MIRA
INFORM REPORT
|
Report Date : |
26TH
May, 2006 |
IDENTIFICATION
DETAILS
|
Name : |
EMKA
INDIA PANNEL ACCESSORIES PRIVATE LIMITED [PROPOSED COMPANY] |
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Registered Office : |
No.
28, J C Industrial Estate, 6th Main, Kanakapura Road, Bangalore –
560064, Karnataka |
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Country : |
India |
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Date of Incorporation : |
The
company has not been incorporated It is a proposed company |
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Legal Form : |
Private
Limited Liability Company |
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Line of Business : |
Manufacturer
and Trader of Panel Board Accessories
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RATING & COMMENTS
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MIRA’s Rating : |
C |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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<10 |
C |
Absolute credit risk exists. Caution
needed to be exercised |
Credit not recommended |
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Maximum Credit Limit : |
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Status : |
Proposed
Company |
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Payment Behaviour : |
-- |
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Litigation : |
-- |
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Comments : |
Since
the company is not a legal entity, it cannot considered for any business
dealings till it is a legal entity. |
LOCATIONS
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Registered Office : |
No.
28, J C Industrial Estate, 6th Main, Kanakapura Road, Bangalore –
560064, Karnataka |
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Tel. No.: |
91-180-26660212 |
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Mobile No.: |
91-9312240346 |
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Fax No.: |
91-180-26662607 |
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E-Mail : |
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Website : |
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Headquarters and Production |
EMKA-Beschlagteile GmbH & Co. KG,
Langenberger Str.3242551 Velbert (Germany) |
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Tel. No.: |
+49 - (0)2051 273 - 0 |
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Fax No.: |
+49 - (0)2051 273 - 183 |
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E-Mail : |
DIRECTORS [Proposed]
2
from Matangi and 2 from Emka
BUSINESS DETAILS
|
Line of Business : |
Manufacturer
and Trader of Panel Board Accessories
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GENERAL
INFORMATION
|
Bankers : |
Not
Available |
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Facilities : |
-- |
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Banking Relations : |
-- |
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Associates/Subsidiaries : |
Matangi
Polymers Products Private Limited [Details
Enclosed] |
FINANCIAL DATA
[all figures are in Rupees
Millions]
As the
company is not a legal entity, no financial are applicable
LOCAL AGENCY
FURTHER INFORMATION
MIRA INFORM REPORT
|
Report Date : |
26TH
May, 2006 |
IDENTIFICATION DETAILS
|
Name : |
MATANGI POLYMERS PRODUCTS PRIVATE LIMITED |
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Formerly Known As : |
“MATANGI CONSULTANTS” |
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Registered Office : |
A-3/5, Triveni
Apartments, Vasundhara Enclave, Delhi 110 096 |
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Date of Incorporation : |
6th September, 2004 |
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Com. Reg. No.: |
55-129515 |
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TAN No.: (Tax Deduction & Collection Account No.) |
DELM11502B |
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PAN No.: (Permanent Account No.) |
AAECM0479N |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Importers and Exporters
of Rubber Components, Rubber Profile |
RATING &
COMMENTS
|
MIRA’s Rating : |
B |
RATING
|
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Unfavourable & favourable factors carry
similar weight in credit consideration. Capability to overcome financial
difficulties seems comparatively below average/normal. |
Small |
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Maximum Credit Limit : |
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Status : |
New Company |
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Payment Behaviour : |
Usually Correct |
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Litigation : |
Clear |
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Comments : |
Subject is a new company and has taken over the
running business of the erstwhile proprietory concern “Matangi Consultants” Directors are reported as experienced and
respectable businessmen. Trade relations are fair. Business is active.
Payments are reported as usually correct and as per commitments. The company can be considered for small business
dealings at usual trade terms and conditions. |
LOCATIONS
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Registered Office : |
A-3/5, Triveni
Apartments, Vasundhara Enclave, Delhi 110 096 |
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Corporate Office : |
Duplex 135, Sector 82, Near NEPZ, Noida - 201304,
Uttar Pradesh |
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Tel. No.: |
91-120-3037446 |
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Fax No.: |
91-120-2462895 |
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E-Mail : |
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Website : |
DIRECTORS
|
Name : |
Ms Latha Muthu Venkatraman |
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Designation : |
Director |
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Address: |
D-II/135 Swarnim Vihar, Sector 82 NOIDA 201 304,
Uttar Pradesh |
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Date of Birth/Age : |
40 Years |
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Date of Appointment : |
06th September, 2004 |
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Name : |
Mr. Subramanian Muthu Venkatraman |
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Designation : |
Director |
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Address: |
D-II/135 Swarnim Vihar, Sector 82 NOIDA 201 304,
Uttar Pradesh |
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Date of Birth/Age : |
44 Years |
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Date of Appointment : |
06th September, 2004 |
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Mobile No.: |
91-93122 40346 |
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Name : |
Ms Radika Ganesh |
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Designation : |
Director |
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Address: |
SRA – 103/B, Shipra Rivera, Indrapuram,
Ghaziabad, Uttar Pradesh |
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Date of Birth/Age : |
42 Years |
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Date of Appointment : |
06th September, 2004 |
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OTHER PERSONAL |
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Name : |
Mr. S. M Venkatraman |
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Designation : |
Chief Executive Officer |
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Mobile : |
91-9312240346 |
MAJOR
SHAREHOLDERS
|
Names of Shareholders |
No. of Shares |
Percentage of
Holding |
|
Ms Latha Muthu Venkatraman |
9,000 |
90.00 |
|
Mr. Subramanian Muthu Venkatraman |
500 |
5.00 |
|
Ms Radika Ganesh |
500 |
5.00 |
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Total |
10,000 |
100.00 |
BUSINESS
DETAILS
|
Line of Business : |
Importers and Exporters
of Rubber Components, Rubber Profile |
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Exports to : |
Canada and Middle East |
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Imports from : |
Germany |
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Terms : |
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Selling : |
Credit and D/P |
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Purchasing : |
Credit (60 days)
and DP basis |
GENERAL
INFORMATION
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Distributor:
|
M/s EMKA, Germany |
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No. of Employees : |
12 |
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Bankers : |
Bank of Rajasthan, Noida |
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Facilities : |
- |
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Banking
Relations : |
Satisfactory |
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Auditors : |
M/s Arun Jain &
Company Chartered Accountant |
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Associates/Subsidiaries : |
Nil |
CAPITAL
STRUCTURE
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
100,000 |
Equity Shares |
Rs. 10/- Each |
Rs. 1.000
Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
10,000 |
Equity Shares (6th September, 2004) |
Rs. 10/- Each |
Rs. 0.100
Millions |
|
30,000 |
Equity Shares (31st March, 2006) |
Rs. 10/- Each |
Rs. 0.300
Millions |
FINANCIAL
DATA
[all
figures are in Rupees Millions]
ABRIDGED
BALANCE SHEET
|
SOURCES OF FUNDS |
|
|
31.03.2005 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
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|
0.100 |
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4] (Accumulated Losses) |
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(0.154) |
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NETWORTH
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(0.054) |
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LOAN FUNDS |
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1] Secured Loans |
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0.545 |
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2] Unsecured Loans |
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0.299 |
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TOTAL BORROWING
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0.844 |
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DEFERRED TAX LIABILITIES |
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TOTAL
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0.790 |
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APPLICATION OF FUNDS
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FIXED ASSETS [Net Block]
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0.611 |
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Capital work-in-progress
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INVESTMENT
|
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-- |
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DEFERREX TAX ASSETS
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CURRENT ASSETS, LOANS &
ADVANCES
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Inventories
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|
-- |
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Sundry Debtors
|
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1.344 |
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Cash & Bank Balances
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|
0.188 |
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Loans & Advances
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|
0.046 |
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TDS
|
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|
0.039 |
Total
Current Assets
|
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1.617 |
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Less : CURRENT LIABILITIES & PROVISIONS
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Current Liabilities
|
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|
0.401 |
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Provisions
|
|
|
1.065 |
Total
Current Liabilities
|
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|
1.466 |
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Net Current Assets
|
|
|
0.151 |
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MISCELLANEOUS EXPENSES
|
|
|
0.028 |
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TOTAL
|
|
|
0.790 |
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PROFIT & LOSS ACCOUNT
|
PARTICULARS |
|
|
31.03.2005 |
Sales Turnover [including other
income]
|
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|
2.346 |
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Profit/(Loss) Before Tax
|
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|
(0.154) |
Provision for Taxation
|
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|
-- |
Profit/(Loss) After Tax
|
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(0.154) |
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Total Expenditure
|
|
|
2.500 |
KEY
RATIOS
|
PARTICULARS |
|
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31.03.2005 |
PAT / Total Income
|
(%)
|
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(6.56) |
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Net Profit Margin
(PBT/Sales) |
(%) |
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(9.70) |
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Return on Total Assets
(PBT/Total Assets} |
(%) |
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(6.39) |
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Return on Investment (ROI)
(PBT/Networth) |
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(1.54) |
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Debt Equity Ratio
(Total Liability/Networth) |
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(23.10) |
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Current Ratio
(Current Asset/Current Liability) |
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(1.10) |
LOCAL AGENCY FURTHER INFORMATION
History:
The
company was formerly known as “Matangi Consultants” which was established in
the year 2001 and Ms Lata Venkatraman was the Proprietor. Subsequently it was converted into Private
Limited Company on September 6, 2004.
The company is engaged in the business of Exporters of Rubber
Components, Rubber Profile to Middle East, Canada. The company is importing Locking Systems from Germany on the
purchasing terms of 60 days open credit basis.
Subject imports locking systems.
Subject is an authorized distributor for M/s EMKA,
Germany
Projected turnover for the financial year 2006 : Rs. 10.000 millions
As per Website Details:
They introduce
ourselves as the one of the leading manufacturer and exporting organization
involved in the manufacturing and exporting of automotive, industrial rubber
products to various countries.
Company started in the January
2001&with three technocrats as the director of the company. The undersigned
is the basically a qualified rubber technologist having approx 20 years
experience at the various capabilities in the different rubber industries. The
other two are engineers having more than 20 years experience in rubber
industries.
The parts they are exporting are mainly supplied to oem's by our customers in
Europe middle east countries. They are
also exporting custom mixed rubber compounds to various middle east countries.
|
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 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.45.85 |
|
UK
Pound |
1 |
Rs.85.82 |
|
Euro |
1 |
Rs.58.62 |
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 |