MIRA
INFORM REPORT
|
Report Date : |
07.10.2011 |
IDENTIFICATION DETAILS
|
Name : |
INDAID ENGINEERS PRIVATE LIMITED |
|
|
|
|
Registered
Office : |
C-22 and 23 Industrial Plots, Mogappair West, Chennai – 600058, Tamil
Nadu |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as
on) : |
31.03.2011 |
|
|
|
|
Date of
Incorporation : |
20.08.1986 |
|
|
|
|
Com. Reg. No.: |
18-013319 |
|
|
|
|
Paid-up Capital
: |
Rs. 5.000 Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U27209TN1986PTC013319 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
CHEI003764F |
|
|
|
|
PAN No.: [Permanent Account No.] |
AAACI2717B |
|
|
|
|
Legal Form : |
Private Limited Liability Company |
|
|
|
|
Line of Business
: |
Industrial Furnaces |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (45) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 150000 |
|
|
|
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
Usually correct |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
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. |
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 |
LOCATIONS
|
Registered Office/ Factory : |
C-22 and 23 Industrial Plots, Mogappair West, Chennai – 600058, Tamil
Nadu, India |
|
Tel. No.: |
91-44-26244538/26243396/26248169 |
|
Fax No.: |
91-44-26358592 |
|
E-Mail : |
|
|
Website : |
DIRECTORS
AS ON 30.09.2011
|
Name : |
Mr. Kalyanasundaram K Krishnamurthy |
|
Designation : |
Managing Director |
|
Address : |
#24 |
|
Date of Birth/Age : |
20.08.1986 |
|
Date of Appointment : |
20.08.1986 |
|
DIN No.: |
00061225 |
Other Directorship:
|
S.No. |
CIN |
Name
of the Company |
Current
designation of the director |
Date
of appointment at current designation |
Original
date of appointment |
Company
Status |
Defaulting
status |
|
1 |
U65191TN1984PTC010756 |
Narmeen
Finances Private Limited |
Director |
26-03-84 |
26-03-84 |
Dormant |
NO |
|
2 |
U27209TN1986PTC013319 |
Indaid
Engineers Private Limited |
Managing
director |
20-08-86 |
20-08-86 |
Active |
NO |
|
3 |
U28920TN1995PTC029801 |
Indaid
Components Private Limited |
Managing
director |
10-01-95 |
10-01-95 |
Active |
NO |
|
4 |
U74200TN2008PTC067467 |
Advac
Heat Treaters Private Limited |
Director |
24-04-08 |
24-04-08 |
Active |
NO |
|
Name : |
Mr. Rajaraman K Kalyanasundaram |
|
Designation : |
Director |
|
Address : |
FL5, Victoria Gdns, 106, Jawaharlal Nehru Sali, Koyambedu, Chennai –
600107, Tamil Nadu, India |
|
Date of Birth/Age : |
14.11.1950 |
|
Date of Appointment : |
20.08.1986 |
|
DIN No.: |
00061369 |
Other Directorship:
|
S.No. |
CIN |
Name
of the Company |
Current
designation of the director |
Date
of appointment at current designation |
Original
date of appointment |
Company
Status |
Defaulting
status |
|
1 |
U27209TN1986PTC013319 |
Indaid
Engineers Private Limited |
Director |
20-08-86 |
20-08-86 |
Active |
NO |
|
2 |
U28920TN1995PTC029801 |
Indaid
Components Private Limited |
Director |
10-01-95 |
10-01-95 |
Active |
NO |
|
3 |
U74200TN2008PTC067467 |
Advac
Heat Treaters Private Limited |
Director |
28-04-08 |
28-04-08 |
Active |
NO |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 30.09.2011
|
Names of Shareholders |
No. of Shares |
|
K. Kalyanasundaram |
168087 |
|
K. Rajaraman |
141004 |
|
N. Latha |
75646 |
|
Krithika |
8133 |
|
Porna |
8133 |
|
K. Santha Lakshmi |
20657 |
|
Bhanumathi |
9380 |
|
Krishnamoorthy |
18960 |
|
D. Narayanan |
50000 |
|
Total
|
500000 |
AS ON 30.09.2011
|
Category |
Percentage |
|
Directors or relatives of Directors |
100.00 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Industrial Furnaces |
GENERAL INFORMATION
|
Suppliers : |
·
Aspen Associates ·
Christ Rolling and Fabricators ·
M M M Engineering ·
Nizamiya Construction Private Limited ·
Chaudhry Hammer Works Limited ·
Jindal Aluminium ·
Texmo Industries ·
Union Equipments Private Limited ·
Venkatesh Tourist Service ·
Vijaya Packers Movers and Transports ·
Ohm Road Lines ·
A M Goolamelly and Company |
||||||||||||||||||||||||||||||||||||||||||||||||
|
|
|
||||||||||||||||||||||||||||||||||||||||||||||||
|
Customers : |
Indian Customers
Overseas
Customers
|
||||||||||||||||||||||||||||||||||||||||||||||||
|
|
|
||||||||||||||||||||||||||||||||||||||||||||||||
|
Bankers : |
|
||||||||||||||||||||||||||||||||||||||||||||||||
|
|
|
||||||||||||||||||||||||||||||||||||||||||||||||
|
Facilities : |
|
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
Yoganandh and Ram Chartered Accountant |
|
Address : |
107 (Old 76), 1st Cross, Llyods Road, Royaettah High Road,
Chennai-600014, Tamil Nadu, India |
|
PAN No.: |
AAACY2977Q |
CAPITAL STRUCTURE
AS ON 31.03.2011
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
500000 |
Equity Shares |
Rs.10/- each |
Rs. 5.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
500000 |
Equity Shares |
Rs.10/- each |
Rs. 5.000 Millions |
|
|
|
|
|
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
5.000 |
5.000 |
2.500 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
33.634 |
25.520 |
16.762 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
38.634 |
30.520 |
19.262 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
18.301 |
(0.191) |
11.589 |
|
|
2] Unsecured Loans |
0.096 |
0.371 |
2.846 |
|
|
TOTAL BORROWING |
18.397 |
0.180 |
14.435 |
|
|
DEFERRED TAX LIABILITIES |
0.169 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
57.200 |
30.700 |
33.697 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
23.666 |
16.011 |
16.639 |
|
|
Capital work-in-progress |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
INVESTMENT |
0.000 |
0.000 |
0.000 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.024 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
15.049
|
10.990
|
10.491 |
|
|
Sundry Debtors |
35.679
|
22.306
|
8.583 |
|
|
Cash & Bank Balances |
9.288
|
10.526
|
16.045 |
|
|
Other Current Assets |
0.000
|
0.000
|
0.000 |
|
|
Loans & Advances |
5.714
|
7.801
|
2.117 |
|
Total
Current Assets |
65.730
|
51.623 |
37.236 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
30.483
|
35.159
|
20.402 |
|
|
Other Current Liabilities |
0.755
|
0.000
|
0.000 |
|
|
Provisions |
0.958
|
1.843
|
(0.174) |
|
Total
Current Liabilities |
32.196
|
37.002 |
20.228 |
|
|
Net Current Assets |
33.534
|
14.620
|
17.008 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.045 |
0.050 |
|
|
|
|
|
|
|
|
TOTAL |
57.200 |
30.700 |
33.697 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
127.868 |
97.490 |
86.648 |
|
|
|
Other Income |
4.077 |
10.134 |
3.009 |
|
|
|
TOTAL (A) |
131.945 |
107.624 |
89.657 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Office Expenses |
|
|
|
|
|
|
Administrative Expenses |
115.582 |
90.431 |
83.797 |
|
|
|
Advertising Expenses |
|
|
|
|
|
|
TOTAL (B) |
115.582 |
90.431 |
83.797 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
16.363 |
17.193 |
5.860 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
1.492 |
1.577 |
1.461 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
14.871 |
15.616 |
4.399 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/ AMORTISATION (F) |
1.684 |
1.665 |
1.635 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
13.187 |
13.951 |
2.764 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
4.574 |
4.692 |
1.173 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
8.613 |
9.259 |
1.591 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
0.317 |
0.558 |
2.467 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Transfer to General Reserve |
7.500 |
9.000 |
3.500 |
|
|
|
Transfer to Proposed Dividend |
0.500 |
0.500 |
0.000 |
|
|
BALANCE CARRIED
TO THE B/S |
0.930 |
0.317 |
0.558 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export Earnings |
5.720 |
120.084 |
1.526 |
|
|
TOTAL EARNINGS |
5.720 |
120.084 |
1.526 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
17.23 |
18.52 |
6.36 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
PAT / Total Income |
(%) |
6.53
|
8.60
|
1.77 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
10.31
|
14.31
|
3.19 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
14.75
|
20.63
|
5.13 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.34
|
0.46
|
0.14 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
1.31
|
1.22
|
1.80 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
2.04
|
1.40
|
1.84 |
LOCAL AGENCY FURTHER INFORMATION
OPERATION AND
GENERAL REVIEW
The company achieved a turnover and other income amounting to Rs.
131.945 millions.
FORM 8
|
Corporate
identity number of the company |
U27209TN1986PTC013319 |
||||||
|
Name of the
company |
INDAID ENGINEERS
PRIVATE LIMITED |
||||||
|
Address of the
registered office or of the principal place of business in |
C-22 And 23
Industrial Plots Mogappair West
Chennai – 600058, Tamil |
||||||
|
This form is for |
Modification of
charge |
||||||
|
Type of charge |
Book Debts Movable Property Floating Charge Immovable
Property |
||||||
|
Particular of
charge holder |
|
||||||
|
Nature of
instrument creating charge |
1) Hypothecation
(Goods) Agreement (SD -03) 2) Hypothecation
Agreement of Goods and debts (SD-06) 3) Hypothecation
of Bills (SD-17) 4) Letter of
Confirmation for Extension of Equitable Mortgage by deposit of Title Deeds (2
Nos) |
||||||
|
Date of
instrument Creating the charge |
17.03.2011 |
||||||
|
Amount secured by
the charge |
Rs. 37.500
Millions |
||||||
|
Brief of the
principal terms an conditions and extent and operation of the charge |
Rate of Interest
- Base Rate + 4.00% i.e. 13.50% (Present base rate is 9.50%). Any excess
drawing will attract 2% extra. Terms of
Repayment - As per the sanction letter and as determined by the bank from
time to time Margin - CC : 25% LG : 25% ASB : 10% Extent and
Operation of the charge - Hypothecation by way of FIRST CHARGE in favour of
the Bank on all Raw materials, stock in trade, semi finished, finished goods and
receivables of the Company, both present and future. Extension of
Equitable Mortgage of the property situated at C 22 and C 23 , Mogappiar
Industrial Estate West, Chennai-600 058. Extension of
Equitable Mortgage of the property situated at C 24, Mogappiar Industrial
Estate West, Chennai-600 058. Others – Facility Existing Modified (Rs. in
millions) CC (H) 10.000 15.000 ASB 2.500 2.500 L.G 20.000 20.000 (w/w L.C.2.500) Total 32.500 37.500 All other terms
and conditions as per sanction letter and Instrument executed on 17.03.2011. |
||||||
|
Particulars of
the property charged |
Hypothecation by way
of FIRST CHARGE in favour of the Bank on all Raw materials, stock in trade,
semi finished, finished goods and receivables of the Company, both present
and future. Extension of Equitable Mortgage of the property situated at C 22
and C 23 , Mogappiar Industrial Estate West, Chennai-600 058. Extension of
Equitable Mortgage of the property situated at C 24, Mogappiar Industrial
Estate West, Chennai-600058. |
||||||
|
Date of
instrument modifying the charge |
10.03.2010 |
||||||
|
Particulars of
the present modification |
The Amount
secured by this charge has been enhanced from Rs.32.500 Millions to Rs.37.500
Millions as detailed below: Facility Existing Modified (Rs. in
millions) CC (H) 10.000 15.000 ASB 2.500 2.500 L.G 20.000 20.000 (w/w L.C.2.500) All other terms
and conditions of the original charge and subsequent modification remains the
same. |
FIXED ASSETS:
- Land
- Factory
building
- Staff quarters
building
- Plant and
machinery
- Furniture and
fixtures
- Vehicle
- Computer
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. 49.19 |
|
|
1 |
Rs. 75.92 |
|
Euro |
1 |
Rs. 65.44 |
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 |
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 |
NO |
|
--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 |
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.