MIRA
INFORM REPORT
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Report Date : |
10.04.2012 |
IDENTIFICATION DETAILS
|
Name : |
KWALITY COIL PRODUCTS PRIVATE LIMITED |
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Registered
Office : |
D.No.1/101,Spring Road, Behind Don Bosco High School, Alagarkoil Main
Road, Sirudhur Village, Madurai – 625009, Tamil Nadu |
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Country : |
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Financials (as
on) : |
31.03.2011 |
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Date of
Incorporation : |
15.12.1995 |
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Com. Reg. No.: |
033869 |
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Capital
Investment / Paid-up Capital : |
Rs.1.000 Million |
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CIN No.: [Company Identification
No.] |
U27209TN1995PTC033869 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
MRIK00190B |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Manufacturing of Springs Sheets Metal Components, Oil Seal Springs
etc. |
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No. of Employees
: |
75 (Approximately) (In Office + In Factory) |
RATING & COMMENTS
|
MIRA’s Rating : |
B (30) |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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Maximum Credit Limit : |
USD 19000 |
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Status : |
Moderate |
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Payment Behaviour : |
Slow but correct |
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Litigation : |
Clear |
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Comments : |
Subject is an established company having moderate track. Profitability
of the company appears to be low. Trade relations are reported as fair.
Business is active. Payments are reported to be slow but correct. The company can
be considered for business dealings with some caution. |
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
|
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 PARTED BY
|
Name : |
Mr. Velsamy Senthilkumar |
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Designation : |
Director |
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Contact No.: |
91-944373630136 |
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Date : |
10.03.2012 |
LOCATIONS
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Registered Office : |
D.No.1/101,Spring Road, Behind Don Bosco High School, Alagarkoil Main
Road, Sirudhur Village, Madurai – 625009, Tamil Nadu, India |
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Tel. No.: |
91-452-2569664 |
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Mobile No.: |
91-9443730136 |
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Fax No.: |
91-452-2569235 |
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E-Mail : |
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Location : |
Owned |
DIRECTORS
As on 30.09.2011
|
Name : |
Mr. Velsamy Senthikumar |
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Designation : |
Managing director |
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Address : |
39-A,
South Veli Street, Madurai-625001, Tamilnadu, India |
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Date of Birth/Age : |
14.04.1964 |
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Date of Appointment : |
30.09.2006 |
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DIN No.: |
00725631 |
Other Directorship:
|
S.No. |
CIN |
Name
of the Company |
Current
designation of the director |
Date
of appointment at current designation |
Original
date of appointment |
Date
of cessation |
Company
Status |
Defaulting
status |
|
1 |
U27209TN1995PTC033869 |
KWALITY
COIL PRODUCTS PRIVATE LIMITED |
Managing
director |
30/09/2006 |
30/09/2006 |
- |
Active |
NO |
|
2 |
U45209TN2008PTC070194 |
MADURAI
ENGINEERING CLUSTER PRIVATE LIMITED |
Managing
director |
16/12/2008 |
16/12/2008 |
- |
Active |
NO |
|
Name : |
Mr. Velsamy Mayilainathan |
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Designation : |
Director |
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Address : |
39-A,
South Veli Street, Madurai-625001, Tamilnadu, India |
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Date of Birth/Age : |
26.02.1955 |
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Date of Appointment : |
15.12.1995 |
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DIN No.: |
00725592 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 30.09.2011
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Names of Shareholders |
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No. of Shares |
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V.Senthikumar |
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4800 |
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V.Mayilainathan |
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4200 |
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V.Ganesan |
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1000 |
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Total |
|
10000 |
List of Alloottes
As on 27.12.2011
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Names of Alloottes |
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No. of Shares Alloottes |
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V.Senthikumar |
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12000 |
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V.Mayilainathan |
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10500 |
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V.Ganesan |
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2500 |
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Total |
|
25000 |
As on 30.09.2011
Equity Share Break up (Percentage of Total Equity)
|
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 : |
Manufacturing of Springs Sheets Metal Components, Oil Seal Springs
etc. |
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Products : |
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Terms : |
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Selling : |
Cash and Credit |
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Purchasing : |
Cash and Credit |
PRODUCTION STATUS
As on 31.03.2011
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Particulars |
Unit |
Licensed
Capacity |
Installed
Capacity |
Actual
Production |
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Springs etc |
Nos. |
Not Applicable |
Not Applicable |
79534211 |
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GENERAL INFORMATION
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Customers : |
Wholesalers and Retailers |
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No. of Employees : |
75 (Approximately) (In Office + In Factory) |
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Bankers : |
·
City Union Bank Limited, Ground Floor, 70 Tamil
Sangam Road, Madurai - 625001, Tamil Nadu, India ·
Punjab National Bank |
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Facilities : |
Notes: A. Charge in favour of City Union Bank Limited,
Madurai, on the entire Plant & Machinery erected or to be erected in the
factory premises of the Company for the purpose of obtaining Term Loan and Overdraft
in the following manner. a. Creation of charge for a Term Loan limit of
Rs.0.126 Million on 9.3.2008. b. Creation of charge for a Term Loan limit of
Rs.0.800 Million on 4.10.2000. c. Modification of charge for the increase in the
Term Loan Limit of Rs.0.150 Million on 27.11.2000. d. Creation of charge for a working capital loan
limit (CC Limit) of Rs.0.075 Million on 9.3.1998. e. Modification of charge for the increase in the
working capital loan limit of Rs.0.125 Million on 10.11.1998 (CC Limit
Rs.0.200 Million) f. Modification of charge for the increase in the
working capital of Rs.0.100 Million on 24.4.2001 (CC Limit Rs.0.300 Million). g. Modification of charge for the increase in the
working capital of Rs.0.200 Million on 3.9.2001 (OCC limit Rs.0.300 Million +
BP Rs.0.200 Million) h. Modification of charge for the increase in the
working capital of Rs.0.100 Million on 26.3.02 (OCC limit Rs.0.400 Million
+BP Rs.0.200 Million). i. Modification of charge for the increase in the
working capital of Rs.0.281 Million on 30.4.03 (OSOD limit Rs.0.600 Million +
BP Rs.0.200 Million + OSL Rs.0.081 Million). j. Modification of charge for the increase in the
Loans of Rs.1.385 Millions on 12.4.04 (OSOD limit Rs.0.600 Million + BP
Rs.0.200 Million + OSL Rs.0.081 Million + Term loan Rs.1.385 Millions). k. Creation of charge for a Term Loan limit of
Rs.3.500 Millions on 11.08.08 B. Charge in favour of State Bank of India
Limited., Tallakulam, Madurai, on the entire Fixed deposit Rs.0.300 Million
in the factory premises of the company for the purpose of obtaining Term loan
and Overdraft in the following manner. a. Creation of charge for a
Bank Guarantee of Rs.1.200 Millions on 6.1.06.
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Banking
Relations : |
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Auditors : |
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Name : |
Sivakumar and Company Chartered Accountants |
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Address : |
124,North Marret Street, I Floor, Madurai – 625001, Tamil Nadu, India |
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PAN.: |
ADBPS2539J |
CAPITAL STRUCTURE
After 30.09.2011
Authorised Capital : Rs.4.000 Millions
|
No. of Shares |
Type |
Value |
Amount |
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|
40000 |
Equity Shares |
Rs.100/- each |
Rs.4.000 Millions |
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Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
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|
35000 |
Equity Shares |
Rs.100/- each |
Rs.3.500 Millions |
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As on 30.09.2011
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
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|
10000 |
Equity Shares |
Rs.100/- each |
Rs.1.000 Million |
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Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
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|
10000 |
Equity Shares |
Rs.100/- each |
Rs.1.000 Million |
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FINANCIAL DATA
[all figures are in
Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
1.000 |
1.000 |
1.000 |
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2] Share Application Money |
1.000 |
1.000 |
1.000 |
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3] Reserves & Surplus |
2.627 |
2.066 |
1.492 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
4.627 |
4.066 |
3.492 |
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LOAN FUNDS |
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1] Secured Loans |
4.010 |
4.808 |
5.246 |
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2] Unsecured Loans |
6.250 |
3.013 |
3.122 |
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TOTAL BORROWING |
10.260 |
7.821 |
8.368 |
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DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
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TOTAL |
14.887 |
11.887 |
11.860 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
9.509 |
10.658 |
8.825 |
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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 |
0.397 |
0.252 |
0.110 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
2.452
|
1.747 |
1.007 |
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Sundry Debtors |
11.732
|
7.933 |
8.564 |
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Cash & Bank Balances |
2.169
|
2.070 |
3.202 |
|
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Other Current Assets |
0.000
|
0.000 |
0.000 |
|
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Loans & Advances |
1.959
|
2.378 |
2.080 |
|
Total
Current Assets |
18.312
|
14.128 |
14.853 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
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Sundry Creditors |
9.263
|
9.216 |
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Other Current Liabilities |
0.485
|
0.439 |
8.000 |
|
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Provisions |
3.583
|
3.496 |
3.928 |
|
Total
Current Liabilities |
13.331
|
13.151 |
11.928 |
|
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Net Current Assets |
4.981
|
0.977 |
2.925 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
14.887 |
11.887 |
11.860 |
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PROFIT & LOSS
ACCOUNT
|
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PARTICULARS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
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SALES |
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Income |
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Other Income |
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TOTAL |
34.081 |
24.922 |
21.646 |
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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 |
33.423 |
24.344 |
21.118 |
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PROFIT BEFORE
TAX |
0.658 |
0.578 |
0.528 |
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Less |
TAX |
0.097 |
0.004 |
0.028 |
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PROFIT AFTER TAX
|
0.561 |
0.574 |
0.500 |
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Earnings Per
Share (Rs.) |
56.10 |
-- |
-- |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
PAT / Total Income |
(%) |
1.65
|
2.30 |
2.31 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
2.37
|
2.33 |
2.23 |
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Return on Investment (ROI) (PBT/Networth) |
|
0.14
|
0.14 |
0.15 |
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Debt Equity Ratio (Total Liability/Networth) |
|
5.10
|
5.16 |
5.81 |
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Current Ratio (Current Asset/Current Liability) |
|
1.37
|
1.08 |
1.25 |
LOCAL AGENCY FURTHER INFORMATION
|
Check List by Info Agents |
Available in Report (Yes / No) |
|
1) Year of Establishment |
Yes |
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2) Locality of the firm |
Yes |
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3) Constitutions of the firm |
Yes |
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4) Premises details |
Yes |
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5) Type of Business |
Yes |
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6) Line of Business• |
Yes |
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7) Promoter’s background |
Yes |
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8) No. of employees |
Yes |
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9) Name of person contacted |
Yes |
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10) Designation of contact person |
Yes |
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11) Turnover of firm for last two years |
Yes |
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12) Profitability for last three years |
Yes |
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13) Reasons for variation <> 20% |
-- |
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14) Estimation for coming financial year |
No |
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15) Capital in the business |
Yes |
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16) Details of sister concerns |
No |
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17) Major suppliers |
No |
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18) Major customers |
No |
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19) Payments terms |
Yes |
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20) Export / Import details (if applicable) |
No |
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21) Market information |
-- |
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22) Litigations that the firm / promoter |
-- |
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23) Banking Details |
Yes |
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24) Banking facility details |
Yes |
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25) Conduct of the banking account |
-- |
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26) Buyer visit details |
-- |
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27) Financials, if provided |
Yes |
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28) Incorporation details, if applicable |
Yes |
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29) Last accounts filed at ROC |
Yes |
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30) Major Shareholders, if available |
Yes |
Project:
The business of Manufacturing of springs is
successfully running.
Prospects:
The company is confident of achieving good results
in the current year and to expand its activities.
Bankers Charges
Report as per Registry
|
Corporate identity number of the company |
U27209TN1995PTC033869 |
|
Name of the company |
KWALITY COIL PRODUCTS PRIVATE LIMITED |
|
Address of the registered office or of the principal place of business in India of the company |
D.No.1/101,Spring Road, Behind Don Bosco High School, Alagarkoil Main Road,
Sirudhur Village, Madurai – 625009, Tamil Nadu, India Email : sivasakthi025@gmail.com |
|
This form is for |
Creation of charge |
|
Type of charge |
Movable property (not being pledge) |
|
Particular of charge holder |
Small Industries Development Bank of India, Ground Floor, Maditssia
Auditorium, 1a-4a, Dr. Ambedkar Road, Madurai – 625020, Tamil Nadu, India E-mail : rramesh@sidbi.in |
|
Nature of instrument creating charge |
Loan Agreement and Deed of Hypothecation. |
|
Date of instrument Creating the charge |
23/11/2011 |
|
Amount secured by the charge |
Rs.5.000 Millions |
|
Brief of the principal terms an conditions and extent and operation of
the charge |
Rate of Interest 0.50% below SIDBI's PLR, currently effective rate being 12.25% Terms of Repayment 59 monthly installments of Rs 0.083 Million each and final installment
of Rs 0.103 Million after a moratorium of 6 months from the first disbursement
of the loan. Margin 33.33% Extent and Operation of the charge The charge operates as exclusive first charge in favour of the bank as
security for the loan of Rs.5.000 Million, together with interest, cost,
charges and expenses etc. |
|
Short particulars of the property or asset(s) charged (including
complete address and location of the property) |
First charge on plant, machinery, equipments, tools, spares,
accessories and other assets acquired/to be acquired out of the loan. |
Fixed Assets:
·
Air conditioner
·
Plant and Machinery
·
Computer
·
Furniture and Fittings
·
Vehicles
·
Cycle
·
Telephone
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.51.28 |
|
|
1 |
Rs.81.38 |
|
Euro |
1 |
Rs.67.01 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
3 |
|
OPERATING SCALE |
1~10 |
4 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
3 |
|
--PROFITABILIRY |
1~10 |
2 |
|
--LIQUIDITY |
1~10 |
3 |
|
--LEVERAGE |
1~10 |
3 |
|
--RESERVES |
1~10 |
3 |
|
--CREDIT LINES |
1~10 |
3 |
|
--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 |
|
30 |
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.