MIRA
INFORM REPORT
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Report Date : |
08-11-2006 |
IDENTIFICATION
DETAILS
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Name : |
SERENDIP
ASSOCIATES PRIVATE LIMITED |
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Registered Office : |
B –
111, 3rd State, Peenya Industrial Area, Bangalore – 560058,
Karnataka |
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Country : |
India |
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Financials (as on) : |
31.03.2005 |
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Date of Incorporation : |
21.08.2002 |
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Com. Reg. No.: |
08-30910 |
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CIN No.: [Company
Identification No.] |
U51506KA2002PTC030910 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
BLRS14142C |
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Legal Form : |
Private
Limited Liability Company. |
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Line of Business : |
Manufacturers
of Defence Grade Shelters and Allied Products. |
RATING & COMMENTS
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MIRA’s Rating : |
B |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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26-40 |
B |
Unfavourable & favourable factors
carry similar weight in credit consideration. Capability to overcome
financial difficulties seems comparatively below average/normal. |
Small |
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Maximum Credit Limit : |
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Status : |
Moderate
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Payment Behaviour : |
Slow
but correct |
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Litigation : |
Clear |
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Comments : |
Subject
is a well established company having moderate track records. Trade relations
are fair. General financial position is satisfactory. Profit margin is under
severe pressure. Payments are reported as slow but correct. The
company can be considered for small to mediocre business dealings at usual
trade terms and conditions. |
LOCATIONS
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Registered Office / Factory : |
B –
111, 3rd State, Peenya Industrial Area, Bangalore – 560058,
Karnataka, India |
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Tel. No.: |
91-80-28362692
/ 28362506 |
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Fax No.: |
91-80-28362692
/ 28362506 |
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E-Mail : |
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Website : |
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Area : |
600
sq. ft. [Factory : 15000 Sq. ft.] |
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Location : |
Owned |
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Factory
: |
Located
at : Kumbalgod,
Mysore |
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Area : |
63000
sq. ft. |
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Location : |
Owned |
DIRECTORS
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Name : |
Mr. K.
L. Ramesh |
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Designation : |
Director
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Name : |
Mr. K.
R. Shashi Kumar |
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Designation : |
Director
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Name : |
Ms.
Vimala Ramesh |
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Designation : |
Director
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MAJOR SHAREHOLDERS
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Names
of Shareholders |
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No. of Shares |
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Mr. K.
L. Ramesh |
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150000 |
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Mr. K.
R. Shashi Kumar |
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100000 |
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Mr. K.
R. Ravi |
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100000 |
BUSINESS DETAILS
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Line of Business : |
Manufacturers
of Defence Grade Shelters and Allied Products. |
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Products : |
Defence
Grade Shelters and Allied Products. |
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Imports from : |
Europe
and Israel |
GENERAL
INFORMATION
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Suppliers : |
Hindalco
Industries Limited, India |
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Customers : |
v
BEL,
Bangalore v
BEML,
Bangalore |
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No. of Employees : |
40 |
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Bankers : |
UCO
Bank, Peenya,
Bangalore - 560058 |
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Banking Relations : |
Satisfactory
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Auditors : |
Chartered Accountants Bangalore
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Associates/Subsidiaries : |
Serendip
Engineering Private Limited |
CAPITAL STRUCTURE
Authorised
Capital :
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No.
of Shares |
Type |
Value |
Amount |
|
1000000 |
Equity
Shares |
Rs. 10/- each |
Rs. 10.000 Millions |
Issued,
Subscribed & Paid-up Capital :
|
No.
of Shares |
Type |
Value |
Amount |
|
1000000 |
Equity
Shares |
Rs. 10/- each |
Rs. 10.000 Millions |
FINANCIAL DATA
[all figures are in Rupees
Millions]
ABRIDGED
BALANCE SHEET
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SOURCES OF FUNDS |
|
31.03.2005 |
31.03.2004 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
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5.000 |
5.000 |
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2] Share Application Money |
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2.000 |
0.000 |
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3] Reserves & Surplus |
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0.648 |
[0.148] |
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4] (Accumulated Losses) |
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0.000 |
0.000 |
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NETWORTH |
|
7.648 |
4.852 |
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LOAN FUNDS |
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1] Secured Loans |
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10.061 |
7.805 |
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2] Unsecured Loans |
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1.334 |
0.000 |
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TOTAL BORROWING |
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11.395 |
7.805 |
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DEFERRED TAX LIABILITIES |
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0.025 |
0.028 |
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TOTAL |
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19.068 |
12.685 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
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6.932 |
7.486 |
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Capital work-in-progress |
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0.000 |
0.000 |
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INVESTMENT |
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1.236 |
1.236 |
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DEFERREX TAX ASSETS |
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0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
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0.000 |
0.000 |
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Sundry Debtors |
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0.000 |
0.000 |
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Cash & Bank Balances |
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0.000 |
0.000 |
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Other Current Assets |
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0.000 |
0.000 |
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Loans & Advances |
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17.745 |
16.031 |
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Total Current Assets |
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17.745 |
16.031 |
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Less : CURRENT LIABILITIES & PROVISIONS |
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Current Liabilities |
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6.922 |
12.163 |
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Provisions |
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Total Current Liabilities |
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6.922 |
12.163 |
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Net Current Assets |
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10.823 |
3.868 |
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MISCELLANEOUS EXPENSES |
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0.077 |
0.095 |
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TOTAL |
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19.068 |
12.685 |
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PROFIT
& LOSS ACCOUNT
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PARTICULARS |
|
31.03.2005 |
31.03.2004 |
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Sales Turnover [including other income] |
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33.694 |
18.583 |
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Profit/(Loss)
Before Tax |
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0.879 |
[0.120] |
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Provision
for Taxation |
|
0.083 |
0.028 |
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Profit/(Loss)
After Tax |
|
0.796 |
[0.148] |
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Import
Value |
|
0.584 |
1.735 |
KEY
RATIOS
|
PARTICULARS |
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|
31.03.2005 |
31.03.2004 |
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PAT / Total Income |
(%) |
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2.36 |
[0.80] |
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Net
Profit Margin (PBT/Sales) |
(%) |
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0.61 |
[0.65] |
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Return
on Total Assets (PBT/Total
Assets} |
(%) |
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3.56 |
[0.50] |
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Return
on Investment (ROI) (PBT/Networth) |
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0.11 |
[0.02] |
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Debt
Equity Ratio (Total
Liability/Networth) |
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2.40 |
4.12 |
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Current
Ratio (Current
Asset/Current Liability) |
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2.56 |
1.32 |
LOCAL AGENCY
FURTHER INFORMATION
They
take pleasure in introducing their selves as an industrial unit situated in
Bangalore, India. They have set up facilities for the manufacture of Defence
Grade Shelters used for housing field electronic equipments of
Radar/Communication and Missile projects. Since the inception of their unit in
1991, they have successfully designed, fabricated, tested and supplied a
variety of shelters for a number of defence/civilian applications. Till date
they have supplied in excess of 450 Shelters to the Indian Defence.
Their
shelters have undergone various performance and reliability tests at National
Center for Automotive Testing at one of the defence test site and they have
withstood all the tests. Their shelters have since been introduced into the
Army and Air Force wings of Indian Defence.
An
association with Serendip Associates Private Limited, offers the following attributes of excellence:
Trust :
Serendip Associates Private Limited remains a friendly, family owned, customer-sensitive company as
compared to a detached, share-holder owned, impersonal organization.
Dependability
:
They have not diversified from their core business i.e Design, fabrication,
testing and supply of Defence Grade Shelters, since they made their first
shelter In 1991.
Innovation
:
They
keep abreast with the latest developments in the field of shelter technology.
Listening:
They listen to what their customers say because many of their best ideas come
from them. Prior to telling their customers, what they think they need, they
ask them through detailed interviews and questionnaires exactly what they want
in order to avoid :
v
Poorly
engineered designs.
v
Costly
"learning curve mistakes".
v
Failure
to properly interpret customer's requirements ,which can all cause a mobile
system to fail miserably.
Problem
Solving :
They
respond with a "sense of urgency" to problems in design, in
construction, or in the field - anywhere, anytime, any situation.
Craftmanship
:
All their shelters are made to order, according to customer's requirements. A
visit to their factory will confirm that there is no assembly line and hence no
commodity approach to manufacturing.
After
Sales Service :
They
involve with the product from 'womb to tomb'. Their mobile team is trained in
carrying out field repairs/modifications in a short notice.
Visitors
From Foreign Companies.
They
have successfully indigenized Flycatcher Radar Shelters.
They
have designed, fabricated and supplied aluminum sandwich paneled shelters to
M/s Bharat Electronics Limited, Hyderabad for installing equipment's of Direction
Finding System PA055. As M/s Bharat Electronics Limited Hyderabad had
collaboration with Rodhe & Schwarze, Germany. Mr Jorg Pfeifer, Project
Manager visited their unit to check the dimensional & functional adequacy
of the shelter before clearing for further work.
Oerlikon
Contraves Defence, Zurich, Switzerland recognized their expertise in the field
of design of Shelters and they were engaged in interactive design &
development of a State of Art ISO Shelter adopting PALLET construction
practice, for use in their project SKYSHIELD 35 RADAR SYSTEM. This Shelter is
dimensionally equivalent to ISO Series 1 Freight Container 1DX.
CMT REPORT [Corruption, Money
laundering & Terrorism]
The
Public Notice information has been collected from various sources including but
not limited to: The Courts, India Prisons Service, Interpol, etc.
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.44.68 |
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UK
Pound |
1 |
Rs.85.17 |
|
Euro |
1 |
Rs.57.07 |
SCORE &
RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
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HISTORY |
1~10 |
6 |
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PAID-UP CAPITAL |
1~10 |
5 |
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OPERATING SCALE |
1~10 |
4 |
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FINANCIAL CONDITION |
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|
--BUSINESS SCALE |
1~10 |
4 |
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--PROFITABILIRY |
1~10 |
4 |
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--LIQUIDITY |
1~10 |
4 |
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--LEVERAGE |
1~10 |
4 |
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--RESERVES |
1~10 |
4 |
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--CREDIT LINES |
1~10 |
4 |
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--MARGINS |
-5~5 |
- |
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DEMERIT POINTS |
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--BANK CHARGES |
YES/NO |
YES |
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--LITIGATION |
YES/NO |
NO |
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--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
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MERIT POINTS |
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--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
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--EXPORT ACTIVITIES |
YES/NO |
YES |
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--AFFILIATION |
YES/NO |
YES |
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--LISTED |
YES/NO |
NO |
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--OTHER MERIT FACTORS |
YES/NO |
YES |
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TOTAL |
|
40 |
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 |
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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 |
Unfavourable & favourable factors
carry similar weight in credit consideration. Capability to overcome
financial difficulties seems comparatively below average/normal. |
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 |
|
NR |
In view of the lack of information, we
have no basis upon which to recommend credit dealings |
No Rating |
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