MIRA
INFORM REPORT
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Report Date : |
31.07.2008 |
IDENTIFICATION
DETAILS
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Name : |
CHERAN MACHINES INDIA PRIVATE LIMITED |
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Registered Office : |
SF No. 70/24 Athipalayam Road, Chinnavedampatti, Ganapathy, Coimbatore
– 641006, Tamilnadu |
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Country : |
India |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
24.03.2004 |
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Com. Reg. No.: |
18-11058 |
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CIN No.: [Company
Identification No.] |
U29262TZ2004PTC011058 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
CHBC03885A |
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PAN No.: [Permanent
Account No.] |
AACCC3388E |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Manufacturer and exporter of garment and textile printing machines |
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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Status : |
Small Company |
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Payment Behaviour : |
Slow |
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Litigation : |
Clear |
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Comments : |
Subject is a well established company having satisfactory track
records. Trade relations are fair. Financial position is satisfactory.
Payments are usually correct and as per commitments. The company can be considered normal for business dealings at usual
trade terms and conditions. |
INFORMATION
DECLINED BY
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Name : |
Mr. Sudhir Naik |
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Date : |
18.07.2008 |
LOCATIONS
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Registered Office : |
SF No. 70/24 Athipalayam Road, Chinnavedampatti, Ganapathy, Coimbatore
– 641006, Tamilnadu, India |
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E-Mail : |
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Website : |
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Head Office : |
65/1, Atthipalayam Road, Chinnavedam Patti Post, Ganapathy, Coimbatore
– 641006, Tamilnadu, India |
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Tel. No.: |
91-422-2667691 / 2667692 |
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Fax No.: |
91-422-2667690 |
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Mobile No.: |
91-9843012054 |
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E-Mail : |
cheranmachines@gmail.com |
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Sales and
Service Network: |
Tirupur : 91-9842212053 / 9843062054 / 9842212054 Chennai : 91-9360612054 / 9362812054 Bangalore : 91-9367112054 / 9362812054 Mumbai : 91-9324112054 / 9360112054 Indore: 91-9826074815 Calcutta : 91-9330072054 New Delhi and Ludhiana : 91-9350041938 / 9810156641 / 91-11-42141325 |
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Overseas : |
Sri
Lanka Phone: 9411-2828508
/ 2817481 Thailand Phone: +66-18666744
/ +66-3992992 |
DIRECTORS
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Name : |
Mr. R Mohankumar |
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Designation : |
Chairman |
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Address : |
5A Mamarathottam, 2nd Street, Ganapathy, Coimbatore –
641006, Tamilnadu, India |
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Date of Appointment : |
24.03.2004 |
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Name : |
Mrs. R Rukmani |
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Designation : |
Director |
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Address : |
5A Mamarathottam, 2nd Street, Ganapathy, Coimbatore –
641006, Tamilnadu, India |
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Date of Appointment : |
24.03.2004 |
KEY EXECUTIVES
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Name : |
Mr. V Annthanarayanan |
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Designation : |
Company Secretary |
LIST OF ALLOTEES
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As on 31.03.2006 |
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No. of Shares |
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Mr. R. Mohan Kumar |
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15000 |
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Mr. R. Ruckmani |
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15000 |
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Mr. P. Rathinaswamy |
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10000 |
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Mr. V. Gurumoorthy |
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4700 |
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Mr. R. Akila |
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4700 |
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Mr. R. Srilatha |
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4650 |
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Mr. G. Kalairani |
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4650 |
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Mr. A. Balasubramanian |
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4650 |
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Mr. T. Rahinavalle |
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4650 |
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As on 31.03.2007 |
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Mr. L. Pasupathy |
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20000 |
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Mr. P. Lakshmanan |
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20000 |
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Mr. P. Rathinaswamy |
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40000 |
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Mr. S. Vidhya |
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10000 |
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Mr. T. Rathinavalli |
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10000 |
Equity share breakup (As on
31.03.2007)
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Category |
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Percentage of
Holding |
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Directors or relatives of directors |
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100.000 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer and exporter of garment and textile printing machines |
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Products : |
v Heat
Transfer Press / Digital Fusing v Label
Transfer Press v Manual
Chest Printing and Curing Machines v Electric
Curing Machine v Flash
/ Spot Curer v Exposing
Machine v Stretching
Clamp v Sublimation
Transfer Press |
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Exports : |
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Countries : |
Bangladesh, Egypt,
Madagascar, Nepal, Srilanka, Thailand, Vietnam, Nepal and the Gulf region |
GENERAL
INFORMATION
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Bankers : |
v Indian Bank, 1373
a, Jayashanthi Towers, Sathy Road, Ganapathy, Coimbatore – 641006, Tamilnadu,
India v Centurion Bank
Limited v ICICI Bank v Indian Overseas
Bank |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
Elangovan and Natarajan
(Chartered Accountant) |
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Address : |
144, Kaleeswara Nagar, Kottoor, Coimbatore – 641009, Tamilnadu, India |
CAPITAL STRUCTURE
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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220000 |
Equity Shares |
Rs. 10/- each |
Rs. 2.200 Millions |
Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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208000 |
Equity Shares |
Rs. 10/- each |
Rs. 2.080
Millions |
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
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SOURCES OF FUNDS |
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31.03.2007 |
31.03.2006 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
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2.080 |
1.080 |
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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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0.653 |
0.245 |
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4] (Accumulated Losses) |
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0.000 |
0.000 |
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NETWORTH |
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2.733 |
1.325 |
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LOAN FUNDS |
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1] Secured Loans |
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2.253 |
1.675 |
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2] Unsecured Loans |
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0.320 |
0.000 |
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TOTAL BORROWING |
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2.573 |
1.675 |
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DEFERRED TAX LIABILITIES |
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0.008 |
0.015 |
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TOTAL |
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5.314 |
3.015 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
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1.204 |
0.564 |
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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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3.409 |
2.762 |
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Sundry Debtors |
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3.590 |
2.802 |
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Cash & Bank Balances |
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0.253 |
0.104 |
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Other Current Assets |
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0.000 |
0.000 |
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Loans & Advances |
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0.878 |
0.783 |
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Total
Current Assets |
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8.130 |
6.451 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
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3.632 |
3.812 |
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Provisions |
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0.388 |
0.188 |
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Total
Current Liabilities |
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4.020 |
4.000 |
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Net Current Assets |
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4.110 |
2.451 |
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MISCELLANEOUS EXPENSES |
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0.000 |
0.000 |
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TOTAL |
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5.314 |
3.015 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
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31.03.2007 |
31.03.2006 |
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Sales Turnover |
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26.742 |
20.325 |
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Profit/(Loss) Before Tax |
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0.719 |
0.374 |
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Provision for Taxation |
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0.312 |
0.201 |
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Profit/(Loss) After Tax |
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0.407 |
0.173 |
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Import Value |
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0.614 |
0.217 |
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Expenditures : |
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Financial Charges |
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0.337 |
0.250 |
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Depreciation |
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0.251 |
0.133 |
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Other Expenditure |
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25.435 |
19.568 |
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Total Expenditure |
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26.023 |
19.951 |
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KEY RATIOS
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PARTICULARS |
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31.03.2007 |
31.03.2006 |
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PAT / Total Income |
(%) |
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1.52 |
0.85 |
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Net Profit Margin (PBT/Sales) |
(%) |
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2.69 |
1.84 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
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7.70 |
5.33 |
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Return on Investment (ROI) (PBT/Networth) |
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0.26 |
0.28 |
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Debt Equity Ratio (Total Liability/Networth) |
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2.41 |
4.28 |
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Current Ratio (Current Asset/Current Liability) |
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2.02 |
1.61 |
LOCAL AGENCY FURTHER
INFORMATION
Bankers Charges
Report as per Registry
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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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90327323 |
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Corporate
identity number of the company |
U29262TZ2004PTC011058 |
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Name of the company
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Cheran Machines India Private Limited |
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Address of the
registered office or of the principal place of business in India of the company |
SF No. 70/24 Athipalayam Road, Chinnavedampatti, Ganapathy, Coimbatore
– 641006, Tamilnadu |
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Type of charge |
v
Book Debts v
Movable
Property |
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Particular of
charge holder |
Indian Bank, 1373 a, Jayashanthi Towers, Sathy Road, Ganapathy,
Coimbatore – 641006, Tamilnadu, India
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Nature of
description of the instrument creating or modifying the charge |
v
Agreement
for increase of Cash Credit Limit v
Agreement
for Extension of Hypothecation / Pledge of Movables v
Agreement
for Cash Credit [Stock / Book Debts] |
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Date of
instrument Creating the charge |
27.04.2007 |
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Amount secured by
the charge |
Rs. 3.700
Millions |
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Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest 2.00 % p.a. over the
Bank’s Prime Lending Rate with a minimum of 14.50 % Terms of
Repayment On Demand Margin Stock and Book
Debts 25 % Extent and
Operation of the charge Hypothecation of
movables consisting of stock or raw materials, work in progress, finished goods,
book debts and machinery to secure the due repayment of the credit facilities
availed by the company from the bank
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Short particulars
of the property charged |
Hypothecation of movables
consisting of stock or raw materials, work in progress, finished goods, book
debts and machinery to secure the due repayment of the credit facilities
availed by the company from the bank
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Particulars of
the present modification |
Creation of
charge by way of hypothecation of movables to secure the due repayment of the
under mentioned limits : Rs in Millions
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AS PER WEBSITE
Profile
An ISO 9001:2000 certified concern, they work with the mission of achieving excellence in quality and maximizing customer satisfaction by offering a wide range of high performance and efficient printing machines catering to the textile and garment industry. They owe their success to the extensive industry knowledge, improved technologies and customer-focused approach.
An ISO 9001:2000 certified
concern, subject India is a renowned name, engaged in manufacturing and
export of a wide range of premium quality garment / textile printing machines.
Their offering include products for heat transfer / fusing, label transfer,
printing and curing, electric dryer and more. They are a customer-focused
company, with a strong commitment for quality that has helped them to built
quality products for the past 14 years.
They are situated in Coimbatore, Manchester of South India, with
sophisticated infrastructural facilities. The concern has a team of highly
experienced and qualified research and development professionals with dynamic
engineers and CAD Computer Graphic facility. Ever since inception, the concern
has always achieved excellent growth and success, which is a result of its
extensive understanding of Garment / Textile Printing sector, sophisticated
technologies, timely deliveries, competitive prices and customer focused
approach.
Infrastructure
They take pride in
their sophisticated infrastructural facilities and state-of-the-art machinery
to manufacture precision engineered garment / textile printing machines. The
concern has introduced Microprocessor technology based controller and
sophisticated digital panel for the first time in the region. Their machines
are perfectly engineered to fuse the desire in the product with top quality,
neat finishing, negligible maintenance and trouble free operation.
Turnkey Services
Utilizing their
experience, technical expertise and extensive industry knowledge of the
competitive Garment / Textile Printing industry, they are capable to offer
complete turnkey solutions in the design and development of machines as per the
specific customer requirements to ensure their complete satisfaction.
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] 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.42.47 |
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UK Pound |
1 |
Rs.84.00 |
|
Euro |
1 |
Rs.66.14 |
SCORE & RATING
EXPLANATIONS
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SCORE FACTORS |
RANGE |
POINTS |
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HISTORY |
1~10 |
3 |
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PAID-UP CAPITAL |
1~10 |
4 |
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OPERATING SCALE |
1~10 |
3 |
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FINANCIAL CONDITION |
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--BUSINESS SCALE |
1~10 |
5 |
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--PROFITABILIRY |
1~10 |
2 |
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--LIQUIDITY |
1~10 |
5 |
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--LEVERAGE |
1~10 |
5 |
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--RESERVES |
1~10 |
3 |
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--CREDIT LINES |
1~10 |
3 |
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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 |
NO |
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--LISTED |
YES/NO |
NO |
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--OTHER MERIT FACTORS |
YES/NO |
YES |
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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 |
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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 |
|