MIRA
INFORM REPORT
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Report Date : |
16.11.2006 |
IDENTIFICATION
DETAILS
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Name : |
INDO –
US MIM TEC PRIVATE LIMITED |
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Formerly Known As : |
AF TECHNOLOGIES (INDIA) PRIVATE LIMITED |
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Registered Office : |
3-6-539/A, Street No. 7, Himayat Nagar, Hyderabad – 500 029, Andhra
Pradesh, India |
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Country : |
India |
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Financials (as on) : |
31.03.2003 |
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Date of Incorporation : |
12.04.1996 |
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Com. Reg. No.: |
01-23794 |
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CIN No.: [Company
Identification No.] |
U28110AP1996PTC023794 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
HYDA01407A |
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Legal Form : |
Private
Limited Liability Company |
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Line of Business : |
Manufacturers,
suppliers, deal undertake, designing, fabricating of Metal Injection Molded (MIM)
parts to various industries in India and abroad. To sell and import metal
injection Molded (MIM) parts and materials. |
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 and Delayed |
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Litigation : |
Clear |
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Comments : |
The
company is engaged in the business as manufacturing and marketing of Metal
Injection Moulded parts of various Shapes required by various industries. Financial
position of the company is unsatisfactory. The company has large accumulated
losses. Payments are reported as slow and delayed. The
company can be considered for business dealings on safe and secured trade
terms and conditions. |
LOCATIONS
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Registered Office : |
3-6-539/A, Street No. 7, Himayat Nagar, Hyderabad – 500 029, Andhra
Pradesh, India |
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Tel. No.: |
91-40-27634967 |
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E-Mail : |
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Administrative
Office: |
294, 7th
Cross, Domlur Layout, Bangalore – 560 071, Karnataka |
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Factory
1 : |
45 (P), KIADB Industrial Area, Hoskote, Bangalore-562114, Karnataka |
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Mobile No.: |
91-9845947783 |
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Fax
No.: |
91-80-27971624 |
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Location : |
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Overseas
Office |
U.S.A. |
DIRECTORS
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Name : |
Mr.
Krishna Chivukulla |
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Designation : |
Chairman |
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Name : |
Mr.
Ajeet Khare |
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Designation : |
Managing Director |
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Name : |
Mrs.
C. L. Sastry |
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Designation : |
Director |
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Name : |
Mr.
Gaurav Swarup |
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Designation : |
Director |
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Name : |
Mr.
Schmid Peter |
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Designation : |
Director |
BUSINESS DETAILS
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Line of Business : |
Manufacturers,
suppliers, deal undertake, designing, fabricating of Metal Injection Molded
(MIM) parts to various industries in India and abroad. To sell and import
metal injection Molded (MIM) parts and materials. |
GENERAL
INFORMATION
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No. of Employees : |
350 |
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Bankers : |
v
Bank
of Baroda Palace Orchards Branch, Bangalore – 560 080, Karnataka v
IDBI
Bank Bangalore, Karnataka |
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Facilities : |
IDBI
Bank - The company enjoys Rupee Loan total sanctioned and availed Rs. 25.000 millions
(outstanding as on 31.03.2003 Rs. 21.250 millions |
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Banking Relations : |
Satisfactory
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Auditors : |
P.
Murali & Company Chartered
Accountant |
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Address: |
6-3-655/2/3,
Somajiguda, Hyderabad – 500 082, Andhra Pradesh |
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Associates/Subsidiaries : |
Ø
Shiva
Analyticals (India) limited, 3-6-539/A, Street No. 7,
Himayat Nagar, Hyderabad – 500 029, Andhra
Pradesh, India. Ø
Shiva
Chemicals Technologies (India) Private Limited, 3-6-539/A, Street No. 7,
Himayat Nagar, Hyderabad – 500 029, Andhra Pradesh, India |
CAPITAL STRUCTURE
Authorised
Capital :
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No.
of Shares |
Type |
Value |
Amount |
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1,10,00,000 |
Equity Shares |
Rs. 10/- each |
Rs. 110.000 millions |
Issued,
Subscribed & Paid-up Capital :
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No.
of Shares |
Type |
Value |
Amount |
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1,08,93,800 |
Equity Shares |
Rs. 10/- each |
Rs. 108.938 millions |
FINANCIAL DATA
[all figures are in Rupees
Millions]
We are
trying to obtain latest financial and a will be sent soon.
ABRIDGED
BALANCE SHEET
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SOURCES OF FUNDS |
31.03.2003 |
31.03.2002 |
31.03.2001 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
108.938 |
108.938 |
108.938 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
0.000 |
2.589 |
0.000 |
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4] (Accumulated Losses) |
(27.622) |
0.000 |
(54.087) |
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NETWORTH |
81.316 |
111.527 |
54.851 |
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LOAN FUNDS |
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1] Secured Loans |
118.382 |
105.904 |
91.699 |
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2] Unsecured Loans |
1.674 |
2.453 |
45.199 |
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TOTAL BORROWING |
120.056 |
108.357 |
136.898 |
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DEFERRED TAX LIABILITIES |
28.466 |
0.000 |
0.000 |
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TOTAL |
229.838 |
219.884 |
191.749 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
151.398 |
160.826 |
165.948 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENT |
0.000 |
0.000 |
0.000 |
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DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
20.518 |
7.085 |
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Sundry Debtors |
48.725 |
50.799 |
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Cash & Bank Balances |
12.687 |
19.221 |
60.454 |
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Other Current Assets |
0.000
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0.000 |
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Loans & Advances |
28.280
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26.720 |
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Total Current Assets |
110.210
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103.825 |
60.454 |
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Less : CURRENT LIABILITIES & PROVISIONS |
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Current Liabilities |
22.269 |
39.486 |
35.009 |
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Provisions |
9.755 |
5.586 |
0.000 |
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Total Current Liabilities |
32.024
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45.072 |
35.009 |
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Net Current Assets |
78.186
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58.753 |
25.445 |
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MISCELLANEOUS EXPENSES |
0.254 |
0.305 |
0.356 |
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TOTAL |
229.838 |
219.884 |
191.749 |
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PROFIT
& LOSS ACCOUNT
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PARTICULARS |
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31.03.2003 |
31.03.2002 |
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Sales Turnover [including other
income] |
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121.947 |
166.814 |
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Profit/(Loss)
Before Tax |
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(0.017) |
0.567 |
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Provision
for Taxation |
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0.000 |
0.000 |
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Profit/(Loss)
After Tax |
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(0.017) |
0.567 |
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Export
Value |
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68.158 |
NA |
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Total
Expenditure |
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123.692 |
110.139 |
KEY
RATIOS
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PARTICULARS |
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31.03.2003 |
31.03.2002 |
31.03.2001 |
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PAT / Total Income |
(%) |
(0.01)
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0.33 |
-- |
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Net
Profit Margin (PBT/Sales) |
(%) |
(0.01)
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0.33 |
-- |
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Return
on Total Assets (PBT/Total
Assets} |
(%) |
(0.01)
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0.21 |
-- |
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Return
on Investment (ROI) (PBT/Networth) |
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(--)
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0.01 |
-- |
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Debt
Equity Ratio (Total
Liability/Networth) |
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1.87
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1.37 |
3.13 |
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Current
Ratio (Current
Asset/Current Liability) |
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3.44 |
2.30 |
1.72 |
LOCAL AGENCY
FURTHER INFORMATION
profile
Subject
is in Bangalore, India produces MIM parts using American know-how. It is a
group Company of Shiva Technologies Inc., USA, the global leader in Ultra Trace
Element Analysis of materials. Shiva Laboratories are located in USA, France
and India.
Indo-US
MIM Tec Private. Limited. has been in operation for over three years. In
addition to capturing 100% of the Indian market for metal injection
molded components, Indo-US MIM Tec has exported significant volumes to
leading companies located in the United States of America, Germany,
France, Italy, Israel, South Africa, Singapore, Malaysia, Czech Republic, Spain
and Japan.
The
company's unique ability to mold components of highly complex geometries with
precision and speed ensures that its customers' large volume requirements
can be met with quality and speed. Also its capability to offer the best
American technology at competitive prices provides a significant advantage to
its customers all over the world.
MIM components are produced at a 40,000 sq. ft, state-of-the-art facility in
Bangalore, India, with engineers trained in USA. The company has a branch
office in Ann Arbor, Michigan to serve the needs of customers in USA and a
customer support office at Brescia, Italy.
It is in
collaboration and buyback with Advanced Forming Technologies Inc., USA on the
outskirts of Bangalore.
USA. It has been in operation for over three years. MIM components are produced in 50,000 Sq Ft. state - of - the - art facility in Bangalore , India. The copmpany unique ability to mold components of highly complex geometries with precision and speed ensures that its customer s' large requirements can be met with quality and speed
Product Description
They manufacture complex shaped metal components as per customer drawing.
Application areas are- Telecommunication,Power tools,Lock Industry,Auto
Industry, Camera parts, Watch Industry, Consumer Industry, Fire Arm Industry,
Sewing Machine Industry.
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
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Currency |
Unit
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Indian Rupees |
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US
Dollar |
1 |
Rs.45.17 |
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UK
Pound |
1 |
Rs.85.24 |
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Euro |
1 |
Rs.57.89 |
RATING EXPLANATIONS
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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>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 |
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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 |
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41-55 |
Ba |
Overall operation is considered normal.
Capable to meet normal commitments. |
Satisfactory |
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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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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 |
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<10 |
C |
Absolute credit risk exists. Caution
needed to be exercised |
Credit not recommended |
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NR |
In view of the lack of information, we
have no basis upon which to recommend credit dealings |
No Rating |
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