MIRA
INFORM REPORT
|
Report Date : |
31.10.2011 |
IDENTIFICATION DETAILS
|
Name : |
ENMAC SYSTEMS PRIVATE LIMITED |
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Registered
Office : |
51 –A, 1st Floor, |
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Country : |
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Financials (as
on) : |
31.03.2010 |
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Date of
Incorporation : |
28.03.2008 |
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Com. Reg. No.: |
18-067086 |
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Capital
Investment / Paid-up Capital : |
Rs.0.300 Million |
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CIN No.: [Company Identification
No.] |
U74200TN2008PTC067086 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
CHEE04652E |
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PAN No.: [Permanent Account No.] |
AABCE9497P |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Dealer of Carrier Air-condition |
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No. of Employees
: |
Information declined by the management |
RATING & COMMENTS
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MIRA’s Rating : |
Ba (46) |
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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 21000 |
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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 carrier dealer 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 – September 30, 2011
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Country Name |
Previous Rating (30.06.2011) |
Current Rating (30.09.2011) |
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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 |
INFORMATION DECLINED BY
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Name : |
Mr. V. Shirdhar |
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Designation : |
Director |
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Date : |
24.10.2011 |
LOCATIONS
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Registered Office : |
51 –A, 1ST Floor, |
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Tel. No.: |
91-44-24741323 / 23713709 / 24714600 |
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Fax No.: |
91-44-24714130 |
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E-Mail : |
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Location : |
Rented |
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Branch Office : |
Locate At: |
DIRECTORS
As on 28.09.2011
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Name : |
Mr. Venkataramani Sridhar |
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Designation : |
Director |
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Address : |
45, Kasi Estate, Jafferkhanpet, Chennai – 600083, |
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Date of Birth/Age : |
23.09.1967 |
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Date of Appointment : |
28.03.2008 |
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DIN No. : |
02056583 |
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Name : |
Mr. Adinarayanan Rama Subramanian |
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Designation : |
Director |
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Address : |
7, MGR Salai Mathialagan Nagar, Saligramam, Chennai – 600093, |
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Date of Birth/Age : |
10.10.1962 |
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Date of Appointment : |
28.03.2008 |
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DIN No. : |
02057619 |
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Name : |
Mr. Lakshminarayanan Ramaswamy |
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Designation : |
Director |
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Address : |
Flat F, 2nd Floor, JS Mahal, Plot No. 55B, |
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Date of Birth/Age : |
03.05.1972 |
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Date of Appointment : |
28.03.2009 |
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DIN No. : |
02057639 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 30.09.2010
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Names of Shareholders |
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No. of Shares |
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Venkataramani Sridhar |
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10000 |
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Adinarayanan Rama Subramanian |
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10000 |
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Lakshminarayanan Ramaswamy |
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10000 |
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Total |
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30000 |
Equity Share Break up (Percentage of Total Equity)
As on 30.09.2010
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Category |
Percentage |
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Directors or relatives of Directors |
100.00 |
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Total |
100.00 |
BUSINESS DETAILS
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Line of Business : |
Dealer of Carrier Air-condition |
GENERAL INFORMATION
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No. of Employees : |
Information declined by the management. |
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Bankers : |
Bank of India, Theagaroyanagar Branch, 104, |
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Facilities : |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
A. Janakiraman Chartered Accountant |
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Address : |
No.45, Kasi Estate, Ashok Nagar, Chennai – 600083, |
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PAN.: |
AABPR7179Q |
CAPITAL STRUCTURE
As on 31.03.2010
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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50000 |
Equity Shares |
Rs.10/- each |
Rs.0.500 Million |
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Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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30000 |
Equity Shares |
Rs.10/- each |
Rs.0.300
Million |
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FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
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SOURCES OF FUNDS |
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31.03.2010 |
31.03.2009 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
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0.300 |
0.300 |
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2] Share Application Money |
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0.000 |
0.000 |
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3] Reserves & Surplus |
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5.051 |
0.807 |
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4] (Accumulated Losses) |
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0.000 |
0.000 |
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NETWORTH |
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5.351 |
1.107 |
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LOAN FUNDS |
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1] Secured Loans |
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1.101 |
0.000 |
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2] Unsecured Loans |
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0.000 |
0.000 |
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TOTAL BORROWING |
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1.101 |
0.000 |
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DEFERRED TAX LIABILITIES |
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0.000 |
0.000 |
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TOTAL |
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6.452 |
1.107 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
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0.840 |
0.000 |
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Capital work-in-progress |
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0.000 |
0.000 |
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INVESTMENT |
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0.000 |
0.000 |
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DEFERREX TAX ASSETS |
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0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
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5.226 |
1.294 |
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Sundry Debtors |
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18.264 |
5.494 |
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Cash & Bank Balances |
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3.214 |
5.588 |
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Other Current Assets |
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0.000 |
0.000 |
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Loans & Advances |
|
3.250 |
1.267 |
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Total
Current Assets |
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29.954 |
13.643 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Sundry Creditors |
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17.518 |
6.169 |
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Other Current Liabilities |
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4.934 |
6.015 |
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Provisions |
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1.900 |
0.366 |
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Total
Current Liabilities |
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24.352 |
12.550 |
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Net Current Assets |
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5.602 |
1.093 |
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MISCELLANEOUS EXPENSES |
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0.010 |
0.014 |
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TOTAL |
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6.452 |
1.107 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
|
31.03.2010 |
31.03.2009 |
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SALES |
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Turnover |
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Other Income |
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TOTAL |
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113.262 |
20.191 |
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Less |
EXPENSES |
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Office Expenses |
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Administrative Expenses |
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Advertising Expenses |
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TOTAL |
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107.117 |
19.019 |
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PROFIT BEFORE
TAX |
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6.145 |
1.172 |
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Less |
TAX |
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1.900 |
0.365 |
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PROFIT AFTER TAX
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4.245 |
0.807 |
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BALANCE CARRIED
TO THE B/S |
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5.051 |
0.807 |
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Earnings Per
Share (Rs.) |
|
141.50 |
26.90 |
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KEY RATIOS
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PARTICULARS |
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31.03.2010 |
31.03.2009 |
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PAT / Total Income |
(%) |
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3.75 |
4.00 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
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19.96 |
8.59 |
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Return on Investment (ROI) (PBT/Networth) |
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1.15 |
1.06 |
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Debt Equity Ratio (Total Liability/Networth) |
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4.76 |
11.34 |
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Current Ratio (Current Asset/Current Liability) |
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1.23 |
1.09 |
LOCAL AGENCY FURTHER INFORMATION
NOTE:
Registered office of the company has been sifted from “45, Kasi Estate,
Jafferkhanpet, Chennai – 600083,
OPERATIONS:
During the year,
the Company has achieved a total Income of Rs.113.262 Millions as against a
turnover of Rs.20.191 Millions last year.
The company's
working for the year resulted in a profit before tax of Rs.6.145 Millions.
After the provision of Rs.1.900 Millions, towards Income-tax, the profit after
tax worked out to Rs.4.245 Millions.
During the year
the Company executed 72 contracts. The Company was able to achieve this despite
the stiff competition prevailing in the industry. In view of the same the
margins are thin.
FORM 8:
|
Corporate identity number of the company |
U74200TN2008PTC067086 |
|
Name of the company |
ENMAC SYSTEMS PRIVATE LIMITED |
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Address of the registered office or of the principal place of business in |
No.51a, First Floor, E-Mail : enmacsys@gmail.com |
|
This form is for |
Creation of charge |
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Type of charge |
Movable property (not being pledge) |
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Particular of charge holder |
Bank of India, Theagaroyanagar Branch, 104 Sir Theagaroya Road, Post
Box No.1409, Chennai – 600017, Tamilnadu, India E-Mail : chennai.chennai@bankofindia.co.in
|
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Nature of instrument creating charge |
1. Hypothecation Cum Loan Agreement 2. Sanction Letter with Terms and Conditions 3. Bank Guarantee |
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Date of instrument Creating the charge |
05.03.2010 |
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Amount secured by the charge |
Rs.9.000 Millions |
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Brief of the principal terms an conditions and extent and operation of
the charge |
Rate of interest Rate of Interest 12% p.a. Terms of repayment As per the sanction letter Margin Cash Credit Facilities Margin -25% Bank Guarantee Limit Margin -15 Extent and operation of the charge 1.Air Conditioners and Refrigeration Spares 2.All present and future book-debts, outstanding, money receivables,
claims, bills which are now due and owing or which may any time hereafter
during the continuance of this security become due and owing to Borrower in
course of his business by any person, firm, company or body corporate or by
Central Government or any State Government or any Government Department. or
office or any municipal or local or public or semi-government body or
authority or any body corporate or undertaking or project. Others Cash Credit Limit (Fund Based) - Rs.3.000 Millions Bank Guarantee Limited (Non-Fund Based) - Rs.6.000 Millions |
|
Short particulars of the property or asset(s) charged (including complete
address and location of the property) |
1.Air Conditioners and Refrigeration Spares 2.All present and future book-debts, outstanding, money receivables,
claims, bills which are now due and owing or which may any time hereafter
during the continuance of this security become due and owing to Borrower in
course of his business by any person, firm, company or body corporate or by
Central Government or any State Government or any Government Department. or
office or any municipal or local or public or semi-government body or
authority or any body corporate or undertaking or project. |
FIXED ASSETS:
- Vehicles (Honda city)
- Furniture
- Computers
- Office Equipments
- Computer Software
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.48.82 |
|
|
1 |
Rs.78.57 |
|
Euro |
1 |
Rs.69.29 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
4 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL CONDITION |
|
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|
--BUSINESS SCALE |
1~10 |
6 |
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--PROFITABILIRY |
1~10 |
5 |
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--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--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 |
|
--EXPORT ACTIVITIES |
YES/NO |
NO |
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--AFFILIATION |
YES/NO |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
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
|
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.