MIRA
INFORM REPORT
|
Report Date : |
17.07.2008 |
IDENTIFICATION
DETAILS
|
Name : |
EMRALD RESILIENT TYRE MANUFACTURERS PRIVATE LIMITED |
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Registered Office : |
KRV House, No. 3, 9th Lane, Shastri Nagar, Chennai 600020,
Tamilnadu |
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Country : |
India |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
27.03.2002 |
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Com. Reg. No.: |
18-48665 |
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CIN No.: [Company
Identification No.] |
U25111TN2002PTC048665 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
CHEE03011B |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Manufacturer and Exporter of Tyres and Tubes |
RATING &
COMMENTS
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MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Maximum Credit Limit : |
USD 290000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject is a well established and reputed company meeting its normal
commitments timeously. Trade
relations are fair. Business is active.
The company can be considered good for normal business dealings. |
INFORMATION PARTED
BY
|
Name : |
Mr. Shankar Ganesh |
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Designation : |
Accounts Manager |
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Date : |
21.06.2008 |
LOCATIONS
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Registered Office : |
KRV House, No. 3, 9th Lane, Shastri Nagar, Chennai 600020,
Tamilnadu, India |
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Tel. No.: |
91-44-24460604 / 24460530 / 26256269 / 26245694/27921555/26254709 |
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E-Mail : |
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Website : |
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Area : |
1300 Sq. fts. |
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Location : |
Rented |
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Corporate Office : |
Plot No. 79, Export Promotion Industrial Park, Sipcort Indust. Comp,
Gummidipoondi 601201, Tamilnadu, India |
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Factory: |
Sidco
Industrial Estate, Ambattur, Madras - 600 098. India |
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Tel. No.: |
91-44-26257714 |
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Fax No.: |
91-44-26257714 |
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E-mail: |
DIRECTORS
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Name : |
Mr. K. Ganesan |
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Designation : |
Director |
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Address : |
New No. 10, North Street, VP Colony, Aynavaram, Chennai 600023, Tamilnadu,
India |
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Date of Birth/Age : |
25.10.1965 |
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Date of Appointment : |
24.05.2002 |
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Name : |
Mr. R. Ravichandran |
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Designation : |
Director |
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Address : |
A9, Balaji Arcade, 134-A, Arcot Road, Virugambakkam, Chennai 600092, Tamilnadu,
India |
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Date of Birth/Age : |
16.09.1959 |
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Date of Appointment : |
24.05.2002 |
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Name : |
Mr. V. Thirupathi |
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Designation : |
Director |
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Address : |
No. 3, 9th Lane, Shasti Nagar, Adyar, Chennai 600020,
Tamilnadu, India |
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Date of Birth/Age : |
16.09.1948 |
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Date of Appointment : |
24.05.2002 |
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Name : |
Mr. V. T. Chandrashekharan |
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Designation : |
Director |
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Address : |
No. 3, 9th Lane, Shasti Nagar, Adyar, Chennai 600020,
Tamilnadu, India |
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Date of Birth/Age : |
26.03.1975 |
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Date of Appointment : |
11.04.2005 |
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Name : |
Mr. T. Kannaki |
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Designation : |
Director |
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Address : |
No. 3, 9th Lane, Shasti Nagar, Adyar, Chennai 600020,
Tamilnadu, India |
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Date of Birth/Age : |
19.05.1951 |
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Date of Appointment : |
11.04.2005 |
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Date of Ceasing: |
24.03.2003 |
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Name : |
Mr. R. Subramanian |
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Designation : |
Director |
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Address : |
No. 10, Chandrasekharan Street, Iyyanar Nagar, Pondicherry 605013 |
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Date of Birth/Age : |
23.01.1958 |
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Date of Appointment : |
24.05.2002 |
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Name : |
Mr. D. Eswarakrishnan |
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Designation : |
Director |
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Address : |
M 10C, Central Avenue, MKB Nagar, Chennai 600039, Tamilnadu, India |
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Date of Birth/Age : |
04.04.1970 |
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Date of Appointment : |
11.04.2005 |
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Name : |
Mr. V Krishnaraman |
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Designation : |
Director |
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Date of Birth/Age : |
02.12.1960 |
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Date of Appointment : |
11.04.2005 |
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Name : |
Mr. V T Srinivas |
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Designation : |
Director |
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Date of Birth/Age : |
01.10.1982 |
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Date of Appointment : |
04.11.2005 |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
[As on 28.09.2005]
|
Names of Shareholders |
|
No. of Shares |
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T. Kannaki |
|
320000 |
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V. Thirupathi |
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220000 |
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V. T. Chandrashekharan |
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70000 |
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R. Subramanian |
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55000 |
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S Vijayalakshmi |
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50000 |
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C. Kalidasan |
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20000 |
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K. Sugunavalli |
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20000 |
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L Chittal |
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50000 |
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R. M. Theivarayan |
|
6000 |
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V. T. Srinivas |
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15000 |
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Bharani Ravichandran |
|
10000 |
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R. Ravichandran |
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50000 |
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D. Eswarakrishnan |
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50000 |
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Total |
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936000 |
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Name of Allottee
[As on 10.10.2007] |
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No.
of Shares |
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Mustang Trading and Investments Private Limited |
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425000 |
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Equity Share
Break-up [As on 31.03.2007] |
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Percentage of
Holding |
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Directors or relatives of the Directors |
|
100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer and Exporter of Tyres and Tubes |
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Exports : |
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Countries : |
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Imports : |
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Countries : |
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Terms : |
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Selling : |
L/C and Advance Payment |
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Purchasing : |
L/C |
GENERAL INFORMATION
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No. of Employees : |
330 [In Office 80 + In Factory 250] |
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Bankers : |
Leather and
International Branch, MVJ Towers, 177/1, P. H. Road, Kilpauk, Chennai 600010,
Tamilnadu, India |
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Facilities : |
C/C Rs. 20.000 Millions EPC Rs. 60.000 Millions |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
Rajini and Company Chartered Accountants |
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Address : |
261, Thamuchetty Street, Chennia 600001, Tamilnadu, India |
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Associates/Subsidiaries : |
Mosq Industrial Rubber Product |
CAPITAL STRUCTURE
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
9000000 |
Equity Shares |
Rs. 10/- each |
Rs. 90.000 Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
3550000 |
Equity Shares |
Rs. 10/-
each |
Rs. 35.500
Millions |
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2007 |
31.03.2006 |
31.03.2005 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
35.500 |
30.900 |
9.360 |
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2] Share Application Money |
0.000 |
0.000 |
4.875 |
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3] Reserves & Surplus |
23.740 |
10.600 |
4.941 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
59.240 |
41.500 |
19.176 |
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LOAN FUNDS |
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1] Secured Loans |
212.827 |
62.317 |
29.954 |
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2] Unsecured Loans |
4.059 |
2.991 |
7.145 |
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TOTAL BORROWING |
216.886 |
65.308 |
37.099 |
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DEFERRED TAX LIABILITIES |
6.153 |
1.615 |
1.211 |
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TOTAL |
282.279 |
108.423 |
57.486 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
199.974 |
46.635 |
32.432 |
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Capital work-in-progress |
2.831 |
6.467 |
0.425 |
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INVESTMENT |
0.000 |
0.000 |
0.000 |
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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 |
0.000
|
18.645 |
11.366 |
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Sundry Debtors |
0.000
|
29.702 |
17.106 |
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Cash & Bank Balances |
0.000
|
1.383 |
0.543 |
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Other Current Assets |
0.000
|
13.713 |
3.152 |
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Loans & Advances |
129.585
|
20.820 |
4.135 |
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Total
Current Assets |
129.585
|
84.263 |
36.302 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
50.576
|
29.919 |
12.566 |
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Provisions |
0.000
|
0.000 |
0.000 |
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Total
Current Liabilities |
50.576
|
29.919 |
12.566 |
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Net Current Assets |
79.009
|
54.344 |
23.736 |
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MISCELLANEOUS EXPENSES |
0.465 |
0.977 |
0.893 |
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TOTAL |
282.279 |
108.423 |
57.486 |
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PROFIT & LOSS
ACCOUNT
|
PARTICULARS |
31.03.2007 |
31.03.2006 |
31.03.2005 |
|
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Sales Turnover |
264.981 |
157.550 |
85.071 |
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Other Income |
16.765 |
12.893 |
7.639 |
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Total Income |
281.746 |
170.443 |
92.710 |
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Profit/(Loss) Before Tax |
15.377 |
9.512 |
4.953 |
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Provision for Taxation |
6.836 |
3.854 |
0.991 |
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Profit/(Loss) After Tax |
8.541 |
5.658 |
3.962 |
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Earnings in Foreign Currency : |
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Export Earnings |
193.497 |
123.410 |
NA |
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Total Earnings |
193.497 |
123.410 |
NA |
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Imports : |
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Raw Materials |
35.279 |
10.465 |
NA |
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Stores & Spares |
25.165 |
0.579 |
NA |
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Total Imports |
60.444 |
11.044 |
NA |
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Expenditures : |
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Financial Charges |
13.236 |
4.967 |
4.033 |
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Depreciation & Amortization |
8.672 |
3.215 |
2.014 |
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Other Expenditure |
244.461 |
152.749 |
81.710 |
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Total Expenditure |
266.369 |
160.931 |
87.757 |
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KEY RATIOS
|
PARTICULARS |
|
31.03.2007 |
31.03.2006 |
31.03.2005 |
|
PAT / Total Income |
(%) |
3.03
|
3.31 |
4.27 |
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Net Profit Margin (PBT/Sales) |
(%) |
5.80
|
6.03 |
5.82 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
4.66
|
7.26 |
7.20 |
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Return on Investment (ROI) (PBT/Networth) |
|
0.25
|
0.22 |
0.25 |
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Debt Equity Ratio (Total Liability/Networth) |
|
4.51
|
2.29 |
2.58 |
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Current Ratio (Current Asset/Current Liability) |
|
2.56
|
2.82 |
2.88 |
LOCAL AGENCY
FURTHER INFORMATION
Trade References:
- Hitech
Carbon, Gummidipoondi
- TVC Logistic
Form 8
|
This form is for |
Modification of
charge |
|
Charge
identification number of the modified
|
90290918 |
|
Corporate
identity number of the company |
U25111TN2002PTC048665 |
|
Name of the
company |
EMRALD RESILIENT
TYRE MANUFACTURERS PRIVATE LIMITED |
|
Address of the
registered office or of the principal place of business in India of the company |
KRV House, No. 3, 9th Lane, Shastri Nagar, Chennai 600020,
Tamilnadu, India |
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Type of charge |
|
|
Particular of
charge holder |
State Bank of
India Leather and
International Branch, MVJ Towers, 177/1, P. H. Road, Kilpauk, Chennai 600010,
Tamilnadu, India |
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Nature of
description of the instrument creating or modifying the charge |
|
|
Date of
instrument Creating the charge |
28.11.2007 |
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Amount secured by
the charge |
Rs. 277.600
Millions |
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Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Terms of
Repayment The term loan of
Rs. 28.500 Millions is to be repaid on 60 monthly installments of Rs. 0.475
Millions each from April 2007. Margin Extent and
Operation of the charge As per agreement |
|
Short particulars
of the property charged |
Hypothecation and
extension of equitable mortgage |
|
Date of latest
modification prior to the present modification |
29.05.2007 |
|
Particulars of
the present modification |
The various credit
facilities enjoyed by the company now has been enhanced to Rs. 277.600
Millions and hypothecation and extension of equitable mortgage |
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. 43.17 |
|
UK Pound |
1 |
Rs. 86.46 |
|
Euro |
1 |
Rs. 68.68 |
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 |
6 |
|
--PROFITABILIRY |
1~10 |
4 |
|
--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 |
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 |
|
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. |
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 |
|