MIRA
INFORM REPORT
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Report Date : |
06.03.2008 |
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 : |
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 : |
11000 |
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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 relatively small company in its field. Trade relations
are fair. Business is active. Payments are reported as slow but correct. The company can be considered for small to mediocre business dealings
at usual trade terms and conditions. |
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, Athipalayam Road, Chinnavedampatti
(PO), Ganapathy, Coimbatore - 641
006, 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 : |
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Sales and Service Network: |
Tirupur: (91) - 9843312053 /9843062054 /9842212054 |
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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 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer and exporter of garment and textile printing machines |
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Products : |
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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 : |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
Elangovan and Natarajan Chartered Accountants |
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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 |
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 |
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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 |
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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 company, 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 company, Cheran Machines 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 company has a team of highly
experienced and qualified research and development professionals with dynamic
engineers and CAD Computer Graphic facility. Ever since inception, the company
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
company 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 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
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Indian Rupees |
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US Dollar |
1 |
Rs.40.29 |
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UK Pound |
1 |
Rs.79.97 |
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Euro |
1 |
Rs.61.23 |
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 |
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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
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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>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 |
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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 |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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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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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 |
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<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
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NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
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