MIRA
INFORM REPORT
|
Report Date : |
26.04.2007 |
IDENTIFICATION
DETAILS
|
Name : |
APPASAMY ASSOCIATES |
|
|
|
|
Registered Office : |
20 SBI Officer’s Colony , First Street , Arumbakkam , Chennai ,
600106, Tamilnadu |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as on) : |
31.03.2006 |
|
|
|
|
Date of Incorporation : |
1978 |
|
|
|
|
TAN No.: [Tax
Deduction & Collection Account No.] |
CEA02666G |
|
|
|
|
Legal Form : |
Partnership Concern With an Unlimited Liability of The
Partners |
|
|
|
|
Line of Business : |
Manufacture and Sale of Ophthalmic Instruments and
Equipments. |
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 |
|
Maximum Credit Limit : |
USD 16000 |
|
|
|
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
Regular |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is a well established concern having satisfactory
track. Proprietor are reported as experienced, respectable and resourceful
businessman. His trade relations are fair. Payments are reported as usually
correct and as per commitments. The concern can be considered good for normal
business dealings at usual trade terms and conditions. |
LOCATIONS
|
Head Office : |
20 SBI Officer’s Colony, First Street, Arumbakkam, Chennai, 600106,
Tamilnadu |
|
Tel. No.: |
91-44-32932405/32980153 |
|
Fax No.: |
91-44-23630721 / 23631208 |
|
E-Mail : |
|
|
Website : |
|
|
Area : |
25000 sq. ft |
|
|
|
|
Manufacturing Facilities: |
Located at: v Kolkata , West
Bengal v Chennai,
Tamilnadu v Pondicherry ,
Tamilnadu |
|
|
|
|
Regional Service
Centres |
Located at : v Mumbai ,
Maharahtra v Chennai ,
Tamilnadu v Pondicherry
, Tamilnadu |
|
|
|
|
Resident Representative at |
Madurai Ahmedabad , Bangalore , Coimbatore , Cuttack , Hubli ,
Hyderabad , Indore , Lucknow, Meerut , nagpur, Patna, Pune , Pondicherry , J
Salem , Surat , Thrissur, Trichy,
Varanasi and Vijaywada, Raikot. |
|
|
|
|
Authorised Distributors In USA |
Venkat Ravilla |
PARTNERS
|
Name : |
Mr. P S N Appasamy |
|
Designation : |
Partner |
|
|
|
|
Name : |
Mr. Radhakrishnan |
|
Designation : |
Partner |
|
|
|
|
Name : |
Mr. Jayaraj |
|
Designation : |
Partner |
|
|
|
|
Name : |
Mr. Nirmala Kasthuri |
|
Designation : |
Partner |
|
|
|
|
Name : |
Mr. A Ramamoorthy |
|
Designation : |
Partner |
KEY EXECUTIVES
|
Name : |
Mr. Maris |
|
Designation : |
Senior Accountant |
|
Tel No. |
91-44-32980153/154 |
BUSINESS DETAILS
|
Line of Business : |
Manufacture and Sale of Ophthalmic Instruments and
Equipments. |
|
|
|
|
Products : |
v Ophthalmic
Instruments v Equipments |
|
|
|
|
Exports : |
|
|
Countries : |
North America and Canada |
|
|
|
|
Imports : |
|
|
Countries : |
Japan , USA ,And Germany |
GENERAL
INFORMATION
|
No. of Employees : |
150 People |
|
|
|
|
Bankers : |
v State Bank Of
India Anna Nagar, Chennai 600040 Tamilnadu India
v Canara Bank Shenoy Nagar , Chennai- 600030,Tamilnadu ,
India v HDFC Bank
Limited Dr. Radhakrishnan Road Mykapore Chennai. |
|
|
|
|
Facilities : |
The concern enjoy substantial Credit Limit From its bankers. |
|
|
|
|
|
|
|
Banking Relations
: |
Satisfactory |
|
|
|
|
Auditors : |
Not Available |
|
|
|
CAPITAL STRUCTURE
|
Capital Investment : |
|
|
Owned : |
Rs.15.000 millions |
|
Borrowed : |
N.A |
|
Total : |
Rs.15.000 millions |
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2006 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
1] Partner Capital |
|
|
|
Mr. P.S.N. Appsamy |
0.100 |
|
|
Mr. A. Jeyaraj |
0.053 |
|
|
Mr. P. Radhkrishnan |
0.052 |
|
|
Mr. A Ramamoorthy |
0.052 |
|
|
Mrs. P. Nirmala |
0.068 |
|
|
2] Share Application Money |
0.000 |
|
|
3] Reserves & Surplus |
0.000 |
|
|
4] (Accumulated Losses) |
00000 |
|
|
NETWORTH |
0.325 |
|
|
LOAN FUNDS |
|
|
|
1] Secured Loans |
28.189 |
|
|
TOTAL BORROWING |
28.189 |
|
|
DEFERRED TAX LIABILITIES |
0.000 |
|
|
|
|
|
|
TOTAL |
28.514 |
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
93.123 |
|
|
Capital work-in-progress |
0.000 |
|
|
|
|
|
|
INVESTMENT |
0.000 |
|
|
DEFERREX TAX ASSETS |
0.000 |
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
Closing Stock |
13.051
|
|
|
Sundry Debtors |
173.857
|
|
|
Advances & Deposits |
68.202
|
|
|
Cash Balance |
0.486
|
|
|
Bank Balance |
103.132
|
|
Total
Current Assets |
358.728
|
|
|
Less : CURRENT LIABILITIES & PROVISIONS |
|
|
|
|
Current Liabilities |
421.171
|
|
|
Provisions |
2.166
|
|
Total
Current Liabilities |
423.337
|
|
|
Net Current Assets |
(64.609)
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
|
|
|
|
|
|
TOTAL |
28.514 |
|
PROFIT & LOSS
ACCOUNT
|
PARTICULARS |
31.03.2006 |
|
|
Sales Turnover |
400.000 |
|
|
Total Income |
400.000 |
|
|
|
|
|
|
Profit/(Loss) Before Tax |
61.427 |
|
|
Provision for Taxation |
0.000 |
|
|
Profit/(Loss) After Tax |
61.427 |
|
|
|
|
|
|
Expenditures : |
|
|
|
|
Purchases made for re-sale |
281.777 |
|
|
Salaries, Wages, Bonus, etc. |
7.789 |
|
|
Interest |
2.480 |
|
|
Insurance Expenses |
0.077 |
|
|
Depreciation & Amortization |
4.221 |
|
|
Other Expenditure |
67.553 |
|
Total Expenditure |
363.897 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2006 |
|
PAT / Total
Income |
(%) |
15.35
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
15.35
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
13.59
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
189.00
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
1302.57
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
0.84
|
LOCAL AGENCY
FURTHER INFORMATION
Web Site details:
Exclusive Distributor in India for
|
Canon Inc, Medical Equipment Division, Japan |
Auto Refractometer, Autoref Keratometer, Fundus Camera,
and Automated Non-Contact Tonometer |
|
DGH Technology Inc., USA |
Ultra Sound Scanning Equipment - A Scan and Pachymeter |
|
ELLIS Ophthalmic
Technologies Inc., USA |
Intra Ocular Lenses, Ultrasonic A - Scan |
Authorised Distributor in India for
|
Grand Seiko Co. Ltd., Japan |
Auto Refractometer, Autoref Keratometer and Automatic
Lensmeter and Trial Lens Frames |
|
Inami & CO., Ltd., Japan |
All Ophthalmic Equipment & Instruments |
|
Rudolf Riester GMBH., Germany |
Ophthalmoscope, Retinoscope and Schiotz Tonometers |
|
Volk Optical, Ohio, USA |
Diagnostic, Imaging and Laser Delivery Lenses. |
|
Potec Co.Ltd., Korea |
Autoref Keratometer |
Awards:
· Best Woman Entrepreneur of the year award, instituted by Government of Tamilnadu for the year 1993. (First awardee in this category since its inception)
· One of the Best 5 Women Entrepreneurs of the year 1994, instituted by National Alliance of Young Entrepreneurs.
· Engineering Export Promotion Council (EEPC) of India award for the best performance under the category Small Scale Industries - Certificate of merit for 1993-1994 among Southern Region of EEPC of India.
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.40.97 |
|
UK Pound |
1 |
Rs.82.18 |
|
Euro |
1 |
Rs.56.91 |
SCORE & RATING
EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILIRY |
1~10 |
6 |
|
--LIQUIDITY |
1~10 |
6 |
|
--LEVERAGE |
1~10 |
6 |
|
--RESERVES |
1~10 |
6 |
|
--CREDIT LINES |
1~10 |
6 |
|
--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 |
YES |
|
--AFFILIATION |
YES/NO |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
54 |
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 |
|