MIRA INFORM REPORT

 

 

Report Date :

1.02.2008

 

IDENTIFICATION DETAILS

 

Name :

ATHREYA ENTERPRISES PRIVATE LIMITED

 

 

Registered Office :

4 – D, Century Plaza 560 562, Mount Road, Teynampet, Chennai 600 018, Tamilnadu

 

 

Country :

India

 

 

Financials (as on) :

31.03.2007

 

 

Date of Incorporation :

13.02.1995

 

 

Com. Reg. No.:

18-30163

 

 

CIN No.:

[Company Identification No.]

U93090TN1995PTC030163

 

 

TAN No.:

[Tax Deduction & Collection Account No.]

CHEA02172C

 

 

Legal Form :

Private Limited Liability Company

 

 

Line of Business :

Suppliers of Computer Accessories and Electrical Components.

 

 

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

 

Maximum Credit Limit :

USD 26000

 

 

Status :

Satisfactory

 

 

Payment Behaviour :

Usually Correct

 

 

Litigation :

Clear

 

 

Comments :

Subject is well-established company having satisfactory track record. 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.

 

 

LOCATIONS

 

Registered Office :

4 – D, Century Plaza 560 562, Mount Road, Teynampet, Chennai 600 018, Tamilnadu, India

Tel. No.:

91-44-24349630 / 24336967 / 28341016

Fax No.:

91-44-24348013 / 28342016

E-Mail :

tpico@md3.vsnl.net.in

 

 

Corporate Office :

No. S / 293, Kunrathur Road, Madhanathapuram, Porur, Chennai 600 116, Tamilnadu, India

Tel. No.:

91-44-24825177

 

 

DIRECTORS

 

Name :

Mr. M S Parthasarathi

Designation :

Director

Address :

26, Arcot Street, T. Nagar, Chennai 600 017, Tamilnadu, India

Date of Appointment :

13.02.1995

 

 

Name :

Mr. M P Shankar

Designation :

Director

Address :

26, Arcot Street, T. Nagar, Chennai 600 017, Tamilnadu, India

Date of Birth/Age :

10.06.1962

Date of Appointment :

13.02.1995

 

 

Name :

Ms. Gayathri Santiianam

Designation :

Director

Address :

26, Arcot Street, T. Nagar, Chennai 600 017, Tamilnadu, India

Date of Birth/Age :

02.08.2004

Date of Appointment :

01.11.1999

 

 

Name :

Mr. J Ganesh Amaranth

Designation :

Director

Address :

No. 7, Geegee Apartments, 8 Kasturi Estate, 3rd Street, Chennai 600 086, Tamilndu, India

Date of Appointment :

01.11.1999

 

 

Name :

Mr. Rathna Krishnan

Designation :

Director

 

 

KEY EXECUTIVES

 

Name :

M/s B Prabakar and Company

Designation :

Company Secretary

Address :

No. 8 A, Kattabomman Cross Street, Radha Nagar, Chennai – 600 044, Tamil Nadu, India

 

 

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

 

Names Of Shareholders

 

No. of Shares

Mr. M P Krishnan

 

52500

Mr M P Shankar

 

52500

Mr. M S Parthasarathy

 

15000

Mr. M P Hemalatha Santhanam

 

15000

Mrs. V Seethal Akshmi

 

15000

 

Total

150000

 

Equity Share Breakup (Percentage of Total Equity):

 

S. No.

Category

Percentage

1

Directors or relatives of directors

100.00

 

Total

100.00

 

 

BUSINESS DETAILS

 

Line of Business :

Suppliers of Computer Accessories and Electrical Components.

 

 

GENERAL INFORMATION

 

No. of Employees :

20

 

 

Bankers :

·         Sate Bank of India

Ambattur Industrial Estate, No. 86A and B, II ND Main Road, Chennai 600 058, Tamilnadu

·         ICICI Bank

·         HDFC Bank

 

 

Banking Relations :

-----

 

 

Auditors :

 

Name :

N Balasubramanian Associates

Chartered Accountants

Address :

50 (Old No. 29), Mandapam Road, Kilpauk, Chennai 600 010, Tamilnadu, India

 

 

Associates/Subsidiaries :

Nil

 

 

CAPITAL STRUCTURE

 

Authorised Capital :

No. of Shares

Type

Value

Amount

250000

Equity shares

Rs. 10/- each

Rs. 2.500 millions

 

Issued, Subscribed & Paid-up Capital :

No. of Shares

Type

Value

Amount

150000

Equity shares

Rs. 10/- each

Rs. 1.500 millions

 

 

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

1.500

1.500

1.500

2] Share Application Money

0.000

0.000

0.000

3] Reserves & Surplus

4.926

4.586

3.935

4] (Accumulated Losses)

0.000

0.000

0.000

NETWORTH

6.426

6.086

5.435

LOAN FUNDS

 

 

 

1] Secured Loans

6.431

4.618

5.538

2] Unsecured Loans

0.594

0.594

0.558

TOTAL BORROWING

7.025

5.212

6.096

DEFERRED TAX LIABILITIES

0.695

0.458

0.515

 

 

 

 

TOTAL

14.146

11.756

12.046

 

 

 

 

APPLICATION OF FUNDS

 

 

 

 

 

 

 

FIXED ASSETS [Net Block]

9.153

6.964

6.616

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
2.226

1.396

1.075

 

Sundry Debtors
6.468

6.569

7.390

 

Cash & Bank Balances
0.034

0.013

0.048

 

Other Current Assets
0.011

0.500

0.003

 

Loans & Advances
2.246

2.401

2.526

Total Current Assets
10.985

10.879

11.042

Less : CURRENT LIABILITIES & PROVISIONS
 

 

 

 

Current Liabilities
4.589

4.732

4.332

 

Provisions
1.403

1.355

1.280

Total Current Liabilities
5.992

6.087

5.612

Net Current Assets
4.993

4.792

5.430

 

 

 

 

MISCELLANEOUS EXPENSES

0.000

0.000

0.000

 

 

 

 

TOTAL

14.146

11.756

12.046

 

PROFIT & LOSS ACCOUNT

 

PARTICULARS

 

 

31.03.2007

31.03.2006

Sales Turnover

 

41.242

29.148

Other Income

 

0.000

0.000

Total Income

 

41.242

29.148

 

 

 

 

Profit/(Loss) Before Tax

 

1.022

0.705

Provision for Taxation

 

0.682

0.000

Profit/(Loss) After Tax

 

0.340

0.705

 

 

 

 

Total Expenditure

 

40.220

28.443

 

KEY RATIOS

 

PARTICULARS

 

 

31.03.2007

31.03.2006

31.03.2005

PAT / Total Income

(%)
0.82

2.41

NA

 

 
 

 

 

Net Profit Margin

(PBT/Sales)

(%)
2.47

2.41

NA

 

 
 

 

 

Return on Total Assets

(PBT/Total Assets}

(%)
5.07

3.95

NA

 

 
 

 

 

Return on Investment (ROI)

(PBT/Networth)

 
0.15

0.11

NA

 

 
 

 

 

Debt Equity Ratio

(Total Liability/Networth)

 
2.02

1.85

2.15

 

 
 

 

 

Current Ratio

(Current Asset/Current Liability)

 
1.83

1.78

1.96

 

 

LOCAL AGENCY FURTHER INFORMATION

 

FORM 8: -

 

Corporation identity number or foreign company registrations number of the company 

U93090TN1995PTC030163

Name of the company

ATHREYA ENTERPRISES PRIVATE LIMITED

Address

4 – D, Century Plaza 560 562, Mount Road, Teynampet, Chennai 600 018, Tamilnadu, India

This Form is for

Modification of charge

Type of Charges

Immovable property, Book Debts, Movable property (not being pledge)

Particular of the charge holder 

Sate Bank of India

Ambattur Industrial Estate, No. 86A and B, II ND Main Road, Chennai 600 058, Tamilnadu

chitrabalasubramanian@gmail.com

Nature or description of the instrument creating charge  

  1. Supplemental Agreement of Loan Cum Hypothecation.
  2. Extension of Equitable Mortgage by way of Deposit of Title Deeds

Date of the instrument creating charge

02.09.2006

Amount Secure by the charge

Rs. 19.846 millions

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

a)       Rate of Interest

Rate of interest as per the agreement

 

b)       Terms of Repayment

Terms and conditions per the agreement

 

c)       Margin

Margin as per the agreement

 

d)       Extent and operation of the charge

As per agreement

 

 

Description of the property charge whether it is a charge on

NA

Modification charge

Charge identification number of the charge to be modified

NA

Date of instrument modifying the charge

17.07.2006

Particulars of the Property charged  

The overall limits extended to the company and tech plast industry has been enhanced as follows in the annexure II attached

 

Name of the company

ATHRAYA ENTERPRISES PRIVATE LIMITED

Presented By

STATE BANK OF INDIA

AMBATTUR INDUSTRIAL ESTATE, CHENNAI 600 058

1) Date and description of instrument creating the change

Dated 22.03.1997

Agreement for the grant of small industrial advances and hypothecation receivables, book debts and other assets and also ancillary agreement (working capital finance)

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

Rs. 3.900 millions

NATURE OF FACILITY

(Rs. In Millions)

OCC (MT Stocks)

1.500

Cash credit (Clear Bills)

1.400

Bill Discounting

1.000

Total

3.900

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 all present and future goods, book-debts, immovable and other assets of the borrower including documents of title to goods and other assets, outstanding monies, receivables, documents, contracts, securities and machineries etc.

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

The rate of interest is 2.755 over SBI advance rate with a minimum of 17.25% p. a.  + Interest tax 0.75% with quarterly rests.

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

State Bank of India

Ambattur Industrial Estate, Madras 600 058

6) Date  and brief description of instrument modifying the charge

Dated 09.06.2004

Extension of Equitable Mortgage by way of Deposit of Title Deeds.

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.

Extension of Equitable Mortgage of Company’s

  1. All that Piece and Parcel of land measuring 7200 sq. fts. (16 ˝ Cents) bearing Plot No. 30, 31, 32 comprised in S. No. 71/2 in Madandapuram Village Sriperumbudur Taluk, Chengalput District (More Fully Described in Letter Evidencing Title Deed)
  2. All that Piece and Parcel of land bearing 41 and 42 comprised in R S No. 71 / 2 measuring 4800 sq. fts. In Madandapuram Village, Sriperumbudur Taluk, Chengelput District (More Fully Described in Letter Evidencing Title Deed) to cover the Enhanced Credit facility of Rs. 4.500 millions granted to Tech Plastic Industries (Partnership Firm)

 

 

 

 

 

NATURE OF FACILITY

EXISTING

(Rs. In Millions)

ENHANCED

(Rs. In Millions)

Cash credit (hyp – stock)

0.500

0.500

Cash credit (hyp – book debts)

2.000

2.000

ETL

0.400

0.400

SME Credit Plus

0.500

0.500

TOTAL

34.000

34.000

Tech Plastic Industries (Partnership Firm)

 

 

Cash Credit (MT)

0.300

 

Cash Credit (Bills)

1.200

1.500

Term loan

--

3.000

TOTAL

1.500

4.500

 

 

 

 

  1. There is no Change in Existing Limit of Rs 3.400 Millions granted to the company
  2. Earlier Securities given by the company shall continue to cover the overall limit.

 

All other terms and conditions remain the same.

 

Name of the company

ATHRAYA ENTERPRISES PRIVATE LIMITED

Presented By

THE CHIEF MANAGER

STATE BANK OF INDIA

AMBATTUR INDUSTRIAL ESTATE BRANCH

MADRAS 600 058

1) Date and description of instrument creating the change

22.03.1997

General agreement for the grant of small industrial advance and hypothecation of receivables, book – debts and other assets and also ancillary agreement dated 22.03.1997

(working capital finance)

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

Rs. 3.900 millions

 

OCC – (M T – Stocks)

Rs. 1.500 millions

C C – (Clean Bills)

Rs. 1.400 millions

Bill Discounting

Rs. 1.000 millions

Total

Rs. 3.900 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

Hypothecation of all present and future goods, book debts, immovable and other assets of the borrower including documents of title to goods and other assets, outstanding money, receivables, documents, contract, securities and machinery etc.

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

The interest shall be charged by the bank at the rate of 2.75% over SBI advance rate with a minimum rate of 17.25% p. a. plus interest tax of 0.75% p. a. with quarterly rests.

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

The Chief Manager

State Bank Of India

Ambattur Industrial Estate Branch

Madras 600 058

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

 

 

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.39.43

UK Pound

1

Rs.78.45

Euro

1

Rs.58.26

 

 

SCORE & RATING EXPLANATIONS

 

SCORE FACTORS

 

RANGE

POINTS

HISTORY

1~10

5

PAID-UP CAPITAL

1~10

5

OPERATING SCALE

1~10

5

FINANCIAL CONDITION

 

 

--BUSINESS SCALE

1~10

5

--PROFITABILIRY

1~10

5

--LIQUIDITY

1~10

5

--LEVERAGE

1~10

5

--RESERVES

1~10

5

--CREDIT LINES

1~10

5

--MARGINS

-5~5

--

DEMERIT POINTS

 

 

--BANK CHARGES

YES/NO

NO

--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

 

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/normal.

 

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