MIRA
INFORM REPORT
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Report Date : |
08.08.2008 |
IDENTIFICATION
DETAILS
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Name : |
SRI GOWRISH CNC PRIVATE LIMITED |
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Registered Office : |
32, 6th Street, Lakshmipuram, Peelamedu, Coimbatore – 641 004,
Tamilnadu |
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Country : |
India |
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Financials (as on) : |
31.03.2006 |
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Date of Incorporation : |
05.05.1997 |
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Com. Reg. No.: |
18-7890 |
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CIN No.: [Company
Identification No.] |
U29199TZ1997PTC007890 |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Manufacturers of CNC tools |
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 35000 |
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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 meeting its normal
commitments timeously. Trade relations are fair. Business is active. The company can be considered good for normal business dealings. |
LOCATIONS
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Registered Office : |
32, 6th Street, Lakshmipuram, Peelamedu, Coimbatore – 641
004, Tamilnadu, India |
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Tel. No.: |
91-422-2667357 |
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E-Mail : |
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Website : |
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Corporate Office : |
91-C, Athipalayam Road, Chinnavedapatti, Ganapathi, Coimbatore – 641
006, Tamilnadu, India |
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Tel. No.: |
91-422-2665390 / 2667357 |
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Fax No.: |
91-422-2665424 |
DIRECTORS
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Name : |
Mr. V Govindaraju |
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Designation : |
Director |
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Address : |
29, 6th Street, Lakshmipuram, Peelamedu, Coimbatore – 641
004, Tamilnadu, India |
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Date of Birth/Age : |
10.04.1967 |
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Date of Appointment : |
05.05.1997 |
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Name : |
Mr. S Balamurugan |
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Designation : |
Director |
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Address : |
186-B, Chinnammal Street, K K Pudur, Coimbatore – 641 038, Tamilnadu,
India |
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Date of Birth/Age : |
29.04.1965 |
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Date of Appointment : |
05.05.1997 |
KEY EXECUTIVES
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Name : |
M/s Jmacs Associates |
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Designation : |
Company Secretary |
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Address : |
“Lakshya”, 2nd Floor, 1056/1 Avinashi Road, Coimbatore –
641 018, Tamilnadu, India |
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Tel No. : |
91-422-5391973 |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
(As on 31.03.2007)
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Names of Shareholders |
No. of Shares |
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R Meenalochani |
50000 |
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B Pushalakshmi |
45000 |
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S Rajeshwari |
65000 |
Equity shares Breakup (percentage of total equity)
(As on 30.09.2006)
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Category |
Percentage |
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Directors or relatives of Director |
100.00 |
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Total |
100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturers of CNC tools |
GENERAL
INFORMATION
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Customers : |
·
Specialty Packaging & Distribution, Inc - USA ·
Mitsubishi Heavy Industries Limited., Japan ·
Indian Space Research Organization, Trivandram – India ·
Ashok Leyland Limited., Chennai-India ·
Rieter Lakshmi Machine Works Limited, Coimbatore - India ·
Tyco Samar Valves Limited, Trichy - India ·
FMC Sanmar Limited, Trichy – India ·
Instrumentation Limited, Palghat – India |
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Bankers : |
·
The Tamilnadu Industrial Investment Corporation Limited Coimbatore Branch, Cimbatore, Tamilnadu,
India ·
Vijaya Bank SME Branch, 490 Avinashi Road, Peelamedu,
Coimbatore – 641004, Tamilnadu, India ·
The Oriental Bank of Commerce |
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Banking Relations
: |
Satisfactory |
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Auditors : |
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Name : |
V Ramasamy Chartered Accountants |
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Address : |
276, 4th Street Extension, Gandhipuram, Coimbatore – 641
012, Tamilnadu, India |
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Associates/Subsidiaries : |
Ashni CNC Private Limited |
CAPITAL STRUCTURE
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
|
300000 |
Equity Shares |
Rs.10/- each |
Rs.3.000 millions |
Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
|
300000 |
Equity Shares |
Rs.10/- each |
Rs.3.000 millions |
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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3.000 |
3.000 |
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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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4.063 |
3.295 |
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4] (Accumulated Losses) |
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0.000 |
0.000 |
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NETWORTH |
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7.063 |
6.295 |
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LOAN FUNDS |
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1] Secured Loans |
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17.969 |
9.471 |
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2] Unsecured Loans |
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4.235 |
0.558 |
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TOTAL BORROWING |
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22.204 |
10.029 |
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DEFERRED TAX LIABILITIES |
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1.106 |
0.924 |
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TOTAL |
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30.373 |
17.248 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
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20.964 |
9.658 |
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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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0.010 |
0.010 |
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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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3.439 |
2.376 |
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Sundry Debtors |
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5.859 |
5.744 |
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Cash & Bank Balances |
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2.487 |
1.744 |
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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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2.710 |
0.992 |
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Total
Current Assets |
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14.495 |
10.856 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
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4.702 |
3.180 |
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Provisions |
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0.396 |
0.100 |
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Total
Current Liabilities |
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5.098 |
3.280 |
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Net Current Assets |
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9.397 |
7.576 |
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MISCELLANEOUS EXPENSES |
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0.002 |
0.004 |
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TOTAL |
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30.373 |
17.248 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
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31.03.2006 |
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Sales Turnover |
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36.048 |
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Other Income |
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0.242 |
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Total Income |
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36.290 |
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Net Profit |
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1.462 |
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FOB Value |
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21.123 |
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CIF Value |
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8.364 |
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Expenditures : |
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Financial charges |
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1.471 |
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Increase/(Decrease) in Finished Goods |
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(1.062) |
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Other Expenditure |
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34.419 |
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Total Expenditure |
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34.828 |
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KEY RATIOS
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PARTICULARS |
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31.03.2006 |
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PAT / Total Income |
(%) |
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4.03 |
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Net Profit Margin (PBT/Sales) |
(%) |
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4.06 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
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7.13 |
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Return on Investment (ROI) (PBT/Networth) |
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0.23 |
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Debt Equity Ratio (Total Liability/Networth) |
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2.11 |
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Current Ratio (Current Asset/Current Liability) |
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3.31 |
LOCAL AGENCY
FURTHER INFORMATION
Form No. 8
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Name of the company |
SRI GOWRISH CNC PRIVATE LIMITED |
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Presented By |
Sri Gowrish CNC Private Limited and Oriental Bank of Commerce,
Oppanakara Street, Coimbatore – 641 001 |
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1) Date and description of instrument creating the change |
Loan Doc – 5 Agreement
of Term Loan Dated 10.07.2002 Loan Doc – 12
Counter Guarantor Agreement Dated 10.7.2002 |
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2) Amount secured by the charge/amount owing on the securities of charge |
Bank Guarantee
Rs.0.694 million Term Loan
Rs.2.364 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 |
Hypothecation of
MCV 1100 verticle Machining Centre with standard Accessories |
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4) Gist of the terms and conditions and extent and operation of the charge. |
Rate of Interest
at 15% p.a. Term Loan
Repayable in 60 months of Rs.0.060 million Margin for Bank
Guarantee 25% |
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5) Name and Address and description of the person entitled to the charge. |
Oriental Bank of
Commerce Oppanakara Street
Branch, Coimbatore |
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6) Date and brief description of instrument modifying the charge |
Loan Doc – 5
dated 05.10.2005 Common Agreem,ent
– Doc 38 dated 05.10.2005 |
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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. |
New Limit will be
modifies as follows
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Corporate
identity number of the company |
U29199TZ1997PTC007890 |
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Name of the
company |
SRI GOWRISH CNC PRIVATE LIMITED |
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Address of the
registered office or of the principal place of business in India of the company |
32, 6th Street, Lakshmipuram, Peelamedu, Coimbatore – 641
004, Tamilnadu, India |
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This form is for |
Modification of
charge |
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Type of charge |
·
Immovable
property ·
Any interest
in immovable property ·
Book debts ·
Movable
property (not being pledge) ·
Others |
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Particular of
charge holder |
Vijaya Bank SME Branch, 490 Avinashi Road, Peelamedu, Coimbatore – 641004,
Tamilnadu, India |
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Nature of
instrument creating charge |
DOC 12A- DPN<
DOC-35 Letter of Repayment, FED II 30 for FDBP/FUDBP- Letter of Hypothecation
DOC 53- Loan Agreement cum Hypn Deed for secured Loan – II DOC 53- Loan
Agreement cum Hypn Deed for Mortgage Loan, DOC 12- DPN, DOC
35 Letter of repayment, Fed II-83, FED II-85m FED II – 86 for packing credit
loan. |
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Date of
instrument Creating the charge |
02.05.2007 |
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Amount secured by
the charge |
Rs.34.484
millions |
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Brief of the
principal terms an conditions and extent and operation of the charge |
·
Rate of
Interest 13.75% p.a. (floating) i.e. 1.5% above BPLR on monthly rests. Processing
charges and other charges as per the bank guidelines in force. ·
Terms of
repayment ML and Sl : Repayable in 78EMI commencing after six months moratorium
period reckoned from the date of loan availment. Interest debited during
moratorium period shall be collected as and when debited. PCL/CCH/FDBP/FUDBP: Facility for one year subject to review. ·
Margin 25% on stock, 50% on book debts, 25% on plant, machinery, equipment
and other assets. ·
Extent and
operation of the charge Exclusive first charge on all current assets and fixed assets of the
company both present and future. |
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Particulars of
the property charged |
Exclusive first
charge on all current assets and fixed assets of the company both present and
future. |
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Particulars of the
present modification |
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Web Details
Subject has special ability in machining
complicated components like heavy and special valve bodies etc. Factories with similar
capacities are normally reluctant to undertake jobs like this.
Having a flawless, well developed quality
system and an able fleet of CNC lathes, CNC Machining Centers, conventional
machines and grinding machines, Subject can virtually serve any of
your needs….High volume runs, Low volume runs, casting parts, forging parts,
bar material parts and proto type runs.
The customers are from diversified bases
like Automobile Industry, Pump and Motor Industry, Printing Industry, Food
Equipment Manufacturer, Space Research Organizations, Petro Chemical
Industries, Valve Industry and Textile Machinery Industry and various OEM-s.
In the initial years of its inception, the company
was catering to the needs of domestic market and later on expanded to cater
export requirements. About 70% of our services are rendered to export market.
The motto behind our business philosophy is
Quality, Delivery Pricing and customer satisfaction.
Equipped with CAD and CAM facilities, they
can serve complicated needs.
They can make parts complete to print with
material, heat treatment, plating and grinding. They have well developed
sources for castings and forgings.
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.41.89 |
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UK Pound |
1 |
Rs.81.73 |
|
Euro |
1 |
Rs.64.81 |
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 |
YES |
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--AFFILIATION |
YES/NO |
YES |
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--LISTED |
YES/NO |
NO |
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--OTHER MERIT FACTORS |
YES/NO |
YES |
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TOTAL |
|
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
|
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 |
|