MIRA
INFORM REPORT
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Report Date : |
31.01.2008 |
IDENTIFICATION
DETAILS
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Name : |
ARCHEAN GRANITES PRIVATE LIMITED |
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Registered Office : |
32 – D, North Crescent Road T Nagar, Chennai 600017, Tamilnadu |
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Country : |
India |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
07.01.1984 |
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Com. Reg. No.: |
017091 |
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CIN No.: [Company
Identification No.] |
U26999TN1984PTC017091 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
CHEA00850D |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Manufacturer and Exporter of Granites |
RATING &
COMMENTS
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MIRA’s Rating : |
A |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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 |
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Maximum Credit Limit : |
USD 2100000 |
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Status : |
Good |
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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 fine track
records. Available information indicates
high financial responsibility of the company. Trade relations are fair.
Business is active. Payments
are reported as correct and as per commitments. The company can be considered good for normal business dealings at usual trade terms and conditions. |
LOCATIONS
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Registered Office : |
32 – D, North Crescent Road T Nagar, Chennai 600017, Tamilnadu, India |
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Tel. No.: |
91-44-28153479 |
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Fax No.: |
91-44-28156797 |
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E-Mail : |
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Website : |
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Factory : |
TVH Beliciaa Towers, Phase II, 5th floor, 94, MRC Nagar,
Chennai 600028, Tamilnadu, India |
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Tel. No.: |
91-44-43033444 |
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Fax No.: |
91-44-28156797 |
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E-Mail : |
DIRECTORS
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Name : |
Mr. Pendurti Brahmanandam |
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Designation : |
Managing Director |
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Address : |
9 Giri Road, T Nagar, Chennai 600017, Tamilnadu, India |
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Date of Birth/Age : |
01.12.1938 |
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Date of Appointment : |
07.01.1984 |
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Name : |
Mr. Sundararajan Madan |
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Designation : |
Director |
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Address : |
188B, St. Marys Road, Vidhyatheeth Nagar, Alwarpet, Chennai 600018,
Tamilnadu, India |
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Date of Birth/Age : |
06.05.1956 |
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Date of Appointment : |
14.09.1996 |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
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Names of Shareholders |
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No. of Shares |
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P. Pramila |
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1095000 |
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P. B. Anandam |
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600600 |
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P. Ravi |
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427200 |
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P. Ranjit |
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427200 |
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Total |
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2550000 |
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Equity Share
Break-up |
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Percentage of
Holding |
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Directors or relatives of the Directors |
|
100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer and Exporter of Granites |
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Products : |
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Exports : |
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Products : |
Cobblestone |
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Countries : |
Ø US Ø European Markets
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GENERAL
INFORMATION
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Bankers : |
Ø
HDFC Bank
Limited House Senapati
Bapat Marg, Lower Parel [West], Mumbai 400013, Maharashtra, India Ø
Kotak
Mahindra Bank Limited 36 – 38A, Nariman
Bhavan, 227, Nariman Point, Mumbai 400021, Maharashtra, India Ø
Canara Bank Overseas Branch,
770A, Annasalai, Spencer Towers, Chennai 600002, Tamilnadu, India |
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Facilities : |
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Banking
Relations : |
Good |
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Auditors : |
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Name : |
B. Purushottam and Company Chartered Accountants |
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Address : |
Flat No. 3, Pioneer Homes 23/A, North Boag Road, T Nagar, Chennai
600017, Tamilnadu, India |
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Associates/Subsidiaries : |
Ø Total Maritime
Design Private Limited CIN No. :
U35111TN2006PTC058612 Ø Greenergy
Gujarat Company Private Limited CIN No. :
U23201TN2006PTC058864 Ø Greenergy
Tamilnadu Private Limited CIN No. : U74999TN2006PTC060095 |
CAPITAL STRUCTURE
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
3000000 |
Equity Shares |
Rs. 10/- each |
Rs. 30.000 Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
2550000 |
Equity Shares |
Rs. 10/-
each |
Rs. 25.500
Millions |
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2007 |
31.03.2006 |
31.03.2005 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
25.500 |
25.500 |
25.500 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
501.092 |
413.049 |
381.555 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
526.592 |
438.549 |
407.055 |
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LOAN FUNDS |
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1] Secured Loans |
960.828 |
1068.340 |
904.109 |
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2] Unsecured Loans |
2.714 |
3.188 |
5.867 |
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TOTAL BORROWING |
963.542 |
1071.528 |
909.976 |
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DEFERRED TAX LIABILITIES |
58.894 |
55.078 |
31.453 |
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TOTAL |
1549.028 |
1565.155 |
1348.484 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
777.859 |
868.740 |
671.269 |
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Capital work-in-progress |
0.082 |
1.047 |
11.243 |
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INVESTMENT |
71.845 |
71.755 |
69.935 |
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DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
306.223
|
208.029 |
205.686 |
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Sundry Debtors |
215.955
|
302.670 |
251.083 |
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Cash & Bank Balances |
61.961
|
53.345 |
42.692 |
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Other Current Assets |
0.000
|
0.000 |
0.000 |
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Loans & Advances |
237.459
|
228.386 |
122.996 |
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Total
Current Assets |
821.598
|
792.430 |
622.457 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
81.078
|
156.650 |
18.513 |
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Provisions |
41.278
|
12.167 |
7.907 |
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Total
Current Liabilities |
122.356
|
168.817 |
26.420 |
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Net Current Assets |
699.242
|
623.613 |
596.037 |
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MISCELLANEOUS EXPENSES0 |
0.000 |
0.000 |
0.000 |
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TOTAL |
1549.028 |
1565.155 |
1348.484 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
31.03.2007 |
31.03.2006 |
31.03.2005 |
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Sales Turnover |
759.559 |
920.890 |
783.885 |
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Charter Hire |
0.000 |
134.504 |
54.686 |
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Other Income |
17.897 |
10.625 |
16.600 |
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Total Income |
777.456 |
1066.019 |
855.171 |
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Profit/(Loss) Before Tax |
N.A. |
60.448 |
85.224 |
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Provision for Taxation |
N.A. |
28.955 |
30.115 |
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Profit/(Loss) After Tax |
N.A. |
31.493 |
55.109 |
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Export Value |
N.A. |
512.735 |
489.912 |
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Total Imports |
N.A. |
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N.A. |
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Expenditures : |
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Purchases |
0.000 |
0.000 |
3.679 |
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Production Expenses |
245.305 |
0.000 |
219.144 |
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Personnel Expenses |
38.678 |
0.000 |
0.000 |
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Packing Expenses |
0.000 |
0.000 |
9.668 |
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Freight and Handling Charges |
395.044 |
0.000 |
407.494 |
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Salaries wages and other benefits |
0.000 |
0.000 |
27.632 |
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Administrative Expenses |
49.226 |
0.000 |
43.600 |
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Increase/(Decrease) in Finished Goods |
0.000 |
0.000 |
[8.529] |
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Finance Charges |
89.304 |
80.193 |
49.596 |
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Depreciation & Amortization |
0.000 |
0.000 |
17.663 |
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Other Expenses |
0.000 |
925.378 |
0.000 |
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Total Expenditure |
817.557 |
1005.571 |
769.947 |
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KEY RATIOS
|
PARTICULARS |
|
31.03.2007 |
31.03.2006 |
31.03.2005 |
|
PAT / Total Income |
(%) |
NA
|
2.95 |
6.44 |
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Net Profit Margin (PBT/Sales) |
(%) |
NA
|
6.56 |
10.87 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
NA
|
3.63 |
5.32 |
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Return on Investment (ROI) (PBT/Networth) |
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NA
|
0.13 |
0.16 |
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Debt Equity Ratio (Total Liability/Networth) |
|
2.06
|
2.82 |
2.30 |
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Current Ratio (Current Asset/Current Liability) |
|
6.71
|
4.69 |
23.56 |
LOCAL AGENCY
FURTHER INFORMATION
Fixed Assets:
Ø
Land
Ø
Building
Ø
Plant and Machinery
Ø
Furniture and Fixtures
Ø
Office Equipments – Computers others
Ø
Vehicles
Ø
Barges
Ø
Ship
Ø
Machinery
Ø
Building
Notes on Accounts:
The case in respect of Criminal charges filed
against certain ex-employees and others during 2000-01 is under trial. Pending disposal of the case, a sum of Rs.
3.917 Millions is shown under loans and advances.
[Rs.
In Millions]
|
Remuneration under Section 198 paid or
payable during the financial year to the Directors including Managing
Director |
1.800 |
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Other Allowances and commission including
commission |
0.500 |
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Any other perquisites or benefits in cash or
in kind |
1.080 |
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Total |
3.380 |
Notes on Accounts:
The company has given Corporate Guarantee to
the Banks and Institutions, for Loans extended by them to Group Companies and the
out standings as at the end of the year under review are :
[Rs. In Millions]
|
Jakhau Salt Company Private Limited from
IFCI Limited |
196.340 |
|
Goodearth Maritime Limited from GIIC |
17.360 |
|
Goodearth Maritime Limited from Canara
Bank |
210.552 |
|
Total |
424.252 |
Form 8
Bankers Charges
Report as per Registry
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This Form is for |
Creation of charge |
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Charge
identification number of the charge to be modified |
NA |
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Corporate
identity number of the company |
U26999TN1984PTC017091 |
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Name of the
company |
ARCHEAN GRANITES
PRIVATE LIMITED |
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Address of the registered
office or of the principal place of
business in India of the company |
32, North
Crescent Road, Madras 17, Tamilnadu, India |
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Type of charge |
Movable Property |
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Particular of
charge holder |
HDFC Bank Limited House Senapati Bapat
Marg, Lower Parel [West], Mumbai 400013, Maharashtra, India |
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Nature of
description of the instrument creating or modifying the charge |
Agreement for
Loan and Guarantee [Contract No.
3085856] |
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Date of
instrument Creating the charge |
05.07.2007 |
|
Amount secured by
the charge |
Rs. 6.654
Millions |
|
Brief particulars
of the principal terms an conditions and extent and operation of the charge |
[a] Rate of
Interest Interests Rate @
13.1% p.a. On delay in the repayment
of interest and/or any other repayment by the Company beyond such repayment
due date, the Bank shall be entitled to charge an additional interest @ 2%
p.m. or such other rate as may be specified by the Bank from time to time on
the entire such outstanding amount due to the Bank. [b] Terms of
repayment The Loan is
repayable in 36 EMIs of Rs. 0.223 Millions starting from 20.07.2007 and
ending on 20.06.2010 [c] Margin As may be
stipulated by Bank from time to time. [d] Extent and
operation of the charge The Company
hypothecates to and charges in favour of the Bank by way of first and
exclusive charge of the equipment described in Item No. 14 as security for
the repayment/payment by the Company of the loan granted or to be
granted to the company by the Bank together with all fees, interest, costs
and expenses incurred/to be incurred by the Bank and all other monies payable
or to become payable by the Company to the Bank. [e] Others The Bank shall be
absolutely entitled and have full power and authority to sell, assign or
transfer in any manner, in whole or in part, and in such manner and on such
terms as the Bank may decide, including reserving a right to the Bank to
retain its power to proceed against the company on behalf of the purchaser,
assignee or transferee, any or all outstanding dues of the company, to any
third party of the Bank’s choice without reference to or without written
intimation to the company. |
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Short particulars
of the property charged |
Hypothecation of vehicle
namely, Maker and Model : TATA Hitachi Hydraulic Excavator model EX 350 |
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Date of latest
modification prior to the present modification |
NA |
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Particulars of
the present modification |
NA |
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Name of the company |
ARCHEAN GRANITES
PRIVATE LIMITED |
|
Presented By |
Mr. P. B.
Anandam, Managing Director |
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1) Date and description of instrument creating the change |
Deed of hypothecation dated 03.02.2006 |
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2) Amount secured by the charge/amount owing on the securities of
charge |
Rs. 6.258
Millions |
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3) Short particular of the property charged. If the property acquired
is subject to charge, date of the acquired of the property should be given |
Specific exclusive
and first charge on Tata Hitachi model EX350 [Machine No. 350V-0169], more
fully described in the agreement schedule by of the hypothecation of the said
vehicle |
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4) Gist of the terms and conditions and extent and operation of the
charge. |
The Principal and
the interest should be paid in equated monthly installments of Rs. 0.178
Millions per month starting from 20.01.2006 to 20.11.2008. Further other levies as described more
fully in the schedule I to the Loan Agreement No. 1116439 dated 16.12.2005 is
payable. The detailed terms and
conditions are as per schedule I of the Deed of hypothecation. |
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5) Name and Address and description of the person entitled to the
charge. |
Kotak Mahindra
Bank Limited 36 – 38A, Nariman
Bhavan, 227, Nariman Point, Mumbai 400021, Maharashtra, 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 |
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Name of the company |
ARCHEAN GRANITES
PRIVATE LIMITED |
|
Presented By |
ARCHEAN GRANITES PRIVATE LIMITED AND CANARA BANK, OVERSEAS BRANCH, CHENNAI |
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1) Date and description of instrument creating the change |
3.12.2004 Deed of hypothecation re : Machinery |
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2) Amount secured by the charge/amount owing on the securities of
charge |
Rs. 500.000 Millions
together with interest, cost, charges and other expenses debited to the
account from time to time. |
|
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 |
One second – hand
ship [M V Maratha Mission] M. V. Good Season valued at Rs. 586.500 Millions
proposed to be acquired DWT : 41617 MT
[Gross] Year Built :
October 1985 |
|
4) Gist of the terms and conditions and extent and operation of the
charge. |
Repayable in 28
quarterly installments [Rs. 17.850 Millions each for first 27 installments
and Rs. 18.050 Millions for the last installment] after holiday period of 6
months with interest @ 10.75% per annum [rate of interest is subject to
change by the bank from time to time] |
|
5) Name and Address and description of the person entitled to the
charge. |
Canara Bank Overseas Branch,
770A, Annasalai, Spencer Towers, Chennai 600002 |
|
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 |
AS PER WEBSITE
DETAILS:
PROFILE:
Subject was started in 1984 at a time when the Portuguese
held sway over the world markets in a near monopolistic stronghold on the
industry. They have come a long way since their inception over two decades to
be recognized as a significant player in the world market reputed for quality,
customer satisfaction and punctuality. The company specializes in landscape
granite stones and has an annual production of 200,000 tons of cobblestones and
kerbstones.
Archean Granites is the largest supplier of cobblestones to
the US and European markets and is recognized for its stellar exports by the
government of India through numerous awards and recognitions.
Backed by a professional team and an
unmatched infrastructure Archean Granites has won the confidence of its customers
across the world. Their commitment to quality and timely delivery has left
their customers with a smile on their face that have reflected in repeat orders
which have spurred the team to seek and achieve bigger contracts for the
company.
PRODUCTS
Ø Gray
Split Finish
Ø Black
Split Finish
Ø
Pink Split Finish
FACILITIES
Archean Granites boasts of an infrastructure that is spread
over five regions of south India: Anantapur, Chikbellapur, Kuppam, Mulbagal and
Chittoor.
Rich harvests of granite in various shades and hues are
extracted from the forty quarries spread over these diverse regions of the
country.
The buzzing activities at the quarries are well supported by
a fleet of forty company owned trucks, five saw factories at Krishnagiri,
Kuppam, Mulbagal and Chennai, besides twenty five stone-dressing yards
and three stockyards with a capacity in excess of 20,000 tons each.
No infrastructure is complete
without well trained manpower. Archean Granites commands a work force of 3000
dedicated employees who bring to you the finest quality cobblestones and
kerbstones in time to the doorsteps, every time!
Archean Group is a large conglomerate of businesses spanning various
interests as Ores and Minerals, Coal, Common Salt, Industrial Chemicals,
Shipping and Ship Building and Alternate Energy Resources.
The Group is managed by well qualified and experienced professionals drawn from
the best in the industry who strive for excellence in their everyday activities
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. 39.47 |
|
UK Pound |
1 |
Rs. 77.98 |
|
Euro |
1 |
Rs. 57.92 |
SCORE & RATING
EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
OPERATING SCALE |
1~10 |
7 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
9 |
|
--PROFITABILIRY |
1~10 |
6 |
|
--LIQUIDITY |
1~10 |
9 |
|
--LEVERAGE |
1~10 |
9 |
|
--RESERVES |
1~10 |
8 |
|
--CREDIT LINES |
1~10 |
9 |
|
--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 |
|
68 |
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 |
|