MIRA
INFORM REPORT
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Report Date : |
18.05.2012 |
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) : |
31.03.2011 |
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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
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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 282000 |
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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 records. 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 – 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 |
LOCATIONS
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Registered Office/ Head Office : |
168, |
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Tel. No.: |
91-461-2326709/ 2326809/ 2326446/ 2326581 |
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Fax No.: |
91-461-2326446/
2326581/ 2340073 |
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E-Mail : |
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Website : |
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Factory : |
C-102, SIPCOT
Industrial Complex, Tuticorin - 628 008, |
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Tel. No.: |
91-461-2340166 |
DIRECTORS
As on 30.09.2011
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Name : |
Mr. 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 : |
19.08.1987 |
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DIN No.: |
00604018 |
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Other Directorship :
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Name : |
Mr. 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 |
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Other Directorship :
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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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M. Velayutham |
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3650 |
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M.V. Kamaladevi |
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550 |
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M.V. Subramanian |
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4510 |
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S. Sasikala |
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300 |
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S. Sankar Marimuthu |
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200 |
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S. Malar Sankar Marimuthu |
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110 |
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S. Sridevi |
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160 |
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S. Kamatchi |
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70 |
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R. Athipat Pandian |
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50 |
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M.V. Muthurajan |
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4510 |
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Sivaganesasundar |
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300 |
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M. Ganesh Marimuthu |
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120 |
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G. Anitha |
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90 |
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M. Srinivas Marimuthu |
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120 |
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M. Vani Gandhi |
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160 |
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G. Akshya Kamalashrea |
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50 |
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M. Ezhil Arasu |
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50 |
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M.V. Sivaraman |
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4510 |
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S. Vimala |
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300 |
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S. Hariharan Marimuthu |
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310 |
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S. Mahalakshmi |
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280 |
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M.V. Lakshmanan |
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4510 |
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L. Vijayamala |
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300 |
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L. Diviya |
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160 |
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L. Srinidhi |
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210 |
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L. Vaishnavi |
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220 |
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M.E. Muthukumar |
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3310 |
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M. Sharmila |
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300 |
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M. Reshikesanmarimuthu |
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300 |
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M. Karthikmarimuthu |
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290 |
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Total
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30000 |
As on 30.09.2011
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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 |
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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, v
The Lakshmi Vilas Bank Limited, |
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Facilities : |
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Banking
Relations : |
-- |
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Financial Institution : |
Sundaram Finance Limited, Tuticorin |
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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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Tel. No.: |
91-461-2320558, 2331190 |
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Fax No.: |
91-461-2331180 |
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E-Mail : |
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PAN No.: |
AABFJ2535Q |
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v
Marivel Edipack Private Limited v
AVM Marimuthu Nadar and Sons Private Limited |
CAPITAL STRUCTURE
As on 30.09.2011
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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50000 |
Equity Shares |
Rs.1000/- each |
Rs.50.000 millions |
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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.1000/- each |
Rs.30.000 millions |
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As on 31.03.2011
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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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 |
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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
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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 |
30.000 |
30.000 |
8.400 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
40.579 |
35.609 |
28.449 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
70.579 |
65.609 |
36.849 |
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LOAN FUNDS |
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1] Secured Loans |
308.901 |
196.079 |
200.457 |
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2] Unsecured Loans |
16.252 |
39.625 |
27.607 |
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TOTAL BORROWING |
325.153 |
235.704 |
228.064 |
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DEFERRED TAX LIABILITIES |
0.416 |
2.271 |
4.868 |
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TOTAL |
396.148 |
303.584 |
269.781 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
208.274 |
145.993 |
155.576 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENT |
9.810 |
9.810 |
7.610 |
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DEFERRED TAX ASSETS |
0.000 |
0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
100.193
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63.794
|
39.074 |
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Sundry Debtors |
101.054
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97.113
|
85.019 |
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Cash & Bank Balances |
14.473
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35.504
|
9.105 |
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Other Current Assets |
0.000
|
0.000
|
0.000 |
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Loans & Advances |
17.619
|
22.985
|
26.649 |
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Total
Current Assets |
233.339
|
219.396
|
159.847 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Sundry Creditors |
37.385
|
50.342
|
35.553 |
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Other Current Liabilities |
0.000
|
0.000
|
0.000 |
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Provisions |
17.956
|
21.350
|
17.787 |
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Total
Current Liabilities |
55.341
|
71.692
|
53.340 |
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Net Current Assets |
177.998
|
147.704
|
106.507 |
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MISCELLANEOUS EXPENSES |
0.066 |
0.077 |
0.088 |
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TOTAL |
396.148 |
303.584 |
269.781 |
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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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Income |
696.503 |
598.831 |
NA |
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Other Income |
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TOTAL (A) |
696.503 |
598.831 |
NA |
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Less |
EXPENSES |
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|
613.110 |
535.627 |
NA |
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Administrative Expenses |
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Advertising Expenses |
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TOTAL (B) |
613.110 |
535.627 |
NA |
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Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
83.393 |
63.204 |
NA |
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Less |
INTEREST (D) |
24.672 |
18.553 |
NA |
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PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
58.721 |
44.651 |
NA |
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Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
53.046 |
37.763 |
NA |
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PROFIT BEFORE
TAX (E-F) (G) |
5.675 |
6.888 |
NA |
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Less |
TAX (H) |
0.705 |
1.604 |
NA |
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PROFIT AFTER TAX
(G-H) (I) |
4.970 |
5.284 |
NA |
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|
Earnings Per
Share (Rs.) |
166.00 |
176.00 |
NA |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
PAT / Total Income |
(%) |
0.71
|
0.88 |
NA |
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Return on Total Assets (PBT/Total Assets} |
(%) |
1.29
|
1.89 |
NA |
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Return on Investment (ROI) (PBT/Networth) |
|
0.08
|
0.10 |
NA |
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Debt Equity Ratio (Total Liability/Networth) |
|
5.39 |
4.69
|
7.64 |
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Current Ratio (Current Asset/Current Liability) |
|
4.22 |
3.06
|
3.00 |
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 |
No |
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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 |
No |
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9) Name of person
contacted |
No |
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10) Designation of
contact person |
No |
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11) Turnover of
firm for last two years |
Yes |
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12) Profitability
for last two 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 |
Yes |
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17) Major
suppliers |
No |
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18) Major
customers |
No |
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19) Payments
terms |
No |
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20) Export /
Import details (if applicable) |
No |
|
21) Market
information |
-- |
|
22) Litigations that
the firm / promoter involved in |
-- |
|
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 |
|
30) Major
Shareholders, if available |
Yes |
Bankers Charges
Report as per Registry
|
Corporate
identity number of the company |
U22121TN1987PTC014548 |
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Name of the
company |
MARIS ASSOCIATES PRIVATE LIMITED |
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Address of the
registered office or of the principal place of business in |
168, E-Mail: jtfandco@gmail.com |
|
This form is for |
Creation of charge |
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Type of charge |
Immovable Property |
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Particular of
charge holder |
The Lakshmi Vilas Bank Limited, E-Mail: Tuticorin_bm@lvbank.in |
|
Nature of
description of the instrument creating or modifying the charge |
Term Loan -
purchase of Wind Mill 1250 KW |
|
Date of instrument
Creating the charge |
30.03.2012 |
|
Amount secured by
the charge |
Rs.54.800
millions |
|
Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest: Base rate + 2%
(PER 13%) payable at monthly rest Terms of
Repayment: 84 monthly
installment of Rs.0.652 million each Margin: 15% Extent and
Operation of the charge: Term Loan - Wind
Mill 1250 KW to be purchased out of the term loan at a cost of Rs.64.500
millions |
|
Short particulars
of the property charged |
Land 2 acres at
S.F. No.421/3, Andipalayam Village, Pollachi Taluk, Coimbatore District, and 1250 KW Wind Mill unit erected thereon Industrial land and oil
mill building at RS No.19/1,23/1, D.No.109, 109/1, 109A/2, 109C, 109D, 109F,
109H, 109K, 109T Ettayapuram Road, Tuticorin owned by Mr. MV Subramanian
valued Rs.47.500 millions Personal
guarantors Mr. MV Subramanian, Mr. MV Sivaraman, Mr. S. Sankar Marimuthu and
Mr. M. Srinivas Marimuthu |
FIXED ASSETS:
v
Land
v
Building
v
Furniture and Fittings
v
Office Equipments
v
Vehicles
v
Gets Potamac - Car
v
Circular Looms
v
Generator
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 Twister
v
Transformer
v
Plant
v
Sewing Machine
v
Bus
v
Computers
v
Wind Mill
WEBSITE DETAILS:
PROFILE:
Subject founded in 1987, produces and exports a complete range of
polypropylene woven sacks and FIBCs. With a vertically integrated production
system, Subject has acquired some of the most modern equipment for
manufacturing Paper - PP sandwich bags, circular woven sacks, regular FIBCs,
ventilated FIBCs, and Type C FIBCs.
Unique as they are, Subject is a family owned and managed company, with
the highest levels of professionalism and total commitment to quality,
efficiency, safety, and welfare, and follows the industry's best practices.
Subject consistently meets the highest standards in quality, service and
reliability while still being very competitive. Innovation, improvisation and
perfection define every process and system and are reflected in every product
that rolls out of Subject. Their production line is versatile and is one of
their strengths that enable them to produce any type of bag.
State-of-the-art technology and a motivated work force implementing Total
Quality Management has been their key to success in various markets around the
world.
At Subject, every process is constantly under review for potential
upgradation/ automation and every opportunity is utilised to implement current
proven technologies available across the world. A hands-on approach of their
process has enabled them implement unique modifications even in the most modern
machinery – which were required to meet various quality standards.
Subject also has successfully implemented an ERP system that enables
them to plan, process and track the workflow and efficiencies of various
processes. With dedicated IT personnel and terminals at each processing unit,
the system is constantly updated for real-time monitoring of activities and
status of each job / order. The system enables them to also track every bag to
the operator involved in each stage of its manufacture.
Their in-house R and D department works with each customer, to design
and develop each product for optimum strength, handling ease and handling
safety. A system is in place for understanding the application, simulation of
application, trial production of materials and testing, on approval defining
process of production to specifications, monitoring of production and testing,
all with due interaction and feedback from the customers.
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] 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.54.38 |
|
|
1 |
Rs.86.55 |
|
Euro |
1 |
Rs.69.30 |
INFORMATION DETAILS
|
Report Prepared
by : |
SMN |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
5 |
|
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 |
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 |
YES |
|
--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.