MIRA
INFORM REPORT
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Report Date : |
31.05.2008 |
IDENTIFICATION
DETAILS
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Name : |
RATHNA COOLS PRIVATE LIMITED |
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Registered Office : |
36/1, Rajabather , ST T Nagar, Chennai – 600017, Tamil Nadu |
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Country : |
India |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
14.11.2003 |
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Com. Reg. No.: |
18-51958 |
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CIN No.: [Company
Identification No.] |
U51505TN2003PTC051958 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
CHER06626E |
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PAN No.: [Permanent
Account No.] |
AACCR6641R |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Trading of Air Conditioners and Cooling Items |
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 42000 |
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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 and reputed company having fine track
records. Directors are reported as
experienced, respectable and resourceful businessmen. Their trade relations
are fair. Financial position is good. Payments are usually correct and as per
commitments. The company can be considered good for normal business dealings at
usual trade terms and conditions. |
LOCATIONS
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Registered Office : |
36/1, Rajabather , ST T Nagar, Chennai – 600017, Tamil Nadu, India |
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Tel. No.: |
91-44-28151266 |
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E-Mail : |
DIRECTORS
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Name : |
Mr. Krishnamurthy Vijay |
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Designation : |
Chairman cum Director |
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Address : |
New No. 32 Old No. 41, Pinjala Subramaniam Street, T Nagar, Chennai –
600017, Tamil Nadu, India |
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Date of Birth/Age : |
24.09.1979 |
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Date of Appointment : |
14.11.2003 |
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E-Mail; |
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Name : |
Mrs. Meenakshi Krishnamurthy |
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Designation : |
Director |
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Address : |
New No. 32 Old No. 41, Pinjala Subramaniam Street, T Nagar, Chennai – 600017,
Tamil Nadu, India |
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Date of Birth/Age : |
26.06.1976 |
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Date of Appointment : |
14.11.2003 |
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E-Mail; |
KEY EXECUTIVES
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Name : |
Mr. K. Krishnamoorthy |
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Designation : |
Company Secretary |
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Address : |
3/7, Ramchandra Road, Pondy Bazzar, T. Nagar, Chennai – 600017, India |
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Tel No.: |
91-44-28157234/ 28158970 |
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Mobile : |
91-9444047109 |
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Email : |
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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Mr. K Vijay |
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190000 |
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Mrs. M Meenakshi |
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10000 |
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Mrs. K Vandhana |
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50000 |
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Total |
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250000 |
(As on 31.03.2007):-
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Category |
Percentage |
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Bodies Corporate |
100.00 |
BUSINESS DETAILS
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Line of Business : |
Trading of Air Conditioners and Cooling Items |
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Products : |
· Air Conditioners
· Cooling Items |
GENERAL
INFORMATION
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No. of Employees : |
75 |
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Bankers : |
· Indian Overseas Bank T Nagar Branch, T Nagar, Chennai – 600
017, Tamil Nadu, India · ICICI Bank |
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Banking
Relations : |
- |
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Auditors : |
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Name : |
B P Jayarama Iyer and Company Chartered Accountants |
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Address : |
1 Sundaram Street, T Nagar, Chennai – 600 017, Tamil Nadu, India |
CAPITAL STRUCTURE
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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700000 |
Equity Shares |
Rs. 10/- each |
Rs. 7.000 millions |
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Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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250000 |
Equity Shares |
Rs. 10/-
each |
Rs. 2.500
millions |
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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 |
2.500 |
1.000 |
1.000 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
7.900 |
4.671 |
1.687 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
10.400 |
5.671 |
2.687 |
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LOAN FUNDS |
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1] Secured Loans |
10.100 |
12.915 |
2.354 |
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2] Unsecured Loans |
0.000 |
0.000 |
0.000 |
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TOTAL BORROWING |
10.100 |
12.915 |
2.354 |
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DEFERRED TAX LIABILITIES |
0.000 |
0.078 |
0.040 |
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TOTAL |
20.500 |
18.664 |
5.081 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
1.300 |
0.792 |
0.417 |
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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 |
0.000 |
0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
68.100
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0.000 |
0.000 |
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Sundry Debtors |
0.000
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0.000 |
0.000 |
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Cash & Bank Balances |
1.200
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14.130 |
5.829 |
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Other Current Assets |
0.000
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0.000 |
0.000 |
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Loans & Advances |
12.100
|
55.486 |
39.260 |
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Total
Current Assets |
81.400
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69.616 |
45.089 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
62.000
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51.453 |
40.430 |
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Provisions |
0.200
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0.307 |
0.018 |
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Total
Current Liabilities |
62.200
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51.760 |
40.448 |
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Net Current Assets |
19.200
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17.856 |
4.641 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.016 |
0.023 |
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TOTAL |
20.500 |
18.664 |
5.081 |
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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 |
527.800 |
410.700 |
220.800 |
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Other Income |
0.000 |
0.000 |
0.000 |
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Total Income |
527.800 |
410.700 |
220.800 |
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Profit/(Loss) Before Tax |
7.400 |
4.800 |
2.400 |
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Provision for Taxation |
2.500 |
1.600 |
0.900 |
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Profit/(Loss) After Tax |
4.900 |
3.200 |
1.500 |
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Expenditures : |
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Manufacturing Expenses |
0.200 |
0.100 |
0.000 |
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Administrative Expenses |
5.400 |
4.100 |
3.200 |
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Raw Material Consumed |
509.700 |
425.100 |
227.900 |
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Increase/(Decrease) in Finished Goods |
[0.100] |
[26.800] |
[15.000] |
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Salaries, Wages, Bonus, etc. |
1.300 |
0.600 |
0.400 |
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Interest |
3.700 |
2.600 |
1.800 |
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Power & Fuel |
0.200 |
0.200 |
0.100 |
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Total Expenditure |
520.400 |
405.900 |
218.400 |
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KEY RATIOS
|
Year |
31.03.2007 |
31.03.2006 |
31.03.2005 |
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Debt-Equity
Ratio |
1.43 |
1.82 |
0.89 |
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Long
Term Debt-Equity Ratio |
0.00 |
0.00 |
0.00 |
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Current
Ratio |
1.10 |
1.07 |
1.05 |
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TURNOVER
RATIOS |
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Fixed
Assets |
458.96 |
631.85 |
552.00 |
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Inventory |
7.76 |
7.52 |
5.36 |
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Debtors |
0.00 |
0.00 |
0.00 |
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Interest
Cover Ratio |
3.00 |
2.85 |
2.33 |
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Operating
Profit Margin(%) |
2.10 |
1.80 |
1.90 |
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Profit
Before Interest And Tax Margin(%) |
2.10 |
1.80 |
1.90 |
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Cash
Profit Margin(%) |
0.93 |
0.78 |
0.68 |
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Adjusted
Net Profit Margin(%) |
0.93 |
0.78 |
0.68 |
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Return
On Capital Employed(%) |
56.78 |
62.45 |
82.35 |
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Return
On Net Worth(%) |
60.87 |
76.19 |
55.56 |
LOCAL AGENCY FURTHER
INFORMATION
BUSINESS:-
The company is engaged in marketing of Consumer Electronics and
Appliances. It markets well – known brands including Samsung.
FORM:-
|
Name of the company |
RATHNA COOLS PRIVATE LIMITED |
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Presented By |
Indian Overseas
Bank, T Nagar Branch, T Nagar, Chennai – 600 017, Tamil Nadu, India |
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1) Date and
description of instrument creating the change |
Agreement dated
27.01.2004 Letter of
hypothecation for cash credit against paid stocks |
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2) Amount secured
by the charge/amount owing on the securities of charge |
Cash Credit Rs.
2.000 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 Air
conditioners and stabilizers |
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4) Gist of the
terms and conditions and extent and operation of the charge. |
Rate of Interest with a minimum of 11% p.a
The other terms and conditions remains as
per the agreement enclosed. |
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5) Name and
Address and description of the person entitled to the charge. |
Indian Overseas Bank T Nagar Branch, T Nagar, Chennai – 600
017, Tamil Nadu, India |
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6) Date and brief description of instrument
modifying the charge |
All dated
11.04.2005 Letter of hypothecation
(in case of open advances only) Supplemental deed
of hypothecation |
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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.
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The existing cash
credit ;limit has been increased from Rs. 4.000 millions to Rs. 7.000
millions The said modified
limits are secured by way of hypothecation stocks of Air conditioner on a
first charges basis. The terms and
conditions and security descriptions already charged to the earlier creation
/ modification remains unchanged and shall extend to this above said modified
limit. The other terms
and conditions remain as per the document enclosed. |
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.42.59 |
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UK Pound |
1 |
Rs.84.16 |
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Euro |
1 |
Rs.65.99 |
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 |
NO |
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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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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 |
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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 |
|
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 |
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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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