MIRA
INFORM REPORT
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Report Date : |
29.07.2011 |
IDENTIFICATION DETAILS
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Name : |
MARIS ASSOCIATES PRIVATE LIMITED |
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Registered
Office : |
168, |
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Country : |
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Financials (as
on) : |
31.03.2010 |
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Date of
Incorporation : |
19.06.1987 |
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Com. Reg. No.: |
18-014548 |
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Capital Investment
/ Paid-up Capital : |
Rs.30.000 millions |
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CIN No.: [Company Identification
No.] |
U22121TN1987PTC014548 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
MRIM00942E |
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PAN No.: [Permanent Account No.] |
AACFM1754D |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Manufacturer and Exporter of all types of Polypropylene
Woven Sacks and FIBC's. |
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No. of Employees
: |
Not Available |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (43) |
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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 262000 |
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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 and as per commitments. The company can be considered normal for business dealings at usual
trade terms and conditions. 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) |
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A1 |
A1 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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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 |
LOCATIONS
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Registered Office : |
168, |
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Tel. No.: |
91-461-2326809/
2326446 |
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Fax No.: |
91-461-2326581/
2340073 |
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E-Mail : |
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Website : |
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Head Office : |
6 T/1, |
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Tel. No.: |
91-461-2326709/
2326809 |
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Fax No.: |
91-461-2326446/
2326581 |
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E-Mail : |
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Factory : |
C-93, SIPCOT
Industrial Complex, Tuticorin - 628 008, |
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Tel. No.: |
91-461-2340073/
2340166 |
DIRECTORS
As on 30.09.2009
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Name : |
Marimuthu Nadar Velayutham Subramanian |
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Designation : |
Managing Director |
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Address : |
75C, Toovipuram, |
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Date of Birth/Age : |
19.09.1949 |
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Date of Appointment : |
19.06.1987 |
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DIN No.: |
00604018 |
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Name : |
Marimuthu Nadar Velayutham Sivaraman |
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Designation : |
Director |
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Address : |
No.2, Ganesh Nagar, Tuticorin – 628 008, |
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Date of Birth/Age : |
04.05.1959 |
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Date of Appointment : |
19.04.2002 |
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DIN No.: |
00626865 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 25.02.2010
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Names of Allottees |
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No. of Shares |
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M. Velayutham |
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3100 |
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M.V. Subramanian |
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3940 |
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M.V. Muthurajan |
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3940 |
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M.V. Sivaraman |
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3940 |
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M.V. Lakshmanan |
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3940 |
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M.E. Muthukumar |
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2740 |
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Total
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21600 |
As on 30.09.2009
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Equity Share Breakup |
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Percentage of Holding |
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Category |
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Directors
or relatives of directors |
|
100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer and Exporter of all types of Polypropylene
Woven Sacks and FIBC's. |
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Products : |
v
PP/HDPE Woven Sacks v
PP/HDPE Laminated Woven Sacks v
PP/LDPE/HMHDPE Liner Bags v
Multi-Wall Paper Bags v
UN Certified Jumbo Bags |
GENERAL INFORMATION
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No. of Employees : |
Not Available |
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Bankers : |
v
The Federal Bank Limited, 45, v
The Lakshmi Vilas Bank Limited, 31, v
Tamilnad Mercantile Bank
Limited, Tuticorin, |
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Facilities : |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
J. Thomas Fernando and Company Chartered Accountants |
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Address : |
40, |
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PAN No.: |
AABFJ2535Q |
CAPITAL STRUCTURE
As on 30.09.2010
Authorised Capital : Rs.50.000 millions
Issued, Subscribed & Paid-up Capital : Rs.30.000
millions
As on 31.03.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
30000 |
Equity Shares |
Rs.1000/- each |
Rs.30.000 millions |
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Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
|
30000 |
Equity Shares |
Rs.1000/- each |
Rs.30.000 millions |
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FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
30.000 |
8.400 |
8.400 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
35.609 |
28.449 |
17.130 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
65.609 |
36.849 |
25.530 |
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LOAN FUNDS |
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1] Secured Loans |
196.079 |
200.457 |
186.912 |
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2] Unsecured Loans |
39.625 |
27.607 |
46.918 |
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TOTAL BORROWING |
235.704 |
228.064 |
233.830 |
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DEFERRED TAX LIABILITIES |
2.271 |
4.868 |
2.433 |
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TOTAL |
303.584 |
269.781 |
261.793 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
145.993 |
155.576 |
127.384 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENT |
9.810 |
7.610 |
0.110 |
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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 |
63.794
|
39.074 |
39.050 |
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Sundry Debtors |
97.113
|
85.019 |
105.674 |
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Cash & Bank Balances |
35.504
|
9.105 |
47.046 |
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Other Current Assets |
0.000
|
0.000 |
0.000 |
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Loans & Advances |
22.985
|
26.649 |
19.471 |
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Total
Current Assets |
219.396
|
159.847 |
211.241 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Sundry Creditors |
50.342
|
35.553 |
63.147 |
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Other Current Liabilities |
0.000
|
0.000 |
0.000 |
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Provisions |
21.350
|
17.787 |
13.894 |
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Total
Current Liabilities |
71.692
|
53.340 |
77.041 |
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Net Current Assets |
147.704
|
106.507 |
134.200 |
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MISCELLANEOUS EXPENSES |
0.077 |
0.088 |
0.099 |
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TOTAL |
303.584 |
269.781 |
261.793 |
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KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
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Debt Equity Ratio (Total Liability/Networth) |
|
4.69
|
7.64 |
12.18 |
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Current Ratio (Current Asset/Current Liability) |
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3.06
|
3.00 |
2.74 |
LOCAL AGENCY FURTHER INFORMATION
FORM 8:
|
Corporate
identity number of the company |
U22121TN1987PTC014548 |
|
Name of the
company |
MARIS ASSOCIATES PRIVATE LIMITED |
|
Address of the
registered office or of the principal place of business in |
168, E-Mail: jtfandco@gmail.com |
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This form is for |
Modification of
charge |
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Charge
identification number of the modified |
10028564 |
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Type of charge |
Immovable Property Any interest in immovable property |
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Particular of
charge holder |
The Federal Bank Limited, 45, E-Mail: ttn@federalbank.co.in |
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Nature of
description of the instrument creating or modifying the charge |
Mortgage
Extension Letter |
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Date of instrument
Creating the charge |
21.09.2010 |
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Amount secured by
the charge |
Rs.414.135
millions |
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Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest: Floating rate as applicable
from time to time Terms of
Repayment: Repayable as per
respective agreement Margin: as per agreement Extent and
Operation of the charge: the company has
given the collateral securities of land and building for the credit limit
availed by the company as well as A.V.M.M Associates Private Limited |
|
Short particulars
of the property charged |
EM of Land and
building situated at 43, EM of Lease hold land
and Building situated at Plot C 93 and C 102 SIPCOT Industrial Complex, EM of Lease hold
land and Building situated at Survey
No.504/P Kozhumankondan Village, Palani Taluk |
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Particulars of
the present modification |
The company has
given the collateral securities of land and Building for the FCTL Limit of
Rs.20.000 millions and given the corporate guarantee for the TL of Rs.10.000
millions availed by the AVMM Associates Private Limited |
FIXED ASSETS:
v
Land
v
Building
v
Furniture and Fittings
v
Office Equipments
v
Office Equipments
v
Vehicles
v
Gets Potamac - Car
v
Circular Looms
v
Geneartor
v
KEC - Static Invertor
v
Machineries
v
Canon Copier Machine
v
Stitching Machine
v
Tape Plant
v
Car Purchase
v
Hero Honda
v
Plant and Machinery
v
Cheese Winder
v
Yarn Sapin Mahcine
v
Twisting Machine
v
75 KW Stactic Invertor
v
Chilling Plant
v
Voltage Stabliser
v
Krislon Tiswter
v
Transformer
v
Plant
v
Sewing Machine
v
Bus
v
Computers
v
Computer
v
Wind Mill
WEBSITE DETAILS:
PROFILE:
Subject founded in
1987, manufacture and export all types of polypropylene woven sacks and FIBC's.
With the vertically integrated production system, Maris Associates has acquired
the most modern equipment for manufacturing Paper- PP Sandwich bags, Circular Woven
(Starlinger), Flat Woven (Sulzer), PP-Multifilament Yarn and Ventilated FIBC's.
State-of-the-art
technology and a motivated work force implementing Total Quality Management has
been for their success in various markets around the world.
AVM GROUP was founded by the family of philanthropist
Thiru AVM Marimuthu Nadar in Tuticorin. AVM Group has a diversified business
activities and thrives in delivering high standards of quality and services.
AVM OIL DIVISION
M. Edison and
Company, Established in the year 1963 is a subsidiary of AVM Group manufactures
and markets edible oils in the brand name of AVM Sovereign Coconut oil and AVM
Sovereign Gingelly Oil. It was incorporated in the year 1964 and now has
several branches and stockists all over
AVM JEWEL CENTRE
AVM Jewel Centre is
the corporate house of the AVM GROUP and houses the 2-deck mega jewellery
showroom. The AVM Jewellers was established in the year 1947.
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.44.13 |
|
|
1 |
Rs.72.05 |
|
Euro |
1 |
Rs.63.33 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
4 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--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 |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
43 |
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.