MIRA
INFORM REPORT
|
Report Date : |
14.11.2006 |
IDENTIFICATION
DETAILS
|
Name : |
GREETA MUSICAL INSTRUMENTS MANUFACTURING AND EXPORTS
PRIVATE LIMITED |
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Registered Office : |
No.
54, Village Square, Valluvarkottam High Road, Nungambakkam, Chennai – 600034,
Tamilnadu |
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Country : |
India |
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Financials (as on) : |
31.03.2005 |
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Date of Incorporation : |
15.09.1982 |
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Com. Reg. No.: |
18-9584 |
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CIN No.: [Company
Identification No.] |
U36999TN1982PLC009584 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
CHEG00280A |
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Legal Form : |
Private Limited Liability Company. |
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Line of Business : |
Manufacturers
and Exporters of Guitars. |
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 : |
Restarted
after 2000 |
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Payment Behaviour : |
Slow
and delayed |
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Litigation : |
Unknown
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Comments : |
Subject’s
plant was under lock out since 2000 till 2005 and restarted recently. It had
not prepared financials for these periods. The
company had huge accumulated losses. Its payments are reported as slow and delayed. It can
be considered for any business dealings on safe and secured trade terms and
conditions, only. |
LOCATIONS
|
Registered Office / Factory
: |
No.
54, Village Square, Valluvarkottam High Road, Nungambakkam, Chennai – 600034,
Tamilnadu, India |
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Tel. No.: |
91-44-55412399 / 24960808 / 24961504 |
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Fax No.: |
91-44-52323190 |
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E-Mail : |
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Location : |
Rented
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DIRECTORS
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Name : |
Mr. K. J. Mani |
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Designation : |
Managing Director |
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Address : |
52 A, Chamiers Road, Chennai - 600 028 |
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Date of Birth/Age : |
24.06.1950 |
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Date of Appointment : |
15.09.1982 |
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Name : |
Mr.
Rajiv Main |
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Designation : |
Director
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Address : |
52 A, Chamiers Road, Chennai - 600 028 |
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Date of Birth/Age : |
03.09.1981 |
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Date of Appointment : |
15.11.1999 |
MAJOR SHAREHOLDERS
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Names
of Shareholders |
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No. of Shares |
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Mr. K. J. Mani |
|
1440 |
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Mr. Raj Kumar Menon |
|
209 |
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Mrs. Greeta Mani |
|
333649 |
|
MBM Investments Private Limited
|
|
10320 |
|
Coral Investments & Leasing Private Limited |
|
2400 |
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Dr. K T B Menon
Foundation |
|
1200 |
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Dr. K T B Menon |
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325000 |
|
Tokushu Menon Paper Manufacturing Company Limited |
|
1500 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturers
and Exporters of Guitars. |
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PRODUCTION
STATUS
|
Particulars |
Unit |
Licensed Capacity |
Installed Capacity |
Actual Production |
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Acoustic Guitars |
Nos. |
70000 |
70000 |
-- |
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Electric Guitars |
Nos. |
40000 |
40000 |
-- |
GENERAL
INFORMATION
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No. of Employees : |
660 |
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Bankers : |
v
Central Bank of India, Addison Building, Mount Road Branch, Anna
Salai, Chennai - 600 002, Tamilnadu v
State Bank of India v
Canara Bank |
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Banking Relations : |
Unknown
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Auditors : |
K. V. Ranganathan and Company Chartered Accountants Room No. 113/500, Kamaraj Bhavan, Anna Salai, Teynampet, Chennai
– 600006, Tamilnadu, India |
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Tel. No.: |
91-44-24349914 |
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Associates/Subsidiaries : |
Greeta
Exports |
CAPITAL STRUCTURE
Authorised
Capital :
|
No.
of Shares |
Type |
Value |
Amount |
|
375000 |
Equity shares |
Rs. 100 each |
Rs. 37.500 millions |
Issued,
Subscribed & Paid-up Capital :
|
No.
of Shares |
Type |
Value |
Amount |
|
350718 |
Equity shares |
Rs. 100 each |
Rs. 35.072 millions |
FINANCIAL DATA
[all figures are in Rupees
Millions]
ABRIDGED
BALANCE SHEET
|
SOURCES OF FUNDS |
|
31.03.2005 |
31.03.2004 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
|
35.072 |
35.072 |
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2] Share Application Money |
|
0.000 |
0.000 |
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3] Reserves & Surplus |
|
20.590 |
20.590 |
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4] (Accumulated Losses) |
|
[77.902] |
[77.902] |
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NETWORTH |
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[22.240] |
[22.240] |
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LOAN FUNDS |
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1] Secured Loans |
|
35.247 |
35.247 |
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2] Unsecured Loans |
|
18.986 |
17.428 |
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TOTAL BORROWING |
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54.231 |
52.673 |
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DEFERRED TAX LIABILITIES |
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0.000 |
0.000 |
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TOTAL |
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31.993 |
30.435 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
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5.803 |
5.803 |
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Capital work-in-progress |
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0.000 |
0.000 |
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INVESTMENT |
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0.493 |
0.493 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
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28.569 |
28.569 |
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Sundry Debtors |
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2.912 |
2.912 |
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Cash & Bank Balances |
|
2.423 |
2.423 |
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Other Current Assets |
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0.000 |
0.000 |
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Loans & Advances |
|
2.668 |
2.668 |
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Total Current Assets |
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36.572 |
36.572 |
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Less : CURRENT LIABILITIES & PROVISIONS |
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Current Liabilities |
|
4.876 |
4.876 |
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Provisions |
|
6.425 |
7.983 |
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Total Current Liabilities |
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11.301 |
12.859 |
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Net Current Assets |
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25.271 |
23.713 |
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MISCELLANEOUS EXPENSES |
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0.426 |
0.426 |
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TOTAL |
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31.993 |
30.435 |
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KEY
RATIOS
|
PARTICULARS |
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|
31.03.2005 |
31.03.2004 |
|
Debt
Equity Ratio (Total
Liability/Networth) |
|
|
[2.95] |
[2.95] |
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Current
Ratio (Current
Asset/Current Liability) |
|
|
3.24 |
2.84 |
LOCAL AGENCY
FURTHER INFORMATION
The company was incorporated on 15th September, 1982 at
Chennai in Tamilnadu as a private limited liability company having Company
Registration Number 9584. It became deemed public limited company with
effect from 01.04.1997. Again it became deemed private limited liability
company w.e.f.
31.01.2006.
The subject Registered Office was shifted from 96, Functional Estate, Perungudi, Chennai – 600096 to the present address.
Fixed
Assets
v
Land
v
Building
v
Furniture
and Fixture
v
Office
Equipments
v
Plant
and Machinery
v
Electrical
installation
v
Air
conditioner
v
Other
Machineries
v
Vehicles
v
Computers
v
Weighing
Machine
v Car
Operation
There is
no operation during the year as the company was under lock out from January
2000 onwards.
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.45.01 |
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UK
Pound |
1 |
Rs.84.91 |
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Euro |
1 |
Rs.57.48 |
SCORE &
RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
4 |
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PAID-UP CAPITAL |
1~10 |
- |
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OPERATING SCALE |
1~10 |
- |
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FINANCIAL CONDITION |
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--BUSINESS SCALE |
1~10 |
- |
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--PROFITABILIRY |
1~10 |
- |
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--LIQUIDITY |
1~10 |
- |
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--LEVERAGE |
1~10 |
- |
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--RESERVES |
1~10 |
- |
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--CREDIT LINES |
1~10 |
2 |
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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 |
NO |
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TOTAL |
|
6 |
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 |
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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 |
|
NR |
In view of the lack of information, we
have no basis upon which to recommend credit dealings |
No Rating |
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