MIRA
INFORM REPORT
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Report Date : |
19.11.2008 |
IDENTIFICATION DETAILS
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Name : |
MRT MANUFACTURING COMPANY LIMITED |
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Registered Office : |
83, |
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Country : |
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Date of Incorporation : |
16.05.2007 |
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Com. Reg. No.: |
063527 |
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CIN No.: [Company
Identification No.] |
U29253TN2007PLC063527 |
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Legal Form : |
A Closely Held Public Limited Liability Company |
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Line of Business : |
Manufacturer, Producers, Importer and Exporters of all kinds and
classes of machineries, components parts, replacement parts, spare parts,
accessories, tools, implements, fittings, inclusive of all types of rings,
travelers, axles, propellers, shafts and universal joints, ornamentation and
decorative parts of motors, vehicles, trucks and tractors |
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 : |
New Company |
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Payment Behaviour : |
Unknown |
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Litigation : |
Clear |
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Comments : |
No direct contact was possible since no phone number of the company
could be located. Although, subject is a new company, it has been successful in getting
term loan of + Rs. 16.570 Millions. No payment are available. The company can be considered for any business dealing on safe and
secured trade terms and conditions, initially. |
LOCATIONS
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Registered Office : |
83, Mayor Ramanathan Road, Chetpet, Chennai-600031, Tamilnadu, India |
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E-Mail : |
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Factory : |
B-9, Sidco Estate, Hosur, Tamilnadu, India |
DIRECTORS
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Name : |
Mrs. Rama Gunasekaran |
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Designation : |
Managing Director |
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Address : |
83, Mayor Ramanathan Road, Chetpet, Chennai-600031, Tamilnadu, India |
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Date of Birth/Age : |
26.07.1963 |
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Date of Appointment : |
16.05.2007 |
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Name : |
Mr. Govindswamy Gunasekran |
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Designation : |
Director |
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Address : |
83, Mayor Ramanathan Road, Chetpet, Chennai-600031, Tamilnadu, India |
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Date of Birth/Age : |
12.05.1951 |
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Date of Appointment : |
28.06.2007 |
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Name : |
Mr. Ravin Lokesh Balkrishnan |
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Designation : |
Director |
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Address : |
83, Mayor Ramanathan Road, Chetpet, Chennai-600031, Tamilnadu, India |
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Date of Birth/Age : |
16.05.1977 |
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Date of Appointment : |
16.05.2007 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
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Names of Shareholders |
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No. of Shares |
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Rama Ganasekaran |
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1000000 |
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Govindswamy Gunasekran |
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100000 |
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Ravin Lokesh Balkrishnan |
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10000 |
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Gurudev V |
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5000 |
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Subhashree Gurudev |
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5000 |
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Rajvi Balkrishanan |
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5000 |
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Somesh Balkrishanan |
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5000 |
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Total |
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1130000 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer, Producers, Importer and Exporters of all kinds and
classes of machineries, components parts, replacement parts, spare parts, accessories,
tools, implements, fittings, inclusive of all types of rings, travelers,
axles, propellers, shafts and universal joints, ornamentation and decorative
parts of motors, vehicles, trucks and tractors |
GENERAL INFORMATION
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Bankers : |
Syndicate Bank, HO. At Maniipal And Branch at Hosur, Hosur-635109,
Tamilnadu, India |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
Not Available |
CAPITAL STRUCTURE
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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2000000 |
Equity Shares |
Rs. 10/- each |
Rs. 20.000 Millions |
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Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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Not Available |
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FINANCIAL DATA
[all figures are
in Rupees Millions]
As the subject is a new company, no financials are applicable.
LOCAL AGENCY FURTHER INFORMATION
Bankers Charges
Report as per Registry
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This form is for |
Modification of
charge |
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Charge identification
number of the modified |
10092682 |
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Corporate
identity number of the company |
U29253TN2007PLC063527 |
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Name of the
company |
MRT MANUFACTURING COMPANY LIMITED |
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Address of the
registered office or of the principal place of business in India of the company |
83, Mayor Ramanathan Road, Chetpet, Chennai-600031, Tamilnadu, India |
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Type of charge |
Book Debts Movable Property Floating Charge |
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Particular of
charge holder |
Syndicate Bank, HO. At Maniipal And Branch at Hosur, Hosur-635109,
Tamilnadu, India |
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Nature of
description of the instrument creating or modifying the charge |
Composite
Hypothecation Agreement for Rs. 6.600 Millions dated 23.05.2008 Confirmation of
Deposit of Title Deeds dated 23.05.2008 Syndicate Bank
Letter dated 23.05.2008 for consolidated loan of Rs. 16.570 Millions |
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Date of
instrument Creating the charge |
23.05.2008 |
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Amount secured by
the charge |
Rs. 16.570
Millions |
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Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest Interest at 1.25%
p.a being 14.25% over and above the Syndicate Bank’s Prime Lending Rate (PLR) Terms of
Repayment Initial Repayment
holiday of 6 months permitted. The principal with interest is payable in 66
EMI of Rs. 0.0749 Million and first of EMI falling due on or before
23.12.2008 and last installments falling due on 23.05.2014 Margin As per terms of
the Agreement attached Extent and
Operation of the charge Hypothecation of
stock of iron bars- raw materials, work-in-process and finished goods. Book
debts of age upto 90 days located at B-8, SIDCO intl. Estate, Hosur and CNC
with chip conveyor 1 No. Creation of mortgage
by deposit of title deeds fo the property i.e. all the piece and parcel of
land and building in plot No. B-8, SIDCO Idnustrial Complex, Hosur within the
billions of Zuzxuvadi, Hosur measuring 2280 sq.mts. bearing S No. 17 and 18
past and bounded by – Contd. Others On the north by
12 M Road, on the south by shed No. 10 and 11, on the East by shed No. B-9
and on the west by shed no. B-7 |
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Short particulars
of the property charged |
Hypothecation of
stock of iron bars- raw materials, work-in-process and finished goods. Book
debts of age upto 90 days located at B-8, SIDCO intl. Estate, Hosur and CNC
with chip conveyor 1 No. Creation of
mortgage by deposit of title deeds fo the property i.e. all the piece and
parcel of land and building in plot No. B-8, SIDCO Idnustrial Complex, Hosur
within the billions of Zuzxuvadi, Hosur measuring 2280 sq.mts. bearing S No.
17 and 18 past and bounded by – Contd. |
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Particulars of
the present modification |
The existing
limits has been enhanced form Rs. 9.970 Millions to Rs. 16.570 Millions by
addition of Rs. 6.600 Millions for purchased of machineries and working
capital and that the charge on the existing stock and book debts, plant and
machinery and creation of EM by deposit of title deeds stand extended to secure
this enhanced limits. |
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
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.49.68 |
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UK Pound |
1 |
Rs.74.64 |
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Euro |
1 |
Rs.62.58 |
SCORE & RATING EXPLANATIONS
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SCORE FACTORS |
RANGE |
POINTS |
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HISTORY |
1~10 |
2 |
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PAID-UP CAPITAL |
1~10 |
1 |
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OPERATING SCALE |
1~10 |
-- |
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FINANCIAL CONDITION |
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--BUSINESS SCALE |
1~10 |
-- |
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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 |
-- |
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--MARGINS |
-5~5 |
-- |
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DEMERIT POINTS |
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--BANK CHARGES |
YES/NO |
YES |
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--LITIGATION |
YES/NO |
NO |
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--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
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MERIT POINTS |
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--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
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--EXPORT ACTIVITIES |
YES/NO |
NO |
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--AFFILIATION |
YES/NO |
NO |
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--LISTED |
YES/NO |
NO |
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--OTHER MERIT FACTORS |
YES/NO |
NO |
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TOTAL |
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03 |
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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