MIRA
INFORM REPORT
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Report Date : |
11.11.2008 |
IDENTIFICATION
DETAILS
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Name : |
MANI NAGAPPA MOTORS MADURAI PRIVATE LIMITED |
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Formerly Known As : |
NAGAPPA AUTO COMPONENTS PRIVATE LIMITED |
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Registered Office : |
No.10, Deputy Collector Clony, K. K. Nagar, Madurai – 625020,
Tamilnadu |
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Country : |
India |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
20.09.1999 |
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Com. Reg. No.: |
18-43196 |
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CIN No.: [Company
Identification No.] |
U50300TN1999PTC043196 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
MRIN00338C |
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PAN No.: [Permanent
Account No.] |
AAECS2738Q |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Manufacturing of Presses and Machined Components for the Automobile
and Engineering Applications |
RATING &
COMMENTS
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MIRA’s Rating : |
C |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
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Status : |
Moderate |
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Payment Behaviour : |
Delayed |
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Litigation : |
Unknown |
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Comments : |
No contact could be possible as the telephone numbers are not
available. Management never reported to several communications through speed
posts. Financial position of the company is bad. It has a huge accumulated
uses. Its payments are slow and delayed. The company can be considered for any business dealings on safe and
secured trade terms and conditions, only. |
LOCATIONS
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Registered Office : |
No.10, Deputy Collector Clony, K. K. Nagar, Madurai – 625020,
Tamilnadu, India |
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Tel. No.: |
91-452-2422651 |
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Fax No.: |
91-452-2422873 |
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E-Mail : |
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Factory : |
90/3, Medurai Melur Road, Narasingampatti, Madurai, Tamilnadu, India |
DIRECTORS
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Name : |
Mr. M. Sonu |
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Designation : |
Managing Director |
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Address : |
138-C, Deputy Collector Colony Road, K. K. Nagar, Madurai – 625020,
Tamilnadu, India |
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Date of Birth/Age : |
15.12.1960 |
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Date of Appointment : |
29.08.2005 |
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Name : |
Mr. S. Kanthimathi |
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Designation : |
Director |
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Address : |
138-C, Deputy Collector Colony Road, K. K. Nagar, Madurai – 625020,
Tamilnadu, India |
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Date of Birth/Age : |
15.04.1965 |
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Date of Appointment : |
05.02.2001 |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
(As on 28.09.2007)
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Names of Shareholders |
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No. of Shares |
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M. Sonu |
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195000 |
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S. Kanthimathi |
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275000 |
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Total |
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470000 |
(As on 31.03.2007)
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Category |
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Percentage |
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Directors or relatives of directors |
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100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturing of Presses and Machined Components for the Automobile
and Engineering Applications |
GENERAL
INFORMATION
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Suppliers : |
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Customers : |
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Bankers : |
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Facilities : |
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Banking Relations
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- |
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Auditors : |
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Name : |
Peri. Thiagraj and Company Chartered Accountant |
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Address : |
37, Hakkim Ajmalikan Road, Chinnachokkiulam, Madurai – 625002,
Tamilnadu, India |
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Tel No.: |
91-452-2530722/ 2530772 |
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Fax No.: |
91-452-4360722 |
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Telegram |
‘PERIAUDIT’ |
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Email : |
CAPITAL STRUCTURE
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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510000 |
Equity Shares |
Rs.10/- each |
Rs.5.100 Millions |
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Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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470000 |
Equity Shares |
Rs.10/- each |
Rs.4.700
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 |
4.700 |
4.700 |
4.700 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
0.000 |
0.000 |
0.000 |
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4] (Accumulated Losses) |
(14.543) |
(12.749) |
(12.821) |
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NETWORTH |
(9.843) |
(8.049) |
(8.121) |
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LOAN FUNDS |
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1] Secured Loans |
12.714 |
4.453 |
4.732 |
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2] Unsecured Loans |
12.758 |
13.584 |
9.014 |
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TOTAL BORROWING |
25.472 |
18.037 |
13.746 |
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DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
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TOTAL |
15.629 |
9.988 |
5.625 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
11.462 |
5.977 |
5.186 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENT |
0.039 |
0.039 |
0.004 |
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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 |
4.395
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4.928 |
4.200 |
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Sundry Debtors |
9.892
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9.203 |
5.727 |
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Cash & Bank Balances |
0.021
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0.191 |
0.540 |
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Other Current Assets |
0.000
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0.000 |
0.000 |
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Loans & Advances |
0.967
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0.677 |
0.559 |
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Total
Current Assets |
15.275
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14.999 |
11.026 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
6.042
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11.075 |
10.621 |
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Provisions |
5.153
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0.000 |
0.000 |
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Total
Current Liabilities |
11.195
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11.075 |
10.621 |
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Net Current Assets |
4.080
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3.924 |
0.405 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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Preliminary Expenses |
0.048 |
0.048 |
0.030 |
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TOTAL |
15.629 |
9.988 |
5.625 |
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KEY RATIOS
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PARTICULARS |
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31.03.2007 |
31.03.2006 |
31.03.2005 |
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Debt Equity Ratio (Total Liability/Networth) |
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(3.73)
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(3.62) |
(3.00) |
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Current Ratio (Current Asset/Current Liability) |
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1.36
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1.35 |
1.04 |
LOCAL AGENCY
FURTHER INFORMATION
Form 8:
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Name of the company |
NAGAPPA AUTO COMPONENTS PRIVATE LIMITED |
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Presented By |
Mr. M. Somu, Managing Director |
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1) Date and description of instrument creating the change |
Loan Agreement
Dated 16.06.2004 |
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2) Amount secured by the charge/amount owing on the securities of charge |
Rs.5.600 Millions
repayable together with interests @ 7.30% over 5 years. |
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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 |
Plant and
Machinery of the company at Y. Othakadai, Madurai |
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4) Gist of the terms and conditions and extent and operation of the charge. |
Ashok Layland Finance
Limited has sanctioned Rs. 5.600
Millions repayable over 5 years with 7.30% thereon in 60 installments. First/ Exclusive
Charge/ Plant and Machinery |
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5) Name and Address and description of the person entitled to the charge. |
Indusind Bank
Limited Ashok Layland
Finance (A Division) 89, G. N. Chetty Road, T. Nagar, Chennai – 600017, India
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6) Date and brief description of instrument modifying the charge |
NA |
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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. |
NA |
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Corporate
identity number of the company |
U50300TN1999PTC043196 |
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Name of the
company |
MANI NAGAPPA MOTORS MADURAI PRIVATE LIMITED |
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Address of the
registered office or of the principal place of business in India of the company |
No.10, Deputy Collector Clony, K. K. Nagar, Madurai – 625020,
Tamilnadu, India |
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This form is for |
Creation of charge |
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Type of charge |
Movable Property |
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Particular of
charge holder |
Indian Overseas
Bank West Avani Moola
Street Branch, Madurai – 625001, Tamilnadu, India |
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Nature of
instrument creating charge |
Letter of
Hypothecation (in case of open advances only) |
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Date of
instrument Creating the charge |
06.02.2008 |
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Amount secured by
the charge |
Rs.14.000
Millions |
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Brief of the
principal terms an conditions and extent and operation of the charge |
Rate of
Interests: CC
(Hypothecation) BPLR – 1.25% present effective rate being 12.00% p.a. Terms of
Repayment: CC
(Hypothecation): Repayable on Demand Margin: CC
(Hypothecation): Stock 25% Extent and Operation
of the charge: The charge
operate as Exclusive first charge in favour of the Bank for an Overall limit
of Rs.14.000 Millions together with interests, Cost and Charges that may
accrue and / or be debit to the company accounts from time to time. |
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Particulars of
the property charged |
Hypothecation, as
Exclusive first charge of all types of 2- Wheelers and spares. |
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] 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
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.47.32 |
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UK Pound |
1 |
Rs.74.20 |
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Euro |
1 |
Rs.60.73 |
SCORE & RATING
EXPLANATIONS
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SCORE FACTORS |
RANGE |
POINTS |
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HISTORY |
1~10 |
5 |
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PAID-UP CAPITAL |
1~10 |
- |
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OPERATING SCALE |
1~10 |
2 |
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FINANCIAL CONDITION |
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--BUSINESS SCALE |
1~10 |
2 |
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--PROFITABILIRY |
1~10 |
- |
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--LIQUIDITY |
1~10 |
- |
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--LEVERAGE |
1~10 |
- |
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--RESERVES |
1~10 |
- |
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--CREDIT LINES |
1~10 |
1 |
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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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10 |
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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