MIRA
INFORM REPORT
|
Report Date : |
7th
June 2006 |
IDENTIFICATION
DETAILS
|
Name : |
MANUCHO
MACHINES PRIVATE LIMITED |
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Registered Office : |
Palanahalli,
Yelahanka, Bangalore – 560064, Karnataka, India |
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Country : |
India |
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Financials (as on) : |
31.03.2005 |
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Date of Incorporation : |
29.12.1975 |
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Com. Reg. No.: |
08-2928 |
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CIN No.: [Company
Identification No.] |
U25209KA1975PTC002928 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
BLRM01729A |
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Legal Form : |
Private
Limited Liability Company |
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Line of Business : |
The
company is engaged in manufacturing and
trading of Bracket Clutch, Shift, Shaft and Pump |
RATING & COMMENTS
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MIRA’s Rating : |
Ca |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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|
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 |
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Maximum Credit Limit : |
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Status : |
Moderate
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Payment Behaviour : |
Slow
but correct |
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Litigation : |
Clear |
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Comments : |
Financial
position of the company is poor. Payments are reported as slow and delayed.
Ways and means position is difficult. The
company can be considered for small to mediocre business dealings on safe and
secured trade terms and conditions. |
LOCATIONS
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Registered Office / Factory : |
Palanahalli,
Yelahanka, Bangalore – 560064, Karnataka, India |
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Tel. No.: |
91-80-57689745 |
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Fax No.: |
91-80-28560596 |
DIRECTORS
|
Name : |
Mr.
Sriram Varadarajan |
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Designation : |
Director
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Address : |
# 318,
Pala Nahalli, Yelahanka, Bangalore – 560064, Karnataka, India |
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Date of Birth/Age : |
27.04.1961 |
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Date of Appointment : |
17.10.1994 |
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Election Commission Identity card No. |
KT/12/98/603119 |
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Name : |
Mr. B
S Sathya Prasad |
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Designation : |
Director
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Address : |
# 845,
37 F, Cross 18th Main Road, 4th T Block, jayanagar, Bangalore
– 560041, Karnataka, India |
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Date of Birth/Age : |
05.05.1943 |
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Date of Appointment : |
01.03.1996 |
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Election Commission Identity card No. |
KT/13/083/417666 |
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MAJOR SHAREHOLDERS
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Names
of Shareholders |
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No. of Shares |
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Amritha
Devnath |
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10 |
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Anantha
Krishnan |
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50 |
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C N
Varadarahan / Andal Varadarajan |
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4205 |
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Champaknath
T S |
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5 |
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C N
Chokkamme |
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50 |
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C N
Varadarahan |
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10 |
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Dwarakanath
V N |
|
5 |
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Harini
Ranganath |
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10 |
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Lalitha
Shriram |
|
450 |
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M K
Thirumalesh |
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10 |
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Nalini
Mukund |
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5 |
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N K
Prasad |
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250 |
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N K
Srimathi |
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10 |
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N R
Venkatesan |
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5 |
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V N
Paren Kushen |
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5 |
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Prema
Ananthram |
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10 |
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Satyavathi
Murthy |
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10 |
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Suprasanna
Krishna Lyeng |
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5 |
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V
Meera |
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500 |
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V N V
Tyengar |
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20 |
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Sathya
Prasad B S |
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4900 |
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Sriram
Varadarajan |
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1470 |
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Shyam
Tech Inc. |
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32935 |
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Total
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44930 |
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BUSINESS DETAILS
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Line of Business : |
The
company is engaged in manufacturing and
trading of Bracket Clutch, Shift, Shaft and Pump |
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Products : |
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GENERAL
INFORMATION
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No. of Employees : |
30 |
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Bankers : |
Karnataka
State Financial Corporation |
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Facilities : |
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Banking Relations : |
-- |
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Auditors : |
Singhvi,
Dev and Unni Chartered
Accountants ‘Sdu
House’ # 12, Race Course Road,
Madhvanagar, Bangalore – 560001, India |
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Tel. No.: |
91-80-22261371 |
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Fax No.: |
91-80-22205469 |
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E-Mail : |
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Website : |
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CAPITAL STRUCTURE
Authorised
Capital :
|
No.
of Shares |
Type |
Value |
Amount |
|
50000 |
Equity
Shares |
Rs. 100/- each |
Rs. 5.000 millions |
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Issued,
Subscribed & Paid-up Capital :
|
No.
of Shares |
Type |
Value |
Amount |
|
44930 |
Equity
Shares |
Rs. 100/- each |
Rs. 4.493 millions |
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Share
Application money pending allotments |
|
Rs. 5.932 Millions |
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Total
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Rs. 0.425 Millions |
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FINANCIAL DATA
[all figures are in Rupees
Millions]
ABRIDGED
BALANCE SHEET
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SOURCES OF FUNDS |
|
31.03.2005 |
31.03.2004 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
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10.425 |
10.425 |
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2] Share Application Money |
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0.000 |
0.000 |
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3] Reserves & Surplus |
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3.948 |
3.948 |
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4] (Accumulated Losses) |
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(17.516) |
(16.542) |
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NETWORTH |
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(3.143) |
(2.169) |
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LOAN FUNDS |
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1] Secured Loans |
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0.375 |
1.127 |
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2] Unsecured Loans |
|
9.438 |
7.982 |
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TOTAL BORROWING |
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9.813 |
9.109 |
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DEFERRED TAX LIABILITIES |
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0.000 |
0.000 |
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TOTAL |
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6.670 |
6.940 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
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4.810 |
5.506 |
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Capital work-in-progress |
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0.094 |
0.000 |
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INVESTMENT |
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0.000 |
0.000 |
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DEFERREX TAX ASSETS |
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0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
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0.575 |
0.204 |
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Sundry Debtors |
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1.581 |
1.742 |
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Cash & Bank Balances |
|
1.319 |
0.521 |
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Other Current Assets |
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0.000 |
0.000 |
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Loans & Advances |
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0.292 |
0.325 |
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Total Current Assets |
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3.767 |
2.792 |
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Less : CURRENT LIABILITIES & PROVISIONS |
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Current Liabilities |
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1.961 |
1.323 |
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Provisions |
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0.040 |
0.035 |
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Total Current Liabilities |
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2.001 |
1.358 |
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Net Current Assets |
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1.766 |
1.434 |
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MISCELLANEOUS EXPENSES |
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0.000 |
0.000 |
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TOTAL |
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6.670 |
6.940 |
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PROFIT
& LOSS ACCOUNT
|
PARTICULARS |
|
31.03.2005 |
31.03.2004 |
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Sales Turnover [including other
income] |
|
7.751 |
5.278 |
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Profit/(Loss)
Before Tax |
|
(0.975) |
(2.314) |
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Provision
for Taxation |
|
-- |
-- |
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Profit/(Loss)
After Tax |
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(0.975) |
(2.314) |
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Export
Value |
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4.057 |
2.405 |
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Total
Expenditure |
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8.762 |
7.562 |
KEY
RATIOS
|
PARTICULARS |
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|
31.03.2005 |
31.03.2004 |
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PAT / Total Income |
(%) |
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(12.57) |
(43.84) |
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Net
Profit Margin (PBT/Sales) |
(%) |
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(12.57) |
(43.84) |
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Return
on Total Assets (PBT/Total
Assets} |
(%) |
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(11.36) |
(27.88) |
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Return
on Investment (ROI) (PBT/Networth) |
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(0.31) |
(1.06) |
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Debt
Equity Ratio (Total
Liability/Networth) |
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3.75 |
4.82 |
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Current
Ratio (Current
Asset/Current Liability) |
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1.88 |
2.05 |
LOCAL AGENCY
FURTHER INFORMATION
Fixed
Assets :
v
Land
v
Building
v
Computer
v
Electrical
Fittings
v
Plant
and Machinery
v
Generator
v
Furniture
and Fittings
v
Other
Equipments
v
Vehicles
v
Measuring
Instruments
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Name of the company |
MANUCHO MACHINES PRIVATE LIMITED |
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Presented By |
Mr.
B S Sathya Prasad |
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1) Date and description of instrument creating the change |
Hypothecation deed dated 22.03.1997 Equitable Mortgage by deposit of title deed (without executing any instruments) (memorandum of entry dated 22.03.97 evidencing deposit of title deeds) |
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2) Amount secured by the charge/amount owing on the securities of charge |
Rs. 9.000 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 |
All land and building, Plant and Machinery situated at Sy. No. 130, Old Sy. No. 52 of Palanahalli, jala Hobli, Devanahal, now bearing Kattiganahally Panchayat, kanta No. 124, Bangalore North, Measuring 0.20 guntas. |
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4) Gist of the terms and conditions and extent and operation of the charge. |
Rs. 9.000 millions will be repaid in 21 quarterly instalments, commencing from 4th quarter. The rate of interest at 20 % p.a. and enhanced interest at 24 % p.a. in case of default and interest will be paid on every quarter |
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5) Name and Address and description of the person entitled to the charge. |
Karnataka State Financial Corporation No. 1/1, Thimmaian Road, Bangalore – 560052 |
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6) Date and brief description of instrument modifying the charge |
NA |
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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 |
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 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. 46.06 |
|
UK
Pound |
1 |
Rs. 85.27 |
|
Euro |
1 |
Rs. 58.88 |
SCORE &
RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
3 |
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PAID-UP CAPITAL |
1~10 |
2 |
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OPERATING SCALE |
1~10 |
2 |
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FINANCIAL CONDITION |
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|
--BUSINESS SCALE |
1~10 |
2 |
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--PROFITABILIRY |
1~10 |
- |
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--LIQUIDITY |
1~10 |
- |
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--LEVERAGE |
1~10 |
2 |
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--RESERVES |
1~10 |
- |
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--CREDIT LINES |
1~10 |
- |
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--MARGINS |
-5~5 |
- |
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DEMERIT POINTS |
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--BANK CHARGES |
YES/NO |
YES |
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--LITIGATION |
YES/NO |
NO |
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--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
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MERIT POINTS |
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--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
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--EXPORT ACTIVITIES |
YES/NO |
NO |
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--AFFILIATION |
YES/NO |
NO |
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--LISTED |
YES/NO |
NO |
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--OTHER MERIT FACTORS |
YES/NO |
YES |
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TOTAL |
|
11 |
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/normal. |
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 |