MIRA
INFORM REPORT
|
Report Date : |
11.08.2011 |
IDENTIFICATION DETAILS
|
Name : |
KUMARAN FISH NETS PRIVATE LIMITED |
|
|
|
|
Registered
Office : |
8-D, Bharathi Nagar, Nager Coil – 629 002, Tamilnadu |
|
|
|
|
Country : |
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|
|
|
|
Financials (as
on) : |
31.03.2009 |
|
|
|
|
Date of
Incorporation : |
04.04.1995 |
|
|
|
|
Com. Reg. No.: |
18-030792 |
|
|
|
|
Capital Investment
/ Paid-up Capital : |
Rs.13.264
millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U17293TN1995PTC030792 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
MRIK00417E |
|
|
|
|
IEC No.: |
3595001486 |
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|
|
|
TIN No.: |
33326141228 |
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|
|
|
PAN No.: [Permanent Account No.] |
AAACK6366N |
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|
|
Legal Form : |
Private Limited Liability Company |
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|
|
|
Line of Business
: |
Manufacturer and Exporter of Fishing Nets and Fishing Equipment. |
|
|
|
|
No. of Employees
: |
400 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
B (26) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Maximum Credit Limit : |
USD 59000 |
|
|
|
|
Status : |
Moderate |
|
|
|
|
Payment Behaviour : |
Unknown |
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|
|
|
Litigation : |
Clear |
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|
Comments : |
Subject is an established company having moderate track. The management
has not filed the latest financials of the company with Government
Departments. However, trade relations are reported as fair. Business is active.
Payments are unknown. The company can be considered for business dealings with some
cautions. Profit and loss account of the company is not available. |
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 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
INFORMATION PARTED BY
|
Name : |
Mr. Gana Gopal |
|
Designation : |
Accountant |
|
Contact No.: |
91-9600934010 |
|
Date : |
08.08.2011 |
LOCATIONS
|
Registered Office : |
8-D, Bharathi Nagar, Nager Coil – 629 002, |
|
Tel. No.: |
91-4652-250550/251170/ 252359/ 252640 |
|
Mobile No.: |
91-9600934006/ 9600934004/ 9600934012 (Mr. Kumaresan Ganesan) 91-9600934010 (Mr. Gana Gopal) |
|
Fax No.: |
91-4652-253045/ 226136 |
|
E-Mail : |
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|
Website : |
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|
Location : |
Owned |
|
|
|
|
Factory : |
Anandanadarkudy – 629 201, Kanyakumari District, |
|
Tel. No.: |
91-4652-251170 |
|
Location : |
Owned |
|
|
|
|
R and D cum Office : |
Kumaran Illam, 38 B-3-1, |
|
Location : |
Owned |
DIRECTORS
As on 30.09.2009
|
Name : |
Mr. Kumarsen Subramanian |
|
Designation : |
Director |
|
Address : |
8-D, Saravana Illam Bharathi Nagar, Nagercoil –
629 002, |
|
Date of Birth/Age : |
24.03.1981 |
|
Date of Appointment : |
04.04.1995 |
|
DIN No.: |
00748725 |
|
|
|
|
Name : |
Mr. Subbiah Pillai Kumaresan |
|
Designation : |
Managing Director |
|
Address : |
8-D, Bharathy Nagar Ramavarmapuram, Nagercoil –
629 002, |
|
Date of Birth/Age : |
03.01.1935 |
|
Date of Appointment : |
04.04.1995 |
|
DIN No.: |
00745887 |
|
|
|
|
Name : |
Mr. Kumaresan Ganesan |
|
Designation : |
Director |
|
Address : |
8-DA, Bharathi Nagar Ramavarmapuram, Nagercoil
– 629 002, |
|
Date of Birth/Age : |
22.07.1968 |
|
Date of Appointment : |
15.09.1995 |
|
DIN No.: |
00748801 |
|
|
|
|
Name : |
Mrs. Booma Pugazhenthi |
|
Designation : |
Director |
|
Address : |
D-101, Crystal Court Sector-7, Kharghar, Navi
Mumbai – 410 210, |
|
Date of Birth/Age : |
21.12.1966 |
|
Date of Appointment : |
15.09.1995 |
|
DIN No.: |
03142019 |
|
|
|
|
Name : |
Mrs. Ganapathia Pillai Kanagam Kumaresan |
|
Designation : |
Director |
|
Address : |
8-D, Bharathi Nagar Ramavarmapuram, Nagercoil –
629 002, |
|
Date of Birth/Age : |
05.07.1944 |
|
Date of Appointment : |
15.09.1995 |
|
DIN No.: |
03200064 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 30.09.2008
|
Names of Shareholders |
|
No. of Shares |
|
Subbiah Pillai Kumaresan |
|
40135 |
|
Kanagam Kumaresan |
|
17500 |
|
Kumaresan Subramanian |
|
17500 |
|
Kumaresan Ganesan |
|
17500 |
|
Booma Pugazhenthi |
|
17500 |
|
Pugazhenthi |
|
250 |
|
Subramanian Ragul |
|
100 |
|
Muthiah Asary Muthukutty |
|
250 |
|
Thankaraj Sekar |
|
250 |
|
|
|
250 |
|
Krishnamoorthy Sakkubai |
|
250 |
|
Kumaresan Umapathy |
|
250 |
|
Santhammal |
|
250 |
|
S.B. Shanthi |
|
500 |
|
L. Raja Gopal |
|
1000 |
|
A.R. Saroja |
|
1000 |
|
Perumal Suyambu |
|
6750 |
|
A. Selva Vijaya |
|
4250 |
|
Suyambu Arul Vivilin |
|
2000 |
|
Suyambu Angeline Thanga |
|
1000 |
|
Suyambu Adelin Suha |
|
250 |
|
Arulmony Mary Light |
|
250 |
|
Arulmony Bright Selvakumar |
|
250 |
|
Arusher Treasa Selvakumar |
|
250 |
|
Arulmony Veda Rajappa |
|
250 |
|
Perumal Lekshmi Bai |
|
250 |
|
Rossiah Andi Nadar |
|
250 |
|
Vethamonickam Arulmony |
|
250 |
|
Pazeri Suyambu Muthu |
|
250 |
|
Devasahayam Devadhas |
|
250 |
|
Chinniah Nadar Vethamony |
|
250 |
|
Varuvel Joseph |
|
250 |
As on 30.09.2009
|
Equity Share Breakup |
|
Percentage of Holding |
|
Category |
|
|
|
Directors
or relatives of directors |
|
79.92 |
|
Other
top fifty shareholders |
|
20.08 |
|
Total |
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer and Exporter of Fishing Nets and Fishing Equipment. |
|
|
|
|
Products : |
v
Nylon Fish Nets v
Nylon Mono
Filament Net
v
Nylon
Multi Filament Net v
Nylon
Mono Multi Filament Net v
Nylon
Co-Polymer Net
v
Export
Net
v
Yellow
Net
v
Violet
Net
v
Baby
White Net
v
Red
Net
v
Yarn
Bobbins |
|
|
|
|
Exports : |
|
|
Products : |
v
Fishing Nets v
Fishing Equipment |
|
Countries : |
v
v
v
v
|
|
|
|
|
Imports : |
|
|
Products : |
v
Fishing Equipment |
|
Countries : |
v
v
v
v
v
|
|
|
|
|
Terms : |
|
|
Selling : |
L/C, Cash and Credit |
|
|
|
|
Purchasing : |
L/C, Cash and Credit |
PRODUCTION STATUS (AS ON 31.03.2009)
|
Particulars |
Unit |
|
|
Actual
Production |
|
Finished goods i.e. Nylon Fishnets |
Kgs. |
|
|
612473.822 |
|
|
|
|
|
|
GENERAL INFORMATION
|
Customers : |
Wholesalers and Retailers |
|
|
|
|
No. of Employees : |
400 (Approximately) |
|
|
|
|
Bankers : |
v
Canara Bank, v
ICICI Bank Limited, |
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
Arivashagan Balamurugan Chelladurai Chartered Accountants |
|
Address : |
SI, II Floor, |
|
PAN No.: |
AANFA7958E |
|
|
|
|
Associates/Subsidiaries : |
Kumaran Filaments (Private)
Limited |
CAPITAL STRUCTURE
As on 30.09.2009
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
200000 |
Equity Shares |
Rs.100/- each |
Rs.20.000 millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
132635 |
Equity Shares |
Rs.100/- each |
Rs.13.264
millions |
|
|
|
|
|
FINANCIAL DATA
[all figures are
in Rupees Millions]
|
Particulars |
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
Sales Turnover (Approximately) |
242.200 |
209.900 |
145.100 |
|
|
|
|
|
The above information has been parted by Mr. Gana Gopal (Accountant).
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2009 |
31.03.2008 |
31.03.2007 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
13.264 |
13.264 |
13.264 |
|
|
2] Share Application Money Pending Allotment |
1.645 |
1.645 |
1.645 |
|
|
3] Reserves & Surplus |
2.914 |
2.914 |
2.914 |
|
|
4] (Accumulated Losses) |
(2.966) |
(1.355) |
(0.157) |
|
|
NETWORTH |
14.857 |
16.468 |
17.666 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
33.485 |
29.718 |
32.327 |
|
|
2] Unsecured Loans |
0.000 |
0.000 |
0.000 |
|
|
TOTAL BORROWING |
33.485 |
29.718 |
32.327 |
|
|
DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.405 |
|
|
|
|
|
|
|
|
TOTAL |
48.342 |
46.186 |
50.398 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
26.102 |
31.733 |
32.669 |
|
|
Capital work-in-progress |
2.531 |
0.839 |
0.839 |
|
|
|
|
|
|
|
|
INVESTMENT |
0.000 |
0.000 |
0.000 |
|
|
DEFERREX TAX ASSETS |
1.090 |
0.239 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
16.990
|
14.543 |
13.427 |
|
|
Sundry Debtors |
18.004
|
22.896 |
25.329 |
|
|
Cash & Bank Balances |
6.595
|
4.936 |
2.298 |
|
|
Other Current Assets |
0.000
|
0.000 |
0.000 |
|
|
Loans & Advances |
1.393
|
0.545 |
0.542 |
|
Total
Current Assets |
42.982
|
42.920 |
41.596 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors & Other Current Liabilities |
24.336
|
29.430 |
24.661 |
|
|
Provisions |
0.027
|
0.115 |
0.045 |
|
Total
Current Liabilities |
24.363
|
29.545 |
24.706 |
|
|
Net Current Assets |
18.619
|
13.375 |
16.890 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
48.342 |
46.186 |
50.398 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2009 |
31.03.2008 |
31.03.2007 |
|
Debt Equity Ratio (Total Liability/Networth) |
|
3.89
|
3.60 |
3.23 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.76
|
1.45 |
1.68 |
LOCAL AGENCY FURTHER INFORMATION
FORM 8:
|
This form is for |
Creation of
charge |
|
Corporate
identity number of the company |
U17293TN1995PTC030792 |
|
Name of the
company |
KUMARAN FISH NETS PRIVATE LIMITED |
|
Address of the registered
office or of the principal place of
business in |
8-D, Bharathi Nagar, Nager Coil – 629 002, |
|
Type of charge |
Immovable
Property |
|
Particular of
charge holder |
Canara Bank, E-Mail: mdu1110@canbank.co.in |
|
Nature of
description of the instrument creating or modifying the charge |
Supplemental Common
Hypothecation Agreement dated 17.01.2009 for Rs.63.000 millions. |
|
Date of
instrument Creating the charge |
17.01.2009 |
|
Amount secured by
the charge |
Rs.63.000
millions |
|
Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Margin: 25% Extent and
Operation of the charge: To the extent of outstanding charges of Rs.63.000
millions. |
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.45.20 |
|
|
1 |
Rs.73.50 |
|
Euro |
1 |
Rs.64.76 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
4 |
|
PAID-UP CAPITAL |
1~10 |
3 |
|
OPERATING SCALE |
1~10 |
3 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
3 |
|
--PROFITABILIRY |
1~10 |
3 |
|
--LIQUIDITY |
1~10 |
3 |
|
--LEVERAGE |
1~10 |
3 |
|
--RESERVES |
1~10 |
2 |
|
--CREDIT LINES |
1~10 |
2 |
|
--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 |
|
26 |
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.