MIRA
INFORM REPORT
|
Report Date : |
26.02.2008 |
IDENTIFICATION
DETAILS
|
Name : |
GEM
GRANITES |
|
|
|
|
Registered Office : |
76
& 78, Cathedral Road, Chennai – 600 086, Tamilnadu |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as on) : |
31.03.2007 |
|
|
|
|
Date of Incorporation : |
1973 |
|
|
|
|
TAN No.: [Tax
Deduction & Collection Account No.] |
CHEG00042A |
|
|
|
|
PAN No.: [Permanent
Account No.] |
AAAFG2370F |
|
|
|
|
Legal Form : |
A partnership
concern with an unlimited liability of the partners. |
|
|
|
|
Line of Business : |
Manufacturers of Dimensional Rough Granite Blocks, Cut and
Polished Granites both Slabs, Cut to sizes Monuments, Ornamental Pieces, etc. |
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 3000000 |
|
|
|
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
Regular |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is a well
established and reputed concern in granite industry. Trade relations are
fair. Financial position is satisfactory. Payments are usually correct and as
per commitments. The concern can
be considered good for normal business dealings at usual trade terms and
conditions. |
LOCATIONS
|
Registered Office : |
76
& 78, Cathedral Road, Chennai – 600 086, Tamilnadu, India |
|
Tel. No.: |
91-44-28115190 (10 lines) / 28112333 / 2411 / 5772 / 6107 |
|
Fax No.: |
91-44-28117338 / 1636 |
|
E-Mail : |
|
|
Website : |
|
|
Location : |
Owned |
|
|
|
|
Factory 1 : |
146,
Injambakkam Village, Muthukadu Road, Chennai – 600 041, Tamilnadu |
|
Tel. No.: |
91-44-24490885/24491835 |
|
Location : |
Owned |
|
|
|
|
Factory 2 : |
Old
Mahabalipuram Road, Kancheepuram, Chennai MGR District, Padur – 603 103,
Tamilnadu |
|
Location : |
Owned |
|
|
|
|
Factory 3 : |
3/400,
Circle Thottam, Near Bypass Road, Salem – 636 002, Tamilnadu |
|
Tel. No.: |
91-427-2270810 |
|
Fax No.: |
91-427-2270811 |
|
Location : |
Owned |
|
|
|
|
Factory 4 : |
Sirubunayur
Village, Salavakkam (PO), Uthiramerur Taluk, Kancheepuram District Padur –
603 103, Tamilnadu |
|
Location : |
Owned |
|
|
|
|
Factory 5 : |
Venkateswarapuram
H/O Velavadi, M. Kothur Post 517 590, Nagari, Chitoor District, Andhra
Pradesh |
|
Location : |
Owned |
|
|
|
|
Branches : |
Located
at : ·
Hoodi
Apartments, 120, Cunnigham Road, Bangalore – 560 052, Karnataka Tel. No. 91-80-22257824 Fax No. 91-80-22259704 ·
76
Cathedral Road, Chennai – 600 086, Tamilnadu Tel. No. 91-44-28115190 (10
lines)
Fax
No. 91-44-28117338 / 1636
E-Mail
1. gemigpl@vsnl.com 2. gemgran@giasmd01.vsnl.net.in ·
8,
Second Street, Ganapathy Colony, Chennai – 600 086, Tamilnadu Tel. No. 91-44-28116107/8112333 Fax No. 91-44-28117338 |
PARTNERS
|
Name : |
Mr.
R. Veeramani |
|
Designation : |
Managing Partner |
|
|
|
|
Name : |
Mr. S. R.
Asaithambi |
|
Designation : |
Partner |
|
|
|
|
Name : |
Mr. R. Sekar |
|
Designation : |
Partner |
|
|
|
|
Name : |
Mr. S. R. Kumar |
|
Designation : |
Partner |
KEY EXECUTIVES
|
Name : |
Mr. R. Veeramani |
|
Designation : |
Chairman (Group) |
|
Experience : |
Chairman – Development Panel for Granite Industry, President – Confederation of Export Units, Chairman – Granite and Other Stone Products Panel of
Chemicals & Allied Products Export Promotion Council, Member – Board of Trade
National Vice President, Past & Current Chairman - Indo American Chamber of Commerce Vice President - Indo Japan Chamber of Commerce Former Trustee -
Madras Trust Port Chairman – Ministry of Industry, Government of India Member – Granite Development Council Founder President - All India Granites and Stone
Association |
|
|
|
|
Name : |
Mr. Vasudevan |
|
Designation : |
Company Secretary |
BUSINESS DETAILS
|
Line of Business : |
Manufacturers
of Dimensional Rough Granite Blocks, Cut and Polished Granites both Slabs,
Cut to sizes Monuments, Ornamental Pieces, etc. |
|
|
|
|
Products : |
Rough
Dimensional Blocks, Flamed, Honed and Cut to size structural building slabs,
Monuments and memorials of different countries in exclusive designs and
modular tiles, Vanity and Counter Tops, Table Tops and Sculpture and moulded
sculpture pieces in different colours of natural granites stones. |
|
|
|
|
Exports : |
|
|
Products : |
Rough
Granite Blocks, Cut and Polished Granites in various forms |
|
Countries : |
Japan,
Italy, Taiwan, China, U.K, U.S.A., Germany, Singapore, Australia, Hongkong
and Dubai etc. |
|
|
|
|
Imports : |
|
|
Products : |
Machineries,
Consumables and Spares for Granite Processing |
|
Countries : |
Italy,
Germany, Japan and France |
|
|
|
|
Terms : |
|
|
Selling : |
L/C
terms |
|
|
|
|
Purchasing : |
L/C
terms |
GENERAL
INFORMATION
|
Customers : |
Wholesalers
|
|
|
|
|
No. of Employees : |
2000 |
|
|
|
|
Bankers : |
Indian
Overseas Bank Foreign
Exchange Department, Esplanade Branch, Chennai – 600 001, Tamilnadu, India |
|
|
|
|
Facilities : |
The
concern enjoys comprehensive facilities from its’ banker. [Packing Limit] |
|
|
|
|
Banking
Relations : |
Satisfactory |
|
|
|
|
Memberships : |
|
|
|
|
|
Associates/Subsidiaries : |
·
Imperial
Granites Private Limited 76 Cathedral Road, Chennai – 600 086, Tamilnadu Tel. No. 91-44-28115190 (10
lines)
Fax
No. 91-44-28117338 / 1636
E-Mail 1. gemigpl@vsnl.com 2. gemgran@giasmd01.vsnl.net.in Subject specialises in production of tiles and slabs for
the international market. It is an
ISO 9002 certified company. ·
Gem
Spinners India Limited Subject is a modern cotton yarn-spinning mill with
knitting facility, with a project cost of 31 million DM. ·
Gem
Holiday Resorts Limited It has established a hotel Holiday Inn Gem Park Ooty, a hill
resort located at an altitude of 2400 meters (7800 feet) from sea level. ·
Pronet
System Limited Subject was founded in 1997 to provide customised business
software solutions in the areas of manufacturing, finance, purchase,
inventory, sales management, customer service, human resource management,
internet, E-commerce, etc. ·
Coromandel
Agencies 8, Second Street, Ganapathy Colony, Chennai – 600 086,
Tamilnadu Tel. No. 91-44-28116107/8112333 Fax No. 91-44-28117338 ·
Cauvery
Stones Impact Private Limited 3/400, Circle Thottam, Near Bypass Road, Salem – 636 002,
Tamilnadu Tel. No. 91-427-2270810 Fax. No. 91-427-2270811
·
Stone
Wonders (India) Limited Sirubunayur Village, Salavakkam (PO),
Uthiramerur Taluk, Kancheepuram
District, Padur – 603 103, Tamilnadu |
CAPITAL STRUCTURE
|
Capital Investment : |
|
|
Owned : |
Rs. 800.000
millions |
|
Borrowed : |
-- |
|
Total : |
Rs. 800.000
millions |
FINANCIAL DATA
[all figures are in Rupees Millions]
|
Particulars |
31.03.2007 |
31.03.2006 |
31.03.2005 |
|
Sales Turnover |
2080.000 |
1800.000 |
1620.000 |
Expected Sales (2007-08) : Rs.2600.000 Millions
LOCAL AGENCY
FURTHER INFORMATION
HISTORY
Subject
was established in the year 1973 at Chennai in Tamil Nadu as a family partnership
concern.
The Gem
Group is headed by Mr. R. Veeramani. He
was the only Indian entrepreneur to be honoured by the Government of India with
a Special Award on the occasion of the celebration of the 50th Anniversary
of India’s Independence for his contribution in the field of mining and
marketing of granite.
The Gem
Group has diversified into industrial and commercial areas like textiles,
hotels and resorts and information technology.
The Gem
Group also manufactures modular tiles, vanity and counter tops, table tops,
vases and sculptured granite pieces in different colours. Several prestigious buildings in the world
have used the stones from the concern.
The
concern and its sister concern, Imperial Granites Private Limited have been
awarded ISO 9002 Certification for their products.
A
number of Granite companies around world have used the materials from the Gem
Group for their prestigious buildings and memorials worldwide. Some of them are
:
·
Ankuk
Insurance Building, Seoul, Korea
·
Jam
Won Building, Korea and Japan
·
Matsushita
Sangyo Co. Limited, Office Building, Tokyo, Japan
·
Nichido
Insurance Building, Tokyo, Japan
·
SamSung
Building, Seoul, Korea
·
SamSung
Fire & Insurance Building, Pusan, Korea
·
Hyundai
Villa, Seoul, Korea
·
Mitsui
OSK Building, Nagoya, Japan
·
Philips
Building, Taipai
·
Happy
World Inc., Office Building, Tokyo, Japan
·
Changi
Airport – Terminal I, D-Pier, Singapore
·
Nisso
Iwai New Head Quarters Building, Tokyo, Japan
·
Holocaust
Memorial Building, Washington D.C.
·
International
Monetary Fund, Washington D.C.
·
Amgen
Centre, Cambridge, Boston, USA
·
Ministry
of Attorney General Building, Trinidad
·
American
Embassy Building, Oman
·
Tower,
Hyundai Office Building, Seoul, Korea
·
Bayan
Palace, Kuwait
·
Urban
Bank, Manila
·
Currency
Operation Centre, Bank of China
·
HongKong
Electricity Supply Co., Hong Kong
·
Kingswood
Villa, Hong Kong
·
Eastern
Insurance Building, Malaysia
·
Fat
Cheong Project, Hong Kong
BUSINESS
Subject
is engaged in the business as manufacturers of Dimensional Rough Granite
Blocks, Cut and Polished Granites both Slabs, Cut to sizes Monuments,
Ornamental Pieces, etc.
The
concern has promoted exclusive branded colours like New Imperial Red, New
Mahogany, Oyster Pearl, Lavendar Blue, Bahama Blue, Q4 Black, Imperial White,
Tropical Green, Kashmir White, Golden Dragon (Yellow), Pacific Rainbow, Indian
Jurpana and Paradiso and Multi Colour varieties.
The
concern is exporters of Granite Products.
It manufactures quality granites for buildings, polished flame finished
slabs, modular tiles, cut to size panels, monuments of all kinds, etc.
The
concern’s product range includes rough dimensional blocks, polished, flamed,
honed and cut to size structural building slabs, monuments, memorials and
mausoleums for different countries in exclusive designs.
The
concern has the capacity of producing rough dimensional blocks, upto 7500 cubic
meters.
Subject
is a 100% Export Oriented Unit.
It is in trade terms with :-
·
Matsushita
Sangyo Company Limited, Tokyo
·
Mitsubishi
Corporation, Japan
·
Sumitomo
Corporation, Japan
The
Group has over 150 quarries of its own and a few more are in the pipeline.
Subject
has received several awards such as CAPEXIL Award, National Export Award, Certificate
of Merit, Special Award from Ministry of Steel & Mines, etc.
PRODUCTS
The Product range of GEM includes Rough
Dimensional Blocks, Polished, Flammed, Honed and
Cut to size structural building Slabs, monuments, memorials and
mausoleum for different countries in exclusive designs. GEM group also produces
modular tiles, Vanity and Counter tops, table tops and Sculptured pieces in
different colours in natural granite stones.
Several prestigious buildings in the world have used granite stones from
GEM. The Organisation is managed and run by highly qualified
professionals and skilled engineers.
IMPERIAL GRANITES LIMITED, a member of the gem group of Companies
which specialises in the production of calibrated tiles and
slabs for the international market is the
first Indian Granite Company to
receive ISO 9002 certification from M/s.
KPMG
DIVERSIFICATION
The GEM group has diversified in
to the following industrial and commercial areas.
Textiles
GEM SPINNERS
INDIA LIMITED is a Modern Cotton Yarn
Spinning mill with knitting facility having modern
machines imported from Germany and other European Countries at a project cost
of 31 Million DM.
Hotels & Resorts
GEM HOLIDAY RESORT LIMITED has established a hotel "Holiday
Inn Gem Park Ooty", a hill resort
located at an altitude of 2400
metres (7800 ft) from the sea level.
Information Technology
GEM has promoted PRONET SYSTEM LIMITED in
1997 to provide customs business software solutions in
the areas of manufacturing, Finance, Purchase, Inventory,
Sales management, Customers service, Human
resource management, Internet, E-commerce and many more. In Sep 2004 the name
of the company has changed as GEM Software Solutions Limited
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 exist designating subject or any of its beneficial owners,
controlling shareholders or senior officers as terrorist or terrorist
organization or whom notice had been received that all financial transactions
involving their assets have been blocked or convicted, found guilty or against
whom a judgement or order had been entered in a proceedings for violating
money-laundering, anti-corruption or bribery or international economic or
anti-terrorism sanction laws or whose assets were seized, blocked, frozen or
ordered forfeited for violation of money laundering or international
anti-terrorism laws.
2] Court Declaration :
No records exist to suggest that subject is
or was the subject of any formal or informal allegations, prosecutions or other
official proceeding for making any prohibited payments or other improper
payments to government officials for engaging in prohibited transactions or
with designated parties.
3] Asset Declaration :
No records exist to suggest that the property or assets of the subject
are derived from criminal conduct or a prohibited transaction.
4] Record on Financial
Crime :
Charges or conviction
registered against subject: None
5] Records on Violation of
Anti-Corruption Laws :
Charges or
investigation registered against subject: None
6] Records on Int’l
Anti-Money Laundering Laws/Standards :
Charges or
investigation registered against subject: None
7] Criminal Records
No
available information exist that suggest that subject or any of its principals
have been formally charged or convicted by a competent governmental authority
for any financial crime or under any formal investigation by a competent
government authority for any violation of anti-corruption laws or international
anti-money laundering laws or standard.
8] Affiliation with
Government :
No record
exists to suggest that any director or indirect owners, controlling
shareholders, director, officer or employee of the company is a government
official or a family member or close business associate of a Government official.
9] Compensation Package :
Our market
survey revealed that the amount of compensation sought by the subject is fair
and reasonable and comparable to compensation paid to others for similar
services.
10] Press Report :
No press reports / filings exists on
the subject.
CORPORATE
GOVERNANCE
MIRA INFORM as part of its Due Diligence do provide comments on
Corporate Governance to identify management and governance. These factors often
have been predictive and in some cases have created vulnerabilities to credit
deterioration.
Our Governance Assessment focuses principally on the interactions
between a company’s management, its Board of Directors, Shareholders and other
financial stakeholders.
CONTRAVENTION
Subject is not known to have contravened any existing local laws,
regulations or policies that prohibit, restrict or otherwise affect the terms
and conditions that could be included in the agreement with the subject.
FOREIGN EXCHANGE
RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.40.05 |
|
UK Pound |
1 |
Rs.78.75 |
|
Euro |
1 |
Rs.59.39 |
SCORE & RATING
EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILIRY |
1~10 |
6 |
|
--LIQUIDITY |
1~10 |
6 |
|
--LEVERAGE |
1~10 |
6 |
|
--RESERVES |
1~10 |
6 |
|
--CREDIT LINES |
1~10 |
6 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
YES |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
54 |
This score serves as a reference to assess SC’s credit risk
and to set the amount of credit to be extended. It is calculated from a composite
of weighted scores obtained from each of the major sections of this report. The
assessed factors and their relative weights (as indicated through %) are as
follows:
Financial
condition (40%) Ownership
background (20%) Payment
record (10%)
Credit history
(10%) Market trend
(10%) Operational
size (10%)
RATING
EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
>86 |
Aaa |
Possesses an extremely sound financial base with the strongest capability
for timely payment of interest and principal sums |
Unlimited |
|
71-85 |
Aa |
Possesses adequate working capital. No caution needed for credit
transaction. It has above average (strong) capability for payment of interest
and principal sums |
Large |
|
56-70 |
A |
Financial & operational base are regarded healthy. General
unfavourable factors will not cause fatal effect. Satisfactory capability for
payment of interest and principal sums |
Fairly Large |
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
26-40 |
B |
Unfavourable & favourable factors carry similar weight in credit
consideration. Capability to overcome financial difficulties seems
comparatively below average/normal. |
Small |
|
11-25 |
Ca |
Adverse factors are apparent. Repayment of interest and principal sums
in default or expected to be in default upon maturity |
Limited with
full security |
|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
|
NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
|