MIRA
INFORM REPORT
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Report Date : |
11.11.2008 |
IDENTIFICATION
DETAILS
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Name : |
MADURAI ACME ENTERPRISES PRIVATE LIMITED |
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Registered Office : |
No. 59, R C Church Street, T P K Road, Palanganatham, Madurai – 625
003, Tamilnadu |
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Country : |
India |
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Financials (as on) : |
31.03.2006 |
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Date of Incorporation : |
01.10.1996 |
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Com. Reg. No.: |
18-36678 |
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CIN No.: [Company
Identification No.] |
U25199TN1996PTC036678 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
MRIM00769G |
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PAN No.: [Permanent
Account No.] |
AAACM9556C |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Manufacturers of Rubber Rollers and Moulded Rubber 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 3000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Slow but 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. Business is steady. Payments are reported as slow but correct. However the company can be considered normal for business dealings at
usual trade terms and conditions. |
INFORMATION PARTED
BY
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Name : |
Mr. Aravind |
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Designation : |
Director |
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Date : |
07.11.2008 |
LOCATIONS
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Registered Office/Factory : |
No. 59, R C Church Street, T P K Road, Palanganatham, Madurai – 625 003,
Tamilnadu, India |
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Tel. No.: |
91-452-2371297 / 601297 / 2371297
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Fax No.: |
91-452–604385 / 2371296 |
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E-Mail : |
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Website : |
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Area : |
2000 Sq. ft. + Factory |
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Location : |
Owned |
DIRECTORS
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Name : |
Mr. S Aravind |
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Designation : |
Director |
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Address : |
77, Chitrakala Colony, Thirunagar, Madurai – 625 006, Tamilnadu,
India |
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Date of Birth/Age : |
16.09.1949 |
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Qualification : |
B.Com. |
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Date of Appointment : |
01.10.1996 |
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Name : |
Mr. S Ramgopal |
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Designation : |
Director |
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Address : |
77, Chitrakala Colony, Thirunagar, Madurai – 625 006, Tamilnadu,
India |
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Date of Birth/Age : |
01.11.1953 |
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Qualification : |
B.Com. |
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Date of Appointment : |
01.10.1996 |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
(As on 30.09.2006)
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Names of Shareholders |
No. of Shares |
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S Aravind |
2000 |
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S Ramgopal |
2000 |
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R Seshasayee |
1000 |
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Total |
5000 |
Equity shares Breakup (percentage of total equity)
(As on 30.09.2006)
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Category |
Percentage |
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Directors or relatives of directors |
100.00 |
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Total |
100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturers of Rubber Rollers and Moulded Rubber Parts |
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Products : |
·
Rubber Products ·
Rubber Components |
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Terms : |
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Selling : |
Cash and Credit (30 days) |
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Purchasing : |
Cash and Credit (30 days) |
GENERAL
INFORMATION
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Customers : |
Manufacturing Unit |
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No. of Employees : |
30 |
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Bankers : |
State Bank of India Madurai City Branch, Madurai – 625 009, Tamilnadu, India |
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Facilities : |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
S Lakshmanaperumal Chartered Accountant |
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Address : |
93, Kambar Street, S S Colony, Madurai – 625 010, Tamilnadu, India |
CAPITAL STRUCTURE
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
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25000 |
Equity Shares |
Rs.100/- each |
Rs.2.500 millions |
Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
|
5000 |
Equity Shares |
Rs.100/- each |
Rs.0.500
million |
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
|
31.03.2006 |
31.03.2005 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
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0.500 |
0.500 |
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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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0.052 |
0.020 |
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4] (Accumulated Losses) |
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0.000 |
0.000 |
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NETWORTH |
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0.552 |
0.520 |
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LOAN FUNDS |
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1] Secured Loans |
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1.562 |
1.089 |
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2] Unsecured Loans |
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3.228 |
2.493 |
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TOTAL BORROWING |
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4.790 |
3.582 |
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DEFERRED TAX LIABILITIES |
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0.072 |
0.050 |
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TOTAL |
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5.414 |
4.152 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
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4.859 |
2.896 |
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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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0.806 |
0.829 |
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Sundry Debtors |
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2.238 |
2.730 |
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Cash & Bank Balances |
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0.069 |
0.046 |
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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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0.466 |
0.472 |
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Total
Current Assets |
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3.579 |
4.077 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
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2.949 |
2.787 |
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Provisions |
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0.075 |
0.036 |
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Total
Current Liabilities |
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3.024 |
2.823 |
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Net Current Assets |
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0.555 |
1.254 |
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MISCELLANEOUS EXPENSES |
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0.000 |
0.002 |
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TOTAL |
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5.414 |
4.152 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
|
31.03.2005 |
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Sales Turnover |
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10.103 |
9.587 |
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Other Income |
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0.000 |
0.000 |
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Total Income |
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10.103 |
9.587 |
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Profit/(Loss) Before Tax |
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0.114 |
NA |
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Provision for Taxation |
|
0.082 |
NA |
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Profit/(Loss) After Tax |
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0.032 |
NA |
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Expenditures : |
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Depreciation & Amortization |
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0.398 |
NA |
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Other Expenditure |
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9.591 |
NA |
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Total Expenditure |
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9.989 |
NA |
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KEY RATIOS
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PARTICULARS |
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31.03.2006 |
31.03.2005 |
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PAT / Total Income |
(%) |
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0.32 |
NA |
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Net Profit Margin (PBT/Sales) |
(%) |
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1.13 |
NA |
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Return on Total Assets (PBT/Total Assets} |
(%) |
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1.35 |
NA |
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Return on Investment (ROI) (PBT/Networth) |
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0.21 |
NA |
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Debt Equity Ratio (Total Liability/Networth) |
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14.16 |
12.32 |
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Current Ratio (Current Asset/Current Liability) |
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1.18 |
1.44 |
LOCAL AGENCY
FURTHER INFORMATION
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Additional
Requirement of Indiamart for Trust-Seal |
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Service Tax No. : AAACM9556C ST 001 |
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Excise Registration No.: - |
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VAT / TIN : 33585161967 |
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IEC Code : -- |
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PAN / TAN : AAACM9556C |
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Bank Name : State Bank of India |
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Bank Address : Madurai City Branch |
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Bank A/c. No.: 10578702112 |
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Account Since : 1996 |
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In case of any affiliations / memberships / certifications : |
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Name : ISO |
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Type : 9001:2000 |
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Expiry Date : 2011 |
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Trade References
·
NLC Corporation
·
Sunderlam Industries
Form No. 8
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Name of the company |
MADURAI ACME ENTERPRISES PRIVATE LIMITED |
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Presented By |
Madurai Acme Enterprises Private Limited and State Bank of India, City Branch, Madurai – 625 009 |
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1) Date and description of instrument creating the change |
13.12.1996 ·
General
Agreement for the grant of Small Industrial Advances and Hypothecation of Movables,
Book Debts and Assets ·
General
Agreement for the grant of Medium Term Loan Advances to Small Scale
Industries and Hypothecation of Movables, Book Debts and other assets. ·
General
Agreement for the grant of Mortgage Term Loan advance to Small Scale Industries
and Hypothecation of Movables, Book Debts and other Assets. |
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2) Amount secured by the charge/amount owing on the securities of charge |
Rs.1.576 millions
Working Capital –
Rs.0.950 million MTL Rs.0.398 million MTL Rs.0.228 million |
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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 |
All present and
future goods, book debts, movables and other assets including machineries of
the Company and documents of title to goods and other assets of the Company. |
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4) Gist of the terms and conditions and extent and operation of the charge. |
Working Capital
Limit of Rs.0.950 million – Interest at 17.75% p.a. with quarterly rests. Medium Term Loan
for Rs.0.626 million – Interest at 18% p.a. (Quarterly interest; Margin 25%) |
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5) Name and Address and description of the person entitled to the charge. |
State Bank of
India City Branch, 57,
57/1, Kamarajar Salai, Madurai – 625 009 |
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6) Date and brief description of instrument modifying the charge |
02.08.2003 Supplemental
General Agreement for the grant of Small Industrial Advances and
Hypothecation of goods, book-debts and other assets (Working Capital Finance)
dated 02.08.2003. |
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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. |
·
Pursuant to
the execution of the above agreement, the overall limit of the charge is
revised from Rs.1.825 millions to Rs.1.440 millions, comprising of the
following (Rs. In millions)
together with
interest, costs, charges and other expenses which may accure and /or be
debited to the accounts from time to time. ·
Extension of
Hypothecation, as first charge, by the Company in favour of the Bank of all
its Stocks of Raw Materials, semi finished and finished goods of rubber
products, Book debts, Movable and other assets including documents of title
to the goods, Outstanding monies, Receivables, Claims, Bills, Invoices,
Documents, Contracts, Insurance Policies, Guarantees, Engagements,
Securities, Investments and rights and the present and future Machinery
belonging to or in the possession or under the control of the Company wherever
lying stored and kept and whether in possession of the Company or of the Bank
or of any third party whether in India or elsewhere through our the world
(including all such goods, other movable assets as may be in course of
shipment, transit or delivery) as security for the due payment by the Company
to the Bank of all its dues under the revised overall limit of Rs.1.440
millions stated above together with interest, costs, charges and other
expenses which mat accrue and/or be debited to the accounts from time to
time. ·
For SME
Credit Plus Margin – Nil Rate of interest : 0.75% over
and above SBAR with a minimum of 11.25% p.a. ·
Special
Condition : The limit under this scheme can be availed at a maximum of 12 times
a year, with a time gap of 15 days between 2 consecutive availments. However,
limit availed once should be repaid within 2 months from the date of
availment. ·
Repayment :
Not Applicable All other terms
and conditions remain unaltered. |
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Corporate
identity number of the company |
U25199TN1996PTC036678 |
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Name of the
company |
MADURAI ACME ENTERPRISES PRIVATE LIMITED |
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Address of the
registered office or of the principal place of business in India of the company |
No. 59, R C Church Street, T P K Road, Palanganatham, Madurai – 625
003, Tamilnadu, India |
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This form is for |
Modification of
charge |
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Type of charge |
·
Immovable
property ·
Book debts ·
Movable
property (not being pledge) |
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Particular of
charge holder |
State Bank of India Madurai City Branch, Madurai – 625 009, Tamilnadu, India |
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Nature of
instrument creating charge |
Letter of
Arrangement dated 26.12.2006 (SME-1) Agreement of
Loan-cum-Hypothecation dated 29.12.2006 (SME 2) |
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Date of instrument
Creating the charge |
29.12.2006 |
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Amount secured by
the charge |
Rs.3.725 millions
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Brief of the
principal terms an conditions and extent and operation of the charge |
·
Rate of
interest Working Capital interest @ 0.75% above SBAR with minimum of 11.75%
p.a. Term Loan – II interest @ 1.5% above SBAR with minimum of 12.5% p.a. ·
Terms of
repayment Working Capital – Payable on demand Term Loan – Sixty monthly installments of Rs.0.003 million per month
each commencing from June 2006 and last installment falling on May 2011. ·
Margin Fund Based Limited – Margin @ 25% Non-Fund Based Limits – Margin @ 25% ·
Extent and
operation of the charge Cash Credit From Rs.2.000 millions DDP Form Rs.0.300 million SME Credit Plus Rs.0.400 million Term Loan I upto Rs.0.375 million
Term Loan II upto Rs.0.150 million Bank Guarantee upto Rs.0.500 million
|
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Particulars of
the property charged |
·
Primary
Security : 1.
Hypothecation
of stock and receivables 2.
Counter guarantee
of the unit. ·
Collateral
Security : 1.
E M of
undivided common half of the house at Door No. 59, R C Church Main Road,
Palanganatham, Madurai 2.
Vacant Site
measuring 24 cents in R S No. 170/18D valued Rs.7.956 millions belongs to
Aravind and Ramgopal at Madakulam |
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Particulars of
the present modification |
Enhancement of Cash Credit from
Rs.1.050 millions to Rs.2.000 millions DDP From Rs.0.150
millions to Rs.0.300 million SME Credit plus
from 0.240 million to Rs.0.400 million Term Loan I upto
Rs.0.375 million Term Loan II upto
Rs.0.150 million BG upto Rs.0.500
million |
Performance
During the year, the company has exceeded the
turnover and had reached a turnover of Rs.10.103 millions and the performance during
the year is quite satisfactory.
The company has achieved a turnover of
Rs.10.103 millions during the year ended 31.03.2006 as against Rs.9.587
millions for the year ended 31.03.2005
Fixed Assets
·
Land
·
Building
·
Plant and Machinery
·
Furniture and Fittings
·
Car
·
Mould
Web Details
Subject
was promoted by late Mr.R.Sesha Sayee in 1966 , Mr. S. Aravind B.Sc B.L and Mr.
S. Ramagopal B.E Msc (Engg).The latter two promoters are second generation
entrepreneurs.
Rubber
Parts are moulded out of NARURAL, NITRILE, NEOPRENE, SILICON SBR or any other
special SYNTHETIC RUBBER using indigenous/imported chemicals to suit the
varying needs of the customers to withstand HEAT,
OIL,FRICTION,ABRASION,FATIGUE,AGING and other tough working conditions.
They
are manufacturers of Rubber Rollers and Moulded Rubber Parts as per
specifications. The experience and technical know-how in the rubber line counts
back to FOUR DECADES. The factory is well equipped with latest machinery and
they also have laboratory testing facility to test raw materials and finished
products.
They
give personal and courteous attention to each and every customer. The quality
is renowned and the supply is prompt.
They
give much more importance and validity to the discussion with the consumer of
our product. They are always at the disposal of the consumer and it is the
pleasure ever to give technical advice, if any, warranted by them through
the use of the product in their machinery. In all, they pay much importance to
the customers through the incessant service to them. They will not rest until
the customer is satisfied.
Products
Printing Industry
·
Rubber Rollers for Damping, Inking, Varnishing, Flexographic etc.
·
Ebonite Rollers
·
Rubber Runners for paper feeding
·
Rubber Parts for various printing machines viz
·
Treadle, Off-set, Litho, Tin Printing, Cylinder, Ruling, Varnishing etc.
of different makes.
Packaging Industry
For polythene, polypropylene film extrusion machines, Gum-tape machinery
Flexographic Ebonite Rollers machine, etc.
·
Stereo Rubber
·
Rubber Runners for paper feeding
·
Rubber Rollers and Ebonite Rollers
Cement Factory
·
Rubber Branding Pads for Sack Printing
·
Rubber Rollers for Sack Printing Machines
Rubber Coupling Bushes (Cylindrical,
Corrugated, metal-clad, Tire type and other special shapes)
·
Conveyor Rubber Rollers - Rubber Diaphragms - Trolley Wheels
·
Rubber Spouts for cement filling machines
·
Skirt Rubbers
Textile Mill
·
Rubber Rollers for Mercerizing, Squeezing, Blow Room conveyors, Dye
house etc.
·
Ebonite Rollers
·
Rubber Expander Sleeves
·
Trolley Wheels
·
Rubber Bumpers for Looms
·
Synthetic Rubber Pickers
·
Rubber Moulded Parts to Specifications
·
Rubber-Metal Bonded Parts
Paper Mill
·
Rubber Rollers for Main Press Rollers or M.G. Touch Rollers Couch
Rollers
·
Ebonite Rollers for Wire Table Rollers, Felt Rollers
·
Worm Rollers
Sugar Mill
·
Rubber Coupling Bushes (different types)
·
Diaphragms
·
Rubber Cords and Beadings (Sponge & Plain)
·
Trolley Wheels
·
Rubber Branding Pads for Sack Printing
·
Ram Rubber Rings for Hydraulic equipments
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.47.32 |
|
UK Pound |
1 |
Rs.74.20 |
|
Euro |
1 |
Rs.60.73 |
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 |
5 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--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 |
NO |
|
--AFFILIATION |
YES/NO |
NO |
|
--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, we have no basis upon which to
recommend credit dealings |
No Rating |
|