MIRA
INFORM REPORT
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Report Date : |
20.03.2007 |
IDENTIFICATION
DETAILS
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Name : |
AISHWARYA TRACTORS PRIVATE LIMITED |
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Registered Office : |
2C, 2ND Floor Gee Gee Crescent, 114 Poonamallee High Road,
Chennai – 600084, Tamilnadu |
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Country : |
India |
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Financials (as on) : |
31.03.2006 |
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Date of Incorporation : |
12.12.1997 |
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Com. Reg. No.: |
18-39591 |
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CIN No.: [Company
Identification No.] |
U51103TN1997PTC039591 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
CHEA10578B |
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PAN No.: [Permanent
Account No.] |
AACCA8609A |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Dealers of Agricultural Machinery and Equipments. |
RATING &
COMMENTS
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MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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 : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject is a
well-established and reputed company having satisfactory track. Directors are
reported as experienced and respectable businessmen. Trade relations are
reported as fair. Business is active. Payments are usually correct and as per
commitments. The company can be considered normal for business dealings at usual trade terms and conditions. |
LOCATIONS
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Registered Office : |
2C, 2ND Floor Gee Gee Crescent, 114 Poonamallee High Road,
Chennai – 600084, Tamilnadu, India |
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Tel. No.: |
91-44-28253119 |
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E-Mail : |
DIRECTORS
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Name : |
Mr. K. Ramesh Rao |
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Designation : |
Director |
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Address : |
29 Balfours Road, Kilpauk, Chennai – 600010, Tamilnadu, India |
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Date of Birth/Age : |
20.07.1961 |
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Date of Appointment : |
18.01.2000 |
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Name : |
Mrs. R. Sivakumari |
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Designation : |
Director |
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Address : |
29 Balfours Road, Kilpauk, Chennai – 600010, Tamilnadu, India |
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Date of Birth/Age : |
10.06.1966 |
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Date of Appointment : |
06.11.2002 |
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Name : |
Mr. P. V. Subramani |
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Designation : |
Director |
MAJOR SHAREHOLDERS
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Names of Shareholders |
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No. of Shares |
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Mr. A. Sriramachandra Rao |
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100 |
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Mr. P. V. Subramani |
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100 |
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Total |
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200 |
BUSINESS DETAILS
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Line of Business : |
Dealers of Agricultural Machinery and Equipments. |
GENERAL
INFORMATION
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No. of Employees : |
About 10 |
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Bankers : |
The United Western Bank Limited 102/103, First Floor, Prestige Point, 33 Haddows Road, Nungambakkam,
Chennai – 600006 |
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Facilities : |
-- |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
Bhat and Nagaraj Chartered Accountants |
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Address : |
10 Artisan Shanmugam Street, Ayanavaram, Chennai – 600023, Tamilnadu,
India |
CAPITAL STRUCTURE
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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500,000 |
Equity Shares |
Rs. 10/- each |
Rs. 5.000 Millions |
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Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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427500 |
Equity Shares |
Rs. 10/- each |
Rs. 4.275
Millions |
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FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
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SOURCES OF FUNDS |
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31.03.2006 |
31.03.2005 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
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4.275 |
4.275 |
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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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0.638 |
0.443 |
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4] (Accumulated Losses) |
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0.000 |
0.000 |
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NETWORTH |
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4.913 |
4.718 |
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LOAN FUNDS |
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1] Secured Loans |
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6.519 |
1.781 |
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2] Unsecured Loans |
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12.632 |
8.126 |
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TOTAL BORROWING |
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19.151 |
9.907 |
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DEFERRED TAX LIABILITIES |
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0.042 |
0.059 |
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TOTAL |
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24.106 |
14.684 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
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3.000 |
3.282 |
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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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0.000 |
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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5.818 |
7.838 |
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Sundry Debtors |
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19.852 |
4.786 |
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Cash & Bank Balances |
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0.872 |
0.949 |
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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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0.855 |
0.802 |
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Total
Current Assets |
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27.397 |
14.375 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
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6.153 |
2.982 |
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Provisions |
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0.139 |
0.005 |
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Total
Current Liabilities |
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6.292 |
2.987 |
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Net Current Assets |
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21.105 |
11.388 |
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MISCELLANEOUS EXPENSES |
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0.001 |
0.014 |
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TOTAL |
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24.106 |
14.684 |
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KEY RATIOS
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PARTICULARS |
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31.03.2006 |
31.03.2005 |
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Debt Equity Ratio (Total Liability/Networth) |
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5.18 |
2.73 |
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Current Ratio (Current Asset/Current Liability) |
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4.35 |
4.81 |
LOCAL AGENCY
FURTHER INFORMATION
Business
To buy, sell, import, export, stock, deal, distribute, hire, and lease
tractors, tractor parts, accessories, components, accessories, farm equipments,
automobiles, auto spares, components, accessories, transportation equipments,
material and passenger handling equipments. To engage in the business of
transportation of passengers, equipments, vehicles and other goods by road,
rail, air and sea and to own, hire and provide warehousing facilities, storage
facilities, transfer sheds, accommodation and transfer facilities to
passengers, goods, vehicles, to provide service station and to carry on the
business of buying, selling, importing, exporting, dealing and distributing
petroleum products and other consumables required for automobiles, ships and
other vehicles.
Bankers Charges
Report as per Registry
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Name of the company |
AISHWARYA
TRACTORS PRIVATE LIMITED |
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Presented By |
The Chief
Manager The United
Western Bank Limited and Aishwarya
Tractors Private Limited |
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1) Date and description of instrument creating the change |
Dated 10.01.1998 Two agreements
for demand loan on vehicles tractors spare parts. |
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2) Amount secured by the charge/amount owing on the securities of charge |
Rs. 1.200
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 |
Stock of Tractors
and Spare Parts. |
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4) Gist of the terms and conditions and extent and operation of the charge. |
ROI 19.50 % Valid
upto 09.01.1999 Limit Rs. 1.200 Millions. Interest is applicable were the
accommodation is by way of Cash Credit of overdraft on daily debit balance of
account. |
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5) Name and Address and description of the person entitled to the charge. |
The United Western Bank Limited 102/103, First Floor, Prestige Point, 33 Haddows Road, Nungambakkam,
Chennai – 600006 |
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6) Date and brief description of instrument modifying the charge |
Dated 12.09.2005 Agreement of
Hypothecation Letter of
continuing security. |
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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. |
By this
modification The credit
facilities enjoyed by the company has been enhanced modified as detailed
hereunder :
Terms and
Conditions Cash Credit Rate
of Interest – 12 % p.a. other terms and conditions as per the agreement
executed on 12.09.2005 Hypothecation of
all tangible movable properties of whatsoever nature and stocks including
stocks of tractors and spares, both present and future and all the present
and future book – debts / receivable by way of first charge, to secure the
above credit facility. Extension of
equitable mortgage by deposit of title deeds of the company property i.e.
land, building and shed of showroom and services centre at 2/15, G. N. T.
Road, Janapan Vhatram, Alinjivakkam, Chennai - 600067, to secure the above enhanced / modified credit
facilities along with interest, costs, charges and other expenses which may
be debited to the account from time to time. All other terms
and conditions of original charge and subsequent modification remains
uncharged. |
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
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.43.66 |
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UK Pound |
1 |
Rs.85.91 |
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Euro |
1 |
Rs.58.44 |
SCORE & RATING
EXPLANATIONS
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SCORE FACTORS |
RANGE |
POINTS |
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HISTORY |
1~10 |
5 |
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PAID-UP CAPITAL |
1~10 |
5 |
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OPERATING SCALE |
1~10 |
5 |
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FINANCIAL CONDITION |
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--BUSINESS SCALE |
1~10 |
6 |
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--PROFITABILIRY |
1~10 |
4 |
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--LIQUIDITY |
1~10 |
5 |
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--LEVERAGE |
1~10 |
5 |
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--RESERVES |
1~10 |
5 |
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--CREDIT LINES |
1~10 |
5 |
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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 |
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45 |
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
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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>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 |
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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 |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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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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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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<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
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NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
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