MIRA
INFORM REPORT
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Report Date : |
13.06.2008 |
IDENTIFICATION
DETAILS
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Name : |
GUARDIAN ANTI CORROSIVES PRIVATE LIMITED |
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Registered Office : |
8, Rajaji Street, West Lakearea, Nangambakkam, Chennai 600034,
Tamilnadu |
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Country : |
India |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
20.06.1983 |
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Com. Reg. No.: |
18-10098 |
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CIN No.: [Company
Identification No.] |
U24294TN1983PTC010098 |
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IEC No.: |
0491005971 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
CHEG00354E |
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PAN No.: [Permanent
Account No.] |
AAACG2496H |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Manufacturer of high performance chemicals for pre
treatment of ferrous, zinc and aluminium surfaces. |
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 9000 |
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Status : |
Good |
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Payment Behaviour : |
Usually correct |
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Litigation : |
Clear |
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Comments : |
Subject is a well established company having satisfactory track. Trade relations are fair. Payments are correct and as per commitments. General financial position is satisfactory. The company is doing well. It can be considered good for normal business dealings at usual trade terms and conditions. |
LOCATIONS
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Registered Office : |
8, Rajaji Street, West Lakearea, Nangambakkam, Chennai 600034,
Tamilnadu, India |
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Tel. No.: |
91-44-28276733 / 28215623 |
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Mobile No.: |
91-9840023262 |
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Fax No.: |
91-44-28215623 / 28277789 |
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E-Mail : |
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Website : |
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Corporate Office : |
9, New Tank Street, First Floor, No. 1-B, Nungambakkam, Chennai
600034, Tamilnadu, India |
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Tel. No.: |
91-44-28170327 |
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Fax No.: |
91-44-28215623 |
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Factory 1 : |
326 SIDCO Industrial Estate, Ambattur, Chennai 600098, Tamil Nadu, India |
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Tel. No.: |
91-44-26255063 |
DIRECTORS
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Name : |
Mr. S. M. Subramaniam |
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Designation : |
Director |
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Address : |
6, Rajaji Street, West Lakearea, Nangambakkam, Madras 600034,
Tamilnadu, India |
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Date of Birth/Age : |
24.12.1923 |
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Date of Appointment : |
20.06.1983 |
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Name : |
Mr. S. Meenakshi Sundaram |
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Designation : |
Director |
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Address : |
6, Rajaji Street, West Lakearea, Nangambakkam, Madras 600034,
Tamilnadu, India |
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Date of Birth/Age : |
01.05.1953 |
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Date of Appointment : |
20.06.1983 |
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Name : |
Mr. S. Swaminathan |
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Designation : |
Director |
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Address : |
6, Rajaji Street, West Lakearea, Nangambakkam, Madras 600034,
Tamilnadu, India |
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Date of Birth/Age : |
17.09.1969 |
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Date of Appointment : |
20.06.1983 |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
[As on 31.03.2007]
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Names of Shareholders |
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No. of Shares |
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S. M. Subramaniam |
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1200 |
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Meenakshi Sundaram |
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900 |
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S. Swaminathan |
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900 |
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Chellammal |
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1000 |
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Radha Meenakshi Sundaram |
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288 |
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Jayashree |
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288 |
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Total |
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4576 |
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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 |
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100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer of high performance chemicals for pre treatment
of ferrous, zinc and aluminium surfaces. |
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Products : |
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GENERAL
INFORMATION
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No. of Employees : |
22 |
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Bankers : |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
P. N. Ramchandran Chartered Accountants |
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Address : |
2, Dr. Radhakrishnan Road, 2nd Street, Mylapore, Chennai
600004, Tamilnadu, India |
CAPITAL STRUCTURE
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
5000 |
Equity Shares |
Rs. 100/- each |
Rs. 0.500 Million |
Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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4576 |
Equity Shares |
Rs. 100/-
each |
Rs. 0.457
Million |
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 |
0.457 |
0.457 |
0.458 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
1.526 |
1.875 |
1.809 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
1.983 |
2.332 |
2.267 |
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LOAN FUNDS |
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1] Secured Loans |
3.453 |
4.315 |
3.475 |
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2] Unsecured Loans |
0.403 |
0.648 |
0.854 |
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TOTAL BORROWING |
3.856 |
4.963 |
4.329 |
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DEFERRED TAX LIABILITIES |
0.000 |
0.005 |
0.070 |
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TOTAL |
5.839 |
7.300 |
6.666 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
2.622 |
3.129 |
2.722 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENT |
0.000 |
0.000 |
0.000 |
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DEFERREX TAX ASSETS |
0.047 |
0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
1.020
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1.670 |
1.807 |
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Sundry Debtors |
6.818
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4.746 |
3.784 |
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Cash & Bank Balances |
0.129
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0.208 |
0.223 |
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Other Current Assets |
0.000
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0.000 |
0.000 |
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Loans & Advances |
1.383
|
0.861 |
1.040 |
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Total
Current Assets |
9.350
|
7.485 |
6.854 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
5.900
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3.196 |
2.850 |
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Provisions |
0.280
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0.118 |
0.060 |
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Total
Current Liabilities |
6.180
|
3.314 |
2.910 |
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Net Current Assets |
3.170
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4.171 |
3.944 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
5.839 |
7.300 |
6.666 |
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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 |
20.169 |
14.755 |
12.845 |
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Total Income |
20.169 |
14.755 |
12.845 |
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Profit/(Loss) Before Tax |
0.605 |
0.171 |
0.123 |
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Provision for Taxation |
0.433 |
0.106 |
0.068 |
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Profit/(Loss) After Tax |
0.172 |
0.065 |
0.055 |
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Earnings in Foreign Currency : |
0.329 |
0.353 |
0.465 |
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Total Imports |
0.238 |
0.312 |
NA |
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Expenditures : |
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Depreciation & Amortization |
0.623 |
0.673 |
0.424 |
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Other Expenditure |
18.941 |
13.911 |
12.298 |
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Total Expenditure |
19.564 |
14.584 |
12.722 |
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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 |
(%) |
0.85
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0.45 |
0.43 |
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Net Profit Margin (PBT/Sales) |
(%) |
2.99
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1.15 |
0.96 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
5.05
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1.61 |
1.28 |
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Return on Investment (ROI) (PBT/Networth) |
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0.30
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0.08 |
0.05 |
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Debt Equity Ratio (Total Liability/Networth) |
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5.06
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3.55 |
3.20 |
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Current Ratio (Current Asset/Current Liability) |
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1.51
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2.26 |
2.36 |
LOCAL AGENCY
FURTHER INFORMATION
Form 8
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 charge to be modified |
90308488 |
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Corporate
identity number of the company |
U24294TN1983PTC010098 |
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Name of the
company |
GUARDIAN ANTI
CORROSIVES PRIVATE LIMITED |
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Address of the registered
office or of the principal place of
business in India of the company |
8, Rajaji Street, West Lakearea, Nangambakkam, Madras 600034,
Tamilnadu, India |
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Type of charge |
Immovable property Movable property |
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Particular of
charge holder |
Union Bank of
India Nungambakkam
Branch, Chennai 600034, Tamilnadu, India |
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Nature of
description of the instrument creating or modifying the charge |
Term loan
agreement Extension letter
of equitable mortgage |
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Date of
instrument Creating the charge |
28.11.2006 |
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Amount secured by
the charge |
Rs. 3.162
Millions |
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Brief particulars
of the principal terms an conditions and extent and operation of the charge |
[a] Rate of
interest Fresh Term Loan
of Rs. 0.139 Million BPLR + 2% [b] Terms of repayment Fresh Term Loan
of Rs. 0.139 Million : 36 installment of Rs. 0.003 Million + interest [c] Margin Fresh term loan
of Rs. 0.139 Millions : 20% [d] Extent and
operation of the charge As per the
instruments attached [e] others Other terms and conditions
as per the instruments executed on 28.11.2006 . |
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Short particulars
of the property charged |
Securities for
fresh term loans of Rs. 0.139
Millions Hypothecation of
Laptop Pavilion 2117 with Monitor and other accessories. Extension of equitable
mortgage by deposit of title deeds of the company’s property situated at Plot
No. 326, SIDCO Industrial Estate, Ambattur, Chennai 98. Other terms and
conditions of the original charge and subsequent modifications remain
unchanged. |
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Date of latest
modification |
06.09.2003 |
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Particulars of
the present modification |
By this
modification, the credit facilities enjoyed by the company has been modified
from Rs. 3.900 Millions to Rs. 3.162 Millions as detailed hereunder: Cash credit : Rs.
1.000 Millions ASB : Rs. 2.000
Millions Term Loan : Rs.
0.023 Million Term Loan : Rs.
0.139 Million Total : Rs. 3.162
Millions |
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Name of the company |
GUARDIAN ANTI
CORROSIVES PRIVATE LIMITED |
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Presented By |
Guardian Anti Corrosives
Private Limited And Union Bank of
India Nungambakkam
Branch, College Road, Chennai 600006. |
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1) Date and description of instrument creating the change |
Memorandum of
title deeds dated 09.02.1996 |
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2) Amount secured by the charge/amount owing on the securities of charge |
Hypothecation of
goods Rs. 0.300 Million Hypothecation of
inland bills Rs. 1.500 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 |
Shed No. 326
[N.P.] of Ambattur Industrial Estate, situated in Saidapet Taluka, Chengai
Anna District. |
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4) Gist of the terms and conditions and extent and operation of the charge. |
Hypothecation of
stocks - interest being 8.25% over bank
rate subject to a minimum of 20.25% Hypothecation of
bills – interest being 9.25% over the bank rate subject to a minimum of
21.25% |
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5) Name and Address and description of the person entitled to the charge. |
Union Bank of India Nungambakkam Branch, Chennai |
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6) Date and brief description of instrument modifying the charge |
All documents
dated 06.09.2003 A] Demand
promissory note for Rs. 1.000 Million B] Hypothecation
of goods and book debts agreement for Rs. 1.000 Million. C] Demand
promissory note for Rs. 2.000 Millions D] hypothecation
of bills agreement E] Demand
promissory note for Rs. 0.300 Million F] S-4A Packing
Credit agreement G] Demand
Promissory note for Rs. 0.600 Million H] Term Loan
Agreement |
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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. |
The limits have
been modified as below: [Rs. In Millions]
There is no change
in the security in respect of working capital limits. The new term loan is secured by assets
financed by the bank and extension of E.M. of property. The detailed
terms and conditions are set out in the copies of agreements. |
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. 42.87 |
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UK Pound |
1 |
Rs. 83.41 |
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Euro |
1 |
Rs. 66.11 |
SCORE & RATING
EXPLANATIONS
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SCORE FACTORS |
RANGE |
POINTS |
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HISTORY |
1~10 |
6 |
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PAID-UP CAPITAL |
1~10 |
6 |
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OPERATING SCALE |
1~10 |
6 |
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FINANCIAL CONDITION |
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--BUSINESS SCALE |
1~10 |
6 |
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--PROFITABILIRY |
1~10 |
6 |
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--LIQUIDITY |
1~10 |
6 |
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--LEVERAGE |
1~10 |
6 |
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--RESERVES |
1~10 |
6 |
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--CREDIT LINES |
1~10 |
6 |
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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 |
YES |
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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 |
|
54 |
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 |
|