|
Report Date : |
16.12.2013 |
IDENTIFICATION DETAILS
|
Name : |
G R THANGA MALIGAI AND SONS |
|
|
|
|
Registered
Office : |
21 Coats Road, North Usman Road, T Nagar, Chennai – 600017, Tamilnadu |
|
|
|
|
Financials (as
on) : |
31.03.2013 |
|
|
|
|
Country : |
India |
|
|
|
|
Year of
Establishment : |
2006 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Not Divulged |
|
|
|
|
Legal Form : |
Partnership Concern with an Unlimited Liability of the Partners |
|
|
|
|
Line of Business
: |
Manufacturer, Trader, Supplier of Gold and Silverware and Gold Smiths,
Platinum Jewellery. |
|
|
|
|
No. of Employees
: |
100 (Approximately) 750 (Group Company) (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (50) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Status : |
Good |
|
|
|
|
Payment Behaviour : |
Regular |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is a partnership firm under the HUF’s of Mr. G Rajendran (Chairman
of the GRT Group) and his sons. It is an established concern having fine
tracks record. Trade relations are fair. Business is active. Payment terms are
reported as regular. The concern can be considered good for business dealings at usual trade
term 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 – March 31st, 2013
|
Country Name |
Previous Rating (31.12.2012) |
Current Rating (31.03.2013) |
|
India |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
INDIAN ECONOMIC OVERVIEW
The current downturn
provides an opportunity to push ahead with reforms to accelerate growth, says the
latest India Development Update report released by the World Bank. The report
says that the adverse effects of rupee depreciation are likely to be offset by
the gains in the exports performance due to improved external competitiveness.
Since May this year, the local currency has depreciated substantially and fell
to a record level of Rs 68.85 to a dollar on August, 28.
A stagflation like
situation appears to have arisen as inflation jumped to an eight month high of
6.46 % for the month of September. It is up from 6.10 % in August. Growth
continues to be muted with factory output plunging to 0.6 % in August.
Onion prices have risen nearly 300 % from last September. Vegetables cost
nearly 90 % more than they did last year. Wake up to the economic contribution
of slum dwellers. They contribute more than 7.5 % to the country’s gross
domestic product, according to a recent study conducted in 50 top cities.
136000 estimated
number of jobs created during the second quarter of the current financial year.
50000 estimated number of additional jobs in the field of corporate social
responsibility in the coming years.
The International
Finance Corporation expects to come out with its rupee linked bonds issue before
the end of 2013 as a part of its plan to raise $ 1 billion. The Apple iPhone 5c
(Rs 41900 for 16 GB variant) and 5s (Rs 53500 for 16GB variant) has been
launched in India from 1st November.
The Land Acquisition
Act to provide just and fair compensation to farmers will come into force from
January 1 next year, said Rural Development Minister Jairam Ramesh. The Act
replaces a 119 year old registration. The Securities and Exchange Board of
India has approved the trading of currency futures on the Bombay Stock
Exchange. The exchange plans to launch the currency futures platform with
advanced trading technology by the end of November.
EXTERNAL AGENCY RATING
|
Rating Agency Name |
ICRA |
|
Rating |
Term loan A- |
|
Rating Explanation |
Adequate degree of safety low credit risk. |
|
Date |
December 2012 |
|
Rating Agency Name |
ICRA |
|
Rating |
Short term fund based limits A1 |
|
Rating Explanation |
Very strong degree of safety and lowest
credit risk. |
|
Date |
December 2012 |
RBI DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available RBI Defaulters’ list.
EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of
31-03-2012.
INFORMATION PARTED BY
|
Name : |
Ms. Ambica |
|
Designation : |
Accounts Head |
|
Contact No.: |
91-44-24345062 |
|
Date : |
02.12.2013 |
LOCATIONS
|
Registered Office : |
21 Coats Road, North Usman Road, T Nagar, Chennai – 600017, Tamilnadu,
India |
|
Tel. No.: |
91-44-23461515 / 49491515 |
|
Fax No.: |
91-44-24344495 |
|
E-Mail : |
|
|
Website : |
|
|
Location : |
Owned |
|
|
|
|
Corporate Office : |
138, Usman Road, T Nagar, Chennai – 600017, Tamilnadu, India |
|
|
|
|
Branch Office : |
Located At: Ř T. Nagar Ř Purasaiwakkam Ř Tambaram West Ř Old Washermenpet
Ř Anna Nagar West |
PARTNERS
|
Name : |
Mr. G Rajendran |
|
Designation : |
Partner |
|
PAN No. : |
AEEPG7361L |
|
|
|
|
Name : |
Mr. G R Anantha Padmanabhan |
|
Designation : |
Partner |
|
PAN No. : |
AALPP9367I |
|
|
|
|
Name : |
Mr. G Radharishnan |
|
Designation : |
Partner |
|
PAN No. : |
AAEPR6723K |
|
|
|
|
Name : |
R. Vasanthi |
|
Designation : |
Partner |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer, Trader, Supplier of Gold and Silverware and Gold Smiths,
Platinum Jewellery. |
|
|
|
|
Exports : |
|
|
Products : |
Jewellery |
|
Countries : |
·
Thailand ·
USA |
|
|
|
|
Imports : |
|
|
Products : |
Diamond |
|
Countries : |
Thailand |
|
|
|
|
Terms : |
|
|
Selling : |
Cheque |
|
|
|
|
Purchasing : |
Via Money Transfer |
GENERAL INFORMATION
|
Suppliers : |
·
Jewelx ·
Unique Design Jewel |
|
|
|
|
Customers : |
End Users |
|
|
|
|
No. of Employees : |
100 (Approximately) 750 (Group Company) (Approximately) |
|
|
|
|
Bankers : |
·
ICICI Bank ·
HDFC Bank, Mallya Puram Branch |
|
|
|
|
Facilities : |
TL – Rs. Rs. 140.000 Millions |
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
Mr. Ravo and San Chartered Accountants |
|
|
|
|
GRT Group : |
Ř G R Thanga
Maligai Ř G R Thanga
Maligai (Firm) Ř H Thanga Maligai
Jewellers Private Limited |
|
|
|
|
The Group of Other Sister Concern : |
Ř G.R. Thanga
Maligai Pearls and Kundan Ř GRT Mahalakshmi Education
Charitable Trust Ř GRT Hotels and
Resorts Ř GRT Silverwares Ř Thanga Maligai
Silver Artware Ř GRT Regency
Sameera Vellore Ř Hotel Radiosson
Estate |
CAPITAL STRUCTURE
|
Capital Investment : |
|
|
Owned : |
Not Divulged |
|
Borrowed : |
Not Divulged |
|
Total : |
-- |
FINANCIAL DATA
[all figures are
in Rupees Millions]
G R
THANGA MALIGAI AND SONS
|
Particulars |
|
31.03.2013 |
31.03.2012 |
|
Sales Turnover (Approximately) |
|
16770.000 |
15810.000 |
|
|
|
|
|
The above information has been parted by Ms. Ambika
GROUP
FINANCIAL DETAILS
|
Particulars |
|
31.03.2013 |
31.03.2012 |
|
Sales Turnover (Approximately) |
|
36504.500 |
27517.000 |
|
|
|
|
|
|
PBDIT |
|
1533.200 |
-- |
|
|
|
|
|
|
Profit After Tax |
|
655.500 |
539.300 |
Note : Sole Proprietary and Partnership concerns are
exempted from filing their financials with the Government Authorities or
Registry.
LOCAL AGENCY FURTHER INFORMATION
|
Sr. No. |
Check List by
Info Agents |
Available
in Report (Yes / No) |
|
1] |
Year of
Establishment |
Yes |
|
2] |
Locality of
the firm |
Yes |
|
3] |
Constitutions
of the firm |
Yes |
|
4] |
Premises
details |
No |
|
5] |
Type of
Business |
Yes |
|
6] |
Line of
Business |
Yes |
|
7] |
Promoter's
background |
No |
|
8] |
No. of
employees |
Yes |
|
9] |
Name of
person contacted |
Yes |
|
10] |
Designation
of contact person |
Yes |
|
11] |
Turnover of
firm for last two years |
Yes |
|
12] |
Profitability
for last three years |
No |
|
13] |
Reasons for
variation <> 20% |
-------------------- |
|
14] |
Estimation
for coming financial year |
No |
|
15] |
Capital in
the business |
No |
|
16] |
Details of
sister concerns |
Yes |
|
17] |
Major
suppliers |
Yes |
|
18] |
Major
customers |
Yes |
|
19] |
Payments
terms |
Yes |
|
20] |
Export /
Import details (if applicable) |
Yes |
|
21] |
Market
information |
---------------------- |
|
22] |
Litigations
that the firm / promoter involved in |
---------------------- |
|
23] |
Banking
Details |
Yes |
|
24] |
Banking
facility details |
Yes |
|
25] |
Conduct of
the banking account |
---------------------- |
|
26] |
Buyer visit
details |
---------------------- |
|
27] |
Financials,
if provided |
Yes |
|
28] |
Incorporation
details, if applicable |
No |
|
29] |
Last accounts
filed at ROC |
No |
|
30] |
Major
Shareholders, if available |
No |
|
31] |
Date of Birth
of Proprietor/Partner/Director, if available |
No |
|
32] |
PAN of
Proprietor/Partner/Director, if available |
Yes |
|
33] |
Voter ID No of
Proprietor/Partner/Director, if available |
No |
|
34] |
External
Agency Rating, if available |
No |
PRESS RELEASES:
GRT's Platinum Collection, the delight of the new age
01 February, 2013
GRT, Chennai's most trusted jewellers since 1964, is the first retailer in the country to launch a comprehensive Bridal Collection in platinum. Platinum Guild International has honoured GRT for being the No.1 Platinum Retail Outlet in India.
Now, once again they bring to you contemporary platinum Jewellery for special occasions. The collection is trendy, unique, and precious; the designs are extremely beautiful.
Platinum is a truly precious metal with a history spanning two billion years and is pure, rare, and eternal. The rare preciousness of platinum fully epitomizes a fashion statement by women: platinum is beautiful, versatile and elegant, but very valuable.
GRT collection includes neckwear and wrist wear for all occasions and festivities. The pieces are a combination of plain platinum, diamond studded. Price range starts from Rs. 5000 upwards. A look at them would convince you how much worthy they are. For an exclusive shopping experience GRT offers valet parking.
DIAMOND INDUSTRY – INDIA
-
From time immemorial, India is well known in the world as the birthplace
for diamonds. It is difficult to trace the origin of diamonds but history
says that in the remote past, diamonds were mined only in India. Diamond
production in India can be traced back to almost 8th Century B.C.
India, in fact, remained undisputed leader till 18th Century
when Brazilian fields were discovered in 1725 followed by emergence of S.
Africa, Russia and Australia.
-
The achievement of the Indian diamond industry was possible only due to
combination of the manufacturing skills of the Indian workforce and the
untiring and unflagging efforts of the Indian diamantaires, supported by
progressive Government policies.
-
The area of study of family owned diamond businesses derives its importance
from the huge conglomerate of family run organizations which operate in the
diamond industry since many generations.
-
Some of the basic traits of family run business enterprises include
spirit of entrepreneurship, mutual trust lowers transaction costs, small,
nimble and quick to react, information as a source of advantage and
philanthropy.
-
Family owned diamond businesses need to improve on many fronts including
higher standard of corporate governance, long-term performance – focused
strategies, modern management and technology.
-
Utmost caution is to be exercised while dealing with some medium and
large diamond traders which are usually engaged in fictitious import – export,
inter-company transactions, financially assisted by banks. In the process, several
public sector banks lost several hundred million rupees. They mostly diverted
borrowed money for diamond business into real estate and capital markets.
-
Excerpts from Times of India dated 30th October 2010 is as
under –
-
Gem & Jewellery Export Promotion Council in its statistical data has
shown the export of polished diamonds to have increase by 28 % in February
2013. Compared to $ 1.4 bn worth of polished diamond export in February, 2012,
India exported $ 1.84 billion worth of polished diamonds in February 2013. A
senior executive of GJEPC said, “Export of cut and polished diamonds started
falling month-wise after the imposition of 2 % of import duty on the polished
diamonds. But February, 2013 has given a new ray of hope to the industry as the
export of polished diamonds has actually increased by 28 %. It means the
industry is on the track of recovery and round tripping of diamonds has
stopped completely.” Demand has started coming from the US, the UK, Japan and
China. India’s polished diamond export is expected to cross $ 21 bn in 2013-14.
- The banking sector has started exercising restraint while following prudent risk management norms when lending money to gems and jewellery sector. This follows the implementation of Basel III accord – a global voluntary regulatory standard on bank capital adequacy, stress testing and market liquidity.
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.62.13 |
|
|
1 |
Rs.101.53 |
|
Euro |
1 |
Rs.85.41 |
INFORMATION DETAILS
|
Information
Gathered by : |
HNA |
|
|
|
|
Report Prepared
by : |
ANK |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
4 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILIRY |
1~10 |
6 |
|
--LIQUIDITY |
1~10 |
6 |
|
--LEVERAGE |
1~10 |
5 |
|
--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 |
NO |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
50 |
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.