|
Report Date : |
05.09.2012 |
IDENTIFICATION DETAILS
|
Name : |
MACHADO SONS PRIVATE LIMITED |
|
|
|
|
Registered
Office : |
Cee Yem Building, Plot No. A1, World Trade Avenue, Port Estate,
Tuticorin-628004, Tamilnadu |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as
on) : |
31.03.2011 |
|
|
|
|
Date of
Incorporation : |
29.06.1992 |
|
|
|
|
Com. Reg. No.: |
18-034686 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs. 0.500 Million |
|
|
|
|
CIN No.: [Company Identification
No.] |
U93090TN1992PTC034686 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
MRIM00806B |
|
|
|
|
PAN No.: [Permanent Account No.] |
AABCM2341J |
|
|
|
|
Legal Form : |
Private Limited Liability Company |
|
|
|
|
Line of Business
: |
The subject is a leading customs house agent in Tuticorin and provides
services for companies around the globe.
|
|
|
|
|
No. of Employees
: |
Not Available |
RATING & COMMENTS
|
MIRA’s Rating : |
Ca (12) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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 |
|
Status : |
Moderate |
|
|
|
|
Payment Behaviour : |
Slow |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is a established company having moderate track. There appear
huge accumulated losses recorded by the company. However, trade relations are
reported to be fair. Business is active. Payments are reported to be slow. The company can be considered for business dealings on a safe and
secured trade terms and condition. Current two years profit and loss account 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 – June 30, 2012
|
Country Name |
Previous Rating (31.03.2012) |
Current Rating (30.06.2012) |
|
India |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
INDIAN ECONOMIC OVERVIEW
India is developing into an open-market economy, yet traces
of its past autarkic policies remain. Economic liberalization, including
industrial deregulation, privatization of state-owned enterprises, and reduced
controls on foreign trade and investment, began in the early 1990s and has
served to accelerate the country's growth, which has averaged more than 7% per
year since 1997. India's diverse economy encompasses traditional village
farming, modern agriculture, handicrafts, a wide range of modern industries,
and a multitude of services. Slightly more than half of the work force is in
agriculture, but services are the major source of economic growth, accounting
for more than half of India's output, with only one-third of its labor force.
India has capitalized on its large educated English-speaking population to
become a major exporter of information technology services and software
workers. In 2010, the Indian economy rebounded robustly from the global
financial crisis - in large part because of strong domestic demand - and growth
exceeded 8% year-on-year in real terms. However, India's economic growth in
2011 slowed because of persistently high inflation and interest rates and
little progress on economic reforms. High international crude prices have
exacerbated the government's fuel subsidy expenditures contributing to a higher
fiscal deficit, and a worsening current account deficit. Little economic reform
took place in 2011 largely due to corruption scandals that have slowed
legislative work. India's medium-term growth outlook is positive due to a young
population and corresponding low dependency ratio, healthy savings and
investment rates, and increasing integration into the global economy. India has
many long-term challenges that it has not yet fully addressed, including
widespread poverty, inadequate physical and social infrastructure, limited
non-agricultural employment opportunities, scarce access to quality basic and
higher education, and accommodating rural-to-urban migration.
|
Source
: CIA |
RBI DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available RBI Defaulters’ list.
EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of
31-03-2012.
LOCATIONS
|
Registered Office : |
Cee Yem Building, Plot No. A1, World Trade Avenue, Port Estate,
Tuticorin-628004, Tamilnadu, India |
|
Tel. No.: |
91-461-2354111 / 222 / 333 |
|
Fax No.: |
91-461-2353444 / 555 |
|
E-Mail : |
|
|
Website : |
|
|
|
|
|
Branch Office : |
Sri Devi House, 2nd Floor, 91, Coral Merchant Street,
Mannady, Chennai-600001, Tamilnadu, India |
|
Tel. No.: |
91-44-25240999 / 24260999 |
|
Fax No.: |
91-44-25210999 |
DIRECTORS
AS ON 28.09.2011
|
Name : |
Mr. Vikrant Machado Stanis |
|
Designation : |
Director |
|
Address : |
106 J/55, 2nd street, Millerpuram, Tuticorin-628008,
Tamilnadu, India |
|
Date of Birth/Age : |
31.12.1963 |
|
Date of Appointment : |
24.10.1998 |
|
DIN No.: |
00939946 |
Other Directorship:
|
S.No. |
CIN/LLPIN |
Name
of the Company/ LLP |
Current
designation of the Director/ Designated Partner |
Date
of appointment at current designation |
Original
date of appointment |
Company/
LLP Status |
Defaulting
status |
|
1 |
U93090TN1992PTC034686 |
MACHADO
SONS PRIVATE LIMITED |
Director |
24/10/1998 |
24/10/1998 |
Active |
NO |
|
2 |
U33111TN1985PLC011520 |
S.E.C.SERVICES
LIMITED |
Director |
27/08/2002 |
27/08/2002 |
Active |
NO |
|
Name : |
Ms. Jovita Fernando |
|
Designation : |
Director |
|
Address : |
106 J/55, 2nd street, Millerpuram, Tuticorin-628008,
Tamilnadu, India |
|
Date of Birth/Age : |
02.08.1965 |
|
Date of Appointment : |
24.10.1998 |
|
DIN No.: |
00939880 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 28.09.2011
|
Names of Shareholders |
No. of Shares |
|
Vikrant Machado Stanis |
4950 |
|
Jovita Fernando |
50 |
|
TOTAL
|
5000 |
AS ON 28.09.2011
|
Equity Shares
Break Up |
Percentage of
Holding |
|
Directors or relatives of Directors |
100.00 |
|
TOTAL |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
The subject is a leading customs house agent in Tuticorin and provides
services for companies around the globe.
|
GENERAL INFORMATION
|
No. of Employees : |
Not Available |
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Bankers : |
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Facilities : |
|
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
Bala and Company Chartered Accountant |
|
Address : |
New No.73, Old No.37, Padmanaba Nagar, 5th Street, Adyar,
Chennai-600020, Tamilnadu, India |
|
PAN No.: |
AAAFB0440R |
CAPITAL STRUCTURE
AS ON 31.03.2011
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
5000 |
Equity Shares |
Rs.100/- each |
Rs. 0.500 Million |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
5000 |
Equity Shares |
Rs.100/- each |
Rs. 0.500 Million |
|
|
|
|
|
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 |
0.500 |
0.500 |
0.500 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
0.000 |
9.866 |
14.737 |
|
|
4] (Accumulated Losses) |
(2.356) |
0.000 |
0.000 |
|
|
NETWORTH |
(1.856) |
10.366 |
15.237 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
88.107 |
75.365 |
59.666 |
|
|
2] Unsecured Loans |
0.000 |
0.027 |
0.280 |
|
|
TOTAL BORROWING |
88.107 |
75.392 |
59.946 |
|
|
DEFERRED TAX LIABILITIES |
0.243 |
1.536 |
2.505 |
|
|
|
|
|
|
|
|
TOTAL |
86.494 |
87.294 |
77.688 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
49.577 |
51.062 |
54.068 |
|
|
Capital work-in-progress |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
INVESTMENT |
0.000 |
0.000 |
0.000 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
0.276
|
0.540 |
0.486 |
|
|
Sundry Debtors |
28.943
|
33.349 |
24.868 |
|
|
Cash & Bank Balances |
0.000
|
0.000 |
0.000 |
|
|
Other Current Assets |
0.000
|
0.000 |
0.000 |
|
|
Loans & Advances |
17.880
|
15.443 |
11.600 |
|
Total
Current Assets |
47.099
|
49.332 |
36.954 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
10.064
|
11.865 |
11.859 |
|
|
Other Current Liabilities |
0.000
|
0.000 |
0.000 |
|
|
Provisions |
0.118
|
1.235 |
1.475 |
|
Total
Current Liabilities |
10.182
|
13.100 |
13.334 |
|
|
Net Current Assets |
36.917
|
36.232 |
23.620 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
86.494 |
87.294 |
77.688 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
|
|
31.03.2009 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
|
|
NA |
|
|
|
Other Income |
|
|
NA |
|
|
|
TOTAL |
|
|
NA |
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX |
|
|
4.152 |
|
|
|
|
|
|
|
|
|
Less |
TAX |
|
|
0.500 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
|
|
|
3.652 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
|
|
730.40 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
Return on Total Assets (PBT/Total Assets} |
(%) |
NA
|
NA |
4.56 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
NA
|
NA |
0.27 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
(53.08)
|
8.68 |
4.97 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
4.63
|
3.77 |
2.77 |
LOCAL AGENCY FURTHER INFORMATION
|
Sr. No. |
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 |
|
7] |
Promoter's background |
Yes |
|
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
one years |
Yes |
|
13] |
Reasons for variation
<> 20% |
----- |
|
14] |
Estimation for coming financial
year |
No |
|
15] |
Capital in the business |
Yes |
|
16] |
Details of sister
concerns |
No |
|
17] |
Major suppliers |
No |
|
18] |
Major customers |
No |
|
19] |
Payments terms |
No |
|
20] |
Export / Import details
(if applicable) |
No |
|
21] |
Market information |
----- |
|
22] |
Litigations that the firm
/ promoter involved in |
----- |
|
23] |
Banking Details |
Yes |
|
24] |
Banking facility details |
Yes |
|
25] |
Conduct of the banking
account |
----- |
|
26] |
Buyer visit details |
----- |
|
27] |
Financials, if provided |
Yes |
|
28] |
Incorporation details, if
applicable |
Yes |
|
29] |
Last accounts filed at
ROC |
Yes |
|
30] |
Major Shareholders, if
available |
Yes |
|
31] |
Date
of Birth of Proprietor/Partner/Director, if available |
Yes |
|
32] |
PAN of
Proprietor/Partner/Director, if available |
No |
|
33] |
Voter ID No of
Proprietor/Partner/Director, if available |
No |
|
34] |
External
Agency Rating, if available |
No |
BACKGROUND
Subject was incorporated on 29th June 1992 as a private limited
company under the Companies Act, 1956. The company is a leading customs house
agent in Tuticorin and provides services for companies around the globe.
FORM 8
|
Corporate
identity number of the company |
U93090TN1992PTC034686 |
|
Name of the company
|
MACHADO SONS
PRIVATE LIMITED |
|
Address of the
registered office or of the principal place of business in |
Cee Yem Building, Plot No. A1, World Trade Avenue, Port Estate, Tuticorin-628004, Tamilnadu, India |
|
This form is for |
Modification of
charge |
|
Charge
identification number of the charge to be modified |
90325038 |
|
Type of charge |
|
|
Particular of
charge holder |
Bank of India, 58, Balavinayagan Koil Street, Tuticorin-628002,
Tamilnadu, India |
|
Nature of
instrument creating charge |
Supplemental
Agreement |
|
Date of
instrument Creating the charge |
19.03.2010 |
|
Amount secured by
the charge |
Rs. Millions |
|
Brief of the
principal terms an conditions and extent and operation of the charge |
Rate of interest Floating Prime
Lending Rate as applicable from time to time - current effective rate is
12.00% p.a. with monthly interest Terms of repayment Repayable on Demand Margin 40% Extent and operation of the charge That the borrower
shall not, during the continuance of this agreement of Hypothecation or
otherwise, charge or encumber any of the assets for the time being the subject
or indented to be the subject of the security nor do or permit any act
whereby the security herein before expressed to be given to the bank shall be
any way prejudicially affected. Interest shall be payable at Monthly rest. Other The company has availed
the limit for working capital |
|
Short particulars
of the property charged (Including location of the property) |
Hypothecation of
the movable assets of the Company including receivables Extension of
equitable mortgage of company's immovable properties situate in Maravanmadam
Village, Tuticorin - Survey No.138/2C, extent 1.82951 acres with building and
fixtures Extension of
equitable mortgage of company's immovable properties situate in Maravanmadam
Village, Tuticorin - Survey No.138/2C, extent 1.98 acres Extension of
equitable mortgage of company's immovable properties situate in Millerpuram,
Tuticorin - Town Survey No. C Block 19, Plot No.4,5 and 6, extent 14.46 cents Equitable
Mortgage(fresh) of Maravanmadam Village, Tuticorin - Survey No.144/3C, extent
60 cents |
|
Date of
instrument modifying the charge |
12.12.2008 |
|
Particulars of
the present modification |
1. The Company
has availed the enhanced Cash Credit Limit-I of Rs.15.000 Millions (prior Rs.8.500
Millions thus an increase to the tune of Rs.6.500 Millions) 2. The Company
has availed the enhanced Cash Credit Limit-II of Rs.10.000 Millions (prior
Rs.6.500 Millions thus an increase to the tune of Rs.3.500 Millions) Total Charge is
enhanced to Rs.25.000 Millions with the existing securities |
FIXED ASSETS
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 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. 55.53 |
|
|
1 |
Rs. 88.23 |
|
Euro |
1 |
Rs. 70.01 |
INFORMATION DETAILS
|
Report Prepared
by : |
DPT |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
2 |
|
PAID-UP CAPITAL |
1~10 |
2 |
|
OPERATING SCALE |
1~10 |
2 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
1 |
|
--PROFITABILIRY |
1~10 |
1 |
|
--LIQUIDITY |
1~10 |
1 |
|
--LEVERAGE |
1~10 |
1 |
|
--RESERVES |
1~10 |
1 |
|
--CREDIT LINES |
1~10 |
1 |
|
--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 |
|
12 |
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.