MIRA INFORM REPORT
|
Report No. : |
306168 |
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Report Date : |
10.02.2015 |
IDENTIFICATION DETAILS
|
Name : |
KANNAPPAN
ALLOY AND STEEL COMPANY PRIVATE LIMITED (w.e.f. 08.01.2014) |
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Formerly Known
As : |
ADHISHREE
ALLOYS INDIA PRIVATE LIMITED (w.e.f. 16.02.2010) ADHISHREE
ALLOYS PRIVATE LIMITED |
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Registered
Office : |
9/110, Kalidas Road,
Ramnagar, Coimbatore – 641 009, Tamilnadu |
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Country : |
India |
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Financials (as
on) : |
31.03.2013 |
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Date of
Incorporation : |
15.01.2010 |
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Com. Reg. No.: |
18-015756 |
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Capital
Investment / Paid-up Capital : |
Rs.10.000 millions |
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CIN No.: [Company Identification
No.] |
U27310TZ2010PTC015756 |
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IEC No.: |
Not Available |
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TAN No.: [Tax Deduction &
Collection Account No.] |
CHBK05233E |
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PAN No.: [Permanent Account No.] |
AADCK3123G |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Subject
is engaged in the business of manufacturing of steel ingots, sponge iron, and
all types of steel. |
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No. of Employees
: |
Not Available |
RATING & COMMENTS
|
MIRA’s Rating : |
B (26) |
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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 62000 |
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Status : |
Yet to commence its commercial activities |
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Payment Behaviour : |
Unknown |
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Litigation : |
Clear |
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Comments : |
Subject is a company which is yet to commence its commercial
activities, as per financials of 2013 (2012-13). Management of the company has failed to file its financials with
Government Department for year 2013-14. Mr. Prabhakaran (Accountant) claims that commercial activity of the
company has started from June 2014. However, trade relation seems to be fair. Business is active. Payment
terms are reported to be unknown. The company can be considered for business dealings with great
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 – December 31, 2014
|
Country Name |
Previous Rating (30.09.2014) |
Current Rating (31.12.2014) |
|
India |
A1 |
A1 |
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Risk Category |
ECGC
Classification |
|
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 |
EXTERNAL AGENCY RATING
NOT AVAILABLE
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
31-03-2014.
LOCATIONS
|
Registered Office : |
9/110, Kalidas Road, Ramnagar,
Coimbatore – 641 009, Tamilnadu, India |
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Tel. No.: |
Not Available |
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Fax No.: |
Not Available |
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E-Mail : |
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Administrative Office : |
9/111, Kalidas Road,
Ramnagar, Coimbatore – 641 009, Tamilnadu, India |
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Tel. No.: |
91-422-2231433/ 533/ 633 |
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Fax No.: |
91-422-2233126 |
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Factory : |
SF No.262, Mekru Thottam, Karadivavi Road, Anupatti Post, Palladam TK,
Tirupur – 641 664, Tamilnadu, India |
DIRECTORS
AS ON 25.07.2013
|
Name : |
Thirumalaiswamy Kannappan |
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Designation : |
Managing director |
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Address : |
27, Sir Shanmugam Road, R S Puram,
Coimbatore – 641 002, Tamilnadu, India |
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Date of Birth/Age : |
12.04.1956 |
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Date of Appointment : |
15.11.2013 |
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DIN No. : |
00098412 |
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Other Directorship :
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Name : |
Pushpavalli |
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Designation : |
Director |
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Address : |
27, Sir Shanmugam Road, R S Puram,
Coimbatore – 641 002, Tamilnadu, India |
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Date of Birth/Age : |
19.05.1959 |
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Date of Appointment : |
15.11.2013 |
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DIN No. : |
00098437 |
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Other Directorship :
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Name : |
Kannappan Pushpavalli Thirumalai Raj |
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Designation : |
Director |
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Address : |
27, Sir Shanmugam Road, R S Puram,
Coimbatore – 641 002, Tamilnadu, India |
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Date of Birth/Age : |
08.04.1980 |
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Date of Appointment : |
15.11.2013 |
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DIN No. : |
00166725 |
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Other Directorship :
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MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 25.07.2013
|
Names of Shareholders |
No. of Shares |
Percentage of
holding |
|
Sangapillai Thangavelu |
63000 |
63.00 |
|
Thangavelu Kalaivani |
37000 |
37.00 |
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Total |
100000 |
100.00 |
AS ON 25.07.2013
Equity Share Break up (Percentage of Total Equity)
|
Category |
Percentage of Holding |
|
Directors or relatives of Directors |
100.00 |
BUSINESS DETAILS
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Line of Business : |
Subject
is engaged in the business of manufacturing of steel ingots, sponge iron, and
all types of steel. |
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Products : |
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Brand Names : |
Not Available |
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Agencies Held : |
Not Available |
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Exports : |
Not Available |
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Imports : |
Not Available |
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Terms : |
Not Available |
PRODUCTION STATUS –
NOT AVAILABLE
GENERAL INFORMATION
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Suppliers : |
·
Ankit Equipments (Private) Limited ·
Cheran Hardwares ·
Emax Inc ·
Hasthas Scientific Instruments ·
Powerline Electricals ·
Prahalath Steel Corporation ·
Sri Selva Vinayaga Traders ·
Suyash Solutions Private Limited |
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Customers : |
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No. of Employees : |
Not Available |
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Bankers : |
·
State Bank of Hyderabad, 1028, United India Building, Avinashi Road,
Coimbatore – 641 018, Tamilnadu, India ·
Canara Bank |
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Facilities : |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
Jayachandran and Company Chartered Accountants |
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Address : |
No.5/2, KMS Building, 2nd Floor, Federal Bank Upstairs, Kavundampalayam, Coimbatore – 641 030, Tamilnadu, India |
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Tel. No.: |
91-422-4502167 |
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E-Mail : |
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PAN
No.: |
AAGFJ8039A |
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Memberships : |
Not Available |
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Collaborators : |
Not Available |
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Group of Companies : |
·
Kannappan and Co - Coimbatore ·
Kannappan Iron Traders - Coimbatore ·
Kannappan Iron and Steel Company Private
Limited - Coimbatore and Karikkal ·
Kannappan Iron and Steel Company Private
Limited Unit - II Coimbatore ·
Kannappan Textile Mill Private
Limited - Madurai and Coimbatore ·
Thirumalaiswamy Rolling Mill -
Tanjore, Coimbatore ·
Hotel KP Park Inn Privale Limited (3 Star
Hotel) - Coimbatore ·
Lehanaa Enterprises Private Limited -
Coimbatore, ·
Kannappan Wind Farms - Tenkasi and
Coimbatore. |
CAPITAL STRUCTURE
AS ON 25.07.2013
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
100000 |
Equity Shares |
Rs.100/- each |
Rs.10.000 millions |
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Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
100000 |
Equity Shares |
Rs.100/- each |
Rs.10.000 millions |
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FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
I.
EQUITY
AND LIABILITIES |
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(1)
Shareholders' Funds |
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(a) Share Capital |
10.000 |
10.000 |
0.500 |
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(b) Reserves & Surplus |
0.000 |
0.000 |
0.000 |
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(c) Money
received against share warrants |
0.000 |
0.000 |
0.000 |
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(2)
Share Application money pending allotment |
11.700 |
15.974 |
10.818 |
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Total
Shareholders’ Funds (1) + (2) |
21.700 |
25.974 |
11.318 |
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(3) Non-Current
Liabilities |
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(a) Long-term borrowings |
41.133 |
26.145 |
1.000 |
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(b) Deferred tax liabilities (Net) |
0.000 |
0.000 |
0.000 |
|
(c) Other long term
liabilities |
0.000 |
0.000 |
0.000 |
|
(d) Long-term
provisions |
0.000 |
0.000 |
0.000 |
|
Total Non-current
Liabilities (3) |
41.133 |
26.145 |
1.000 |
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(4) Current Liabilities |
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(a) Short
term borrowings |
23.040 |
0.000 |
0.000 |
|
(b) Trade
payables |
5.819 |
2.095 |
4.509 |
|
(c) Other
current liabilities |
0.001 |
0.001 |
0.000 |
|
(d) Short-term
provisions |
0.034 |
0.000 |
0.000 |
|
Total Current
Liabilities (4) |
28.894 |
2.096 |
4.509 |
|
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TOTAL |
91.727 |
54.215 |
16.827 |
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II.
ASSETS |
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(1) Non-current assets |
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(a) Fixed Assets |
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(i)
Tangible assets |
39.718 |
16.673 |
2.037 |
|
(ii)
Intangible Assets |
0.000 |
0.000 |
0.000 |
|
(iii) Capital
work-in-progress |
21.851 |
20.921 |
12.527 |
|
(iv)
Intangible assets under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current Investments |
0.000 |
0.000 |
0.000 |
|
(c) Deferred tax assets (net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
22.353 |
7.656 |
0.000 |
|
(e) Other
Non-current assets |
4.458 |
3.843 |
0.607 |
|
Total Non-Current
Assets |
88.380 |
49.093 |
15.171 |
|
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(2) Current assets |
|
|
|
|
(a)
Current investments |
0.000 |
0.000 |
0.000 |
|
(b)
Inventories |
0.000 |
0.000 |
0.000 |
|
(c) Trade
receivables |
0.250 |
0.251 |
0.100 |
|
(d) Cash
and cash equivalents |
0.049 |
0.269 |
0.040 |
|
(e)
Short-term loans and advances |
3.048 |
4.602 |
0.000 |
|
(f) Other
current assets |
0.000 |
0.000 |
1.516 |
|
Total
Current Assets |
3.347 |
5.122 |
1.656 |
|
|
|
|
|
|
TOTAL |
91.727 |
54.215 |
16.827 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
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|
SALES |
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Revenue from operations |
0.000 |
0.000 |
0.000 |
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Other Income |
0.000 |
0.000 |
0.000 |
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TOTAL |
0.000 |
0.000 |
0.000 |
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|
Less |
EXPENSES |
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|
TOTAL |
0.000 |
0.000 |
0.000 |
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PROFIT/
(LOSS) BEFORE INTEREST, TAX,
DEPRECIATION AND AMORTISATION |
0.000 |
0.000 |
0.000 |
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|
Less |
FINANCIAL
EXPENSES |
0.000 |
0.000 |
0.000 |
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|
PROFIT / (LOSS) BEFORE
TAX, DEPRECIATION AND AMORTISATION |
0.000 |
0.000 |
0.000 |
|
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|
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|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION |
0.000 |
0.000 |
0.000 |
|
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|
|
|
|
|
PROFIT/
(LOSS) BEFORE TAX |
0.000 |
0.000 |
0.000 |
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|
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|
Less |
TAX |
0.000 |
0.000 |
0.000 |
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|
|
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|
PROFIT/
(LOSS) AFTER TAX |
0.000 |
0.000 |
0.000 |
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|
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|
|
|
|
Earnings /
(Loss) Per Share (Rs.) |
0.00 |
0.00 |
0.00 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
Net Profit Margin (PAT/Sales) |
(%) |
0.00 |
0.00 |
0.00 |
|
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|
|
|
|
|
Operating Profit Margin (PBDIT/ Sales) |
(%) |
0.00 |
0.00 |
0.00 |
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|
Return on Total Assets (PBT/Total Assets} |
(%) |
0.00 |
0.00 |
0.00 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.00 |
0.00 |
0.00 |
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|
Debt Equity Ratio (Total Debt/Networth) |
|
2.96 |
1.01 |
0.09 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
0.12 |
2.44 |
0.37 |
FINANCIAL ANALYSIS
[all figures are
in Rupees Millions]
DEBT EQUITY RATIO
|
Particular |
31.03.2011 |
31.03.2012 |
31.03.2013 |
|
|
(INR in Mlns.) |
(INR in Mlns.) |
(INR in Mlns.) |
|
Share Capital |
0.500 |
10.000 |
10.000 |
|
Reserves & Surplus |
0.000 |
0.000 |
0.000 |
|
Money received against
share warrants |
0.000 |
0.000 |
0.000 |
|
Share Application money
pending allotment |
10.818 |
15.974 |
11.700 |
|
Net worth |
11.318 |
25.974 |
21.700 |
|
|
|
|
|
|
Long Term borrowings |
1.000 |
26.145 |
41.133 |
|
Short Term borrowings |
0.000 |
0.000 |
23.040 |
|
Total borrowings |
1.000 |
26.145 |
64.173 |
|
Debt/Equity ratio |
0.088 |
1.007 |
2.957 |
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 |
Yes |
|
11] |
Turnover of firm for last
three years |
Yes |
|
12] |
Profitability for last
three 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 |
Yes |
|
17] |
Major suppliers |
Yes |
|
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 |
No |
|
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 |
Note:
The registered office of the company has been shifted from Site No.15, First ST,
Balamurugan Nagar, MKP Colony, Ganapathy, Coimbatore – 641 006, Tamilnadu to
the present address w.e.f. 11.02.2014.
FINANCIAL RESULTS:
The company is in the process of construction of factory and setting up
of Plant and Machinery and hence it has not commenced its commercial activity
and hence there are no sales during the year.
UNSECURED LOANS
|
PARTICULAR |
31.03.2013 (Rs.
In Millions) |
31.03.2012 (Rs.
In Millions) |
|
LONG TERM
BORROWINGS |
|
|
|
Loans
and Advances From Related Parties |
13.897 |
5.190 |
|
Total |
13.897 |
5.190 |
INDEX OF CHARGES
|
S. No. |
Charge ID |
Date of Charge
Creation/Modification |
Charge amount secured |
Charge Holder |
Address |
Service Request Number
(SRN) |
|
1 |
10503111 |
27/08/2014 * |
240,000,000.00 |
STATE BANK OF HYDERABAD |
1028 , UNITED INDIA
BUILDING, AVINASHI ROAD, COIMBATORE, TAMILNADU - 641018, INDIA |
C22349419 |
* Date of charge modification
FIXED ASSETS
·
Land
·
Plant and Machinery
·
Building Under Construction
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 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.62.14 |
|
|
1 |
Rs.94.79 |
|
Euro |
1 |
Rs.70.38 |
INFORMATION DETAILS
|
Analysis Done by
: |
SUM |
|
|
|
|
Report Prepared
by : |
SMN |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
4 |
|
PAID-UP CAPITAL |
1~10 |
4 |
|
OPERATING SCALE |
1~10 |
3 |
|
FINANCIAL
CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
4 |
|
-- PROFITABILITY |
1~10 |
3 |
|
--LIQUIDITY |
1~10 |
2 |
|
--LEVERAGE |
1~10 |
2 |
|
--RESERVES |
1~10 |
1 |
|
--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 |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
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.