from the Delhi University and
considers his father, Prasad R. Koneru, the founder of Trimex Group, as his
greatest source of inspiration.
PRADEEP KONERU
Pradeep Koneru oversees the Indian operations of the Trimex Group as the
Executive Director of Trimex Industries Limited Pradeep holds a degree in
mechanical engineering, and has been instrumental in the development of the
iron ore, barite and bauxite businesses on the subcontinent, as well as the
establishment of the Trimex Sands division. Through the strategy of growth
through diversification and forward and backward integration, Trimex’s India
Group has enjoyed consistent growth in scale and profitability.
TRIMEX INDIA
Trimex Industries commenced operations in 1985 in India, focussing
mainly on production and export of Barite, Bentonite, and has since then
diversified its mineral operations into all areas of the mineral value chain,
including a recent foray into the extraction of heavy minerals via Trimex
Sands.
Trimex Industries
Trimex Industries mines and procures the raw materials from various
mines and process them as per customer requirements. Typically, Trimex provides
the equipment, infrastructure, manpower and logistics to enable efficient
production. Currently, Trimex Industries holds mineral sales agreements for a
number of iron ore and bauxite mines including investment of more than 50% in
sum, and produces more than 1.2 million tons of iron and 300,000 mts of Bauxite
per annum. The company is also developing processing hubs to handle and process
Barite, Bentonite and Calcium Carbonate.
Trimex Sands
Trimex Sands was formed to take advantage of the abundance of heavy
minerals in the beach sands on the East Coast of India. Granted a mining lease
of 7.2 sq kms stretch of coastline in the Srikakulam district of Andra Pradesh,
Trimex Sands will extract minerals including Ilmenite, Rutile, Zircon,
Sillimanite and Garnet for use in a wide range of industry verticals. Trimex is
in final stage of negotiations with technology providers for setting up the
largest Titanium Dioxide plant in the country.
TRIMEX INTERNATIONAL
Trimex International was incorporated in Dubai in 1995. Initially, the
organisation was involved in the trading of Industrial Minerals in the Gulf and
international markets. Under Mr. Madhu Koneru, Trimex International has grown
rapidly through diversification and vertical integration, which included
mining, processing and the creation of companies to cater to specific business
needs.
Trimex Trading
The company trades in industrial minerals such as Barite, Bentonite,
Bauxite, Gypsum, Dolomite, Rock Phosphate, Iron Ore and so on, for the Oil
Drilling, Cement, Ceramic, Glass, Fertilisers, Iron & Steel Industries. The
company client base includes world leaders like Halliburton, Schlumberger,
Hindustan Lever, Coromondel Fertilsers Limited, NPCC, Abu Dhabi, among many
others.
Trimex Processing
The group currently has two processing plants in the Middle East, one in
Kuwait and the other in Ras Al Khaimah. Both hubs process ore sourced from
around the world, and then ship the high quality product to countries across
the region and beyond. The UAE plant is equipped with a world-class laboratory,
fitted with cutting edge equipment for quality control and research &
development, and has been awarded the ISO-9001:2000. The company is currently
in the process of setting up similar processing plants in the Far East.
JOINT VENTURES
RAK Minerals and Metals Investments (RMMI) is the result of a strong
partnership between RAK Investment Authority (RAKIA), a government of Ras Al
Khaimah initiative and Trimex Group. It was founded as part of RAK government's
strategy to cater to the growing demand for mineral and metal resources for the
Emirate's various industrial ventures, and to identify emerging opportunities
worldwide. RMMI today is a holding company with three subsidiaries - Ceramin,
RAK Minerals and Metals, and RAK Coal & Energy.
Ceramin provides turnkey minerals solutions for the ceramics industry,
delivering kaolin, ball clay and feldspar to ceramic manufacturers throughout
the Middle East. From surveying and exploration to mining and processing,
Ceramin's vision is to deliver cost-effective regional resources for the
ceramics industry.
RAK Minerals & Metals
This is a venture founded to pursue opportunities in base metals and
minerals, such as copper, lead, zinc, limestone and aggregates etc. The company
has currently identified significant opportunities in the Democratic Republic
of Congo, primarily in the mining and processing of copper, limestone and
aggregates. Significant stakes have been acquired in two companies, holding
vast copper mines, and one company with mining concessions for limestone and
aggregate. The company has also acquired controlling stake in large copper
mines in East Europe and is in the process of setting a Copper Smelter.
RAK Coal & Energy
A US$300 million venture spanning two continents, RAK Coal and Energy
has acquired major coal mines in Indonesia, which will be mined and shipped to
the UAE for conversion into energy resources.
Middle East Coal (MEC) was founded to bridge demand-supply gap for
energy resources in Asia-Pacific. Located in Singapore, the company's core
objective is to invest in all areas related to the coal industry in Indonesia.
With a long term investment strategy in place, the company plans to invest in
projects with a consolidated outlook on coal mining and the development of the
underlying logistics & infrastructure. MEC also plans to invest in
processing technology that enhances the calorific value and energy utility of
sub-bituminous coal found in abundance in Indonesia.
TJ Shipping and Logistics Headquartered in Dubai, is a member of the Trimex
Group, providing in-house shipping and logistics to the organisation. Due to
the group's rapid expansion, TJ Shipping has evolved to provide personalised
bulk shipping and logistics solutions to third parties.
TJ Shipping prides itself not only on its ability to provide efficient
and cost effective shipping and logistics services irrespective of magnitude,
but in providing solutions that are crafted to suit local conditions. Many of
the company's recent contracts have been ground breaking and have been
successfully conducted under extremely difficult circumstances. TJ Shipping
offers analysis of port features or markets has a network of shipping related
partners and guarantees performance and delivery.
RAKINDO Developers is a 50:50 joint venture between Trimex Group and
Rakeen, a company promoted by the government of Ras Al Khaimah. Rakindo plans
to invest up to $5 billion in Indian real projects over five years in mixed-use
and industrial developments and SEZs. This would be one of the largest
investments in the Indian real estate market by an international organisation.
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.48.52 |
|
UK Pound |
1 |
Rs.72.62 |
|
Euro |
1 |
Rs.63.76 |
SCORE & RATING
EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
7 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
6 |
|
--LEVERAGE |
1~10 |
6 |
|
--RESERVES |
1~10 |
6 |
|
--CREDIT LINES |
1~10 |
6 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
YES |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
53 |
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 |
|