MIRA
INFORM REPORT
|
Report Date : |
24.07.2008 |
IDENTIFICATION
DETAILS
|
Name : |
TAMILNADU MINERALS LIMITED |
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Registered Office : |
31, Kamarajar Salai, Post Box No. 2961, Twad House, Madras 600 005,
Tamilnadu |
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Country : |
India |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
06.04.1978 |
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Com. Reg. No.: |
7488 |
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CIN No.: [Company
Identification No.] |
U14210TN1978SGC007488 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
CHET00136D |
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Legal Form : |
A Public Limited Liability Company, Owned by the Tamilnadu State
Government. |
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Line of Business : |
Manufacturer and Exporter of Granite Slabs, Tiles, Monuments and other Major Minerals. |
RATING &
COMMENTS
|
MIRAs 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 4973335 |
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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 an established state government undertaking having
satisfactory track records. Financial position is satisfactory. Trade
relations are fair. Payments are correct and as per commitments. The company can be considered good for any normal business dealings. It can be regarded as a promising business partner in a medium to
long-run. |
INFORMATION PARTED
BY
|
Name : |
Mr. Bharat Rajan |
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Designation : |
Accounts Department |
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Contact No.: |
91-44-28415003 |
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Date : |
23.07.2008 |
LOCATIONS
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Registered Office : |
31, Kamarajar Salai, Post Box No. 2961, Twad House, Madras 600 005,
Tamilnadu, India |
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Tel. No.: |
91-44-28410382/ 28511972 |
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Fax No.: |
91-44-28524960/ 28585986/ 28418909 |
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E-Mail : |
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Website : |
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Area : |
7500 Sq. ft |
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Location : |
Owned |
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Factory : |
251, Manali Ponneri Road, Manali, Chennai 600 068, Tamilnadu, India |
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Tel. No.: |
91-44-25941277/ 25941012 |
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Factory : |
16, Kathivakkam High Road, Ennore, Chennai 600 057, Tamilnadu, India |
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Tel. No.: |
91-44-25750338 |
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Factory : |
Konimedu, Madhepalli, Krishnagiri, TK 635 108, Dharampuri District |
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Tel. No.: |
91-4343-265579/ 265671 |
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Factory : |
94 C/1, 3rd Main Road, Industrial Estate, Ambattur,
Chennai 600 058, Tamilnadu, India |
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Tel. No.: |
91-44-26358588 |
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Factory : |
Senthi Udayanathapuram Village, Sivaganga 623 560 |
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Tel. No.: |
91-4575-204062/ 237244 |
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Divisional Office : |
246, Thirunavukarasunagar, Attur 636 102 |
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Tel No.: |
91-4282-240876 |
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Divisional Office : |
Door No. 11/7, Krishnappa Layout Co-Operative Colony, Krishnagiri
635 001 |
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Tel No.: |
91-4343-266359 |
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Divisional Office : |
Periyar Theru, 127/ C 39, Kaverynagar, Kulithalai 639 104 |
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Tel No.: |
91-4323-224711 |
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Divisional Office : |
52, Channel Road, Melur 625 106, Madurai |
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Tel No.: |
91-452-2415436 |
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Divisional Office : |
36/1B, Bi-Pass Road, Thiruvannamalai 606 601 |
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Tel No.: |
91-4175-225979 |
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Divisional Office : |
No. 2, Ganapathynagar, 1st Street, Villupuram |
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Tel No.: |
91-4146-227062 |
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Divisional Office : |
257, Nehrunagar, Near PN Patti Panchayat, Metturdam 636 402 |
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Tel No.: |
91-4298-222254 |
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Divisional Office : |
No. 10, 3rd Cross Street, Rajajinagar, P. O. Ariyalur
621713 |
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Tel No.: |
91-4329-221405 |
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Divisional Office : |
16F, Majeeth Koil Street, Pennagaram 636 810, Dharampuri District |
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Tel No.: |
91-4342-255644 |
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Divisional Office : |
8/1, 4th Street, Gopalapuram, Katpadi, Vellore 623 006 |
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Tel No.: |
91-416-2248737 |
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Divisional Office : |
No. 9, Kamarajar Salai, NH Colony, Perumalpuram, Tirunelveli 627 007 |
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Tel No.: |
91-462-2533212 |
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Show Room : |
Ground Floor, Jamal Sonu Building, Choolaimedu, Chennai 600 094,
Tamilnadu, India |
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Tel No.: |
91-44-23611135 |
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Workshop.: |
Foulkes Compound, Anaimedu, Salem 636 001 |
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Tel No.: |
91-427-2295505/ 2295506 |
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Training Centre : |
Race Course Road, Opp. Anna Sports Stadium, Khajanagar Post, Tiruchy
620 023 |
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Tel No.: |
91-431-2423432 |
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Head Office Officials Phone No : |
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Chairman and Managing Director Tel No: 91-44-28524563 / 28525113 |
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General Manager (Technical) Tel No.: 91-44-28411010 |
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General Manager (Finance) Cum Secretary Tel No.: 91-44-28544979/ 28514296 |
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Assistant General Manager (Marketing) Tel No.: 91-44-28413004 |
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Assistant General Manager (Investigation,
Mining Lease and Projects) Tel No.: 91-44-28586694 |
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Assistant General Manager (Production) Tel No.: 91-44-28416008 |
DIRECTORS
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Name : |
Mr. L. K. Tripathy |
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Designation : |
Chairman Cum Managing Director |
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Qualification: |
IAS |
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Name : |
Mr. R. Srinivasan |
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Designation : |
Director |
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Qualification : |
IAS |
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Name : |
Dr. M. G. Deshmukh |
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Designation : |
Director |
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Qualification : |
IAS |
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Name : |
Ms. Susan Mathew |
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Designation : |
Director |
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Qualification : |
IAS |
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Name : |
Mr. D. Jothi Nagarajan |
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Designation : |
Director |
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Qualification : |
IAS |
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Name : |
Dr. L. Ajaykumar |
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Designation : |
Director |
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Qualification : |
IAS |
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Name : |
Mr. Rameshram Misra |
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Designation : |
Director |
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Name : |
Mr. Gopalakrishnan |
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Designation : |
Director |
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Address: |
10, Ananda Nilayam Road, Nehrunagar, Chromepet, Chennai 600 044, Tamilnadu, India |
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Date of Birth : |
10.03.1969 |
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Date of Appointment : |
05.09.2007 |
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Name : |
Mr. Rajaraman Kalyanaraman |
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Designation : |
Director |
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Address: |
242, 39th Street, 8th Sector, West K K Nagar, Chennai 600 078, Tamilnadu, India |
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Date of Birth : |
24.10.1963 |
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Date of Ceasing: |
05.09.2007 |
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Name : |
Mr. Rajeev Ranjan |
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Designation : |
Director |
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Address: |
D 1/E 12, Bapudham, S P Marg, Chanakyapuri, New Delhi 110021, India |
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Date of Birth : |
22.09.1961 |
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Date of Appointment : |
05.09.2007 |
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Name : |
Mr. Mahalingam Raman |
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Designation : |
Director |
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Address: |
3/686, Sriram Layout, Kuppam Road, Cauverynagar, Kottivakkam, Chennai 600 041, Tamilnadu, India |
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Date of Birth : |
16.04.1951 |
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Date of Ceasing: |
05.09.2007 |
KEY EXECUTIVES
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Name : |
Mr. S. Sankaranarayanan |
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Designation : |
Deputy Secretary, Industries Department Government of Tamil Nadu |
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Qualification : |
IAS |
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Name : |
Dr. K. V. Shanker |
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Designation : |
Head of Department of Mining and Engineering |
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Name : |
Hyder Ali - IAS |
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Designation : |
Joint Secretary Government of Tamil Nadu |
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Name : |
Mr. Duraipandi |
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Designation : |
General Manager (Finance) and Secretary |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
Equity share breakup (Percentage of total equity)
As on 31.03.2007
|
Sr. No. |
Category |
Percentage |
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1. |
Government (Central and State) |
100.00 |
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Total |
100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer and Exporter of Granite Slabs, Tiles, Monuments and other Major Minerals. |
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Products : |
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Imports : |
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Products : |
v Raw Materials |
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Countries : |
v France v Germany v Italy |
GENERAL
INFORMATION
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No. of Employees : |
About 2000 |
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Bankers : |
v Indian Overseas Bank Chennai, Tamilnadu, India v Indian Bank Chennai, Tamilnadu, India v State Bank of India Chennai, Tamilnadu, India v Canara Bank Chennai, Tamilnadu, India v Bank of Baroda Chennai, Tamilnadu, India v Union Bank Chennai, Tamilnadu, India |
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Banking
Relations : |
Good |
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Auditors : |
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Name : |
Essveeyar Chartered Accountants 59, 4th Street, Abhirampuram, Chennai 600 018, Tamilnadu, India C S Hariharan and Company Chartered Accountants 37/6, College Road, Chennai 600 006, Tamilnadu, India |
CAPITAL STRUCTURE
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
200,000 |
Equity shares |
Rs. 1000/- each |
Rs. 200.000 millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
78690 |
Equity shares |
Rs. 1000/-
each |
Rs. 78.690 millions |
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
|
31.03.2007 |
31.03.2006 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
|
78.690 |
78.690 |
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2] Share Application Money |
|
0.000 |
0.000 |
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3] Reserves & Surplus |
|
915.977 |
906.563 |
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4] (Accumulated Losses) |
|
0.000 |
0.000 |
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NETWORTH |
|
994.667 |
985.253 |
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LOAN FUNDS |
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1] Secured Loans |
|
0.000 |
0.000 |
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2] Unsecured Loans |
|
0.000 |
0.000 |
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TOTAL BORROWING |
|
0.000 |
0.000 |
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DEFERRED TAX LIABILITIES |
|
8.196 |
12.109 |
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TOTAL |
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1002.863 |
997.362 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
|
201.043 |
210.756 |
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Capital work-in-progress |
|
12.584 |
21.016 |
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INVESTMENT |
|
54.177 |
54.177 |
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DEFERREX TAX ASSETS |
|
0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
|
95.015 |
85.483 |
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Sundry Debtors |
|
11.190 |
43.804 |
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Cash & Bank Balances |
|
675.420 |
622.816 |
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Other Current Assets |
|
36.553 |
36.735 |
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Loans & Advances |
|
432.591 |
486.656 |
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Total
Current Assets |
|
1250.769 |
1275.494 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
|
371.235 |
425.800 |
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Provisions |
|
148.849 |
143.160 |
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Total
Current Liabilities |
|
520.084 |
568.960 |
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Net Current Assets |
|
730.685 |
706.534 |
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MISCELLANEOUS EXPENSES |
|
4.074 |
4.879 |
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TOTAL |
|
1002.863 |
997.362 |
|
PROFIT & LOSS
ACCOUNT
|
PARTICULARS |
|
31.03.2007 |
31.03.2006 |
|
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Sales Turnover |
|
1069.493 |
1143.835 |
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Other Income |
|
56.074 |
73.826 |
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Total Income |
|
1125.567 |
1217.661 |
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|
Profit/(Loss) Before Tax |
|
56.053 |
91.970 |
|
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Provision for Taxation |
|
(19.020) |
(12.876) |
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|
Profit/(Loss) After Tax |
|
75.073 |
104.846 |
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Expenditures : |
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|
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Raw Material Consumed |
|
54.399 |
47.764 |
|
|
Increase/(Decrease) in Finished Goods |
|
(2.387) |
17.355 |
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Salaries, Wages, Bonus, etc. |
|
251.133 |
218.715 |
|
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Payment to Auditors |
|
0.123 |
0.123 |
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Interest |
|
0.054 |
0.043 |
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Insurance Expenses |
|
1.802 |
2.480 |
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Power & Fuel |
|
90.021 |
83.479 |
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Depreciation & Amortization |
|
34.546 |
38.854 |
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Other Expenditure |
|
639.823 |
716.878 |
|
Total Expenditure |
|
1069.514 |
1125.691 |
|
KEY RATIOS
|
PARTICULARS |
|
|
31.03.2007 |
31.03.2006 |
|
PAT / Total Income |
(%) |
|
6.67 |
8.61 |
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|
Net Profit Margin (PBT/Sales) |
(%) |
|
5.24 |
8.04 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
|
4.98 |
7.55 |
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Return on Investment (ROI) (PBT/Networth) |
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|
0.06 |
0.09 |
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Debt Equity Ratio (Total Liability/Networth) |
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|
0.52 |
0.09 |
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Current Ratio (Current Asset/Current Liability) |
|
|
2.40 |
2.24 |
LOCAL AGENCY
FURTHER INFORMATION
As Per Website
Details
Tamil Nadu Minerals Limited Popularly Known as Tamin, is a Wholly Owned Blue Chip Company of the Government of Tamil Nadu Started In 1978.
Tamin is engaged in the
exploitation, processing and marketing of Granite and other minerals such as Limestone,
Vermiculite, Quartz, Feldspar, Indian Standard Sand and Graphite.
Tamin entered the international
granite market in the year 1979 and has secured a steady market for dimensional
blocks of black and other colour materials in countries like Japan, Germany,
Italy, Australia, UK, Switzerland, Holland, USA etc.
Tamin also exports polished
granite slabs, building slabs and tiles in several attractive colours, wall
panels and monuments of various designs conforming to International Standards.
Tamin has also been marketing
granite cubes with sides measuring 6 cm to 12 cm.
Tamin has excellent international
market presence as an exporter of quality products. It has a number of reputed
international clients such as M/s. Marble Corporation, Japan, M/s. TAC
Corporation, Japan, M/s. Nissho Iwai Corporation, Japan, M/s. Naturstein
Verkaufs GMBH, Switzerland, M/s. Magti Marble and Granite Trading Inc. Italy,
(nowadays International Stone Trading Inc. Panama) etc. who are steady
customers for long.
Tamin has been receiving annual
CAPEXIL awards for several years based on its excellent export performance.
Business
The company is engaged in manufacturing and export of Granite Slabs, Tiles, Monuments and other Major Minerals.
Subject is a Government Department engaged in exporting Granite Blocks (rough & polished) and Graphite & Limestone.
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] on Violation of
Anti-Corruption Laws :
Charges or
investigation registered against subject: None
6] Records on Intl
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 :
The 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.
The Governance Assessment focuses principally on the interactions between
a companys 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. 41.96 |
|
UK Pound |
1 |
Rs. 83.78 |
|
Euro |
1 |
Rs. 65.82 |
SCORE & RATING
EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
7 |
|
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 |
-- |
|
--MARGINS |
-5~5 |
|
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
YES |
|
--AFFILIATION |
YES/NO |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
55 |
This score serves as a reference to assess SCs 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 |
|