MIRA
INFORM REPORT
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Report Date : |
05.11.2007 |
IDENTIFICATION
DETAILS
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Name : |
CHELLAMANI AND COMPANY |
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Registered Office : |
18 A (New number 53 A) Nelson Manickam Road, Choolaimedu, Chennai –
600 094, Tamil Nadu |
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Country : |
India |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
1990 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
CHEC00785B |
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PAN No.: [Permanent
Account No.] |
AAAFC3187E |
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Legal Form : |
Partnership concern with an Unlimited Liability of the partners. |
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Line of Business : |
Traders, Dealers and Distributors in Consumer Durables. |
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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Status : |
Good |
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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 concern having
satisfactory track. Trade relations are fair. Payments are usually correct
and as per commitments. The concern is doing well. It can be considered good for any normal for business dealings at
usual trade terms and conditions. |
LOCATIONS
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Registered Office : |
18 A (New number 53 A) Nelson Manickam Road, Choolaimedu, Chennai –
600 094, Tamil Nadu, India |
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Tel. No.: |
91-44-23745888 / 23745502 |
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Fax No.: |
91-44-23743137 |
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Area : |
6000 sq.fts |
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Location : |
Owned |
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Branches : |
· Pallavaram Branch, 8/22 Indira Gandhi Road, Pallavaram, Tamil Nadu, India · 69 LB Road, Tiruvanmiyur , Chennai – 600 041, Tamil Nadu, India Tel No: 91-44-24422509 · 142 P H Road , Kellys, Chennai - 600 010 |
PARTNERS
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Name : |
Mr. P George |
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Designation : |
Partner |
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Date of Birth/Age : |
55 years |
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Name : |
Mr. P David |
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Designation : |
Partner |
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Date of Birth/Age : |
45 years |
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Name : |
Mr. P Arul |
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Designation : |
Partner |
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Date of Birth/Age : |
48 years |
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Name : |
Mr. Richard |
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Designation : |
Partner |
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Date of Birth/Age : |
20 years |
BUSINESS DETAILS
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Line of Business : |
Traders, Dealers and Distributors in Consumer Durables. |
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Products : |
Products handled are ;- Ø Radio Casette Recorders Ø Audio Players Ø TV’s Ø Microwave Ovens Ø Refrigerators Ø Washing Machines Ø Portable CD Players Ø Cooking ranges Ø Food Processors Ø Mixies Ø Grinders Ø Cordless Phones Ø Electric Ovens Ø Toasters Ø Water Heaters Ø Storage Water Heater Ø Instant Water Heater Ø Air Conditioners Ø Water Purifiers Ø Vaccum Cleaners Ø Coolers Ø Fans – all types |
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Agencies Held : |
· Samsung · Onida · LG · Videocon · Philips · Kelvinator · Daewoo · Bajaj · BPL · Crompton Greaves |
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Terms : |
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Selling : |
Cash, Credit (30 Days) |
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Purchasing : |
Cash, Credit (15 days) |
GENERAL
INFORMATION
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Customers : |
Wholesalers, Mainly Retailers and End Users |
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No. of Employees : |
50 |
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Bankers : |
Bank of Baroda, Choolaimedu, Chennai |
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Facilities : |
The concern enjoys facilities: C/C – Rs. 20.000 millions
from its bankers. |
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Banking
Relations : |
Good |
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Associates/Subsidiaries : |
George Enterprises 15 Nelson Manicakam Road, Choolaimedu, Choolai – 600094, Tamil Nadu Dealers, Traders and Distributors of Consumer Durables (Four showrooms in the following places) 1. Nelson Manickam Road 2. Tambaram West 3. Gowrivakkam, Velacherry 4. Tiruvanmiyur |
CAPITAL STRUCTURE
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Capital Investment : |
Rs. 2.500 millions (Estimated) |
FINANCIAL DATA
[all figures are in Rupees Millions]
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Particulars |
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31.03.2007 |
31.03.2006 |
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Sales Turnover |
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400.000 |
350.000 |
Expected Sales (2007-08) : Rs. 500.000 millions
LOCAL AGENCY
FURTHER INFORMATION
HISTORY
Subject’s parent company George Enterprises was started 29 years ago. Mr George the patriarch of the company set up Chellamani and Company later for his sons. It was started in the year 1990s.
BUSINESS:
The concern is dealing with following companies:-
· Bajaj
· BPL
· Crompton Greaves
· Kelvinators
· Daewoo
· Eureka Forbes
· LG
· Onida
· TVS
· Whirlpool
· TCL
· Kenstar
· Godrej
· Samsung
· National Panasonic
It neither imports nor exports
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.39.32 |
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UK Pound |
1 |
Rs.82.08 |
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Euro |
1 |
Rs.56.96 |
SCORE & RATING
EXPLANATIONS
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SCORE FACTORS |
RANGE |
POINTS |
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HISTORY |
1~10 |
6 |
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PAID-UP CAPITAL |
1~10 |
6 |
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OPERATING SCALE |
1~10 |
6 |
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FINANCIAL CONDITION |
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--BUSINESS SCALE |
1~10 |
6 |
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--PROFITABILIRY |
1~10 |
6 |
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--LIQUIDITY |
1~10 |
6 |
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--LEVERAGE |
1~10 |
6 |
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--RESERVES |
1~10 |
6 |
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--CREDIT LINES |
1~10 |
6 |
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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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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
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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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