|
Report Date : |
02.05.2014 |
IDENTIFICATION DETAILS
|
Name : |
V.V. MINERAL |
|
|
|
|
Registered
Office : |
Keeraikaranthattu, Tisaiyanvilai, Tirunelveli District – 627 657,
Tamilnadu |
|
|
|
|
Country : |
|
|
|
|
|
Year of
Establishment : |
1989 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Not Divulged |
|
|
|
|
Legal Form : |
Partnership concern with an unlimited liability of the partners |
|
|
|
|
Line of Business
: |
Mining, Manufacturing, Exporting and Distributing of Garnet and
Ilmenite. |
|
|
|
|
No. of Employees
: |
95 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
B (26) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Status : |
Moderate |
|
|
|
|
Payment Behaviour : |
Unknown |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Mr. V.
Subramanian, partner denied to disclose any information to us. As per indirect source we found that subject is partnership concern
incorporated during 1989 and is engaged into manufacturing, exporting and
distributing of garnet and ilmenite. No other details could be made available. Payment terms are unknown. The subject can be considered for business dealing with some caution. |
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 31, 2014
|
Country Name |
Previous Rating (31.12.2013) |
Current Rating (31.03.2014) |
|
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
US investment bank
Goldman Sachs has upgraded its outlook on Indian markets as it expects
positive impact of the election cycle.
India’s economy may
grow 4.7 % in the current financial year, lower than the official estimate of
4.9 %, Fitch Rating said. The global rating agency expects the economy to pick
up in the next two financial years.
Global ratings
agency Standard & Poor said increasing focus by India Inc on lowering debt
is likely to improve their credit profiles.
Singapore (1.1
million Indian tourists in 2012), Thailand (one million), the United Arab
Emirates ().98 million) and Malaysia ().82 million) emerged as the preferred
holidays hotspots for Indians. The total figure is expected to increase to 1.93
million by 2017, according to the latest Eurmonitor international report.
There is a $29.34 bn
outward foreign direct investment by domestic companies between April and
January of 2013/14 which has seen some signs of recovery according to a Care
Ratings report.
There are 264 number
of new companies being set up every day on average during 2014. Most of them
are registered in Mumbai. India had 1.38 million registered companies at the
end of January, 2014.
Twitter like
messaging service Weibo Corporation has filed to raise $ 500 million via a US
initial public offering. Alibaba, which owns a stake in Weibo is expected to
raise about $ 15 billion New York this year in the highest profile Internet IPO
since Facebook’s in 2012.
Bharti Airtel has
raised Rs.2,453.2 crore (350 million Swiss Francs) by selling six-year bonds at
a coupon rate of three per cent and maturing in 2020. This is the largest ever
bond offering by an Indian company in Swiss Francs. Bharat Petroleum
Corporation raised 175 million Swiss Francs by selling five year bonds at 2.98
% coupon rate in February.
Indian Oil
Corporation plans to invest Rs 7650 crore in setting up a petrochemical complex
at its almost complete Paradip refinery in Odhisha in three to four years. The
company board is set to consider the setting up of a 700000 tonne per annum
polypropylene plant at an estimated cost at Rs.3150 crore.
Global chief
information officers at gathering in Bangalore in April to meet Indian startups
at an event called Tech50 Watchout for Little Eye Labs-Facebook type deals in
the making.
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 DECLINED BY
|
Name : |
Mr. V.
Subramanian |
|
Designation : |
Partner |
|
Contact No.: |
91-9443152349 |
|
Date : |
28.04.2014 |
LOCATIONS
|
Registered Office/ Garnet
and Ilmenite Division/ Rutile and Zircon Division : |
Keeraikaranthattu, Tisaiyanvilai, Tirunelveli District – 627 657,
Tamilnadu, India |
|
Tel. No.: |
91-4637-272365/ 272363/ 571302 |
|
Mobile No.: |
91-9443152349 (Mr. V. Subramanian) |
|
Fax No.: |
91-4637-271802/ 272747/ 571802 |
|
E-Mail : |
|
|
Website : |
|
|
|
|
|
Factory 1 : |
No.1, M.L. Their Road, Keeraikaranthattu, Tisaiyanvilai, Tamilnadu,
India |
|
|
|
|
Factory 2 : |
Vallanvilai, Navaladi Post, Near Tisaiyanvilai, Tamilnadu, India |
PARTNERS
|
Name : |
Mr. V.
Subramanian |
|
Designation : |
Partner |
Note:
Other partner’s name are not divulged.
BUSINESS DETAILS
|
Line of Business : |
Mining, Manufacturing, Exporting and Distributing of Garnet and
Ilmenite. |
GENERAL INFORMATION
|
Customers : |
Wholesalers |
|
|
|
|
No. of Employees : |
95 (Approximately) |
|
|
|
|
Bankers : |
Not Divulged |
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
Not Divulged |
CAPITAL STRUCTURE
|
Capital Investment : |
|
|
Owned : |
Not Divulged |
|
Borrowed : |
Not Divulged |
|
Total : |
Not Divulged |
FINANCIAL DATA
[all figures are
in Rupees Millions]
NOT DIVULGED
The above information has been declined by Mr. V. Subramanian (Partner).
Note : Sole Proprietary and Partnership concerns are exempted
from filing their financials with the Government Authorities or Registry.
LOCAL AGENCY FURTHER INFORMATION
|
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 three years |
No |
|
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 |
No |
|
17) Major suppliers |
No |
|
18) Major customers |
No |
|
19) Payments terms |
No |
|
20) Export / Import details (if
applicable) |
No |
|
21) Market information |
-- |
|
22) Litigations that the firm / promoter
involved in |
-- |
|
23) Banking Details |
No |
|
24) Banking facility details |
No |
|
25) Conduct of the banking account |
-- |
|
26) Buyer visit details |
-- |
|
27) Financials, if provided |
No |
|
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 |
No |
|
33)
Voter ID No of Proprietor/Partner/Director, if available |
No |
|
34)
External Agency Rating, if available |
No |
WEBSITE DETAILS:
PROFILE:
Subject is India's largest Mining, Manufacturer and Exporter of Garnet
and Ilmenite. At the global level, they are poised to rise above their number
two position. Subject is the first
private ILMENITE Exporter in India. Established in 1989, they have achieved
significant market share in Europe, Middle East, East Asia, Australia and USA.
Subject's huge annual output of 1,50,000 metric tonnes of Garnet Abrasive,
2,25,000 metric tonnes of Ilmenite, 12,000 Metric Tonnes of Zircon and 5000
Metric Tonnes of Rutile is due to their control of a 15km beach area with
continuous placer mineral deposits plus another 2,300 acres of heavy mineral -
rich land. They are also the first private company in India holding granted
license for Mining and Exporting of Ilmenite from the Government of India.
Subject has an annual output of 150,000 M. Tons of Garnet Abrasive and
2,25,000 M.Tons of Ilmenite. Garnet Abrasive mainly used for
Water Filtration, Sand Blasting, Water Jet
Cutting, Surface Preparation and other applications;
Ilmenite mainly used for Welding Electrode, Pigment, Glass and other
Industries; Rutile mainly used for TiO2 pigment , Welding electrodes,
Titanium metal and pigment industries and Zircon mainly used for in the
production of opacifiers, glazes and frits, floor and decorative tiles,
sanitary ware, glass and steel refractories, metal castings and specialised
glass.
They owe their success to their primary objective-Customer Delight
and Satisfaction - providing the best quality of Garnet, Ilmenite,
Rutile and Zircon in lesser lead times at globally competitive prices. They
have achieved this by strengthening the areas of human resource management,
modernisation, logistics, finance and infrastructure. The numerous awards and
recognitions from various governmental and non-governmental agencies stand
testimony to this. They are also proud to state that Subject has, since
establishment, never had a single rejection-another testimony to their total
quality management systems.
All these achievements have been made possible because of the unique
properties and superlative advantages of their product - Super Garnet and other products.
Their corporate policy of having autonomous departments has ensured the
evolution of subject as a prompt and responsive organization catering to their
clients' multifarious needs. The company's special focus on the quality of
their production team has translated into higher quality products and lesser
lead times by adopting ISO System. Their streamlined mining, processing,
logistics and warehousing facilities augment this focus.
ACHIEVEMENTS:
Subject is the first company in India to have been conferred the 'Export
House' status for export of heavy minerals issued by the Development
Commissioner, Ministry of Commerce and Industry, Government of India.
Since 1990, subject has been continuously receiving prestigious awards and
recognition from various chambers of commerce and industry, and the government.
Subject are the winners of 'Special
Export Award' from CAPEXIL (Chemicals and Allied Products Export
Promotion Council, which functions under the auspices of the Ministry of
Commerce and Industry, Government of India) consecutively for the past 16 years
(from 1990- '91 to 2006-07).
Subject has got the 'No. 1 Garnet
Exporter Award' issued by the Indian Chamber of Commerce and Industry,
Tuticorin from last 9 years.
Subject is the proud recipient of the coveted 'National Productivity
Award' for the year 1999- 2000 from the National Productivity Council, New
Delhi – which was received from the Hon’ble Vice President of India. Subject
got the following awards from Government of Tamilnadu and other reputed
organizations for its sterling export performance:
·
Excellence Award' from Department of
Industries and Commerce for the years 1990- '91, 1993-'94
·
Certificate of Excellence For
Traffic Performance' from Tuticorin Port Trust during the years 1993-'94 and
1995-'96
·
Certificate of Export Recognition' from
Indian Chamber of Commerce and Industry, Tuticorin for four consecutive years
from 1993-'94 to 2006-07.
·
Export Award 'from Indian Chamber
of Commerce and Industry for the years 1995, 1996 – 2006-07.
SUBJECT got the “MADITSSIA – VISVESWARAYA AWARD” 5 times for best
organization and industry in the Southern District of TAMILNADU.
Special-Export-Award
A special award bestowed upon the top-ranking export house that excels in all
aspects of exporting norms. The award is superior to other awards such as
"Certificate of Merit".
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 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.60.34 |
|
|
1 |
Rs.101.45 |
|
Euro |
1 |
Rs.83.31 |
INFORMATION DETAILS
|
Information
Gathered by : |
NYA |
|
|
|
|
Analysis Done by
: |
SUM |
|
|
|
|
Report Prepared
by : |
SMN |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
3 |
|
PAID-UP CAPITAL |
1~10 |
3 |
|
OPERATING SCALE |
1~10 |
3 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
3 |
|
--PROFITABILIRY |
1~10 |
3 |
|
--LIQUIDITY |
1~10 |
3 |
|
--LEVERAGE |
1~10 |
3 |
|
--RESERVES |
1~10 |
3 |
|
--CREDIT LINES |
1~10 |
2 |
|
--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 |
NO |
|
--AFFILIATION |
YES/NO |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
26 |
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.