MIRA INFORM REPORT

 

 

Report Date :

29.12.2008

 

IDENTIFICATION DETAILS

 

Name :

EXEL WATER SYSTEMS PRIVATE LIMITED

 

 

Registered Office :

No.16, Umapathi Thottam, Maduvankarai, Guindy, Chennai – 600 032, Tamilnadu

 

 

Country :

India

 

 

Financials (as on) :

31.03.2007

 

 

Date of Incorporation :

04.06.2003

 

 

Com. Reg. No.:

18 – 50966

 

 

CIN No.:

[Company Identification No.]

U15543TN2003PTC050966

 

 

TAN No.:

[Tax Deduction & Collection Account No.]

CHEE03215C

 

 

PAN No.:

[Permanent Account No.]

AABCE2604C

 

 

Legal Form :

Private Limited Liability Company

 

 

Line of Business :

Manufacturer, Exporter and Importer of Domestic Water Purifier, Water Treatment Plant, R.O. Plant. etc.

 

 

RATING & COMMENTS

 

MIRA’s Rating :

B

 

RATING

STATUS

PROPOSED CREDIT LINE

26-40

B

Unfavourable & favourable factors carry similar weight in credit consideration. Capability to overcome financial difficulties seems comparatively below average.

Small

 

Maximum Credit Limit :

USD 8830

 

 

Status :

Small company

 

 

Payment Behaviour :

No complaints

 

 

Litigation :

Clear

 

 

Comments :

Subject is a relatively small company in its field. Trade relations are fair. Scale of activity is limited. No complaints have been heard.

 

The company can be considered for small to mediocre business dealings.

 

 

INFORMATION PARTED BY

 

Name :

Mr. Satya / Mr. Rao

Designation :

Marketing Director / Accounts Department

Contact No.:

91-9444376651 / 91-9444376652

Date :

26.12.2008

 

 

LOCATIONS

 

Registered Office :

No.16, Umapathi Thottam, Maduvankarai, Guindy, Chennai – 600 032, Tamilnadu, India.

Tel. No.:

91-44-22552303 / 22448032 / 8046

Mobile No.:

91-9444376651 (Mr. Satya)

Fax No.:

91-44-22442431

E-Mail :

exel@eth.net.

Website :

www.exelwater.co.in

Area :

3 Storey Building

Location :

Owned

 

 

Factory  :

No.1, Door No:1A, Angalamman, Koil 2nd Street, Valachery, Chennai – 600 042, Tamilnadu, India.

Area :

3000 Sq.ft.

Location :

Owned

 

 

DIRECTORS

 

Name :

Mr. Gopal Vinayagamurthy

Designation :

Director

Address :

1, Padmavihar, Bashyam Lay Out, Ganesh Nagar, Adambakkam, Chennai – 600 088, Tamilnadu, India.

Date of Birth/Age :

19.05.1970

Qualification :

B.S.C. Chemicals

Date of Appointment :

04.06.2003

Din No:

00859668

 

 

Name :

Mrs. Anitha Vinaya Murthy

Designation :

Director

Address :

1, Padmavihar, Bashyam Lay Out, Ganesh Nagar, Adambakkam, Chennai – 600 088, Tamilnadu, India.

Date of Birth/Age :

10.09.1969

Qualification :

B.S.C. Chemicals

Date of Appointment :

04.06.2003

Din No:

00859673

 

 

KEY EXECUTIVES

 

Name :

Mr. Satya

Designation :

Marketing Director

Mobile No :

91-9444376651

 

 

Name :

Mr. Rao

Designation :

Accounts Department

Mobile no :

91-9444376652

 

 

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

 

AS ON (28.09.2007)

 

Names of Shareholders

No. of Shares

Mr. G. Vinayaga Murthy

65137

Mrs. V. Anitha

34863

Total

100000

 

Equity Share Breakup

 

Percentage of Holding

Category  (31.03.2007)

 

 

Directors or relatives of directors

 

100.00

 

 

BUSINESS DETAILS

 

Line of Business :

Manufacturer, Exporter and Importer of Domestic Water Purifier, Water Treatment Plant, R.O. Plant. etc.

 

 

Exports :

 

Countries :
  • Kenya
  • USA
  • Singapore

 

 

Imports :

 

Countries :
  • Kenya
  • USA

 

 

Terms :

 

Selling :

L/C, Cash and Credit

 

 

Purchasing :

L/C, Cash and Credit

 

 

GENERAL INFORMATION

 

Suppliers :
  • Kalpaka Chemicals Private limited
  • Kumaran Chemicals
  • Siddharth Electricals
  • Aventure Components Private Limited
  • D.L. Enterprises
  • G.S. Enterprises
  • Hydro pure Technologies
  • JS Aqua Systems Private Limited
  • Mayur Chemicals
  • Maharaja Hardware
  • Aero Equip
  • S.S. Star supreme  Marketing Private Limited
  • Rajaashree Enterprises
  • Chellsons Packaging Private Limited
  • Hi Tech Associates
  • AVM Industrial Plastics
  • Doshan Limited
  • Valeth Hightech Composites Private Limited
  • Hindustan Hydraculics and Pneumatics
  • Madras Metals
  • Mem Engineering Private Limited
  • Shree Mahadev Steels
  • Aqua Impex
  • RV Associates
  • UK Instruments and controls
  • Nanfang Pumps India Private limited

 

 

Customers :

End Users

  • Asheerwath Enterprises
  • Yalsi Aqua Mineral Water
  • Aqua Fast
  • Shunmuga Aqua Industries
  • Mohamoda Tanning Company
  • Narmadha Chemicals Private Limited
  • Dr. George
  • Happy Travels
  • Betala Investments Finance Limited
  • Life Health centre
  • Manasaroba Spring
  • S. Sivakumar
  • Saravana Stores Food Products
  • Saravana Stores Jamai
  • Sethu Minerals
  • Sri Amman Mineral Water Private Limited
  • Yuthish Industries
  • Saravana Stores
  • S.D. R. company

 

 

No. of Employees :

Around 50

 

 

Bankers :

Union Bank of India, SSI – Guindy Branch, S-10 A, Thiru VI  KA Industrial Estate, Chennai – 600 032, Tamilnadu, India.

 

 

Facilities :

Particular

31.03.2007 (Rs.in Millions)

SECURED LOAN

Centurian Bank

Term Loan 611222

Term Loan A/C 61215

Sundaram Finance Limited (Honda City)

ICICI Vehicle Loan

LGF Vehicle Loan Account

Bank Overdraft

 

--

1.315

--

0.337

 

--

--

2.247

Total

3.899

UNSECURED LOAN

Sri Aqua Minerals

Mr. Muthu

Gokulam Chits

 

0.600

0.225

0.079

Total

0.904

 

 

Banking Relations :

--

 

 

Auditors :

S. Satheesh Kumar and Company

 

Chartered Accountant

Address :

Flat No.BG3, Anirutha Apartments, New No.805, Velachery Main Road, Camp Junction, Selaiyur, Chennai – 600 073, Tamilnadu, India.

Pan No.:

ABHPS2365L

 

 

Associates/Subsidiaries :

Akashya Aqua Farms

No.16, Umapathi Thottam, Maduvankarai, Guindy, Chennai – 600 032, Tamilnadu.

 

 

CAPITAL STRUCTURE

 

 

Authorised Capital :

No. of Shares

Type

Value

Amount

100000

Equity Shares

Rs. 10/- Each

Rs.1.000 Million

 

Issued, Subscribed & Paid-up Capital :

No. of Shares

Type

Value

Amount

100000

Equity Shares

Rs. 10/- Each

Rs.1.000 Million

 

 

FINANCIAL DATA

[all figures are in Rupees Millions]

 

ABRIDGED BALANCE SHEET

 

SOURCES OF FUNDS

 

31.03.2007

31.03.2006

31.03.2005

SHAREHOLDERS FUNDS

 

 

 

1] Share Capital

1.000

1.000

1.000

2] Share Application Money

0.550

0.000

0.000

3] Reserves & Surplus

0.216

0.202

0.113

4] (Accumulated Losses)

0.000

0.000

0.000

NETWORTH

1.766

 1.202

1.113

LOAN FUNDS

 

 

 

1] Secured Loans

3.900

3.400

0.185

2] Unsecured Loans

1.380

1.073

0.000

TOTAL BORROWING

5.280

4.473

0.185

DEFERRED TAX LIABILITIES

0.000

0.000

0.000

 

 

 

 

TOTAL

7.046

5.675

1.298

 

 

 

 

APPLICATION OF FUNDS

 

 

 

 

 

 

 

FIXED ASSETS [Net Block]

4.949

2.249

1.110

Capital work-in-progress

0.000

0.000

0.000

 

 

 

 

INVESTMENT

0.000

0.000

0.000

DEFERREX TAX ASSETS

0.000

0.000

0.000

 

 

 

 

CURRENT ASSETS, LOANS & ADVANCES

 

 

 

 

Inventories
10.050

11.000

0.000

 

Sundry Debtors
1.331

1.344

4.085

 

Cash & Bank Balances
0.149

0.197

0.158

 

Other Current Assets
0.000

0.050

5.986

 

Loans & Advances
0.139

0.085

0.499

Total Current Assets
11.669

12.676

10.728

Less : CURRENT LIABILITIES & PROVISIONS
 

 

 

 

Current Liabilities
9.600

9.277

10.540

 

Provisions
0.000

0.000

0.000

Total Current Liabilities
9.600

9.277

10.540

Net Current Assets
2.069

3.399

0.188

 

 

 

 

MISCELLANEOUS EXPENSES

0.028

0.027

0.000

 

 

 

 

TOTAL

7.046

5.675

1.298

 

 

PROFIT & LOSS ACCOUNT

 

PARTICULARS

 

 

31.03.2007

31.03.2006

Sales Turnover

 

17.548

22.892

Other Income

 

0.000

0.000

Total Income

 

17.548

22.892

 

 

 

 

Profit/(Loss) Before Tax

 

NA

0.122

Provision for Tax

 

NA

0.009

Profit/(Loss) After Tax

 

0.149

0.113

 

 

 

 

Expenditures :

 

 

 

 

Managerial Remuneration

 

NA

0.720

 

Depreciation

 

0.566

0.493

 

KEY RATIOS

 

PARTICULARS

 

 

31.03.2007

31.03.2006

31.03.2005

PAT / Total Income

(%)
0.85

0.49

NA

 

 
 

 

 

Net Profit Margin

(PBT/Sales)

(%)
NA

0.53

NA

 

 
 

 

 

Return on Total Assets

(PBT/Total Assets}

(%)
NA

0.96

NA

 

 
 

 

 

Return on Investment (ROI)

(PBT/Networth)

 
NA

0.10

NA

 

 
 

 

 

Debt Equity Ratio

(Total Liability/Networth)

 
5.44

7.72

9.47

 

 
 

 

 

Current Ratio

(Current Asset/Current Liability)

 
1.22

3.73

1.02

 

 

LOCAL AGENCY FURTHER INFORMATION

 

TRADE REFERENCES:

  • Sabol associates
  • Narmada Chemicals Limited
  • Ravi Kumar Biscleri Limited
  • Oswal Beverages  - Bangalore

 

PERFORMANCE OF THE COMPANY:

During the year under review their company has earned a sum of Rs.17.548 Millions as sales revenue.

 

The net profit after depreciation and tax amounted to Rs.0.149 Million. A sum of Rs.0.566 Million was provided as depreciation.

 

Their Directors are optimistic about better performance in the coming year barring unforeseen circumstances.

 

 

                                            Additional Requirement of Indiamart for Trust-Seal

 

 

Service Tax No. : AABCE2604C ST001

 

VAT / TIN : 33570962503

 

IEC Code : 0404029141

 

 

 

PAN / TAN : AABCE2604C

 

 

 

Bank Name : Union Bank of India

 

Bank Address : SSI – Guindy Branch

 

Bank A/c. No.: 526305010000143

 

Account Since : 5 Years

 

 

 

In case of any affiliations / memberships / certifications :

Name : ISO

 

Type : 9001: 2000

 

Expiry Date : 2009

 

 

 

Name of the company

M/s. Exel Water  Systems Private Limited

Presented By

M/s. Sundaram Finance Limited, No.21, Patullos Road, Chennai – 600 002

1) Date and description of instrument creating the change

Loan agreement Dated 25.11.2005 Cont. No. AS7183

2) Amount secured by the charge/amount owing on the securities of charge

Total repayable amount   Rs.0.779 Millions

Finance Amount               Rs.0.700 Millions

Interest                              Rs.0.079 Millions 

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

On the security of 1 No.2005-Model-Honda-City. E.

No-L15A30063543. CH No-MAKGD85215NZ34628

4) Gist of the terms and conditions and extent and operation of the charge.

Rs.0.779 Million is repayable in 35 monthly instalments as under:

Instalments               Amount

1-35                        Rs.0.022 Million

 

Rate of Interest  7.93%

1st Instalment falls due on 25.11.2005

5) Name and Address and description of the person entitled to the charge.

M/s. Sundaram Finance Limited

Np.21, Patullos Road, Chennai – 600 002

 

 

This form is for

Modification of charge

Charge identification number of the modified 

90287849

Corporate identity number of the company

U15543TN2003PTC050966

Name of the company

EXEL WATER SYSTEMS PRIVATE LIMITED

Address of the registered office or of the principal place of  business in India of the company

No.16, Umapathy Thottam, Maduvankarai, Chennai – 600 032, Tamilnadu, India.

Type of charge

·         Book debts

·         Movable property (not being pledge)

·         Floating charge

Particular of charge holder

Union Bank of India, SSI – Guindy Branch, S – 10 A, Thiru VI KA Industrial Estate, Chennai – 600 032, Tamilnadu, India.

E-Mail: abc1224@gmail.com

Nature of description of the instrument creating or modifying the charge

Hypothecation Agreement of Goods and Debts (SD – 06)

Date of instrument Creating the charge

08.02.2008

Amount secured by the charge

Rs.4.950 Millions

Brief particulars of the principal terms an conditions and extent and operation of the charge

Rate of Interest

Cash Credit : BPLR + 1.50 i.e. 14.75%

Term Loan I: BPLR + 2.00 i.e. 15.25%

Term Loan II: BPLR + 2.00 i.e. 15.25%

 

Terms of repayment

As per sanction letter and as determined by the banker from time to time.

 

Margin

As per sanction letter and as determined by the banker from time to time.

 

Extent and operation of the charge

As per the Sanction Letter and as mentioned in the Column No.14 of this Form 8.

 

Others

Nature of Facility Amount

Cash Credit    Rs,3.000 Million (enhanced from Rs.2.000 Million)

Term Loan I    Rs.1.300 Million

Term Loan II   Rs.0.650 Million

Short particulars of the property charged

Hypothecation by way of FIRST CHARGE in favour of the Bank;

 

-all goods / stocks, raw material, semi finished goods, consumable stores and spares and moveable property

-all laboratory equipments meant for testing raw water and all tangible movable plant and machinery.

-all Book Debts, both present and future.

Date of latest modification prior to the present modification

11.05.2007

 

 

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]         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.47.89

UK Pound

1

Rs.70.84

Euro

1

Rs.67.37

 

 

SCORE & RATING EXPLANATIONS

 

SCORE FACTORS

 

RANGE

POINTS

HISTORY

1~10

3

PAID-UP CAPITAL

1~10

4

OPERATING SCALE

1~10

3

FINANCIAL CONDITION

 

 

--BUSINESS SCALE

1~10

5

--PROFITABILIRY

1~10

2

--LIQUIDITY

1~10

4

--LEVERAGE

1~10

4

--RESERVES

1~10

3

--CREDIT LINES

1~10

3

--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

YES

--LISTED

YES/NO

NO

--OTHER MERIT FACTORS

YES/NO

YES

TOTAL

 

31

 

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

 

 

 

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions