MIRA
INFORM REPORT
|
Report Date : |
29.11.2006 |
IDENTIFICATION
DETAILS
|
Name : |
INEXOCAST
METAL SOLUTIONS PRIVATE LIMITED |
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|
|
|
Formerly Known As : |
INEXO
CHEMICALS PRIVATE LIMITED |
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Registered Office : |
Plot
No. 107 (Old No. 166), VIII Phase, Sidco Industrial Estate, Chennai – 600098,
Tamilnadu |
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Country : |
India |
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Financials (as on) : |
31.03.2006 |
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Date of Incorporation : |
02.01.1997 |
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Com. Reg. No.: |
18-37258 |
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CIN No.: [Company
Identification No.] |
U24117TN1997PTC037258 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
CHE104642B |
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PAN No.: [Permanent
Account No.] |
AAACI6220M |
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Legal Form : |
Private
Limited Liability Company |
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Line of Business : |
Manufacturer
of Foundry Components |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal.
Capable to meet normal commitments. |
Satisfactory |
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Maximum Credit Limit : |
USD
20000 |
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Status : |
Satisfactory
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Payment Behaviour : |
Usually
Correct |
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Litigation : |
Clear |
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Comments : |
Subject
is a well – established company having satisfactory track records. Trade
relations are fair. General financial position is satisfactory. Payments are
usually correct and as per commitments. The
company can be considered good for normal business dealings at usual trade
terms and conditions. |
LOCATIONS
|
Registered Office/Factory : |
Plot
No. 107 (Old No. 166), VIII Phase, Sidco Industrial Estate, Chennai – 600098 |
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Tel. No.: |
91-44-26256179/26248882 |
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Fax No.: |
91-44-26248882/26242694 |
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E-Mail : |
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Head
Office : |
No. W
– 727, 4th Street, Anna Nagar West, (Near SBOA CBSE East Gate),
Anna Nagar, Chennai – 600101, Tamilnadu |
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Tel.
No.: |
91-44-26150447/26150457 |
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Fax
No.: |
91-44-26150447 |
DIRECTORS
|
Name: |
Mr. C
R Jagan |
|
Designation: |
Managing
Director (was a director till 01.07.2004) |
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Address
: |
West
Gate Bridge, W Block, 575, 2B, SBOA School Main Road, Anna Nagar West Extention, Chennai-600101,
Tamilnadu, India |
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Date
of Appointment : |
02.01.1997 |
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Name: |
Mr. B
Venogopal |
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Designation: |
Director
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Address
: |
42/2,
7th Street, Ashok Nagar, Chennai-600083, Tamilnadu, India |
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Date
of Appointment : |
02.01.1997
(was a director till 01.07.2004) |
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Name: |
Mr. C
J Sridhar |
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Designation: |
Director
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Address
: |
West
Gate Bridge, W Block, 575, 2B, SBOA School Main Road, Anna Nagar, West
Extention, Chennai-600101, Tamilnadu, India |
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Date
of Appointment : |
01.08.1998 |
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|
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Name: |
Mr. C
J Murali |
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Designation: |
Director
|
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Address
: |
Real
Value Apartments, F-2, New No.5, Postal Colony, 2nd Street, West
Mambalam, Chennai-600033, Tamilnadu, India |
|
Date
of Appointment : |
01.08.1998 |
MAJOR SHAREHOLDERS
|
Names of Shareholders |
No.
of Shares |
|
Mr. C
R Jagan |
129000 |
|
Mr. C
J Sridhar |
67200 |
|
Mr. C
J Murali |
43800 |
|
Total |
240000 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer
of Foundry Components |
GENERAL
INFORMATION
|
Bankers : |
State
Bank of India, Ambattur Industrial Estate, Chennai – 600058 Canara Bank, Ambattur Branch, Ambattur,
Chennai-600053 |
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Facilities : |
-- |
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Banking Relations : |
Satisfactory
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Auditors : |
Venkatesh
& Company Chartered
Accountant |
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Address: |
151,
Mambalam High Road, T. Nagar, Chennai-600017, Tamilnadu, India |
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|
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Associates/Subsidiaries : |
Nil |
CAPITAL STRUCTURE
Authorised
Capital :
|
No.
of Shares |
Type |
Value |
Amount |
|
350000 |
Equity
Shares |
Rs. 10/- Each |
Rs. 3.500 Millions |
Issued,
Subscribed & Paid-up Capital :
|
No.
of Shares |
Type |
Value |
Amount |
|
240000 |
Equity
Shares |
Rs. 10/- Each |
Rs. 2.400 Millions |
FINANCIAL DATA
[all figures are in Rupees
Millions]
ABRIDGED
BALANCE SHEET
|
SOURCES OF FUNDS |
31.03.2006 |
31.03.2005 |
31.03.2004 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
2.400 |
2.400 |
0.800 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
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|
3] Reserves & Surplus |
3.696 |
1.853 |
2.530 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
6.096 |
4.253 |
3.330 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
14.428 |
2.610 |
4.343 |
|
|
2] Unsecured Loans |
1.881 |
2.127 |
1.249 |
|
|
TOTAL BORROWING |
16.309 |
4.737 |
5.592 |
|
|
DEFERRED TAX LIABILITIES |
0.610 |
7.441 |
0.828 |
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TOTAL |
23.015 |
16.431 |
9.750 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
7.304 |
6.328 |
4.236 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENT |
0.000 |
0.000 |
0.000 |
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DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
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Inventories |
2.908
|
1.933 |
0.905 |
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Sundry Debtors |
21.663
|
14.433 |
7.702 |
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|
Cash & Bank Balances |
0.250
|
0.645 |
0.638 |
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Other Current Assets |
0.000
|
0.000 |
0.000 |
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Loans & Advances |
2.200
|
1.670 |
1.040 |
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Total Current Assets |
27.021
|
18.681 |
10.285 |
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|
Less : CURRENT LIABILITIES & PROVISIONS |
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|
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|
Current Liabilities & Provisions |
11.332
|
8.604 |
4.803 |
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Total Current Liabilities |
11.332
|
8.604 |
4.803 |
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Net Current Assets |
15.689
|
10.077 |
5.482 |
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MISCELLANEOUS EXPENSES |
0.022 |
0.026 |
0.032 |
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TOTAL |
23.015 |
16.431 |
9.750 |
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PROFIT
& LOSS ACCOUNT
|
PARTICULARS |
|
31.03.2005 |
31.03.2004 |
|
Sales Turnover [including other income] |
|
48.185 |
26.846 |
|
|
|
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|
|
Profit/(Loss)
Before Tax |
|
2.096 |
1.161 |
|
Provision
for Taxation |
|
1.173 |
0.465 |
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Profit/(Loss)
After Tax |
|
0.923 |
0.696 |
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Total
Expenditure |
|
46.089 |
25.685 |
KEY
RATIOS
|
PARTICULARS |
|
31.03.2006 |
31.03.2005 |
31.03.2004 |
|
PAT / Total Income |
(%) |
--
|
1.91 |
2.62 |
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Net
Profit Margin (PBT/Sales) |
(%) |
--
|
4.34 |
4.38 |
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Return
on Total Assets (PBT/Total
Assets} |
(%) |
--
|
8.38 |
7.99 |
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Return
on Investment (ROI) (PBT/Networth) |
|
--
|
0.49 |
0.34 |
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Debt
Equity Ratio (Total
Liability/Networth) |
|
4.53
|
3.13 |
3.12 |
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Current
Ratio (Current
Asset/Current Liability) |
|
1.72
|
2.17 |
2.14 |
LOCAL AGENCY
FURTHER INFORMATION
Form
8 Particular for creation or modification of charges
|
Name of the company |
Inexo Chemicals Private Limited |
|
Presented By |
Inexo Chemicals Private Limited & Canara
Bank, Ambattur Branch, Ambattur, Chennai - 600053 |
|
1) Date and description of instrument creating
the change |
Deed of Hypothecation re: Machinery dated
24.05.2004 |
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2) Amount secured by the charge/amount owing on
the securities of charge |
Rs.0.429 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 |
Machineries purchased out of Term Loan from
Central Bank of India, SSI Branch, Guindy now taken over by Canara Bank,
Ambattur. |
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4) Gist of the terms and conditions and extent
and operation of the charge. |
Interest : 13.25% per annum and such interest
shall be calculated and charged on the balance in the account and be debited
to the account and to be payable every quarter and if the interest is not
paid, the same shall become compounded with the principal balance outstanding
in the account on such balance and on such successive balances the borrower
shall become liable to pay further interest from time to time provided that
the interest payable by borrower shall be subject to the charges in the
interest rate made by the Reserve Bank of India from time to time and
intimated by the Bank to the
borrower. The said term loan is repayable in equal
instalments of Rs.0.008 millions per month starting from 24.06.2004 to
24.10.2008 and the last instalment of Rs.0.005 million to be payable on
24.11.2008. All other terms and conditions as per the agreement enclosed. |
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5) Name and Address and description of the person
entitled to the charge. |
Canara Bank Ambattur Branch, Ambattur, Chennai-600053 |
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6) Date and brief description of instrument
modifying the charge |
N.A. |
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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. |
N.A. |
Form
8 Particular for creation or modification of charges
|
Name of the company |
Inexo Cast Metal Solutions Private Limited |
||||
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Presented By |
State Bank Of India Ambattur Industrial Estate Chennai - 600058 |
||||
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1) Date and description of instrument creating
the change |
All dated 08.07.2005 and relates to one and the
same charge. |
||||
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2) Amount secured by the charge/amount owing on
the securities of charge |
Rs.18.200 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 |
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||||
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4) Gist of the terms and conditions and extent
and operation of the charge. |
Rate of Interest, Margin and other terms and
conditions as per the Agreement. |
||||
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5) Name and Address and description of the person
entitled to the charge. |
State
Bank Of India Ambattur
Industrial Estate Chennai
- 600058 |
||||
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6) Date and brief description of instrument
modifying the charge |
Nil |
||||
|
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. |
Nil |
Form
8 Particular for creation or modification of charges
|
Name of the company |
Inexo Chemicals Private Limited |
|
Presented By |
Inexo Chemicals Private Limited &
Canara Bank, Ambattur Branch, Ambattur, Chennai - 600053 |
|
1) Date and description of instrument creating
the change |
24th May 2004 a)
Hypothecation/ Cash Credit Agreement b)
Agreement Re: Advance against Book Debts as Prime
Security |
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2) Amount secured by the charge/amount owing on
the securities of charge |
Rs.5.500 as OCC (sub Limit ODBD Rs.4.500), with
interest, costs, charges and expenses. |
|
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 |
The whole of the borrower’s present and future
stocks of raw-materials, goods-in-process of manufacture and all finished and
manufactured goods and articles such as foundry chemicals, such as
exothermal, insulating streams, mould coats etc. together with all stores,
components and spares which now belonging to or may hereafter from time to
time, during the continuance of the security, belong to the borrower and
which are and shall or may be brought into stored or be in or upon or about
the borrowers factory, Godown and/or other premises at plot no.107, SIDCO
Industrial Estate, Ambattur, Chennai-600098 or wherever else the same may be
situated, stored or lying or being, including any
such raw materials, articles or goods, stores, spares and components or other
similar movable property in course of transit or delivery to the borrower
including Book debts of the company as Prime Security. Plant and
Machinery/Misc. Fixed assets to the tune of Rs.3.748 millions as at
31.12.2003 as Collateral Security. |
|
4) Gist of the terms and conditions and extent
and operation of the charge. |
Rate of interest 12.75% p.a. Comp
quarterly (12.60%) Comp monthly). All other Terms and Conditions are as per
agreement as referred above, enclosed. |
|
5) Name and Address and description of the person
entitled to the charge. |
Canara Bank Ambattur Branch, Ambattur, Chennai-600053 |
|
6) Date and brief description of instrument
modifying the charge |
Supplemental Agreement dated 05th March 2005. |
|
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. |
At the request of the Borrower agreed to increase the said credit facility by way of OCC/DBD from Rs.5.500 millions to Rs.6.875 millions Interest rate of 2.75% p.a. above on going PLR with a minimum of 13.50% p.a. compounded Monthly/Quarterly. All other terms and conditions including the existing securities are continuing as per the agreement enclosed |
Form 8 Particular for creation or modification of
charges
|
Corporation identity number or foreign company registrations number of the company |
U24117TN1997PTC037258 |
|
Name of the company |
INEXO CHEMICALS PRIVATE LIMITED |
|
Address |
Plot No. 107 (Old No. 166), VIII Phase,
Sidco Industrial Estate, Chennai – 600098, Tamilnadu |
|
This Form is for |
Modification of charge |
|
Type of Charges |
Hypothecation |
|
Particular of the charge holder |
State Bank of India, Ambattur
Industrial Estate, Chennai – 600058 |
|
Amount Secure by the charge |
Rs. 31.435 Millions |
|
Brief of the principal terms and conditions and extent and operation of the charge |
Rate of Interest, Margin and other terms and conditions as per the agreement. |
|
Description of the property charge whether it is a charge on |
Plant and Machinery, Stock in Trade, Book Debts and other |
|
Modification charge Charge identification number of the charge to be modified |
90290703 |
|
Date of instrument modifying the charge |
03.08.2006 |
|
Particulars of the Property charged |
The credit facilities extended to the company ha enhanced to Rs. 31.435 millions |
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 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.44.74 |
|
UK
Pound |
1 |
Rs.86.68 |
|
Euro |
1 |
Rs.58.71 |
SCORE &
RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
5 |
|
--CREDIT LINES |
1~10 |
5 |
|
--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 |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
46 |
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 |
|
NR |
In view of the lack of information, we
have no basis upon which to recommend credit dealings |
No Rating |
|