MIRA
INFORM REPORT
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Report Date : |
11.07.2008 |
IDENTIFICATION
DETAILS
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Name : |
XENOS TECHNOLOGIES LIMITED |
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Registered Office : |
965, Avinash Road, Coimbatore-641037, Tamilnadu |
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Country : |
India |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
06.11.2002 |
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Com. Reg. No.: |
181-10356 |
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CIN No.: [Company
Identification No.] |
U29308TZ2002PLC010356 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
CMBX03003A |
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PAN No.: [Permanent
Account No.] |
AAACX0276E |
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Legal Form : |
A Closely Held Public Limited Liability Company |
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Line of Business : |
Trader and Importer of Automotive Accessories. |
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 12000 |
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Status : |
Moderate |
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Payment Behaviour : |
Slow |
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Litigation : |
Clear |
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Comments : |
Subject is an established company having moderate track. Its
profitability is under severe pressure having huge accumulated losses. Payments are reported as slow and delayed at times. The company can be considered for business dealings on safe and secured
terms, initially. |
INFORMATION PARTED
BY
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Name : |
Mr. Raj Bharanithar |
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Designation : |
Account Executive |
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Date : |
08.07.2008 |
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E Mail: |
LOCATIONS
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Registered Office : |
965, Avinash Road, Coimbatore-641037, Tamilnadu, India |
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Tel. No.: |
91-422-4336170 |
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Mobile No.: |
91-422-3252624 |
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E-Mail : |
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Website : |
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Area : |
2000 sq ft ( Rented) |
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Corporate Office : |
702/7, Avinashi Road, Coimbatore-641037, Tamilnadu, India |
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Tel. No.: |
91-422-4336000/ 3252624 |
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Fax No.: |
91-422-4336299 |
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Branch Office : |
New # 27/ Old $13, Krishna Street, Near Nagesh Theatre, T. Nagar, Chennai-600017, India |
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Tel. No.: |
91-44-42128855/ 32970660 |
DIRECTORS
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Name : |
Mr. Damotharan Vijay Mohan |
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Designation : |
Director |
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Address : |
“Shrimayl”, New No. 232, Old No. 170, Tea Estates, Race Course,
Coimbaore-641018, Tamilnadu, India |
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Date of Birth/Age : |
11.10.1947 |
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Date of Appointment : |
06.11.2002 |
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Name : |
Mr. Viren Mohan |
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Designation : |
Director |
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Address : |
232 (Old No. 171), Tea Estates, Race Cource, Coimbatore-641018,
Tamilnadu, India |
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Date of Birth/Age : |
11.07.1980 |
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Date of Appointment : |
06.11.2002 |
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Name : |
Mr. Prasad Oommen |
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Designation : |
Director |
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Address : |
Old No. 7, New No. 11, East Periaswamy Road, R.S. Puram,
Coimbatore-641002, Tamilnadu, India |
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Date of Birth/Age : |
14.04.1946 |
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Date of Appointment : |
06.11.2002 |
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Name : |
Mr. Vikram Mohan |
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Designation : |
Additional Director |
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Address : |
New No. 232 (Old No. 170), Tea Estate, Race Cource,
Coimbaotore-641018, Tamilnadu, India |
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Date of Birth/Age : |
23.05.1975 |
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Date of Appointment : |
24.01.2008 |
KEY EXECUTIVES
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Name : |
Mr. Anilraj Baluja |
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Designation : |
Project Manager |
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Mobile No.: |
91-9350150102 |
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Name : |
Mr. Raj Bharanithar |
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Designation : |
Account Executive |
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E Mail: |
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MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
As on 30.09.2005
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Names of Shareholders |
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No. of Shares |
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K.Jacob |
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10 |
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Miriam Jacob |
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10 |
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Lisa Kuriyan |
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10 |
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Prasad Oomen |
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10 |
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Mercy Omen |
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10 |
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Vijay Mohan |
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149935 |
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Vanitha Mohan |
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37535 |
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Vikram Mohan |
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10 |
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Viren Mohan |
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10 |
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Lakshmi N. Mohan |
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10 |
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KPJ Management Consulting Private Limited |
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62450 |
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Total |
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250000 |
Equity Share Breakup (Percentage of Total Equity)
As on 30.09.2007
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Category |
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Percentage |
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Bodies Corporate (not mentioned above) |
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24.98 |
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Directors or relatives of directors |
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75.02 |
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Total |
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100.00 |
BUSINESS DETAILS
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Line of Business : |
Trader and Importer of Automotive Accessories. |
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Products : |
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Imports : |
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Countries : |
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Terms : |
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Selling : |
L/C, Credit |
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Purchasing : |
Cash, Credit |
GENERAL
INFORMATION
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Customers : |
OEM’s and Distributors |
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No. of Employees : |
30 |
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Bankers : |
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Facilities : |
CC Rs. 15.000 Millions |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
Suri and Company Chartered Accountant |
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Address : |
354, Amm Building, II Floor, Mettupalayam Road, Coimbatore-641043,
Tamilnadu, India |
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Associates/Subsidiaries : |
Tricol Limited |
CAPITAL STRUCTURE
As on 29.08.2007
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
|
500000 |
Equity Shares |
Rs. 10/- each |
Rs. 5.000 Millions |
Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
|
250000 |
Equity Shares |
Rs. 10/-
each |
Rs. 2.500
Millions |
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
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SOURCES OF FUNDS |
31.03.2007 |
31.03.2006 |
31.03.2005 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
2.500 |
2.500 |
2.500 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
0.000 |
0.000 |
0.000 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
2.500 |
2.500 |
2.500 |
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LOAN FUNDS |
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1] Secured Loans |
15.789 |
26.507 |
0.154 |
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2] Unsecured Loans |
80.037 |
0.000 |
0.000 |
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TOTAL BORROWING |
95.826 |
26.507 |
0.154 |
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DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
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TOTAL |
98.326 |
29.007 |
2.654 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
5.682 |
4.212 |
1.340 |
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Capital work-in-progress |
2.006 |
0.000 |
0.000 |
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INVESTMENT |
0.000 |
0.000 |
0.923 |
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DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
168.993
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170.848 |
85.460 |
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Sundry Debtors |
96.518
|
51.046 |
16.134 |
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Cash & Bank Balances |
4.439
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3.410 |
5.686 |
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Other Current Assets |
4.344
|
4.912 |
0.000 |
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Loans & Advances |
9.745
|
3.946 |
2.004 |
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Total
Current Assets |
284.039
|
234.162 |
109.284 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
259.150
|
243.403 |
118.046 |
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Provisions |
2.005
|
0.905 |
0.000 |
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Total
Current Liabilities |
261.155
|
244.308 |
118.046 |
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Net Current Assets |
22.884
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[10.146] |
[8.762] |
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MISCELLANEOUS EXPENSES |
0.022 |
0.044 |
4.601 |
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Profit and Loss Account |
67.732 |
34.897 |
4.552 |
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TOTAL |
98.326 |
29.007 |
2.654 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
31.03.2007 |
31.03.2006 |
31.03.2005 |
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Sales Turnover |
493.828 |
233.411 |
96.310 |
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Other Income |
1.213 |
1.079 |
0.311 |
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Total Income |
495.041 |
234.490 |
96.621 |
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Profit/(Loss) Before Tax |
[31.734] |
[29.446] |
[4.560] |
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Provision for Taxation |
1.100 |
0.900 |
0.000 |
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Profit/(Loss) After Tax |
[32.834] |
[30.346] |
[4.560] |
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Expenditures : |
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Purchases made for re-sale |
412.693 |
194.850 |
78.697 |
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Salaries, Wages, Bonus, etc. |
52.143 |
32.118 |
11.009 |
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Payment to Auditors |
0.061 |
0.056 |
0.010 |
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Interest |
8.434 |
1.990 |
0.011 |
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Insurance Expenses |
0.136 |
0.025 |
0.000 |
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Power & Fuel |
0.463 |
0.136 |
0.000 |
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Depreciation & Amortization |
1.483 |
0.827 |
0.190 |
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Other Expenditure |
51.362 |
33.934 |
11.264 |
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Total Expenditure |
526.775 |
263.936 |
101.181 |
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KEY RATIOS
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PARTICULARS |
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31.03.2007 |
31.03.2006 |
31.03.2005 |
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PAT / Total Income |
(%) |
[6.63]
|
[12.94] |
[4.72] |
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Net Profit Margin (PBT/Sales) |
(%) |
[6.43]
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[12.61] |
[4.73] |
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Return on Total Assets (PBT/Total Assets} |
(%) |
[10.95]
|
[12.51] |
[4.12] |
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Return on Investment (ROI) (PBT/Networth) |
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[12.69]
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[11.78] |
[1.82] |
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Debt Equity Ratio (Total Liability/Networth) |
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142.79
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108.32 |
47.28 |
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Current Ratio (Current Asset/Current Liability) |
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1.08
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0.95 |
0.93 |
LOCAL AGENCY
FURTHER INFORMATION
The Registered Office of the Company has been shifted from 1087A,
Avanashi Road, Coimbatore-641037, Tamilnadu, India to present address w.e.f.24.01.2008.
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Name of the company |
XENOS TECHNOLOGIES LIMITED |
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Presented By |
Mr. Vijay Mohan,
Director |
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1) Date and description of instrument creating the change |
Agreement of Hypothecation
of Goods and Assets dated 24.08.2005, executed by Xenos Technologies Limited
(hereinafter referred to as “the Borrower”) in faovour of Industrial
Development Bank of India Limited (hereinafter referred to as “the Bank”)
(copy enclosed) |
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2) Amount secured by the charge/amount owing on the securities of charge |
Credit Facilities
Rs. 40.000 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 |
First Charge on
goods, book debts and all other current assets and all fixed assets of the
Borrower. |
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4) Gist of the terms and conditions and extent and operation of the charge. |
All present and future
goods, book debts and all other current assets and all the fixed assets of
the company (hypothecated assets) shall stand hypothecated to the Bank by way
of first charge as security for the payment and discharge by the company to
the Bank The company shall
at all times maintain a sufficient quantity maintain a sufficient quantity
and market value of the Hypothecated Assets to provide the margins of
security required by the Bank from time to time. Hypothecated
Assets charged to the Bank as security for the shall be kept at the
Borrower’s risk and expenses in goods repair and fully insured by the
Borrower against loss or damage as may be required by the Bank. |
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5) Name and Address and description of the person entitled to the charge. |
IDBI Bank Limited, 1078, Viscose Towers, Avanashi Road,
Coimbatore-641018, Tamilnadu, India |
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6) Date and brief description of instrument modifying the charge |
Not Applicable |
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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. |
Not Applicable |
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This form is for |
Modification of
charge |
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Charge
identification number of the modified
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90001975 |
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Corporate
identity number of the company |
U29308TZ2002PLC010356 |
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Name of the
company |
XENOS TECHNOLOGIES LIMITED |
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Address of the
registered office or of the principal place of business in India of the company |
965, Avinash Road, Coimbatore-641037, Tamilnadu, India |
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Type of charge |
Book Debts Movable Property |
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Particular of
charge holder |
IDBI Bank Limited, 1078, Viscose Towers, Avanashi
Road,Coimbatore-641018, Tamilnadu, India |
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Nature of
description of the instrument creating or modifying the charge |
Supplemental
Agreement of Hypothecation of Goods and Assets |
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Date of
instrument Creating the charge |
15.03.2007 |
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Amount secured by
the charge |
Rs. 25.000
Millions |
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Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest Any such rate as
may be advised to the Company form time to time in respect of the credit
facilities and accepted by the Company. Terms of
Repayment Repayable on
Demand Margin As may be
presented by the Bank form time to time for the credit facilities. Extent and
Operation of the charge Hypothecated by
way of first charge in favour of the Bank as a continuing security. |
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Short particulars
of the property charged |
Hypothecation of
all present and future goods, book-debts and other movable assets of the
Company. |
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Particulars of
the present modification |
The Agreement
limit of the credit facilities have been reduced from Rs. 40.000 Millions to
Rs. 25.000 Millions by supplemental Agreement of Hypothecation of Goods and
Assets. |
Trade References:
- Sascon Systems, New Delhi
- Mamta Enterprises, Lucknow
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.43.16 |
|
UK Pound |
1 |
Rs.85.51 |
|
Euro |
1 |
Rs.67.95 |
SCORE & RATING
EXPLANATIONS
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SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
3 |
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PAID-UP CAPITAL |
1~10 |
3 |
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OPERATING SCALE |
1~10 |
2 |
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FINANCIAL CONDITION |
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--BUSINESS SCALE |
1~10 |
6 |
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--PROFITABILIRY |
1~10 |
-- |
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--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
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--RESERVES |
1~10 |
5 |
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--CREDIT LINES |
1~10 |
-- |
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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 |
NO |
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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 |
|
26 |
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 |
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