MIRA
INFORM REPORT
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Report Date : |
18.09.2008 |
IDENTIFICATION
DETAILS
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Name : |
GENEOUS PAINTS PRIVATE LIMITED |
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Registered Office : |
A-312, Sagar Tech Plaza, Andheri Kurla Road, Opposite Sudarshan Hotel,
Sakinaka, Mumbai – 400072, Maharashtra, India |
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Country : |
India |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
27.01.1998 |
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Com. Reg. No.: |
11-113219 |
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CIN No.: [Company
Identification No.] |
U24222MH1998PTC113219 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
MUMG09866D |
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PAN No.: [Permanent
Account No.] |
AAACG7979B |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Manufacturer of NC paints, lacquers, primers, NC Thinner and all other types of thinner, paint removers, NC Putty, Synthetic Putty. |
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 47000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Usually Correct |
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Litigation : |
Clear |
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Comments : |
Subject is a well established company having satisfactory track.
Financial position of the company is satisfactory. Trade relations are fair. Payment
are usually correct and as per commitments. Nothing adverse reported. The company can be considered normal for business dealings at usual
trade terms and conditions. |
LOCATIONS
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Registered Office : |
A-312, Sagar Tech Plaza, Andheri Kurla Road, Opposite Sudarshan Hotel,
Sakinaka, Mumbai – 400072, Maharashtra, India |
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Tel. No.: |
91-22-28560280 |
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Mobile No.: |
91-9820230743 (Mr. Muruganandam S. Mudaliar) 91-9833156143 (Mr. Rajendra G. Naidu) 91-9833588695 (Mr. Chandran S. Mudaliar) |
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Fax No.: |
91-22-28503205 |
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E-Mail : |
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Website : |
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Factory : |
Village: Dinkar Pada, G.P.Kondhle, Taluka Wada, dist. Thane 421 312, India |
DIRECTORS
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Name : |
Mr. Muruganandam Shankar Mudaliar. |
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Designation : |
Chairman and Managing Director |
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Address : |
10, Azim Villa, Bail Bazar, Kale Marg, Kurla (West), Mumbai -400070,
Maharashtra, India |
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Date of Birth/Age : |
02.04.1958 |
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Date of Appointment : |
27.01.1998 |
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Name : |
Mr. Rajendra Govindraj Naidu. |
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Designation : |
Director |
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Address : |
6, Sofia Villa, Bail Bazar, Kale Marg, Kurla (West), Mumbai – 400070,
Maharashtra, India |
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Date of Birth/Age : |
18.03.1962 |
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Date of Appointment : |
27.01.1998 |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
(As on 30.09.2005)
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Names of Shareholders |
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No. of Shares |
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Muruganandam Shankar Mudaliar |
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74050 |
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Rajendra Govindraj Naidu |
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23600 |
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Subhashchandra R. Shetty |
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1600 |
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Pandurang B. Shetty |
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17000 |
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Sadashivam S. Mudaliar |
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6000 |
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Chandran S. Mudaliar |
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7000 |
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Keswani Chandrasen |
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10000 |
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M. S. Mudaliar |
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50000 |
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Muruganandam Shankar Mudaliar |
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40000 |
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Rajendra Govindraj Naidu |
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7000 |
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Total |
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236250 |
(As on 31.03.2007)
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Category |
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Percentage |
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Directors or relatives of director |
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100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer of NC paints, lacquers, primers, NC Thinner and all other types of thinner, paint removers, NC Putty, Synthetic Putty. |
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Products : |
THINNER
Ř 911
Enamel Thinner Ř Epoxy
Thinner Ř Melamine
Thinner Ř Stoving
Thinner Ř Polyurethane
Thinner Ř Dklac
N.C Thinner Ř All
Other Industrial Thinner PRIMER
Ř Red Oxide
Primer Ř Zinc
Primer Ř Auto
Oil Primer Ř Dklac
N.C Primers PUTTY Ř KPF
Putty Ř
N.C Putty PAINTS Ř
Coal Tar Epoxy Paint Ř
Dklac N.C Paint Ř
Epoxy Paint All Colour PAINT REMOVER Ř
Pvl Paint Remover Ř
Dklac Wood House Melamine Ř Sanding Sealer |
GENERAL
INFORMATION
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No. of Employees : |
40 |
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Bankers : |
Ř Bank of Baroda Premier Road Branch, Sheltar Apartment, P:remier Road, Kurla West,
Mumbai – 400070, Maharashtra, India |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
Manoj D. Mahimikar and Company Chartered Accountant |
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Address : |
305, Kaveri, Opposite Blue Star House, Sakinaka Junction, Mumbai –
400072, Maharashtra, India |
CAPITAL STRUCTURE
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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250000 |
Equity Shares |
Rs.10/- each |
Rs.2.500 Millions |
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Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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236250 |
Equity Shares |
Rs.10/- each |
Rs.2.363
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 |
2.363 |
1.392 |
1.393 |
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2] Share Application Money |
0.000 |
0.470 |
0.370 |
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3] Reserves & Surplus |
6.964 |
5.048 |
4.260 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
9.327 |
6.910 |
6.023 |
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LOAN FUNDS |
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1] Secured Loans |
14.034 |
9.507 |
5.042 |
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2] Unsecured Loans |
7.801 |
7.697 |
6.772 |
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TOTAL BORROWING |
21.835 |
17.204 |
11.814 |
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DEFERRED TAX LIABILITIES |
0.000 |
0.034 |
0.021 |
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TOTAL |
31.162 |
24.148 |
17.858 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
10.579 |
10.648 |
9.815 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENT |
2.169 |
1.484 |
1.015 |
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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 |
16.145
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12.307 |
5.895 |
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Sundry Debtors |
15.439
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13.340 |
2.370 |
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Cash & Bank Balances |
0.133
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0.221 |
0.060 |
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Other Current Assets |
0.000
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0.000 |
0.000 |
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Loans & Advances |
0.826
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1.134 |
0.136 |
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Total
Current Assets |
32.543
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27.002 |
8.461 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
14.129
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14.986 |
1.433 |
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Provisions |
0.000
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0.000 |
0.000 |
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Total
Current Liabilities |
14.129
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14.986 |
1.433 |
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Net Current Assets |
18.414
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12.016 |
7.028 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
31.162 |
24.148 |
17.858 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
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31.03.2007 |
31.03.2006 |
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Sales Turnover |
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66.394 |
52.285 |
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Other Income |
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0.000 |
0.000 |
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Total Income |
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66.394 |
52.285 |
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Profit/(Loss) Before Tax |
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2.340 |
0.511 |
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Provision for Taxation |
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0.000 |
0.000 |
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Profit/(Loss) After Tax |
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2.340 |
0.511 |
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Expenditures : |
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Interests |
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1.196 |
0.721 |
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Depreciation & Amortization |
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0.544 |
0.471 |
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Other Expenditure |
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62.314 |
50.582 |
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Total Expenditure |
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64.054 |
51.774 |
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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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PAT / Total Income |
(%) |
3.52
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0.98 |
NA |
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Net Profit Margin (PBT/Sales) |
(%) |
3.52
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0.98 |
NA |
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Return on Total Assets (PBT/Total Assets} |
(%) |
5.43
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1.36 |
NA |
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Return on Investment (ROI) (PBT/Networth) |
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0.25
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0.07 |
NA |
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Debt Equity Ratio (Total Liability/Networth) |
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3.86
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4.66 |
2.20 |
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Current Ratio (Current Asset/Current Liability) |
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2.30
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1.802 |
5.90 |
LOCAL AGENCY FURTHER
INFORMATION
Website Details
Profile:
Subject is a
fast growing paint co. and small scale industry. Who manufacturing paint and
thinner in the name of ‘DKLAC’.
The company having more than 25 yrs manufacturing experience in this field. The
plant located at Wada in Thane dist having more than 2400 Mt. production
capacity and all infrastructure facility to meet future growth. The DKLAC
product available more than 1000 dealers through Maharashtra, Goa and near by
states. The particularly DKLAC 143 NC
thinner is quite famous in painters choice the reason is all product
made 100% genuine raw materials. Their product are very friendly to atmosphere
particularly Melamine Natural Wood
Finish is any brand and any company their thinner will be most choiceable
to finish reason is consistent quality, competitive rate and regular supply and
their other quality product are Epoxy paint, NC paint, paint remover, NC Putty
and other Industrial Thinner and paint. They are part of Indian growing market.
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.46.34 |
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UK Pound |
1 |
Rs.82.96 |
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Euro |
1 |
Rs.65.82 |
SCORE & RATING
EXPLANATIONS
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SCORE FACTORS |
RANGE |
POINTS |
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HISTORY |
1~10 |
6 |
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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 |
5 |
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--PROFITABILIRY |
1~10 |
5 |
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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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46 |
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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