MIRA
INFORM REPORT
|
Report Date : |
14.05.2008 |
IDENTIFICATION
DETAILS
|
Name : |
GENAU EXTRUSIONS LIMITED |
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Registered Office : |
37, Josier Street, Nungambakkam, 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 : |
06.10.1994 |
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Com. Reg. No.: |
028849 |
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CIN No.: [Company
Identification No.] |
U29309TN1994PLC028849 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
CHEG02087B |
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Legal Form : |
A Closely held Public Limited Liability Company |
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Line of Business : |
Manufacturer of Cold Forged Auto Components Auto Parts. |
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 226132 |
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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 having Satisfactory
track. Trade relations are fair. Business is active. Payments are reported as
usually Correct and as per Commitments. The Company can be considered normal for business dealings at usual
trade terms and conditions. |
INFORMATION
DECLINED BY
|
Name : |
Mr. K Elangovan |
|
Designation : |
General Manager - Finance |
LOCATIONS
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Registered Office : |
37, Josier Street, Nungambakkam, Chennai – 600034, Tamilnadu, India |
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Tel. No.: |
91-44-8279451 |
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Fax No.: |
91-44-8234500 |
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E-Mail : |
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Factory : |
No. 69, AGA Abbas Ali Road, Bangalore – 560042, Karnataka, India |
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Tel. No.: |
91-80-65251800/01/02 |
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Mobile No : |
91-9967575958 |
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Fax No.: |
91-80-25598048 |
DIRECTORS
|
Name : |
Mr. A K Venkatasamy |
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Designation : |
Chairman and Managing Director |
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Address : |
No. 9, Nawab Habibulla Avenue, III Street, Chennai – 600 006,
Tamilnadu, India |
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Date of Birth/Age : |
09.12.1940 |
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Date of Appointment : |
26.09.1994 |
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Name : |
Mr. G V Amberdekar |
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Designation : |
Director |
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Address : |
No. 4, Madhusudhan, Prarthana Samaj Road, Vile Parle (East), Mumbai –
400 057, Maharashtra, India |
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Date of Birth/Age : |
29.06.1929 |
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Date of Appointment : |
26.09.1994 |
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Name : |
Mr. P Rangasamy |
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Designation : |
Director |
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Address : |
No. 13, Amit Tata Housing Society, Prabhadevi, Mumbai – 400 025,
Maharashtra, India |
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Date of Birth/Age : |
17.05.1941 |
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Date of Appointment : |
03.02.1997 |
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Name : |
Mr. P. Shanmugam |
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Designation : |
Director |
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Address : |
No. 4, Nawab Habibulla Avenue, III Street, Chennai – 600 006,
Tamilnadu, India |
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Date of Birth/Age : |
22.07.1939 |
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Date of Appointment : |
26.09.1994 |
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Name : |
Mr. S N Kumarasamy |
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Designation : |
Director |
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Address : |
No. 69, Aga Abbas Road, Bangalore – 42, Karnataka, India |
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Date of Birth/Age : |
02.01.1949 |
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Date of Appointment : |
26.09.1994 |
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Name : |
Dr. V Gopinathan |
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Designation : |
Director |
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Address : |
No. 1238, 2nd Cross, 20th Main, J P Nagar, II phase,
Bangalore – 78, Karnataka, India |
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Date of Birth/Age : |
06.05.1943 |
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Date of Appointment : |
26.09.1994 |
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Date of Ceasing: |
05.02.1997 |
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Name : |
Mr. S V Ambardekar |
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Designation : |
Director |
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Address : |
J1/204, Kalpitha Enclave, Sahar Road, Andheri (East), Mumbai – 400
069, Maharashtra, India |
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Date of Birth/Age : |
20.09.1938 |
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Date of Appointment : |
26.09.1994 |
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Name : |
Mr. Dinesh Sharma |
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Designation : |
Director |
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Address : |
425, Sector – 37, Noida, Dist. Gautam Budh Nagar – 201 303, Uttar
Pradesh, India. |
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Date of Birth/Age : |
18.10.1954 |
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Date of Appointment : |
27.08.1997 |
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Name : |
Dr. S Seshan |
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Designation : |
Director |
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Address : |
58/1, Opal Mansions, 17th Cross, Malleswaram, Bangalore –
560 055, Karnataka, India |
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Date of Birth/Age : |
01.07.1940 |
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Date of Appointment : |
31.12.1997 |
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Date of Ceasing: |
30.06.2000 |
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Name : |
Ms. Mamta Suri |
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Designation : |
Director |
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Address : |
24/33, West Patel Nagar, New Delhi – 110 008, India |
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Date of Birth/Age : |
09.11.1963 |
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Date of Appointment : |
22.02.1999 |
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Date of Ceasing: |
08.02.2002 |
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Name : |
Mr. R. Rajamanickam |
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Designation : |
Director |
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Address : |
141, Choian Street, Alwarthirunagar, Chennai – 78, Tamilnadu, India |
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Date of Birth/Age : |
25.06.1946 |
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Date of Appointment : |
28.03.2001 |
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Date of Ceasing: |
09.07.2004 |
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Name : |
Mr. A C Ahuja |
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Designation : |
Director |
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Address : |
C-2/2533, Vasant Kunj, New Delhi – 110 070, India |
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Date of Birth/Age : |
20.01.1943 |
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Date of Appointment : |
11.02.2002 |
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Name : |
Mr. Vasant Kumar Venkatasamy |
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Designation : |
Director |
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Address : |
No. 9, Nawab Habibulla Avenue, III Street, Chennai – 600 006,
Tamilnadu, India |
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Date of Birth/Age : |
13.04.1973 |
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Date of Appointment : |
09.05.2002 |
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Name : |
Mr. Rajeev Mukhija |
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Designation : |
Director |
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Address : |
C-573, Sarita Vihar, New Delhi, India |
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Date of Birth/Age : |
10.04.1968 |
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Date of Appointment : |
14.01.2004 |
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Date of Ceasing : |
21.09.2004 |
KEY EXECUTIVES
|
Name : |
Mr. K Elangovan |
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Designation : |
Company Secretary |
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Address : |
528/17, Royal Enclave, Anna Nagar, Chennai – 102, Tamilnadu, India |
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Date of Birth/Age : |
11.01.1948 |
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Date of Appointment : |
10.02.1996 |
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Date of Ceasing : |
10.09.1999 |
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Name : |
Mr. S R Balasubramanian |
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Designation : |
Company Secretary |
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Address : |
6/25, 53rd Street, IX Sector, K K Nagar, Chennai – 600 078,
Tamilnadu, India |
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Date of Birth/Age : |
01.02.1950 |
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Date of Appointment : |
24.03.2001 |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
As on 19.09.2007
|
Names of Shareholders |
No. of Shares |
|
Mr. A K Venkatasamy |
135300 |
|
Mr. P Shanmugam |
116800 |
|
Mr. S K Subramaniam |
42100 |
|
Mr. Ayasamy Samu |
10000 |
|
Mr. Rameshwar Dayal |
20000 |
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Mr. Vasanth Kumar Venkatasamy |
231500 |
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Mr. Palanisamy Raja |
79700 |
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Mrs. Kannamma Venkatasamy |
153500 |
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Dr. D P Thirumalaisamy |
75000 |
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Dr. P Arumugham |
30000 |
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Mrs. Nalini |
10000 |
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Mrs. Pavaiammal |
13000 |
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Mr. K Rethinam |
15000 |
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Mr. Praburam |
16500 |
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Mrs. Hamsaveni |
19000 |
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Mr. Krishnasamy Gounder |
15000 |
|
Aadhi Finance Private Limited |
376000 |
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Mr. S Parvathy |
37000 |
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Mr. S Sivaram |
33000 |
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Mrs. S Shanthi |
24500 |
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Miss Anitha |
20000 |
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Master Kartik |
10000 |
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Shanthi Enterprises Electricals Private Limited |
1595400 |
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Shanthi Electricals Agency Private Limited |
75000 |
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Shanthi Electricals Controls Private Limited |
75000 |
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Mr. P Shanmugam (HUF) |
18000 |
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Mr. M G Srinivasan |
10000 |
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Mr. Vijay Lakshmi Shanmugasundaram |
20000 |
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Mr. R Ravindran |
120000 |
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Mr. R Vijay Lakshmi |
171500 |
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Mr. A K Venkatasamy HUF |
251900 |
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Mr. L Rangasamy |
27000 |
|
Maroovoor Energy Systems Private Limited |
50000 |
|
Mr. S K Subramaniam HUF |
17500 |
Equity Share breakup (Percentage of Total Equity)
As on 31.03.2007
|
Sr. No. |
Category |
Percentage |
|
1. |
Foreign holdings (Foreign Institutional Investor(s),
Foreign Companie(s), Foreign Financial Institution(s), Non- resident Indians
of overseas corporate bodies or Others. |
3.21 |
|
2. |
Bodies corporate (not mentioned above) |
34.63 |
|
3. |
Directors or relatives of directors |
45.25 |
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4. |
Other top fifty (50) shareholders (other
than listed above) |
16.91 |
|
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer of Cold Forged Auto Components Auto Parts. |
GENERAL
INFORMATION
|
Bankers : |
Indian Overseas Bank Kumud Palli Branch, Hosur – 635 109 |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
E Radha Krishnan and Company, Chartered Accountants |
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Address : |
Flat No. 2, Radha Terrace, West CIT Nagar, Chennai – 600035, Tamilnadu,
India |
CAPITAL STRUCTURE
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
5,500,000 |
Equity Shares |
Rs. 10/- Each |
Rs. 55.000 millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
4,206,000 |
Equity Shares |
Rs. 10/- Each |
Rs. 42.060 millions |
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
|
31.03.2007 |
31.03.2006 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
|
42.060 |
42.060 |
|
|
2] Share Application Money |
|
0.000 |
0.000 |
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3] Reserves & Surplus |
|
14.473 |
1.500 |
|
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4] (Accumulated Losses) |
|
0.000 |
(7.303) |
|
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NETWORTH |
|
56.533 |
36.257 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
|
28.623 |
37.759 |
|
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2] Unsecured Loans |
|
0.100 |
0.100 |
|
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TOTAL BORROWING |
|
28.723 |
37.859 |
|
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DEFERRED TAX LIABILITIES |
|
6.084 |
6.890 |
|
|
|
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|
|
|
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TOTAL |
|
91.340 |
81.006 |
|
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|
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|
|
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APPLICATION OF FUNDS |
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|
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FIXED ASSETS [Net Block] |
|
48.719 |
44.487 |
|
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Capital work-in-progress |
|
4.000 |
1.005 |
|
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|
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INVESTMENT |
|
0.000 |
0.000 |
|
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DEFERREX TAX ASSETS |
|
0.000 |
0.000 |
|
|
|
|
|
|
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CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
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Inventories |
|
11.222 |
14.015 |
|
|
Sundry Debtors |
|
36.284 |
25.289 |
|
|
Cash & Bank Balances |
|
1.306 |
1.201 |
|
|
Other Current Assets |
|
0.000 |
0.000 |
|
|
Loans & Advances |
|
3.908 |
4.782 |
|
Total
Current Assets |
|
52.720 |
45.287 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Current Liabilities |
|
6.679 |
7.812 |
|
|
Provisions |
|
7.432 |
1.984 |
|
Total
Current Liabilities |
|
14.111 |
9.796 |
|
|
Net Current Assets |
|
38.609 |
35.491 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
|
0.012 |
0.023 |
|
|
|
|
|
|
|
|
TOTAL |
|
91.340 |
81.006 |
|
PROFIT & LOSS
ACCOUNT
|
PARTICULARS |
|
31.03.2007 |
31.03.2006 |
|
|
Sales Turnover |
|
166.546 |
141.099 |
|
|
Other Income |
|
0.635 |
0.876 |
|
|
Total Income |
|
167.181 |
141.975 |
|
|
|
|
|
|
|
|
Profit/(Loss) Before Tax |
|
22.530 |
6.764 |
|
|
Provision for Taxation |
|
3.024 |
0.218 |
|
|
Profit/(Loss) After Tax |
|
19.506 |
6.546 |
|
|
|
|
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|
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Expenditures : |
|
|
|
|
|
|
Raw Material Consumed |
|
62.161 |
57.120 |
|
|
Consumption of stores and spares parts |
|
4.277 |
3.805 |
|
|
Increase/(Decrease) in Finished Goods |
|
0.065 |
3.343 |
|
|
Salaries, Wages, Bonus, etc. |
|
12.402 |
10.351 |
|
|
Managerial Remuneration |
|
1.170 |
0.600 |
|
|
Payment to Auditors |
|
0.090 |
0.080 |
|
|
Interest |
|
2.008 |
3.318 |
|
|
Insurance Expenses |
|
0.189 |
0.174 |
|
|
Power & Fuel |
|
9.376 |
7.557 |
|
|
Depreciation & Amortization |
|
6.153 |
5.071 |
|
|
Other Expenditure |
|
46.760 |
43.792 |
|
Total Expenditure |
|
144.651 |
135.211 |
|
KEY RATIOS
|
PARTICULARS |
|
|
31.03.2007 |
31.03.2006 |
|
PAT / Total Income |
(%) |
|
11.67 |
4.61 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
|
13.53 |
4.79 |
|
|
|
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|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
|
13.48 |
4.76 |
|
|
|
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|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
|
0.39 |
0.19 |
|
|
|
|
|
|
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Debt Equity Ratio (Total Liability/Networth) |
|
|
0.25 |
0.27 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
|
3.74 |
4.62 |
LOCAL AGENCY
FURTHER INFORMATION
Form 8
|
Name of the company |
GENAU EXTRUSIONS LIMITED |
|
Presented By |
S R Balasubramanian, Company Secretary |
|
1) Date and description of instrument creating the change |
30.4.2004 Letter of Hypothecation dated 30.04.2004 |
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2) Amount secured by the charge/amount owing on the securities of charge |
Cash Credit (Hypothecation) – Rs. 7.500 millions Term Loan - I – Rs. 9.155 millions Term Loan – II – Rs. 1.407 millions Term Loan III -- Rs. 2.250 millions Total – Rs. 20.312 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 |
Hypothecation of RM Components, tooling, Semi Finished goods, Consumables, Steel Items etc. Hypothecation of Block Asset, Machinery etc, Mortgage of Factory land and Building as specified in Schedule of Securities. |
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4) Gist of the terms and conditions and extent and operation of the charge. |
The Securities created would stand hypothecated for other amounts due to by the company to the bank under any other account even though the ultimate balance under this Agreement is fully repaid. |
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5) Name and Address and description of the person entitled to the charge. |
Indian Overseas Bank Kumud Palli Branch, Hosur – 635 109 |
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6) Date and brief description of instrument modifying the charge |
24.07.2004 Deposit of Title Deeds dated 24.07.2004 |
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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 deposit of title deeds were make to the bank with intent to create a mortgage in favour of the bank as security for advances made or to be made by the Bank to the Company by way of Cash Credit, Term Loans, packing Credit, Letter of credit etc. |
Form 8
|
This form is for |
Creation of charge |
|
Corporation identity number (CIN) or foreign company registrations number of the company |
U29309TN1994PLC028849 |
|
Name of the company |
GENAU EXTRUSIONS LIMITED |
|
Address |
37, Josier Street, Nungambakkam, Chennai – 600034, Tamilnadu, India |
|
Type of Charges |
v Immovable property v Movable Property (not being pledge) v Floating charge |
|
Whether consortium finance is involved |
No |
|
Whether joint charge involved |
No |
|
Number of charge holder(s) |
1 |
|
Particular of the charge holder |
Name: Tamilnadu Industrial Investment Corporation Limited Address: 692, Anna Salai City : Chennai State : Tamilnadu ISO Country Code: IN Pin code: 600035 Email ID: tiicltd@vsnl.com |
|
Nature or description of the instrument creating or modifying the charge |
Hypothecation Deed dated 31.08.2007 Mortgage by deposit of title deeds (No Instrument Executed) |
|
Date of the instrument creating charge |
31.08.2007 |
|
Whether charge created or modified outside India |
No |
|
Amount Secure by the charge |
Rs. 25.400 millions |
|
Brief particulars of the principal terms and conditions and extent and operation of the charge |
(a) Rate of Interest The rate of interest will be 12.50% p.a. on diminishing method. However, In case of default, an additional interest of 2.50% p.a. will be charged as penal interest on the defaulted amount for the defaulted period. (b) Terms of repayment Rs. 25.400 millions repayable by 27 quarterly installments. (i.e. first 01 quarterly installment of Rs. 0.700 million each and remaining 26 quarterly installments of Rs. 0.950 million each.) (c) Margin The Loan will be disbursed on accordance with the advance margin of 74.93% (For TIIC Finance) for the proposed / overall security) (d) Extent and operation of the charge Mortgage created by the company by deposit of title deeds on 31.08.2007 for the term loan of Rs. 25.400 millions in favour of Tamilnadu Industrial Investment Corporation Limited in respect of wind mill project at S F No. 90/2, V Kallipalyam, Palladam. |
|
Short particulars of the Property charged |
1. Land and Buildings, Plant and Machinery at site No. 1 and 50A, Sipcot Industrial Complex, Phase II, Hosur. 2. Land SF No. 90/2, V. Kallipalayam Village, Palladam Taulk, Coimbatore district along with wind mill structures erected thereon and all other Machineries and Electrical Fittings Fitted thereon. (First Charge) |
|
Whether any of the property or interest therein under reference is not registered in the name of the company |
No |
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 :
The 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.
The 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. 42.16 |
|
UK Pound |
1 |
Rs. 82.28 |
|
Euro |
1 |
Rs. 65.54 |
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, they have no basis upon which to
recommend credit dealings |
No Rating |
|