|
Report Date : |
16.05.2012 |
IDENTIFICATION DETAILS
|
Name : |
MANEESH GAS APPLIANCES PRIVATE LIMITED |
|
|
|
|
Registered
Office : |
1-H, Karthik Nagar, |
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Country : |
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|
|
|
|
Financials (as
on) : |
31.03.2011 |
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|
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Date of
Incorporation : |
01.08.2008 |
|
|
|
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Com. Reg. No.: |
18-014675 |
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Capital
Investment / Paid-up Capital : |
Rs.1.000 Million |
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|
|
|
CIN No.: [Company Identification
No.] |
U29302TZ2008PTC014675 |
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|
|
|
Legal Form : |
Private Limited Liability Company |
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|
|
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Line of Business
: |
Manufacturer and Supplier of Gas Stove and Equipments. |
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|
|
|
No. of Employees
: |
Not Available |
RATING & COMMENTS
|
MIRA’s Rating : |
B (26) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Maximum Credit Limit : |
USD 4500 |
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|
|
|
Status : |
Moderate |
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|
|
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Payment Behaviour : |
Slow |
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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. The company can be considered for business dealings with some
caution. 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 – September 30, 2011
|
Country Name |
Previous Rating (30.06.2011) |
Current Rating (30.09.2011) |
|
|
A1 |
A1 |
|
Risk Category |
ECGC Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
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Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
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Restricted |
C2 |
|
Off-credit |
D |
LOCATIONS
|
Registered Office : |
1-H, Karthik Nagar, Sowripalayam Road, Sowripalayam Post, Coimbatore –
641028, Tamil Nadu, India |
|
Tel. No.: |
91-422-2317832 |
|
Fax No.: |
Not Available |
|
E-Mail : |
DIRECTORS
As on 24.09.2011
|
Name : |
Mr. Karuppiah Chelladurai |
|
Designation : |
Managing director |
|
Address : |
1-H, Karthik Nagar, Sowripalayam Road, Sowripalayam Post, Coimbatore –
641028, Tamil Nadu, India |
|
Date of Birth/Age : |
01.07.1954 |
|
Date of Appointment : |
01.08.2008 |
|
DIN No.: |
02074125 |
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|
|
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Name : |
Mr. Chelladurai Kailesh Raja |
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Designation : |
Director |
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Address : |
1-H, Karthik Nagar, Sowripalayam Road, Sowripalayam Post, Coimbatore –
641028, Tamil Nadu, India |
|
Date of Birth/Age : |
27.07.1982 |
|
Date of Appointment : |
01.08.2008 |
|
DIN No.: |
02074147 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 24.09.2011
|
Names of Shareholders |
|
No. of Shares |
|
|
|
|
|
Karuppiah Chelladurai |
|
50000 |
|
Chelladurai Kailesh Raja |
|
50000 |
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Total |
|
100000 |
As on 24.09.2011
Equity Share Break up (Percentage of Total Equity)
|
Category |
Percentage |
|
Directors or relatives of Directors |
100.00 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer and Supplier of Gas Stove and Equipments. |
GENERAL INFORMATION
|
No. of Employees : |
Not Available |
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Bankers : |
Indian Bank, Sowripalayam Branch, Coimbatore - 641028, Tamil Nadu, India |
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Facilities : |
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Banking
Relations : |
-- |
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|
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Auditors : |
|
|
Name : |
T.Suresh Joseph Chartered Accountants |
|
Address : |
Big Bell Complex, 106/61 D. B. Road, R. S. Puram, Coimbatore – 641002,
Tamilnadu, India |
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Tel. No.: |
91-422-2543342 / 2543228 |
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Mobile No.: |
91-9843018014 |
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E-Mail : |
|
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PAN.: |
ABTPJ3091N |
CAPITAL STRUCTURE
As on 24.09.2011
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
100000 |
Equity Shares |
Rs.10/- each |
Rs.1.000 Million |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
100000 |
Equity Shares |
Rs.10/- 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 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
1.000 |
1.000 |
1.000 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
0.119 |
0.138 |
0.000 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
(0.015) |
|
|
NETWORTH |
1.119 |
1.138 |
0.985 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
0.000 |
0.000 |
0.000 |
|
|
2] Unsecured Loans |
31.115 |
11.761 |
12.587 |
|
|
TOTAL BORROWING |
31.115 |
11.761 |
12.587 |
|
|
DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
32.234 |
12.899 |
13.572 |
|
|
|
|
|
|
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|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
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FIXED ASSETS [Net Block] |
1.618 |
1.717 |
1.726 |
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|
Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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|
|
|
|
|
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INVESTMENT |
0.000 |
0.000 |
0.000 |
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|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
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CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
11.424
|
10.580 |
12.224 |
|
|
Sundry Debtors |
21.845
|
9.709 |
6.252 |
|
|
Cash & Bank Balances |
1.526
|
0.582 |
0.123 |
|
|
Other Current Assets |
0.000
|
0.490 |
0.000 |
|
|
Loans & Advances |
10.663
|
0.966 |
1.971 |
|
Total
Current Assets |
45.458
|
22.327 |
20.570 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
14.448
|
10.045 |
8.161 |
|
|
Other Current Liabilities |
0.000
|
0.000 |
0.000 |
|
|
Provisions |
0.394
|
1.100 |
0.563 |
|
Total
Current Liabilities |
14.842
|
11.145 |
8.724 |
|
|
Net Current Assets |
30.616
|
11.182 |
11.846 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
32.234 |
12.899 |
13.572 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
Debt Equity Ratio (Total Liability/Networth) |
|
41.07
|
20.13 |
21.64 |
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|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
3.06
|
2.00 |
2.35 |
LOCAL AGENCY FURTHER INFORMATION
|
Check List by Info
Agents |
Available in Report
(Yes / No) |
|
1) Year of Establishment |
Yes |
|
2) Locality of the firm |
Yes |
|
3) Constitutions of the firm |
Yes |
|
4) Premises details |
No |
|
5) Type of Business |
Yes |
|
6) Line of Business• |
Yes |
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7) Promoter’s background |
Yes |
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8) No. of employees |
No |
|
9) Name of person contacted |
No |
|
10) Designation of contact person |
No |
|
11) Turnover of firm for last three years |
No |
|
12) Profitability for last three years |
No |
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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 |
|
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 |
No |
|
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 |
|
25) Conduct of the banking account |
-- |
|
26) Buyer visit details |
-- |
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27) Financials, if provided |
Yes |
|
28) Incorporation details, if applicable |
Yes |
|
29) Last accounts filed at ROC |
Yes |
|
30) Major Shareholders, if available |
Yes |
ABOUT THE COMPANY
Subject Company
was established in the year 2008 under the Company's Act. The Company is
founded by Mr. K. Chelladurai, Director who is having vast experience for more
than 15 years in this field is successfully completed two years of the
functioning.
The Company is in
the field of Manufacture and supply of Gas Stoves and Equipments and is hopeful
of maximizing its turnover in the future years.
Bankers Charges
Report as per Registry
|
Corporate identity number of the company |
U29302TZ2008PTC014675 |
|
Name of the company |
MANEESH GAS APPLIANCES PRIVATE LIMITED |
|
Address of the registered office or of the principal place of business in India of the company |
1-H, Karthik Nagar, Sowripalayam Road, Sowripalayam Post, Coimbatore –
641028, Tamil Nadu, India E-mail : newindiamyindia@yahoo.co.in
|
|
This form is for |
Creation of charge |
|
Type of charge |
·
Immovable property ·
Book debts ·
Movable property (not being pledge) |
|
Particular of charge holder |
Indian Bank, Sowripalayam Branch, Coimbatore - 641028, Tamil Nadu, India E-mail : sowripalayam@indianbank.co.in
|
|
Nature of instrument creating charge |
Letter of Continuity Agreement of Hypothecation of Movables for Rs.10.000 Millions Medium Term Loan Agreement for Rs.30.000 Millions Agreement for Open Cash Credit (Stocks/ Book debts) for Rs.10.000
Millions Agreement of Hypothecation of movables for Rs.30.000 Millions Letter from party to bank confirming the creation of equitable
mortgage (2 Nos) |
|
Date of instrument Creating the charge |
15/10/2010 |
|
Amount secured by the charge |
Rs.40.000 Millions |
|
Brief of the principal terms an conditions and extent and operation of
the charge |
Rate of Interest Sec OD - 13.75% p.a on daily balances with monthly rests MTL-1 - 14.25% p.a on daily
balances with monthly rests Terms of Repayment Sec OD - Repayable on Demand MTL-1 - Repayable in 80
installments of Rs.3,75,000/- each Margin Sec OD - 25% MTL-1 - 25% Extent and Operation of the charge Goods, Produce, Merchandise, Stock stored or to be stored from time to
time in premises at 46/2, Guru Prasana Industrial Area, Konan Kunte Cross,
Dodda kala Sandra Village, Kanakapura Main Road, Bangalore - 560062. Book
Debts, Receivables other claims metal sheets, raw materials for manufacturing
of gas stoves. Deposit of title deeds relating to property situated at Site
No.169, G. V. Residency Uppilipalayam and T.S ward No.1, Old T.S No.14 part
T.S No.70 part, Nanjappa Road, Anuparpalayam, Coimbatore |
|
Short particulars of the property or asset(s) charged (including
complete address and location of the property) |
Goods, Produce, Merchandise, Stock stored or to be stored from time to
time in premises at 46/2, Guru Prasana Industrial Area, Konan Kunte Cross,
Dodda Kala Sandra Village, Kanakapura Main Road, Bangalore - 560062. Book
debts, receivables other claims, metal sheets, raw materials for
manufacturing of gas stoves. Equitable Mortgage by deposit of title deeds relating to property
situated at site no.169 in G. V. Residency of the society in Uppilipalayam
Village, Coimbatore. Equitable Mortgage by deposit of title deeds relating to property at
T.S ward No.1, Old T.S No.14 part, T.S No.70 part, Nanjappa Road,
Anuparpalayam Village, Coimbatore. |
FIXED ASSETS:
·
Buffering Motor
·
Car
·
Cocker Pressure
·
Computer
·
Furniture and Fixture
·
Generator
·
Lab Equipments
·
Office Equipments
·
Weighing Scale
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.53.84 |
|
|
1 |
Rs.86.72 |
|
Euro |
1 |
Rs.69.17 |
INFORMATION DETAILS
|
Report Prepared
by : |
BSN |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
3 |
|
PAID-UP CAPITAL |
1~10 |
3 |
|
OPERATING SCALE |
1~10 |
3 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
3 |
|
--PROFITABILIRY |
1~10 |
3 |
|
--LIQUIDITY |
1~10 |
3 |
|
--LEVERAGE |
1~10 |
3 |
|
--RESERVES |
1~10 |
3 |
|
--CREDIT LINES |
1~10 |
2 |
|
--MARGINS |
-5~5 |
- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
NO |
|
--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 |
|
26 |
This score serves as a reference to assess SC’s credit risk
and to set the amount of credit to be extended. It is calculated from a
composite of weighted scores obtained from each of the major sections of this report.
The assessed factors and their relative weights (as indicated through %) are as
follows:
Financial
condition (40%) Ownership
background (20%) Payment
record (10%)
Credit history
(10%) Market trend
(10%) Operational
size (10%)
RATING EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
|
71-85 |
Aa |
Possesses adequate working capital. No caution needed for credit
transaction. It has above average (strong) capability for payment of interest
and principal sums |
Large |
|
56-70 |
A |
Financial & operational base are regarded healthy. General
unfavourable factors will not cause fatal effect. Satisfactory capability for
payment of interest and principal sums |
Fairly Large |
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
11-25 |
Ca |
Adverse factors are apparent. Repayment of interest and principal sums
in default or expected to be in default upon maturity |
Limited with
full security |
|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
|
- |
NB |
New Business |
- |
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.