MIRA INFORM REPORT

 

 

 

Report Date :

04.07.2008

 

IDENTIFICATION DETAILS

 

Name :

PALANIAPPA ELECTRONICS

 

 

Registered Office :

172 Mettupalayam Road, Near Nilgirisfertilizers, Coimbatore – 641043, Tamilnadu

 

 

Country :

India

 

 

Financials (as on) :

31.03.2008

 

 

Year of Establishment :

1977

 

 

TAN No.:

[Tax Deduction & Collection Account No.]

CMBP03490E

 

 

Legal Form :

Sole Proprietory Concern

 

 

Line of Business :

Distributor of Samsung and Whirlpool.

 

 

RATING & COMMENTS

 

MIRA’s Rating :

A

 

RATING

STATUS

PROPOSED CREDIT LINE

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

 

Maximum Credit Limit :

USD 15000

 

 

Status :

Good

 

 

Payment Behaviour :

Regular

 

 

Litigation :

Clear

 

 

Comments :

Subject is a well- established concern having satisfactory track. Trade relations are fair. Proprietor of the concern is experienced, respectable and resourceful businessman. Payments are usually correct and as per commitments.

 

The concern can be considered good for normal business dealings. It can be regarded as a promising business partner in a medium to long run.

 

 

LOCATIONS

 

Registered Office/Godown :

172 Mettupalayam Road, Near Nilgirisfertilizers, Coimbatore – 641043, Tamilnadu, India

Tel. No.:

91-422-2455097

E-Mail :

pt_whirlpool@rediffmail.com

Area :

5000 SQ FTS.

Location :

Owned

 

 

SOLE PROPRIETOR

 

Name :

Mr. M. Palaniappan

Designation :

Proprietor

Date of Birth/Age :

38 years

Qualification :

MBA

 

 

BUSINESS DETAILS

 

Line of Business :

Distributor of Samsung and Whirlpool.

 

 

Products :

Products Samsung

v      TVs

v      VCDs

v      DVDs

 

Whirlpool fabric are

v      Washers

v      Dryers

v      Combination units – washer cum dryer

 

Cooking

v      Ranges

v      Cook tops

v      Built in  ovens

v      Microwave ovens

 

Cleaning

v      Dishwashers

 

Air- Conditioners

v      Air- Conditioners

v      Dc humidifiers

v      Air purifiers

 

Speciality products

v      Family studio

v      Personal valet clothes

v      Disposers

v      Hot water dispensers

v      Ice makers

 

 

Terms :

 

Selling :

Credit

 

 

Purchasing :

Credit

 

 

GENERAL INFORMATION

 

Customers :

Retailers

 

 

No. of Employees :

25

 

 

Bankers :

Lakshmi Vilas Bank Limited, Coimbatore, Tamilnadu, India

 

Banking Relations :

Good

 

 

Auditors :

 

Name :

Mr. P. Arumugan (Chartered Accountant)

 

 

Associates/ Subsidiaries

Palaniappa Tradings

 

 

CAPITAL STRUCTURE

 

Capital Investment :

 

Owned :

Rs. 3.000 Millions

Borrowed :

0.000

Total :

Rs. 3.000 Millions

 

 

FINANCIAL DATA

[all figures are in Rupees Millions]

 

Particulars

 

 

 

31.03.2008

Sales Turnover

 

 

300.000

 

 

 

 

 

 

 

 

 

 

 

 

LOCAL AGENCY FURTHER INFORMATION

 

Subject was established in the year 1996 at Coimbatore in Tamilnadu as a Sole Proprietory Concern.

 

It’s main dealers are as under: -

 

v      Coimbatore, Tamilnadu

v      Erode, Tamilnadu

v      Ooty / Coonoor, Tamilnadu

 

The concern’s list of dealers are as under –

 

v      Jainsons. 404 Cross Cut Road, Coimbatore – 641 012, Tamilnadu, India

             Telephone Number – 2234119

             Contact person – Mr. Karthik

 

v      Sigma Airtech, 256 5th Street Main Road, Gandhipuram, Coimbatore – 641012, Tamilnadu, India

             Telephone Number – 2492554

 

v      Vasanth and Company, 15  Oppanakara Street, Coimbatore – 641012, Tamilnadu, India

             Contact person – Mr. Balaji

 

v      Vasanth and Company, 15 Oppanakara Street, Coimbatore, Tamilnadu, India

             Telephone Number – 2396928

             Contact person – Mr. Balasubramanium

 

v      ARAS Applicances, 1286B Trichy Road, Coimbatore, Tamilnadu, India

             Telephone Number – 2301690

             Contact person – Mr. K. Suresh

 

v      Bharath Electronics, 383 100 Feet Road, Gandhipuram, Coimbatore, Tamilnadu, India

             Telephone Number – 2498999

             Contact person – Mr. Raja Ravichandran

 

v      Elvin Engineers, 446-448, Cross Cut Road, Gandhipuram, Coimbatore – 641012, Tamilnadu, India

             Telephone Number – 2236717

             Contact person – Mr. Krishnakumar

 

v      Girias Electronics, 567 / 568 Dr. Nanjappa Road, Coimbatore – 641012, Tamilnadu, India

             Telephone Number – 2233059

             Contact person – Mr. Girias

 

v      Vasanth and Compan, 169 Gandhipuram 6th Street, Coimbatore – 641012, Tamilnadu, India

             Telephone Number – 2494346,

             Contact person - Mr. M Palaniappan

 

v      Vasanth and Company, Perundurai Road, Erode, Tamilnadu, India

             Telephone Number – 246123

 

v      Jainsons, Opposite Bus Stand, Erode, Tamilnadu, India

             Telephone Number – 225115

 

v      Variety Hall Agencies, TDK Pillai Road, Coonoor, Tamilnadu, India

             Telephone Number – 31859 / 30672 / 32223

 

 

 

 

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.43.30

UK Pound

1

Rs.86.13

Euro

1

Rs.68.72

 

 

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