MIRA
INFORM REPORT
|
Report Date : |
06.08.2011 |
IDENTIFICATION DETAILS
|
Name : |
MILL MORE ENGINEERING PRIVATE LIMITED |
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Formerly Known
As : |
MADRAS FINE TOOLS PRIVATE LIMITED |
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Registered
Office : |
1-F, PTR Apartments, 153, |
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Country : |
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Financials (as
on) : |
31.03.2010 |
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Date of
Incorporation : |
21.03.1977 |
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Com. Reg. No.: |
18-7290 |
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Capital
Investment / Paid-up Capital : |
Rs.1.335
Millions |
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CIN No.: [Company Identification
No.] |
U29130TN1977PTC007290 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
CHEM02144C |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Manufacturer of Modern Rice Milling Machineries. |
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No. of Employees
: |
More than 25 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (44) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 41000 |
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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 an established company having satisfactory track. Trade relations
are reported as fair. Business is active. Payments are reported to be usually
correct. The company can be considered normal for business dealings at usual
trade terms and conditions. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – April 1, 2010
|
Country Name |
Previous Rating (31.12.2009) |
Current Rating (01.04.2010) |
|
|
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
INFORMATION PARTED BY
|
Name : |
Mr. D S Ganapathy |
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Designation : |
Director |
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Contact No.: |
91-9840091977 |
|
Date : |
05.08.2011 |
LOCATIONS
|
Registered Office : |
1-F, PTR Apartments, 153, |
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Tel. No.: |
91-44-28344602/27498087 |
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Mobile No.: |
91-9840091977 (Mr. D S Ganapathy) |
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Fax No.: |
91-44-28343782 |
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E-Mail.: |
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Website : |
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Area: |
1200 sq. ft |
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Location: |
Owned |
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Factory: |
43, Old Kazhipattur Link Road, Padur, Kelambakkam Post, Chennai-IT
Corridor, Chennai - 603103, Tamil Nadu, India |
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Tel. No.: |
91-44-32963923, 32963930 |
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Fax No.: |
91-44-28343782 |
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Area: |
Owned |
DIRECTORS
AS ON 27.09.2010
|
Name : |
Mr.
Deivasigamani S. Ganapathy |
|
Designation : |
Managing
Director |
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Address : |
G1-Viswams, 8, Venkatarathinam Nagar, Extension II, Adyar,
Chennai-600020, |
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Date of Birth/Age : |
06.06.1944 |
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Date of Appointment : |
18.10.1978 |
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Din No.: |
00896840 |
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Name : |
Mrs. Ganapathy Andal |
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Designation : |
Director |
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Address : |
G1-Viswams, 8, Venkatarathinam Nagar, Extension II, Adyar,
Chennai-600020, |
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Date of Birth/Age : |
28.08.1951 |
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Date of Appointment : |
28.06.1991 |
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Din No.: |
00896846 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 27.09.2010
|
Names of Shareholders |
|
No. of Shares |
|
Deivasigamani S Ganapathy |
|
4970 |
|
Deivasigamani S Ganapathy (HUF) |
|
2600 |
|
Ganapathy Andal |
|
3660 |
|
G Shanmuga Sundar |
|
1960 |
|
G Mohan |
|
15 |
|
B Sridevi |
|
150 |
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|
|
|
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Total |
|
13355 |
AS ON 27.09.2010
|
Equity Share Breakup |
|
Percentage of Holding |
|
Category |
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|
|
Directors
or relatives of directors |
|
100.00 |
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Total |
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer of Modern Rice Milling Machineries. |
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Products : |
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Exports : |
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Products : |
Modern Rice Milling Machinery |
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Countries : |
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Imports : |
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Products : |
Machinery Raw Materials |
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Countries : |
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Terms : |
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Selling : |
L/C / Cash and Credit |
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Purchasing : |
L/C / Cash and Credit |
GENERAL INFORMATION
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Customers : |
End Users |
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No. of Employees : |
More than 25 (Approximately) |
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Bankers : |
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Facilities : |
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Banking Relations
: |
-- |
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Auditors : |
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Name : |
R. Bupathy and Company (Chartered Accountants) |
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Address : |
Rosy Towers, First Floor, 7, Nungambakkam High Road, Chennai – 600034, Tamilnadu, India |
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Tel. No.: |
91-44-28278300 / 28277590 |
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Fax No.: |
91-44-28242302 |
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E-Mail : |
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Associates/Subsidiaries : |
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CAPITAL STRUCTURE
AS ON 27.09.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
20000 |
Equity Shares |
Rs.100/- each |
Rs.2.000 Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
13355 |
Equity Shares |
Rs.100/- each |
Rs.1.335
Millions |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
|
SHAREHOLDERS FUNDS |
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|
|
|
|
1] Share Capital |
1.335 |
1.125 |
1.125 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
9.150 |
8.308 |
7.518 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
10.485 |
9.433 |
8.643 |
|
|
LOAN FUNDS |
|
|
|
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|
1] Secured Loans |
2.602 |
0.894 |
0.750 |
|
|
2] Unsecured Loans |
1.761 |
2.839 |
0.210 |
|
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TOTAL BORROWING |
4.363 |
3.733 |
0.960 |
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DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
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TOTAL |
14.848 |
13.166 |
9.603 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
15.659 |
16.159 |
16.658 |
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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 |
1.340 |
1.706 |
1.970 |
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CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
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Inventories |
7.374
|
5.763 |
4.034 |
|
|
Sundry Debtors |
10.896
|
11.458 |
11.913 |
|
|
Cash & Bank Balances |
1.174
|
0.641 |
1.803 |
|
|
Other Current Assets |
0.000
|
0.000 |
0.000 |
|
|
Loans & Advances |
2.707
|
4.240 |
4.307 |
|
Total
Current Assets |
22.151
|
22.102 |
22.057 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
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|
Sundry Creditors |
4.027
|
3.918 |
4.094 |
|
|
Other Current Liabilities |
18.601
|
20.619 |
21.993 |
|
|
Provisions |
1.674
|
2.264 |
4.995 |
|
Total
Current Liabilities |
24.302
|
26.801 |
31.082 |
|
|
Net Current Assets |
(2.151)
|
(4.699) |
(9.025) |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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|
|
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|
|
|
|
TOTAL |
14.848 |
13.166 |
9.603 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
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SALES |
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|
|
|
|
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Income |
30.160 |
37.189 |
49.226 |
|
|
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Other Income |
1.261 |
1.415 |
NA |
|
|
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TOTAL |
31.421 |
38.604 |
NA |
|
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Less |
EXPENSES |
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|
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Office Expenses |
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Administrative Expenses |
29.533 |
36.561 |
NA |
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Advertising Expenses |
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TOTAL |
29.533 |
36.561 |
NA |
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PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION |
1.888 |
2.043 |
0.292 |
|
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Less/ Add |
DEPRECIATION/
AMORTISATION |
0.553 |
0.672 |
0.723 |
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PROFIT BEFORE
TAX |
1.335 |
1.371 |
(0.431) |
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Less |
TAX |
0.493 |
0.582 |
0.292 |
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PROFIT AFTER TAX
|
0.842 |
0.789 |
(0.723) |
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|
Earnings Per
Share (Rs.) |
63.00 |
07.08 |
NA |
|
|
Particulars |
|
|
31.03.2011 |
|
Sales Turnover (Approximately) |
|
|
36.000 |
Expected Sales (2011-12) : Rs.50.000 Millions
The above information has been parted by Mr. D S Ganapathy.
KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
2.68
|
2.04 |
MA |
|
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|
Net Profit Margin (PBT/Sales) |
(%) |
4.43
|
3.69 |
(0.88) |
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|
Return on Total Assets (PBT/Total Assets} |
(%) |
3.53
|
3.58 |
(1.11) |
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Return on Investment (ROI) (PBT/Networth) |
|
0.13
|
0.15 |
(0.05) |
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Debt Equity Ratio (Total Liability/Networth) |
|
2.73
|
3.23 |
3.71 |
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|
Current Ratio (Current Asset/Current Liability) |
|
0.91
|
0.82 |
0.71 |
LOCAL AGENCY FURTHER INFORMATION
Note: The
registered office of the company has been shifted from 289,
FINANCIAL RESULTS:
The company has started facing an upward trend and the company is very
optimistic that the business is likely to expand more in future years.
Bankers Charges
Report as per Registry
|
This form is for |
Creation of
charge |
|
Corporate
identity number of the company |
U29130TN1977PTC007290 |
|
Name of the
company |
MILL MORE
ENGINEERING PRIVATE LIMITED |
|
Address of the
registered office or of the principal place of business in |
1-F, PTR Apartments, 153, |
|
Type of charge |
Book Debts Movable Property
(not being pledge) Immovable
Property Others |
|
Particular of
charge holder |
Indian Overseas Bank, Flat 1F, PTR Apartments, 153 Habibullah Road, T Nagar, Chennai-600017, Tamilnadu, India |
|
Email |
|
|
Nature of
description of the instrument creating or modifying the charge |
Letter of Hypothecation
of Stocks Receivables, Equitable mortgage of Buildings ,Fixed Deposit dated
23rd May 2011 |
|
Date of
instrument Creating the charge |
23.05.2011 |
|
Amount secured by
the charge |
Rs.14.000
Millions |
|
Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest Base rate 9.50
plus spread 2.25 i.e. 11.75%. Bank has the right to change rate of interest
as per the instructions of C.O/R.O and RBI. Terms of
Repayment CC/LC/BG -
Repayable on assignment require Demand Margin CC - 25% for
stocks and 50 % on Book Debts, LC 10%. Bank has the right to change rate of
margin as per the instructions of C.O/R.O and RBI. Extent and
Operation of the charge Hypothecation by
way of Exclusive Charge in favour of Indian Overseas Bank on all the
Stock-in-trade, Book Debts of the
Company and collateral security specified in the instrument creating charge. |
|
Short particulars
of the property charged |
I)
Hypothecation
by way of Exclusive Charge in favour of Indian Overseas Bank on all the
Stock-in-trade, Book Debts of the Company and collateral security specified
in the instrument creating charge. II)
Property
at Flat No-F, 1st Floor, Plot No-50, New Door NO - 153, III)
Fixed
Deposit with the charge holder amounting to Rs.6.000 Millions. |
Trade References:
- Diamond Food
Products
Fixed Assets:
- Land
- Building
- Plant and
Machinery
- Office
Equipments
- Furniture and
Fixture
- Electrical
Fittings
- Vehicles
- Computers
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts,
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.44.80 |
|
|
1 |
Rs.72.85 |
|
Euro |
1 |
Rs.63.11 |
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 |
5 |
|
--PROFITABILIRY |
1~10 |
4 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
5 |
|
--CREDIT LINES |
1~10 |
4 |
|
--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 |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
44 |
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 |
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 |
|
- |
NB |
New Business |
- |
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.