MIRA
INFORM REPORT
|
Report Date : |
30.04.2008 |
IDENTIFICATION
DETAILS
|
Name : |
ELKAYEM AUTO ABCILLARIES PRIVATE LIMITED |
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Registered Office : |
No.159-B, Sipcot Industrial Complex, Hosur – 635126, Tamilnadu, India |
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Country : |
India |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
04.08.1988 |
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Com. Reg. No.: |
181-002231 |
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CIN No.: [Company
Identification No.] |
U27310TZ1988PTC002231 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
CHEE03241A |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Manufacturers of Fabricated
Components for Auto Industries |
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 218076 |
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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 company having satisfactory track. Directors are reported as
experienced, respectable and resourceful industrialists. Their trade
relations are fair. Payments are usually correct and as per commitments. The company can
be considered normal for business dealings at usual trade terms and
conditions. |
INFORMATION PARTED
BY
|
Name : |
Mr. K Suresh |
|
Designation : |
Finance Manager |
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Date : |
28.04.2008 |
LOCATIONS
|
Registered Office : |
No.159-B, Sipcot Industrial Complex, Hosur – 635126, Tamilnadu, India |
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Tel. No.: |
91-4344-500652 /
276439 |
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Fax No.: |
91-4344-278132 |
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E-Mail : |
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Website : |
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Location : |
Owned |
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Factory : |
S. No. 96/1, Opp.
KPCL, Nanjangud Road, Jayapura, Hobil, Kadakola, Mysore - 571311, Karnataka,
India |
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Tel. No.: |
91-821-2596492 |
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Fax No.: |
91-821-2596757 |
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E-Mail : |
DIRECTORS
|
Name : |
Mr. L K Muthusamy
Adhi |
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Designation : |
Managing Director
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|
Address : |
A-1 Sipcot Housing Colony, Hosur, Dharmapuri – 635126, Tamilnadu,
India |
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Date of Birth/Age : |
01.06.1952 |
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Date of Appointment : |
14.07.1988 |
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Name : |
Mr. L M
Ramakrishnan |
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Designation : |
Director |
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Name : |
Mrs. Kalavathi
Adhi |
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Designation : |
Whole Time
Director |
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Address : |
A-1 Sipcot Housing Colony, Hosur, Dharmapuri – 635126, Tamilnadu,
India |
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Date of Birth/Age : |
02.12.1953 |
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Date of Appointment : |
06.09.1999 |
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Name : |
Mrs. Geetha
Ravindran |
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Designation : |
Director |
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Address : |
2 Gandhi Nagar, 3rd
Floor, Gob Erode – 638452, Tamilnadu, India |
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Date of Birth/Age : |
23.09.1954 |
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Date of Appointment : |
24.08.2001 |
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Name : |
Mrs. Aruna
Ramakrishnan |
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Designation : |
Director |
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Address : |
294 Evn Road,
Erode – 638009, Tamilnadu, India |
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Date of Birth/Age : |
28.04.1946 |
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Date of Appointment : |
24.08.2001 |
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Name : |
Mrs. Swathanthra Sakthivel
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Designation : |
Director |
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Address : |
5, 6th
Avenue, H R Ngton Road, Chennai – 600031, Tamilnadu, India |
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Date of Birth/Age : |
23.07.1948 |
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Date of Appointment : |
24.08.2001 |
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Name : |
Mrs. Punitha
Ramasamy |
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Designation : |
Director |
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Address : |
Kayres Estate, PB
No.18, Sidhapur, Virajpet Taluk South Coorg – 571253, Karnataka, India |
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Date of Birth/Age : |
13.03.1948 |
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Date of Appointment : |
24.08.2001 |
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Name : |
Mrs. Poongothai
Sridhar |
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Designation : |
Director |
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Address : |
23 New Hospital
Road, Gobi Erode – 638452, Tamilnadu, India |
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Date of Birth/Age : |
15.08.1950 |
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Date of Appointment : |
24.08.2001 |
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Name : |
Mrs. Bharathi
Jayaraman |
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Designation : |
Director |
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Address : |
Jayaramapuram,
Kastur Bagram Post, Arachalur, Erode – 638114, Tamilnadu, India |
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Date of Birth/Age : |
03.03.1939 |
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Date of Appointment : |
24.08.2001 |
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Name : |
Mrs. Chellammal
Ramasamy |
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Designation : |
Director |
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Address : |
5 Pethichettipuram,
Tiruppur, Coimbatore – 638601, Tamilnadu, India |
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Date of Birth/Age : |
05.07.1948 |
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Date of Appointment : |
24.08.2001 |
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Name : |
Mrs. Suseela Devi
Rangasamy |
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Designation : |
Director |
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Address : |
22 Vedathalankadu
Karuvampalayam, Tirupur, Coimbatore – 641604, Tamilnadu, India |
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Date of Birth/Age : |
12.01.1947 |
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Date of Appointment : |
24.08.2001 |
KEY EXECUTIVES
|
Name : |
T G Janakiraman |
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Designation : |
Company Secretary |
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Address : |
No.205, 3-D Cross, III Block, HRBR Layout, Bangalore – 560043, India |
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Tel No.: |
91-80-25445565 |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
(As on 30.09.2005)
|
Names of Shareholders |
|
No. of Shares |
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Mr. L K Muthusamy
Adhi |
|
17150 |
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Mrs. Kalavathi
Adhi |
|
6700 |
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Mr. L M
Ramakrishnan |
|
1615 |
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Mrs. Punitha
Ramasamy |
|
850 |
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Mrs. Poongothai
Sridhar |
|
1050 |
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Mrs. Aruna
Ramakrishnan |
|
785 |
|
Mrs. Chellammal Ramasamy |
|
100 |
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Mrs. Swathanthra
Sakthivel |
|
550 |
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Mrs. Suseela Devi
Rangasamy |
|
1550 |
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Mrs. Bharathi
Jayaraman |
|
2550 |
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Mr. Vishnu Senthuran |
|
550 |
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Mr. R Premkumar |
|
1050 |
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Mr. R. Sridhar |
|
1050 |
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Mr. L M Sakthivel |
|
2550 |
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Mr. J. Krishnakumar |
|
550 |
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Mr. K S Ramasamy |
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500 |
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Mrs. Charu Karun |
|
700 |
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Mrs. Purani Krishna Kumar |
|
525 |
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Mr. Arjun Adhi |
|
1500 |
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Mr. Arvind Adhi |
|
1500 |
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Mr. K S Sridhar |
|
1500 |
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Mrs. Shakunthala Ramasamy |
|
575 |
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Mr. R Rangasamy |
|
1550 |
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Mr. G. Ravindran |
|
1000 |
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Mr. Geetha Ravindran |
|
1000 |
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Others |
|
1000 |
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Total |
|
50000 |
(As on 31.03.2007)
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Category |
|
Percentage |
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Directors or relatives of directors |
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturers of
Fabricated Components for Auto Industries |
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Terms : |
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Selling : |
Credit (30-60 days) |
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Purchasing : |
Credit (30-60 days) |
GENERAL
INFORMATION
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Customers : |
·
T. I.,
Chennai ·
Gemini
Steel, Bangalore |
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Suppliers : |
·
TVS Motors
Limited ·
Ashok
Leyland |
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No. of Employees : |
Production : 85; Other : 15 [Total = 100] Mysore and Hosur
= 350 |
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Bankers : |
·
Indian
Overseas Bank Hosur Industrial
Complex Branch, Hosur – 635126, Tamilnadu, India ·
Indian
Overseas Bank Mysore Branch,
India |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
T. Mani Chartered
Accountants |
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Address : |
A-13/1 Housing
Colony, Bagalur Road, Hosur – 635109, Tamilnadu, India |
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Associates/Subsidiaries
: |
Knitvel Needles
Limited |
CAPITAL STRUCTURE
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
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|
|
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|
50000 |
Equity Shares |
Rs.100/- each |
Rs.5.000 Millions |
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Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
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|
|
|
|
|
50000 |
Equity Shares |
Rs.100/- each |
Rs.5.000 Millions |
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FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2007 |
31.03.2006 |
31.03.2005 |
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|
SHAREHOLDERS FUNDS |
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|
|
|
|
1] Share Capital |
5.000 |
5.000 |
5.000 |
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|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
49.519 |
41.045 |
32.104 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
54.519 |
46.045 |
37.104 |
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LOAN FUNDS |
|
|
|
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1] Secured Loans |
37.604 |
24.374 |
26.535 |
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2] Unsecured Loans |
0.000 |
0.000 |
1.500 |
|
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TOTAL BORROWING |
37.604 |
24.374 |
28.035 |
|
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DEFERRED TAX LIABILITIES |
1.207 |
1.104 |
0.879 |
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|
|
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|
|
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TOTAL |
93.330 |
71.523 |
66.018 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
45.719 |
39.446 |
33.583 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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|
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INVESTMENT |
0.109 |
0.109 |
0.109 |
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DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
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|
|
|
|
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CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
11.727
|
9.133 |
8.072 |
|
|
Sundry Debtors |
71.806
|
56.120 |
42.827 |
|
|
Cash & Bank Balances |
6.792
|
6.471 |
6.345 |
|
|
Other Current Assets |
0.000
|
0.000 |
0.000 |
|
|
Loans & Advances |
2.133
|
3.161 |
2.968 |
|
Total
Current Assets |
92.458
|
74.885 |
60.212 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Current Liabilities |
42.027
|
40.865 |
25.834 |
|
|
Provisions |
2.925
|
2.052 |
2.052 |
|
Total
Current Liabilities |
44.952
|
42.917 |
27.886 |
|
|
Net Current Assets |
47.502
|
31.968 |
32.326 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
93.330 |
71.523 |
66.018 |
|
PROFIT & LOSS
ACCOUNT
|
PARTICULARS |
31.03.2007 |
31.03.2006 |
31.03.2005 |
|
Sales Turnover (including
other income) |
283.878 |
279.299 |
216.201 |
|
Total Income |
283.878 |
279.299 |
216.201 |
|
|
|
|
|
|
Profit/(Loss) Before Tax |
17.343 |
21.292 |
9.213 |
|
Provision for Taxation |
6.265 |
0.000 |
0.000 |
|
Profit/(Loss) After Tax |
11.078 |
21.292 |
9.213 |
|
|
|
|
|
|
Total Expenditure |
266.535 |
258.007 |
206.988 |
KEY RATIOS
|
PARTICULARS |
|
31.03.2007 |
31.03.2006 |
31.03.2005 |
|
PAT / Total Income |
(%) |
3.90
|
7.62 |
4.26 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
6.11
|
7.62 |
4.26 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
12.55
|
18.62 |
9.82 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.32
|
0.46 |
0.25 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
1.51
|
1.46 |
1.51 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
2.06
|
1.74 |
2.16 |
LOCAL AGENCY
FURTHER INFORMATION
Form 8:
|
Name of the company |
ELKAYEM AUTO ABCILLLARIES PRIVATE LIMITED 159-B, SIPCOT Industrial Complex, Hosur – 635126 |
|
Presented By |
Mr. L K M Adhi,
Managing Director |
|
1) Date and description of instrument creating the change |
Letter of hypothecation
for Rs.12.500 Millions Dated 11.06.2004 |
|
2) Amount secured by the charge/amount owing on the securities of charge |
Letter of
Hypothecation- Book Debts Stock of Raw Materials and Semi Finished and
Finished Goods Machineries. |
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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 |
Book Debts, Stock
of Raw Materials and Semi Finished and Finished Goods Machineries. |
|
4) Gist of the terms and conditions and extent and operation of the charge. |
Interests will be
charged as per the loan document if any executed to be executed by the
borrower and/ or as per the Bank Rules/ RBI Guidelines The limit has to
be renewed on yearly basis. |
|
5) Name and Address and description of the person entitled to the charge. |
Indian Overseas
Bank Hosur Industrial
Complex, Hosur – 635126, India |
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6) Date and brief description of instrument modifying the charge |
NA |
|
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. |
NA |
|
Corporate identity
number (CIN) Foreign company registration number |
U27310TZ1988PTC002231 |
|
Name of the
Company |
ELKAYEM AUTO ABCILLARIES PRIVATE LIMITED |
|
Address |
No.159-B, Sipcot Industrial Complex, Hosur – 635126, Tamilnadu, India |
|
This form is for |
Creation of Charge |
|
Type of Charge |
Movable Property
(not being pledge) |
|
Particulars of
the charge holder |
Indian Overseas
Bank Hosur Industrial
Complex, Hosur – 635126, India |
|
Nature or
description of the instrument(s) creating or modifying the charge |
Deed of
Hypothecation Dated 20.06.2007 |
|
Date of the
instrument creating or modifying the charge |
20.06.2007 |
|
Amount secured by
the charge |
Rs.1.400 Millions |
|
Brief particulars
of the principal terms and conditions and extent and operation of the charge |
Rate of
Interests: 10.25% Terms of
Repayments: 36 EMI of
Rs.0.045 Million without any holiday period Margin: 21.65 % Extent and
operation of the charge: Car to be bought
out of the loan amount to be hypothecated to the Bank. Total Value of Car:
Rs.1.787 Millions |
|
Short particulars
of the property charged (including location of the property) |
Skoda Laura make:
Car (Engine No. BJB 202699) |
|
Particular of the
present modification |
NA |
Trade Reference:
· Askok Lay Land Company, Hosur
· T V S Motors Limited, Hosur
· Maini Materials Investments, Bangalore
Team:
The Company is being managed by L.K.M. Adhi
who is the CEO and the day to day operations are managed by the Vice President
Mr. Arvind Adhi an industrial engineer with adequate industrial experience and
supported by a team of highly motivated Engineers and Managers.
The highly motivated, operational team
keeps abreast of new technologies to keep pace with the changing demands of the
customer. New products are consistently developed by the “New Product
Development” team which is directly headed by the Vice President. The team
consists of design and manufacturing engineers, cost accountants and managers.
Group:
Knitvel Needles, sister concern of Subject is a manufacturer
of Hosiery Needles and other accessories for Knitting and Textile machinery.
The unit was started in the year 1979 by a group of technocrats headed by Mr.
L.K.M. Adhi, all experienced in the Hosiery and Engineering industry. Today,
the unit has a delivery capacity of 10 million needles per annum.
Many textile companies, renowned hosiery manufacturers, both in India and abroad, are esteemed customers of Knitvel Needles. Knitvel Needles is also taking care of tooling and gauging requirements of subject.
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.40.22 |
|
UK Pound |
1 |
Rs.79.94 |
|
Euro |
1 |
Rs.62.83 |
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 |
7 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--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 |
NO |
|
--AFFILIATION |
YES/NO |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
58 |
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. |
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 |
|