BUSINESS INFORMATION REPORT
1. Summary Information
|
|
|
Country |
|
|
Company Name |
CAUVERY STONES
IMPEX PRIVATE LIMITED |
Principal Name 1 |
MRS. SEETHALAKSHMI A. |
|
Status |
SATISFACTORY |
Principal Name 2 |
MR. R. GOVINDARAJ |
|
|
|
Registration # |
18-052601 |
|
Street Address |
NO.8, SECOND STREET, GANAPATHY COLONY, GOPALAPURAM, CHENNAI – 600 086,
|
||
|
Established Date |
24.02.2004 |
SIC Code |
-- |
|
Telephone# |
91-44-28115190 |
Business Style 1 |
MANUFACTURERS |
|
Fax # |
91-44-28110859 |
Business Style 2 |
EXPORTERS |
|
Homepage |
Product Name 1 |
GRANITES |
|
|
# of employees |
200 (APPROXIMATELY) |
Product Name 2 |
-- |
|
Paid up capital |
RS.4,910,000/-
|
Product Name 3 |
-- |
|
Shareholders |
DIRECTORS OR RELATIVES
OF DIRECTORS-100% |
Banking |
INDIAN OVERSEAS BANK |
|
Public Limited Corp. |
NO |
Business Period |
7 YEARS |
|
IPO |
NO |
International Ins. |
-- |
|
Public |
NO |
Rating |
Ba (45) |
|
Related
Company |
|||
|
Relation
|
Country
|
Company
Name |
CEO |
|
SISTER
CONCERNS/GROUP COMPANIES |
-- |
GEM GRANITES |
-- |
|
Note |
-- |
||
2. Summary
Financial Statement
|
Balance Sheet as of |
31.03.2010 |
(Unit: Indian Rs.) |
|
|
Assets |
Liabilities |
||
|
Current Assets |
97,953,000
|
Current Liabilities |
17,331,000
|
|
Inventories |
29,459,000
|
Long-term Liabilities |
23,784,000 |
|
Fixed Assets |
53,923,000 |
Other Liabilities |
3,802,000
|
|
Deferred Assets |
0,000 |
Total Liabilities |
44,917,000 |
|
Invest& other Assets |
48,000 |
Retained Earnings |
131,556,000 |
|
|
|
Net Worth |
136,466,000 |
|
Total Assets |
181,383,000 |
Total Liab. & Equity |
181,383,000 |
|
Total Assets (Previous Year) |
143,396,000 |
|
|
|
P/L Statement as of |
31.03.2010 |
(Unit: Indian Rs.) |
|
|
Sales |
146,910,000 |
Net Profit |
41,440,000 |
|
Sales(Previous yr) |
156,475,000 |
Net Profit(Prev.yr) |
10,233,000 |
MIRA
INFORM REPORT
|
Report Date : |
29.07.2011 |
IDENTIFICATION DETAILS
|
Name : |
CAUVERY STONES IMPEX PRIVATE LIMITED |
|
|
|
|
Registered
Office : |
No.8, |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as
on) : |
31.03.2010 |
|
|
|
|
Date of
Incorporation : |
24.02.2004 |
|
|
|
|
Com. Reg. No.: |
18-052601 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs.4.910
millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U26960TN2004PTC052601 |
|
|
|
|
TIN No.: |
33860721347 |
|
|
|
|
Legal Form : |
Private Limited Liability Company |
|
|
|
|
Line of Business
: |
Manufacturers and Exporters of all types of Granites. |
|
|
|
|
No. of Employees
: |
200 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (45) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 546000 |
|
|
|
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
Usually Correct |
|
|
|
|
Litigation : |
Clear |
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|
|
|
Comments : |
Subject was established in the year 1994 as a partnership concern under
the name of Cauvery Enterprises and later it converted into private limited
company in the year 2004. It is an established company having satisfactory track. Trade
relations are reported as fair. Business is active. Payments are reported to
be usually correct and as per commitments. The company can be considered normal for business dealings at usual
trade terms and conditions. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – April 1, 2010
|
Country Name |
Previous Rating (31.12.2009) |
Current Rating (01.04.2010) |
|
|
A1 |
A1 |
|
Risk Category |
ECGC Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
LOCATIONS
|
Registered Office : |
No.8, |
|
Tel. No.: |
91-44-28115190 |
|
Fax No.: |
91-44-28110859 |
|
E-Mail : |
|
|
Website : |
|
|
|
|
|
Factory 1 : |
146, Injambakkam, Chennai – 600 041, |
|
Tel. No.: |
91-44-24491835 |
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|
|
|
Factory 2 : |
349 Circle Thottam, New |
Note:
150 own Quarries in Andhra Pradesh and
Tamilnadu
DIRECTORS
As on 30.09.2010
|
Name : |
Mrs. Seethalakshmi A. |
|
Designation : |
Director |
|
Address : |
28, |
|
Date of Birth/Age : |
22.08.1952 |
|
Date of Appointment : |
24.02.2004 |
|
DIN No.: |
00050784 |
|
|
|
|
Name : |
Mr. R. Govindaraj |
|
Designation : |
Director |
|
Address : |
49, Workers Estate, Neelangarai, Chennai – 600 041, |
|
Date of Birth/Age : |
07.01.1953 |
|
Date of Appointment : |
31.01.2005 |
|
DIN No.: |
00112647 |
KEY EXECUTIVES
|
Name : |
R. Ghunasekaran |
|
Designation : |
Company Secretaries |
|
Address : |
New No.9, Old No.25/B, |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 30.09.2010
|
Names of Shareholders |
|
No. of Shares |
|
Seethalakshmi A. |
|
127400 |
|
Paneerselvam K. |
|
1000 |
|
Raji Veeramani V. |
|
127400 |
|
Latha Sekar S. |
|
117600 |
|
Vedavalli Kumar K. |
|
117600 |
|
Total |
|
491000 |
As on 30.09.2010
|
Equity Share Breakup |
|
Percentage of Holding |
|
Category |
|
|
|
Directors
or relatives of directors |
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturers and Exporters of all types of Granites. |
|
|
|
|
Exports : |
|
|
Products : |
Granites |
|
Countries : |
v v v v v v v v |
|
|
|
|
Terms : |
|
|
Selling : |
L/C and Credit (30 days) |
|
|
|
|
Purchasing : |
L/C and Credit (30 days) |
PRODUCTION STATUS (AS ON 31.03.2010)
|
Particulars |
Unit |
|
|
Actual
Production |
|
Monuments |
PCS. |
|
|
30998 |
|
Sintering – Abrasives |
NOS. |
|
|
105679 |
|
|
|
|
|
|
GENERAL INFORMATION
|
Suppliers : |
v Manjal Granites and Stones Private Limited v Sky Granites v arbor Resources Limited v Iljini Diamond v
shinhan v Umicore v ABC Superabrasives v Alvel Sales v commercial Hardware Mart v engineering Tools and Equipments v Grace Industries v JM Enterprises v Mano Timbers v Nilesh Trading Corporation v Royal Tyre Private Limited |
|||||||||
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|
|||||||||
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Customers : |
v
Flohr and Faust v
Grabmale Wolf and GMBH v
Heinz Jansen v
Marc Jansen GMBH v
Gem Granites v
Cauvery Enterprises v
peter hans Langhammer v
Galaxy Granites Private Limited v
Union Diffision Information |
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|
|||||||||
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No. of Employees : |
200 (Approximately) |
|||||||||
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|
|||||||||
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Bankers : |
v
Indian Overseas Bank, Overseas Branch, Foreign
Exchange Department, Esplande, Chennai – 600 108, v
India Bank v
Union Bank of v
Citi Bank N.A., 2, Branch Address: Chennai and |
|||||||||
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Facilities : |
|
|
|
|
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Banking
Relations : |
-- |
|
|
|
|
Financial Institution : |
Sundaram Finance Limited, No.21, |
|
|
|
|
Auditors : |
|
|
Name : |
Vijai Sarathy and Company Chartered Accountants |
|
Address : |
New No.39, Old No.18A, |
|
Tel. No.: |
91-44-28152948/ 28153830 |
|
E-Mail : |
|
|
|
|
|
Sister Concerns/ Group Companies : |
v Gem Granites v Imperial Granites Limited v Gem spinners v Mckay Stones Inc, Line of Business: All engaged in the
business of quarrying granites and exporting them. |
CAPITAL STRUCTURE
As on 31.03.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
500000 |
Equity Shares |
Rs.10/- each |
Rs.5.000 millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
491000 |
Equity Shares |
Rs.10/- each |
Rs.4.910
millions |
|
|
|
|
|
FINANCIAL DATA
[all figures are in
Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
4.910 |
4.910 |
4.910 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
131.556 |
90.116 |
79.883 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
136.466 |
95.026 |
84.793 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
0.000 |
0.000 |
0.116 |
|
|
2] Unsecured Loans |
23.784 |
29.354 |
34.854 |
|
|
TOTAL BORROWING |
23.784 |
29.354 |
34.970 |
|
|
DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
160.250 |
124.380 |
119.763 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
53.923 |
56.135 |
57.200 |
|
|
Capital work-in-progress |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
INVESTMENT |
0.000 |
0.000 |
0.000 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
29.459
|
7.980 |
25.578 |
|
|
Sundry Debtors |
86.608
|
66.389 |
42.267 |
|
|
Cash & Bank Balances |
1.402
|
1.453 |
1.434 |
|
|
Other Current Assets |
0.000
|
0.000 |
0.000 |
|
|
Loans & Advances |
9.943
|
11.380 |
7.924 |
|
Total
Current Assets |
127.412
|
87.202 |
77.203 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors & Other Current Liabilities |
17.331
|
14.794 |
11.299 |
|
|
Provisions |
3.802
|
4.222 |
3.411 |
|
Total
Current Liabilities |
21.133
|
19.016 |
14.710 |
|
|
Net Current Assets |
106.279
|
68.186 |
62.493 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.048 |
0.059 |
0.070 |
|
|
|
|
|
|
|
|
TOTAL |
160.250 |
124.380 |
119.763 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
|
|
SALES |
|
|
|
|
|
|
|
Turnover |
146.910 |
156.475 |
126.222 |
|
|
|
Other Income |
1.283 |
3.617 |
3.441 |
|
|
|
TOTAL (A) |
148.193 |
160.092 |
129.663 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
|
99.332 |
142.955 |
104.779 |
|
|
|
Administrative Expenses |
|
|
|
|
|
|
Advertising Expenses |
|
|
|
|
|
|
TOTAL (B) |
99.332 |
142.955 |
104.779 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
48.861 |
17.137 |
24.884 |
|
|
|
|
|
|
|
|
|
Less |
INTEREST &
FINANCIAL EXPENSES (D) |
0.552 |
0.484 |
0.701 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
48.309 |
16.653 |
24.183 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
5.701 |
5.610 |
5.104 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
42.608 |
11.043 |
19.080 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
1.168 |
0.810 |
1.416 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
41.440 |
10.233 |
17.664 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export Earnings |
103.468 |
101.064 |
78.121 |
|
|
TOTAL EARNINGS |
103.468 |
101.064 |
78.121 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials, Spares & Capital Goods |
8.698 |
8.462 |
NA |
|
|
TOTAL IMPORTS |
8.698 |
8.462 |
NA |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
84.40 |
NA |
NA |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
27.96
|
6.39 |
13.62 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
29.00
|
7.06 |
15.12 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
23.50
|
7.70 |
14.20 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.31
|
0.12 |
0.23 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
0.33
|
0.51 |
0.59 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
6.03
|
4.59 |
5.25 |
LOCAL AGENCY FURTHER INFORMATION
PROFILE:
This firm has been registered as a private limited company in the name
of Cauvery Stone Impex Private Limited. The registration was done on 24.2.2004.
This is a part of Gem Granites, Chennai. It is
one of the companies, engaged in the same business of granites, as its parent
company Gem granites. For corporate reasons, the group has different smaller
firms that operate under the same management. Gem group of companies consists
of the following companies:
v Gem Granites
v Imperial Granites Limited
v Gem spinners
v Mckay Stones Inc,
The chairman of the group is Mr. Veeramani. The
directors of this particular company is given below.
The company and its group companies are all
(except Gem Spinners India - which is engaged in the textile business) engaged
in the quarrying, cutting, processing and export of Indian Granite. The company
is a leader and pioneer in granites and ranks as Number one in South of India.
The colors offered by this company cannot be procured elsewhere and they have
made such a reputation that Granites simply means Gem Granites of South India.
All the quarrying is done in Andhra Pradesh and Tamilnadu and are cut and
processed in their own factories both in AP and Tamilnadu.
Gem Granites is the pioneer and visionary of
the Indian granite Industry with more than 3˝ decades of experience in mining
and processing of natural stone. Gem has earned a high degree of credibility
with customers as a trustworthy company through the supply of the best quality
Indian granite products as per their specifications. Gem granites and their
group companies export their products to most countries across the globe such
as
v
v
v
v
v
v
v
v
Gem’s products are a part of several
historical prestigious and monumental projects all across the globe bringing global
recognition to the entire Indian Granite Industry. It is the first company to
get ISO 9002:2000 quality certification.
Cauvery is a part and parcel of the Gem group
and the details listed above are relevant to Cauvery enterprises also.
Machineries and Infrastructure
Cauvery has established high credibility in
international market for its performance, products, customer relationships and
services. They have the infrastructure to see through their commitments. They
are using most modern imported machines from renowned companies from
Some of their Machineries are
v Gangsaws
v Block trimmer
v Tilling plants
v Block cutter
The companies that supply machinery to them
are
1. Caterpillar
2. Diamant boart
3. Sandvik
4. Samsung
5. Atlas capco
6. L and T
7. Tata
8. Gaspari
9. Bretton
They have over 33 years of experience in
quarrying and processing of granite. Gem Group has over 150 quarries of its own
and a few more are in the pipe line. This enables them to maintain quality
right from the grass root level. They have their own research and survey
department that identifies deposits in
1. New Imperial white
2. Tropical green
3. Golden dragon
4. Diana green
5. New Imperial red
6. New Mahogany
7. Oyster pearl
8. Lavender blue
FIXED ASSETS:
v Land
v Plant and Machinery
v Vehicles
v Splendor Plus
v Office Equipments
v Work in Progress
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources including
but not limited to: The Courts,
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.44.13 |
|
|
1 |
Rs.72.05 |
|
Euro |
1 |
Rs.63.33 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
5 |
|
--CREDIT LINES |
1~10 |
5 |
|
--MARGINS |
-5~5 |
- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
NO |
|
--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 |
|
45 |
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 |
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 |
|
- |
NB |
New Business |
- |
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.