MIRA
INFORM REPORT
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Report Date : |
08.10.2008 |
IDENTIFICATION
DETAILS
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Name : |
KANNA CHEMIE PRIVATE LIMITED |
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Registered Office : |
42/43 Flat No. 2, Mahima 6th Main Road, Raja
Annamalaipuram, Chennai – 600 028, Tamilnadu |
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Country : |
India |
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Financials (as on) : |
31.03.2008 |
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Date of Incorporation : |
02.11.2001 |
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Com. Reg. No.: |
18-47967 |
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CIN No.: [Company
Identification No.] |
U51102TN2001PTC047967 |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Dealers of Leather Chemicals |
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 55000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject is a well-established and reputed company having satisfactory
track. Trade relations are fair. Business is active. Payments are reported as
usually made as per commitments. The company can be considered good for normal business dealings. |
LOCATIONS
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Registered Office : |
42/43 Flat No. 2, Mahima 6th Main Road, Raja
Annamalaipuram, Chennai – 600 028, Tamilnadu, India |
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E-Mail : |
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Corporate Office : |
11, Thiruneermalai Main Road, Chrompet, Chennai – 600 044, Tamilnadu,
India |
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Tel. No.: |
91-44-22383379 |
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Fax No.: |
91-44-22383816 |
DIRECTORS
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Name : |
Mr. K Raghu |
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Designation : |
Director |
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Address : |
Krishna No. 18/D First Floor, Kumarappa St. Nungambakkam, Chennai –
600 034, Tamilnadu, India |
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Date of Birth/Age : |
24.08.1969 |
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Date of Appointment : |
02.11.2001 |
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Name : |
Mrs. Radhika Ramesh |
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Designation : |
Director |
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Address : |
Old No. 17/34 Sreyas Krishna, Flat No. SF3, Sriram Nagar North st., Alwarpet,
Chennai – 600 018, Tamilnadu, India |
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Date of Birth/Age : |
15.06.1967 |
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Date of Appointment : |
24.01.2001 |
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Name : |
Mr. K Ramesh |
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Designation : |
Director |
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Address : |
17/34, Sreyas Krishna, Sriram Nagar, North Street, Alwarpet, Chennai –
600 018, Tamilnadu, India |
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Date of Birth/Age : |
03.06.1963 |
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Date of Appointment : |
12.03.2007 |
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Other Directorship : |
Srithanya Investment Private Limited CIN No.: U65929TN2005PTC057426 |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
(As on 31.03.2008)
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Names of Shareholders |
No. of Shares |
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K Raghu |
20000 |
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K Ramesh |
15000 |
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Radhika Ramesh |
15000 |
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Total |
50000 |
List of Allotment
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Names of Allottees |
No. of Shares |
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K Ramesh |
3000 |
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K Raghu |
4000 |
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Radhika Ramesh |
3000 |
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Total |
10000 |
Equity shares Breakup (percentage of total equity)
(As on 30.06.2008)
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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 : |
Dealers of Leather Chemicals |
GENERAL
INFORMATION
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Bankers : |
State Bank of India Leather International Branch, MVJ Towers, 177/1, P H Road, Kilpauk,
Chennai – 600 010, Tamilnadu, India |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
V Krishnan and Company Chartered Accountants |
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Address : |
208, C S M Castle, Lloyds Road, Royapettah, Chennai – 600 014,
Tamilnadu, India |
CAPITAL STRUCTURE
(As on 30.09.2008)
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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50000 |
Equity Shares |
Rs.100/- each |
Rs.5.000 millions |
Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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50000 |
Equity Shares |
Rs.100/- each |
Rs.5.000 millions |
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
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31.03.2008 |
31.03.2007 |
31.03.2006 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
5.000 |
4.000 |
4.000 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
6.042 |
4.075 |
2.972 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
11.042 |
8.075 |
6.972 |
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LOAN FUNDS |
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1] Secured Loans |
6.155 |
9.669 |
9.602 |
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2] Unsecured Loans |
3.303 |
4.957 |
5.010 |
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TOTAL BORROWING |
9.458 |
14.626 |
14.612 |
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DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
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TOTAL |
20.500 |
22.701 |
21.584 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
3.368 |
1.171 |
1.485 |
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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 |
0.139 |
0.128 |
0.101 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
11.732
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9.835 |
3.149 |
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Sundry Debtors |
51.745
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29.032 |
28.276 |
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Cash & Bank Balances |
0.821
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0.238 |
0.191 |
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Other Current Assets |
2.181
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1.712 |
1.042 |
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Loans & Advances |
0.000
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0.000 |
0.000 |
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Total
Current Assets |
66.479
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40.817 |
32.658 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
48.015
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18.718 |
11.921 |
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Provisions |
1.525
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0.760 |
0.775 |
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Total
Current Liabilities |
49.540
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19.478 |
12.696 |
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Net Current Assets |
16.939
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21.339 |
19.962 |
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MISCELLANEOUS EXPENSES |
0.054 |
0.063 |
0.036 |
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TOTAL |
20.500 |
22.701 |
21.584 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
31.03.2008 |
31.03.2007 |
31.03.2006 |
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Sales Turnover |
114.349 |
47.266 |
45.358 |
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Other Income |
0.165 |
0.019 |
0.010 |
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Total Income |
114.514 |
47.285 |
45.368 |
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Profit/(Loss) Before Tax |
3.898 |
1.851 |
1.804 |
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Provision for Taxation |
1.931 |
0.749 |
0.747 |
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Profit/(Loss) After Tax |
1.967 |
1.102 |
1.057 |
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Expenditures : |
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Financial charges |
1.404 |
1.484 |
1.278 |
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Depreciation & Amortization |
0.741 |
0.343 |
0.405 |
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Other Expenditure |
108.471 |
43.607 |
41.881 |
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Total Expenditure |
110.616 |
45.434 |
43.564 |
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KEY RATIOS
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PARTICULARS |
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31.03.2008 |
31.03.2007 |
31.03.2006 |
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PAT / Total Income |
(%) |
1.72
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2.33 |
2.33 |
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Net Profit Margin (PBT/Sales) |
(%) |
3.41
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3.92 |
3.98 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
5.58
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4.41 |
5.28 |
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Return on Investment (ROI) (PBT/Networth) |
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0.35
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0.23 |
0.26 |
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Debt Equity Ratio (Total Liability/Networth) |
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5.34
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4.22 |
3.92 |
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Current Ratio (Current Asset/Current Liability) |
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1.34
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2.09 |
2.57 |
LOCAL AGENCY FURTHER
INFORMATION
Form No. 8
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Corporate
identity number of the company |
U51102TN2001PTC047967 |
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Name of the
company |
KANNA CHEMIE PRIVATE LIMITED |
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Address of the
registered office or of the principal place of business in India of the company |
42/43 Flat No. 2, Mahima 6th Main Road, Raja
Annamalaipuram, Chennai – 600 028, Tamilnadu, India |
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This form is for |
Modification of
charge |
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Type of charge |
·
Book debts ·
Movable
property (not being pledge) ·
Others o
Hypothecation |
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Particular of
charge holder |
State Bank of India Leather International Branch, MVJ Towers, 177/1, P H Road, Kilpauk,
Chennai – 600 010, Tamilnadu, India |
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Nature of
instrument creating charge |
Supplemental
Agreement of Loan cum Hypothecation
in SME-4. |
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Date of
instrument Creating the charge |
04.02.2008 |
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Amount secured by
the charge |
Rs.15.000
millions |
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Brief of the
principal terms an conditions and extent and operation of the charge |
·
Rate of
interest Interest at the rate of 2.5% over SBAR i.e. 15.25% p.a. with monthly
rest. ·
Terms of
repayment Repayable on demand ·
Margin CC (Hypn. Stocks) : 255 Receivables : 40% Cover Period : 120 Days ·
Extent and
operation of the charge As per Agreement |
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Particulars of
the property charged |
Hypothecated of
all the Company’s raw materials, stocks of Leather Chemicals and Receivables
(Cover Period 120 Days) and entire stocks, goods, movables and other assets
present and future including documents of title to goods and other assets. |
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Particulars of
the present modification |
The Cash Credit
Limit enhanced from Rs.10.000 millions to Rs.15.000 millions and Hypothecated of
all the Company’s raw materials, stocks of Leather Chemicals and Receivables
(Cover Period 120 Days) and entire stocks, goods, movables and other assets
present and future including documents of title to goods and other assets. |
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
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Indian Rupees |
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US Dollar |
1 |
Rs.48.01 |
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UK Pound |
1 |
Rs.84.16 |
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Euro |
1 |
Rs.65.20 |
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 |
5 |
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OPERATING SCALE |
1~10 |
5 |
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FINANCIAL CONDITION |
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--BUSINESS SCALE |
1~10 |
6 |
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--PROFITABILIRY |
1~10 |
4 |
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--LIQUIDITY |
1~10 |
5 |
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--LEVERAGE |
1~10 |
5 |
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--RESERVES |
1~10 |
5 |
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--CREDIT LINES |
1~10 |
5 |
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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 |
YES |
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TOTAL |
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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
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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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