MIRA
INFORM REPORT
|
Report Date : |
08.01.2008 |
IDENTIFICATION
DETAILS
|
Name : |
FLEXIBLE MACHINING CENTRE PRIVATE LIMITED |
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Registered Office : |
S. F. No. 23/1, Velanthavalam Road, Othakkal Mandapam, Coimbatore –
641032, Tamilnadu |
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Country : |
India |
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Financials (as on) : |
31.03.2005 |
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Date of Incorporation : |
04.10.1985 |
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Com. Reg. No.: |
012255 |
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CIN No.: [Company
Identification No.] |
U27200TN1985PTC012255 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
CHEF03208C |
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PAN No.: [Permanent
Account No.] |
AAACF1107C |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Manufacturer, Exporter and Importer of all kinds of machinery and
machinery components. |
RATING &
COMMENTS
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MIRA’s Rating : |
B |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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26-40 |
B |
Unfavourable & favourable factors carry similar weight in credit
consideration. Capability to overcome financial difficulties seems
comparatively below average. |
Small |
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Maximum Credit Limit : |
USD 7488 |
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Status : |
Small Company |
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Payment Behaviour : |
Slow but Correct |
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Litigation : |
Clear |
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Comments : |
Subject is a relatively small company in its field. Directors are
reported as experienced and respectable businessmen. Trade relations are fair.
Payments are reported as slow but correct. The company can be considered for small to mediocre business dealings
at usual trade terms and conditions. |
LOCATIONS
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Registered Office : |
S. F. No. 23/1, Velanthavalam Road, Othakkal Mandapam, Coimbatore –
641032, Tamilnadu, India |
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E-Mail : |
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Head Office : |
Plot No.302, 2nd Main Road, Nehru Nagar (Industrial Area,
Kottivakkam, Old Mahabalipuram Road), Chennai – 600096, Tamilnadu, India |
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Tel. No.: |
91-44-24928141 |
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Fax No.: |
91-44-24480247 |
DIRECTORS
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Name : |
Mr. Palaniswamy Venugopal |
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Designation : |
Managing Director |
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Address : |
Flat No.6 Ajara Vilas, No.31, Kasturibai Nagar, II Main Road, Adyar,
Chennai – 600020, Tamilnadu, India |
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Date of Birth/Age : |
27.04.1956 |
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Date of Appointment : |
04.10.1985 |
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Name : |
Mr. Palanyswami Gunabal |
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Designation : |
Director |
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Address : |
D-2, Sham Rock Apartment, 186 Santhome High Road, Santhome, Chennai –
600020, Tamilnadu, India |
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Date of Birth/Age : |
25.12.1961 |
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Date of Appointment : |
01.09.1995 |
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Name : |
Mr. Palaniswamy Narayanan |
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Designation : |
Director |
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Name : |
Mr. Palaniswamy Ravichandran |
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Designation : |
Director |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
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Names of Shareholders |
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No. of Shares |
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Mr. Palaniswami Vennugopal |
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12100 |
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Mr. Pothiraj Narayanan |
|
100 |
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Mrs. Venugopal Sulochana |
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9000 |
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Mr. Venkatasamy Ramanuja Naidu |
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2000 |
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Mr. Rajasekaran Mohankumar |
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2000 |
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Mr. Seeniraj Seenithai |
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1500 |
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Mr. Palaniswami Ranganathan |
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2500 |
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Mr. Siva Naidu Arulsakthy |
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2000 |
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Mr. Palanyswami Gunabal |
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22100 |
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Mr. Palaniswamy Annini Ammal |
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2000 |
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Mr. Pappusamy Natarajan |
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2000 |
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Mr. Sivasamy Kumaresan |
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2000 |
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Mr. Sivasamy Sundaresan |
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1000 |
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Mr. Avanashi Ponnusamy |
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1500 |
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Mr. Arusamy Ponnusamy |
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2000 |
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Mr. Ramanuja Naidu Kandasamy |
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3000 |
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Mr. Alagirisamy Ramani |
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2000 |
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Mrs. Alagirisamy Sumatran |
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2000 |
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Mr. Ramanuja Naidu Ethiraj |
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3000 |
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Mr. Pappusamy Naidu Rajendra |
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1000 |
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Mr. Vetrivel Sundaravel |
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2000 |
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Mr. Vetrivel Jayavel |
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500 |
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Mr. Rajappan Anandhan |
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1000 |
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Mr. Kanakachalam Kumar |
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1500 |
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Mr. Rajendran R. |
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2500 |
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Mr. Venkatesan Kalai Selvi |
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1500 |
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Mr. Sethuprakash R. |
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2500 |
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Mr. Karumalai Kandasamy |
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1500 |
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Mr. Venkatesan Matiiiyalagan |
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1000 |
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Mrs. Kandasamy Kanchana |
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2000 |
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Total |
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90800 |
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Category |
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Percentage |
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Directors or Relatives of directors |
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54 |
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Other top 50 Shareholders (Other than those listed above) |
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46 |
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Total |
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100 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer, Exporter and Importer of all kinds of machinery and
machinery components. |
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Products : |
Labour Charges Receipts |
GENERAL
INFORMATION
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Bankers : |
·
Canara Bank Specialised SSI
Branch, Perungudi, Chennai – 600096 ·
ABN Amro
Bank ·
ICICI Bank |
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Facilities : |
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Banking
Relations : |
Satisfactory |
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Auditors : |
Not Available |
CAPITAL STRUCTURE
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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100000 |
Equity shares |
Rs.10/- each |
Rs.1.000 Million |
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Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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97800 |
Equity shares |
Rs.10/- each |
Rs.0.978
Million |
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FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
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SOURCES OF FUNDS |
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31.03.2005 |
31.03.2004 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
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0.978 |
0.978 |
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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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0.894 |
0.622 |
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4] (Accumulated Losses) |
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0.000 |
0.000 |
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NETWORTH |
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1.872 |
1.600 |
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LOAN FUNDS |
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1] Secured Loans |
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0.410 |
0.713 |
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2] Unsecured Loans |
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0.233 |
0.373 |
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TOTAL BORROWING |
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0.643 |
1.086 |
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DEFERRED TAX LIABILITIES |
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0.152 |
0.147 |
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TOTAL |
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2.667 |
2.833 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
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1.631 |
1.705 |
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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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0.000 |
0.000 |
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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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0.000 |
0.000 |
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Sundry Debtors |
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0.000 |
0.000 |
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Cash & Bank Balances |
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0.000 |
0.000 |
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Other Current Assets |
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1.943 |
1.674 |
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Loans & Advances |
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0.000 |
0.000 |
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Total
Current Assets |
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1.943 |
1.674 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
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0.907 |
0.546 |
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Provisions |
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0.000 |
0.000 |
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Total
Current Liabilities |
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0.907 |
0.546 |
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Net Current Assets |
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1.036 |
1.128 |
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MISCELLANEOUS EXPENSES |
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0.000 |
0.000 |
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TOTAL |
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2.667 |
2.833 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
|
31.03.2005 |
31.03.2004 |
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Sales Turnover |
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6.444 |
4.229 |
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Other Income |
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0.000 |
0.000 |
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Total Income |
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6.444 |
4.229 |
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Profit/(Loss) Before Tax |
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0.410 |
0.249 |
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Provision for Taxation |
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0.138 |
0.101 |
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Profit/(Loss) After Tax |
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0.272 |
0.148 |
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Export Value |
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N.A. |
N.A. |
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Import Value |
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N.A. |
N.A. |
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Expenditures : |
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Operating Expenses |
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4.523 |
2.675 |
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Administrative and Other Expenses |
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1.176 |
0.990 |
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Depreciation |
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0.334 |
0.315 |
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Other Expenditure |
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0.000 |
0.000 |
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Total Expenditure |
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6.033 |
3.980 |
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KEY RATIOS
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PARTICULARS |
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31.03.2005 |
31.03.2004 |
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PAT / Total Income |
(%) |
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4.22 |
3.50 |
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Net Profit Margin (PBT/Sales) |
(%) |
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6.36 |
5.89 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
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11.47 |
7.37 |
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Return on Investment (ROI) (PBT/Networth) |
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0.22 |
0.15 |
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Debt Equity Ratio (Total Liability/Networth) |
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0.83 |
1.02 |
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Current Ratio (Current Asset/Current Liability) |
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2.14 |
3.06 |
LOCAL AGENCY
FURTHER INFORMATION
Directors Reports
·
Financial Results:
The Company has earned a Net Profit of Rs.0.272 Million during the year
as against Net Profit of Rs.0.148 Million earned during last year. The details
of financial results are us under :-
|
Net Profit |
2004-2005 (Rs. In Millions) |
2003-2004 (Rs. In Millions) |
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Before Depreciation |
0.606 |
0.464 |
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Less - Depreciation |
0.333 |
0.315 |
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Net Profit |
0.273 |
0.148 |
·
Business:
The provision of section 58 A of the companies act regarding acceptance
of deposits does not apply to the company as it is a small scale industrial
unit.
Form 8:
|
Corporate
identity number (CIN) Foreign company registration number |
U27200TN1985PTC012255 |
|
Name of the
Company |
FLEXIBLE MACHINING CENTRE PRIVATE LIMITED |
|
Address |
S. F. No. 23/1, Velanthavalam Road, Othakkal Mandapam, Coimbatore –
641032, Tamilnadu, India |
|
This form is for |
Modification of
Charge |
|
Type of Charge |
·
Movable Property
(Not being pledge) ·
Whole of
Machinery |
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Particulars of
the charge holder |
Canara Bank Perungudi SME
Branch, Chennai – 600096, Tamilnadu |
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Nature or description
of the instrument(s) creating or modifying the charge |
Supplemental
Collateral Security Agreement, Deed of Hypothecation re:machinery |
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Date of the
instrument creating or modifying the charge |
17.04.2007 |
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Amount secured by
the charge |
Rs.9.160 Millions |
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Brief particulars
of the principal terms and conditions and extent and operation of the charge |
Rate of Interest: As per the
agreement (Rate of Interest is subject to change by the bank from time to
time) Terms of
repayment: As per the
agreement Margin: As per the
agreement Extent and
operation of the charge: Exclusive first
charge Others: All other terms
and conditions as per the agreement |
|
Short particulars
of the property charged (including location of the property) |
All existing
securities together with whole of Existing Machineries including those
acquired and or to be acquired out of Term Loan made available now including
CVC Vertical Lathe model VL8DB with standard accessories more fully described
in the agreement enclosed. |
|
Particular of the
present modification |
With the sanction
of term loan of Rs.5.000 Millions now, total credit limit modified to
Rs.9.160 Millions comprising TL I – Rs.4.160 Millions : TL II – Rs.5.000
Millions secured by the properties given above more fully described in the
agreement enclosed. All other terms and conditions of the original charge
remain unchanged. |
|
Name of the company |
FLEXIBLE MACHINING CENTRE PRIVATE LIMITED |
|
Presented By |
The Senior
Manager, Canara Bank Specialised SSI
Branch, Perungudi, Chennai – 600096 |
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1) Date and description of instrument creating the change |
Deed of
Hypothecation Re: Machinery dated 03.01.2006 |
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2) Amount secured by the charge/amount owing on the securities of charge |
Term Loan –
Rs.4.160 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 in
favour of Bank, all that plant and machinery, tools and accessories already
purchased and described in the schedule viz.
To be purchased
kept borrower premises situated at plot no.302, 2nd main Road, Nehru Nagar,
Chennai – 600096 to secure the above sanctioned limit of Rs.4.160 Millions. |
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4) Gist of the terms and conditions and extent and operation of the charge. |
The Term Loan of
Rs.4.160 Millions is repayable in 60 monthly in stalments of which the first
59 installments at Rs.70,000/- each
and last installment of Rs.30,000/- commencing from April, 2006. |
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5) Name and Address and description of the person entitled to the charge. |
The Senior
Manager, Canara Bank Specialised SSI
Branch, Perungudi, Chennai – 600096 |
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6) Date and brief description of instrument modifying the charge |
Nil |
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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. |
Nil |
Fixed Assets:
·
Plant and Machinery
·
Electrical Installation
·
Furniture and Fittings
·
Office Equipments
·
Air Conditioner
·
Vehicle
·
Car
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.39.28 |
|
UK Pound |
1 |
Rs.77.33 |
|
Euro |
1 |
Rs.57.80 |
SCORE & RATING
EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
3 |
|
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 |
NO |
|
--AFFILIATION |
YES/NO |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
33 |
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 |
|