MIRA
INFORM REPORT
|
Report Date : |
18.10.2008 |
IDENTIFICATION
DETAILS
|
Name : |
PADMAVAHINI TRANSFORMERS PRIVATE LIMITED |
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Registered Office : |
No. 22 Kaliappan Street, K K Puduar, Coimbatore-641030, Tamil Nadu |
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Country : |
India |
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Financials (as on) : |
31.03.2008 |
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Date of Incorporation : |
28.11.1996 |
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Com. Reg. No.: |
18-7583 |
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CIN No.: [Company
Identification No.] |
U31102TZ1996PTC007583 |
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IEC No.: |
3205010558 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
CMBP04344E |
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PAN No.: [Permanent
Account No.] |
AABCP2486R |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Manufacturer and Exporter of Transformers |
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 39000 |
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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. General Financial position is satisfactory. Payments are
reported as slow but correct. The company can be considered normal for business dealings at usual
trade terms and conditions. |
INFORMATION PARTED
BY
|
Name : |
Mr. R Vathirajan |
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Designation : |
Director |
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Date : |
16.10.2008 |
LOCATIONS
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Registered Office : |
No. 22 Kaliappan Street, K K Puduar, Coimbatore-641030, Tamil Nadu, India |
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E-Mail : |
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Corporate Office/ Factory : |
S.F No.- 353/1, Door No. 7/140, Ruby Matriculation School Road,
Keernatham, Sarvanampatti, Coimbatore-641035, Tamilnadu, India |
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Tel. No.: |
91-422-6531222 |
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Mobile No.: |
91-9843041222/ 9442141222/ 9363125222 |
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Fax No.: |
91-422-2404333 |
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E-Mail : |
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Website : |
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Area : |
40000 sq.ft ( Owned) |
DIRECTORS
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Name : |
Mr. R Vathirajan |
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Designation : |
Managing Director |
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Address : |
17, Sri Hari Kripa Giri Nagar, Gavundampalayam, Coimbatore-641030,
Tamilnadu, India |
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Date of Birth/Age : |
43 Years |
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Qualification : |
B.E Electronics |
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Date of Appointment : |
09.11.2007 |
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Name : |
Mrs. B Radha |
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Designation : |
Director |
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Address : |
17, Sri Hari Kripa Giri Nagar, Gavundampalayam, Coimbatore-641030,
Tamilnadu, India |
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Date of Birth/Age : |
44 Years |
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Qualification : |
M.A |
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Name : |
Mr. V Lavanya |
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Designation : |
Executive Director |
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Date of Birth/Age : |
35 Years |
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Qualification : |
B.Sc. M.A |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
As on 30.09.2004
|
Names of Shareholders |
|
No. of Shares |
|
R Vathirajan |
|
1000 |
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B Radha |
|
1000 |
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Total |
|
2000 |
As on 21.03.2008
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List of Allottees |
|
No. of Shares Allotted |
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G Durga |
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800 |
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R Sripriya |
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1200 |
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S Vijayjeya |
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1660 |
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N Gopinath |
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2450 |
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S Murali |
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300 |
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R Kamala |
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400 |
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G Sundararajan |
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400 |
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R K Ramesh Ragav |
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400 |
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N Kannan |
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400 |
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G R Guru Rahgavenran |
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400 |
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G Indra |
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400 |
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G Srinivasan |
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700 |
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S Radhakrishnan |
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450 |
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S Rajalakshmi |
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450 |
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R Raghavendran |
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450 |
Equity Share Breakup (Percentage of Total Equity)
As on 30.09.2007
|
Category |
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Percentage |
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Directors or relatives of directors |
|
100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer and Exporter of Transformers |
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Products : |
·
Voltage Transformers with 66 KV voltage level ·
Furnace Transformers upto 5 to 20.000 KVA ·
Distribution Transformer from 5 KVA single phase to 2500 KVA ·
Power transformers upto 20 MVA with 66 KV voltage level ·
Equipment Transformers ·
Heat-treatment Transformers ·
High Voltage Industrial Transformers ·
Auto Transformers |
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Exports : |
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Products : |
Transformers |
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Countries : |
·
UK ·
Sri Lanka ·
Singapore ·
Myanmar |
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Terms : |
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Selling : |
L/C and Cash |
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Purchasing : |
L/C and Cash |
GENERAL
INFORMATION
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Customers : |
Direct Customers |
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No. of Employees : |
20 |
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Bankers : |
Corporation Bank, Main Branch, 816,
Oppankara Strteet, Coimbatgor- 641001, Tamilnadu, India |
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Facilities : |
CC Rs. 4.000 Millions |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
Selvam and Company Chartered Accountant |
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Address : |
225, Gokhale Street, Ramnagar, Coimbatore-641009, Tamilnadu, India |
CAPITAL STRUCTURE
As on 21.09.2007
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
1000000 |
Equity Shares |
Rs. 100/- each |
Rs. 10.000 Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
600000 |
Equity Shares |
Rs. 100/-
each |
Rs. 6.000
Millions |
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2008 |
31.03.2007 |
31.03.2006 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
6.000 |
0.200 |
0.200 |
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2] Share Application Money |
0.000 |
4.858 |
2.512 |
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3] Reserves & Surplus |
1.984 |
1.055 |
0.674 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
7.984 |
6.113 |
3.386 |
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LOAN FUNDS |
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1] Secured Loans |
7.273 |
4.388 |
4.683 |
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2] Unsecured Loans |
0.000 |
0.000 |
0.000 |
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TOTAL BORROWING |
7.273 |
4.388 |
4.683 |
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DEFERRED TAX LIABILITIES |
0.498 |
0.295 |
0.107 |
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TOTAL |
15.755 |
10.796 |
8.176 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
8.322 |
7.605 |
6.207 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENT |
0.000 |
0.000 |
0.000 |
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DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
9.937
|
1.213 |
1.430 |
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Sundry Debtors |
1.731
|
2.021 |
1.715 |
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Cash & Bank Balances |
0.332
|
0.079 |
0.072 |
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Other Current Assets |
0.000
|
0.000 |
0.299 |
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Loans & Advances |
1.766
|
1.469 |
1.341 |
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Total
Current Assets |
13.766
|
4.782 |
4.857 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
6.333
|
1.594 |
2.848 |
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Provisions |
0.000
|
0.000 |
0.047 |
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Total
Current Liabilities |
6.333
|
1.594 |
2.895 |
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Net Current Assets |
7.433
|
3.188 |
1.962 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.003 |
0.007 |
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TOTAL |
15.755 |
10.796 |
8.176 |
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PROFIT & LOSS
ACCOUNT
|
PARTICULARS |
31.03.2008 |
31.03.2007 |
31.03.2006 |
|
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Sales Turnover |
13.233 |
7.206 |
6.528 |
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Other Income |
1.811 |
1.969 |
1.908 |
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Total Income |
15.044 |
9.175 |
8.436 |
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Profit/(Loss) Before Tax |
1.455 |
0.596 |
0.353 |
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Provision for Taxation |
0.505 |
0.214 |
0.135 |
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Profit/(Loss) After Tax |
0.950 |
0.382 |
0.218 |
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Expenditures : |
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Repairs and Maintenance |
0.209 |
0.075 |
0.000 |
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Manufacturing Expenses |
0.835 |
1.067 |
0.000 |
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Administrative Expenses |
1.337 |
0.716 |
0.000 |
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Raw Material Consumed |
8.798 |
5.442 |
0.000 |
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Personnel Cost |
1.567 |
0.526 |
0.000 |
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Interest and Bank Charges |
0.507 |
0.495 |
0.000 |
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Depreciation & Amortization |
0.336 |
0.258 |
0.094 |
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Other Expenditure |
0.000 |
0.000 |
7.989 |
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Total Expenditure |
13.589 |
8.579 |
8.083 |
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KEY RATIOS
|
PARTICULARS |
|
31.03.2008 |
31.03.2007 |
31.03.2006 |
|
PAT / Total Income |
(%) |
6.31
|
4.16 |
2.58 |
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Net Profit Margin (PBT/Sales) |
(%) |
10.99
|
8.27 |
4.18 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
6.92
|
6.49 |
3.70 |
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Return on Investment (ROI) (PBT/Networth) |
|
0.18
|
0.09 |
0.10 |
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Debt Equity Ratio (Total Liability/Networth) |
|
1.70
|
0.98 |
2.23 |
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Current Ratio (Current Asset/Current Liability) |
|
2.17
|
3.00 |
1.67 |
LOCAL AGENCY
FURTHER INFORMATION
|
Additional
Requirement of Indiamart for Trust-Seal |
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Service Tax No. : AABCP2486 R ST 001 |
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Excise Registration No.: AABCP2486 R XM 001 |
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VAT / TIN : 330802023225 |
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IEC Code : 3205010558 |
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PAN / TAN : AABCP2486R |
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Bank Name : Corporation Bank |
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Bank Address :Oppankara Street, Cooimbatore |
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Bank A/c. No.: CC-50004 |
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Account Since : 4 Years |
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In case of any affiliations / memberships / certifications : |
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Name : ISO 9001: 2000 Quality Management Systems |
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Expiry Date : 4th September 2009 |
Trade References:
·
Power Grid Corporation (India) Limited
·
Kerla Water Authority, Malampuza, Palghat
·
Tanted Limited, Nilgiris
·
Hindustan Textiles Limited, Coimbatore
Bankers Charges
Report as per Registry
|
This form is for |
Modification of
charge |
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Charge
identification number of the modified
|
90009381 |
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Corporate
identity number of the company |
U31102TZ1996PTC007583 |
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Name of the
company |
PADMAVAHINI TRANSFORMERS PRIVATE LIMITED |
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Address of the
registered office or of the principal place of business in India of the company |
No. 22 Kaliappan Street, K K Puduar, Coimbatore-641030, Tamil Nadu,
India |
|
Type of charge |
Book Debts Movable Property Others |
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Particular of charge
holder |
Corporation Bank, Main Branch, 816,
Oppankara Strteet, Coimbatgor- 641001, Tamilnadu, India |
|
Nature of
description of the instrument creating or modifying the charge |
1.
Common Deed
of Hypothecation of Movables/ Assets/ Debts 2.
Term Loan Agreement 3.
Continuity
Letter |
|
Date of
instrument Creating the charge |
15.03.2008 |
|
Amount secured by
the charge |
Rs. 19.000
Millions |
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Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest 1.
Cash Credit
Limit of Rs. 4.000 Millions – COBAR minus 1.75% = 11.50% floating compounded
on monthly basis subject to change form time to time. 2.
Term Loan I
– Rs. 3.000 Millions –COBAR minus, 1.25% =12.00% (Floating) subject to
revision form time to time 3.
Term Loan II
– Rs. 2.000 Millions – COBAR minus 1.25% = 12.00% (Floating) subject to
revision from time to time 4.
BG cum Stand
by LC Rs. 5.000 Millions – Not Applicable 5.
Inland /
Import LC Limit of Rs. 5.000 Millions – Not Applicable Terms of
Repayment 1.
Cash Credit
Limit of Rs. 4.000 Millions – Running Account repayable on demand subject
annual renewal/ review 2.
Term Loan I
– Rs. 3.000 Millions – Existing Terms Continues 3.
Term Loan II
– Rs. 2.000 Millions – 59 Monthly installments of Rs. 0.034 Million and Last
installments for S. 0.024 Million interest to be serviced as and when debited 4.
BG cum Stand
by LC Rs. 5.000 Millions – Tenor 1 Year 5.
Inland/
Import LC Limit of Rs. 5.000 Milllions – Import LC 1 Year, Inland LC – 90
Days Margin 1.
Cash Credit Limit
of Rs. 4.000 Millions – Stock 25% and Boo Debts 40% (Age of book Debts not to
exceed 90 Days) 2.
Term Loan I-
Rs. 3.000 Millions – Existing Terms Continues 3.
Term Loan II
– Rs. 2.000 Millions- 28.57 % 4.
BG Cum Stand
by LC Limit of Rs. 5.000 Millions – 25% 5.
Inland/
Import LC Limit of Rs. 5.000 Millions – 25% Extent and
Operation of the charge Hypothecation /
Fist Charge on inventory and book debts First charge on
all movable fixed assets existing and future EMG on Freehold
and leasehold rights of the Factory Land and building at SF No. 353/1,
Keeanatham Village D No. 7/140/1, Coimbatore 35 admeasung 4672 sq.ft of
Factory and Staff Quarters and at 353/1, D No. 7/140, Keernatham
Village, Coimbatore 35 admeasuring 12014 Sq.ft of Factory building. Others 1.
EMG of
Freehold rights of Factory Land Admeasuring 72 cent in the name of Mr. R
Vathirajan and 8 cents of Factory land in the name of V Lavanya in SF No.
353/1 as continuing security 2.
Personal
Guarantee of R. Vathirajan and V Lavanya |
|
Short particulars
of the property charged |
Hypothecation /
Fist Charge on inventory and book debts First charge on
all movable fixed assets existing and future EMG on Freehold
and leasehold rights of the Factory Land and building at SF No. 353/1, Keeanatham
Village D No. 7/140/1, Coimbatore 35 admeasung 4672 sq.ft of Factory and
Staff Quarters and at 353/1, D No. 7/140, Keernatham
Village, Coimbatore 35 admeasuring 12014 Sq.ft of Factory building. |
|
Particulars of
the present modification |
The Existing
charge for Rs. 4.000 Million costing of Cash Credit Limit of Rs. 1.000
Million and Term Loan Limit of Rs. 3.000 Million stands modified to Rs.
19.000 Millions (Cash credit Limit enhanced to Rs. 4.000 Million, Term Loan
Limit of Rs. 3.000 Millions continuing, Term Loan II (Fresh Sanction) Rs.
2.000 Millions, stand by LC Cum BG (Fresh Sanction) Rs. 5.000 Millions and
Sanction of Inland / Foreign LC Limit of Rs. 5.000 Millions = Rs. 19.000
Millions |
AS PER WEBSITE:
THE PROFILE
With it's well-equipped works at Saravanampatti in Coimbatore,
Padmavahini Transformers is perfectly poised to fulfill the demands of both
international and domestic market. Involved in manufacture and export of
industrial voltage transformers , Padmavahini Transformers is a prominent
entity in it's area of activity. The company has a testing laboratory with
modern instruments installed to ensure quality and accuracy of the products.
APPLICATIONS
·
They are providing solutions for effective energy management by
selecting suitable voltage with AVR for OLTC transformers for Textile Industry
·
The transformers for import and export of power have higher withstanding
capacity of Wind Energy Generations
·
The high precision transformers ensure smooth flow of electricity for
the impeccable functioning in Steel Industry
·
The tailor made transformers can help enhance the productivity of the
machines in Foundry Industry
·
The customized transformers are available for all kinds of Institutional
Power Systems
·
They provide transformers for use in High Rise Residential Complex
INFRASTRUCTURE
They have all the necessary equipments at the disposal to ensure quick response
to the client's needs and flawless execution. They have an well Saravanampatti
Coimbatore , which has an easy access to road,rail and air transport. It is
equipped with all kinds of tools including cranes for undertaking manufacture
of transformers of all sizes.
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.48.68 |
|
UK Pound |
1 |
Rs.84.37 |
|
Euro |
1 |
Rs.65.70 |
SCORE & RATING
EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
4 |
|
--LEVERAGE |
1~10 |
4 |
|
--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 |
YES |
|
--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 |
|