MIRA
INFORM REPORT
|
Report Date : |
01.08.2008 |
IDENTIFICATION
DETAILS
|
Name : |
MARUTHI COOLING SYSTEMS PRIVATE LIMITED |
|
|
|
|
Registered Office : |
No. 63, Meenakshi Nagar, 4th Main, Kamakshipalya, Bangalore-560079,
Karnataka |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as on) : |
31.03.2007 (Maruthi Engineering) |
|
|
|
|
Date of Incorporation : |
06.06.2007 |
|
|
|
|
Com. Reg. No.: |
43035 |
|
|
|
|
CIN No.: [Company
Identification No.] |
U31103KA2007PTC043035 |
|
|
|
|
TAN No.: [Tax
Deduction & Collection Account No.] |
BLRM12461B |
|
|
|
|
Legal Form : |
Private Limited Liability Company |
|
|
|
|
Line of Business : |
Manufacture of Industrial Cooling Systems |
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 |
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
Usually Correct |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is a well established company and successor to Maruthi
Engineering which was stared in 1999-2000. Trade relations are fair. Payments are usually correct and as per
commitments. The company is doing steady business. It can be considered normal for business dealings at usual trade terms
and conditions. |
INFORMATION PARTED
BY
|
Name : |
Mr. Shashikant |
|
Designation : |
Account Manager |
|
Date : |
24.07.2008 |
LOCATIONS
|
Registered Office/ Factory : |
No. 63, Meenakshi Nagar, 4th Main, Kamakshipalya,
Bangalore-560079, Karnataka, India |
|
E-Mail : |
|
|
Website : |
|
|
|
|
|
Head Office : |
Located at:- Bangalore |
|
|
|
|
Corporate Office : |
No. 68/69, 4th Cross, Industrial Lane, Kamakshipalya,
Bangalore-560079, Karnataka, India |
|
Tel. No.: |
91-80-23482371/ 23484417/ 23586695 |
|
Fax No.: |
91-9845398368/ 23586695 |
|
Mobile No.: |
91-9902531232/ 9845398368 |
|
E Mail : |
|
|
Website : |
|
|
Area : |
Rented |
|
|
|
|
Branches : |
Located at:-
|
DIRECTORS
|
Name : |
Mr. Krishnappa Gopal Bhagya |
|
Designation : |
Director |
|
Address : |
No. 63, Meenakshi Nagar, 4th Main, Kamakshipalya,
Bangalore-560079, Karnataka, India |
|
Date of Birth/Age : |
09.08.1953 |
|
Qualification : |
S.S.C |
|
|
|
|
Name : |
Mr. G Srinivas |
|
Designation : |
Director |
|
Address : |
No. 63, Meenakshi Nagar, 4th Main, Kamakshipalya,
Bangalore-560079, Karnataka, India |
|
Date of Birth/Age : |
29.07.1981 |
|
Qualification : |
Diploma in Electronic |
|
|
|
|
Name : |
Mrs. Bhagya |
|
Designation : |
Director |
|
Date of Birth/Age : |
45 Years |
|
Qualification : |
S.S.C |
KEY EXECUTIVES
|
Name : |
Mr. Shashikant |
|
Designation : |
Account Manager |
MAJOR SHAREHOLDERS
|
Names of Shareholders |
|
No. of Shares |
|
K.Gopal |
|
20000 |
|
G Srinivas |
|
10000 |
|
Bhagya |
|
10000 |
|
Total |
|
40000 |
BUSINESS DETAILS
|
Line of Business : |
Manufacture of Industrial Cooling Systems |
|
|
|
|
Products : |
|
|
|
|
|
Exports : |
|
|
Countries : |
|
|
|
|
|
Terms : |
|
|
Selling : |
Credit ( 3-30 Days) |
|
|
|
|
Purchasing : |
Cash and Credit ( 30 Days) |
GENERAL
INFORMATION
|
Customers : |
Wholesalers and End Users
|
|
|
|
|
No. of Employees : |
30 |
|
|
|
|
Bankers : |
ICICI Bank, Vijay Nagar |
|
|
|
|
Banking
Relations : |
Satisfactory |
|
|
|
|
Auditors : |
|
|
Name : |
Mr. S Nagappan Chartered Accountant |
CAPITAL STRUCTURE
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
50000 |
Equity Shares |
Rs. 10/- each |
Rs. 0.500 Million |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
Not Available |
|
|
FINANCIAL DATA
[all figures are in Rupees Millions]
MARUTHI
ENGINEERING
(Proprietory
Concern)
|
Capital Investment : |
|
|
Owned : |
Rs. 0.795 Million |
|
Borrowed : |
-- |
|
Total : |
Rs. 0.795 Million |
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
|
|
31.03.2007 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
|
|
0.795 |
|
|
2] Share Application Money |
|
|
0.000 |
|
|
3] Reserves & Surplus |
|
|
0.000 |
|
|
4] (Accumulated Losses) |
|
|
0.000 |
|
|
NETWORTH |
|
|
0.795 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
|
|
2.838 |
|
|
2] Unsecured Loans |
|
|
0.048 |
|
|
TOTAL BORROWING |
|
|
2.886 |
|
|
DEFERRED TAX LIABILITIES |
|
|
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
|
|
3.681 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
|
|
0.792 |
|
|
Capital work-in-progress |
|
|
0.000 |
|
|
|
|
|
|
|
|
INVESTMENT |
|
|
0.001 |
|
|
DEFERREX TAX ASSETS |
|
|
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
|
|
0.349 |
|
|
Sundry Debtors |
|
|
2.894 |
|
|
Cash & Bank Balances |
|
|
0.417 |
|
|
Deposits |
|
|
0.235 |
|
|
Other Current Assets |
|
|
0.000 |
|
|
Loans & Advances |
|
|
0.000 |
|
Total
Current Assets |
|
|
3.895 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Credit Liabilities |
|
|
0.833 |
|
|
Outstanding Expenses |
|
|
0.174 |
|
Total
Current Liabilities |
|
|
1.007 |
|
|
Net Current Assets |
|
|
2.888 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
|
|
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
|
|
3.681 |
|
PROFIT & LOSS
ACCOUNT
|
PARTICULARS |
|
|
31.03.2007 |
|
|
Sales Turnover |
|
|
13.682 |
|
|
Other Income |
|
|
0.683 |
|
|
Total Income |
|
|
14.365 |
|
|
|
|
|
|
|
|
Profit/(Loss) Before Tax |
|
|
0.500 |
|
|
Provision for Taxation |
|
|
0.000 |
|
|
Profit/(Loss) After Tax |
|
|
0.500 |
|
|
|
|
|
|
|
|
Expenditures : |
|
|
|
|
|
|
Cost of Goods Sold |
|
|
9.947 |
|
|
Direct Expenses |
|
|
1.687 |
|
|
Auditors Fees |
|
|
0.010 |
|
|
Bonus Paid |
|
|
0.137 |
|
|
Conveyance and Travelling |
|
|
0.120 |
|
|
Discount Allower |
|
|
0.013 |
|
|
Depreciation & Amortization |
|
|
0.164 |
|
|
Other Expenditure |
|
|
1.787 |
|
Total Expenditure |
|
|
13.865 |
|
KEY RATIOS
|
PARTICULARS |
|
|
|
31.03.2007 |
|
PAT / Total Income |
(%) |
|
|
3.48 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
|
|
3.65 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
|
|
10.67 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
|
|
0.62 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
|
|
4.89 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
|
|
3.87 |
LOCAL AGENCY
FURTHER INFORMATION
Trade References:
- HAL,
Bangalore
- BHEL,
Bangalore
- T.U.S,
Chennai
AS PER WEBSITE
Profile:
Subject isa group of engineers from premier institutes of India, like
IITs, with more than fifteen years, experiences in the field of REFRIGERATION.
They always remain front-runners to research and utilize the latest in design,
technology, process and product prime quality equipment and services to the
customers in India. Their greatest strengths have, always, been their
commitment and focus over the specific product line and providing tailor-made
solutions, specifically for process cooling requirement.
Subject manufacture variety of chillers like water cooled chillers, air cooled
chillers, oil chillers, brine chillers, panel air conditioner sand special
purpose cooling systems.
Subject are the pioneers in completely factory assembled and pre-commissioned
Modular Chillers and Skid Mounted Chillers. These chillers are, also supplied
with the advanced features like Microprocessor Based Multifunctional Controller
(MBMC), Remote Control, Date Recording, etc. Today, ‘Maruthi Cooling Systems’
stands innovation for other manufacturers in India.
The Chillers are made with air as well as Air-cooled condensers-with a capacity
ranging from 2 TR to 250 and temperature range of upto (-)50 C. All the
components are globally sourced from Copeland, Danfoss, Alco, Sportan, Bitzer,
Telemechnique, among others. To ensure timely and efficient pre and after sales
services back-up, they have fully –equipped branch offices at Chennai, Andhra
Pradesh, New Delhi, Mumbai, Kolkata, coimbatore and Pune, apart from our head office
at Bangalore.
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 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.42.30 |
|
UK Pound |
1 |
Rs.84.03 |
|
Euro |
1 |
Rs.66.42 |
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. |
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 |
|