MIRA
INFORM REPORT
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Report Date : |
30.03.2007 |
IDENTIFICATION
DETAILS
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Name : |
TYCO FIRE AND SECURITY INDIA PRIVATE LIMITED |
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Registered Office : |
Tirumal Tech Park 2nd Floor, Dodenakundi Industrial Area, Phase
II, Bangalore:560048, Karnataka |
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Country : |
India |
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Financials (as on) : |
31.03.2005 |
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Date of Incorporation : |
05.04.1991 |
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Com. Reg. No.: |
08-037495 |
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CIN No.: [Company
Identification No.] |
U05190KA1991PTC037495 |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Manufacturer and Importer of Fire Security Equipments and Panels |
RATING &
COMMENTS
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MIRA’s Rating : |
Ca |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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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Maximum Credit Limit : |
USD 210000 |
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Status : |
Moderate |
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Payment Behaviour : |
Slow |
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Litigation : |
Clear |
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Comments : |
Subject is an old and established company having moderate track.
Company profitability is under sever pressure. It has some accumulated losses.
Payments are reported as slow but correct. The company can be c considered normal for small business dealings at
usual trade terms and conditions with slight caution initially. |
LOCATIONS
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Registered Office : |
Tirumala Techpark 2nd floor,
Dodenakundi, Indl Area Phase II, Bangalore:560048 Karnataka, India |
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Tel. No.: |
91-80-51990990 |
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Fax No.: |
91-80-51163329 |
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E-Mail : |
DIRECTORS
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Name : |
R K Raman |
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Designation : |
Director |
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Address : |
12/29, Satyalaxmi co-op Hsg. Society, Pestom Sagar, Chembur,
Mumbai:400089 |
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Date of Birth/Age : |
29.05.1955 |
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Date of Appointment : |
01.09.2003 |
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Name : |
B Indira |
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Designation : |
Director |
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Address : |
Prestige Langleigh 304, Phase-I III Floor
Ecc Road, Whitefield Bangalore:560066 Karnataka |
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Date of Birth/Age : |
09.08.1968 |
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Date of Appointment : |
17.05.2004 |
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Name : |
Mark Barry |
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Designation : |
Director |
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Address : |
#26 Ang Mo Kio Industrial Park Level 1, Singapore:569597 |
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Date of Birth/Age : |
16.07.1961 |
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Date of Appointment : |
17.05.2004 |
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Name : |
Jonathan Chou |
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Designation : |
Director |
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Address : |
#26 Ang Mo Kio Industrial Park Level 1, Singapore:569597 |
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Date of Birth/Age : |
03.08.1964 |
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Date of Appointment : |
17.05.2004 |
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Name : |
Rita Hira Chaudhri |
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Designation : |
Director |
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Address : |
Tirumalatechpark IIfloor Plot 27, 1st Cross Dodenakundi
Indl area II phase white field Road, Bangalore:560048, Karnataka |
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Date of Birth/Age : |
02.05.1953 |
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Date of Appointment : |
29.09.2005 |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
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Names of Shareholders |
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No. of Shares |
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Tyco Asia Investments Limited |
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37218367 |
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R K Raman |
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01 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer and Importer of Fire Security Equipments and Panels |
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GENERAL
INFORMATION
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No. of Employees : |
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Bankers : |
Unknown |
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Facilities : |
-- |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
Deloitte Haskins and Sells Chartered Accountant |
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Address : |
Deloitte Centre, Anchorage II,100/2, Richmond Road, Bangalore:560025,
Karnataka |
CAPITAL STRUCTURE
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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40000000 |
Equity Shares |
Rs.10/- (each) |
Rs.400.000 Millions |
Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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372183689 |
Equity Shares |
Rs.10/-
(each) |
Rs.372.183
Millions |
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
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SOURCES OF FUNDS |
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31.03.2006 |
31.03.2005 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
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81.910 |
81.910 |
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2] Share Application Money |
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290.273 |
290.273 |
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3] Reserves & Surplus |
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0.000 |
0.000 |
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4] (Accumulated Losses) |
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(318.401) |
(211.603) |
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NETWORTH |
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53.782 |
160.580 |
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LOAN FUNDS |
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1] Secured Loans |
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7.271 |
75.802 |
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2] Unsecured Loans |
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54.247 |
0.000 |
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TOTAL BORROWING |
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61.518 |
75.802 |
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DEFERRED TAX LIABILITIES |
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TOTAL |
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115.300 |
236.382 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
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74.062 |
95.088 |
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Capital work-in-progress |
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1.257 |
0.000 |
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INVESTMENT |
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0.000 |
0.000 |
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DEFERREX TAX ASSETS |
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0.000 |
3.261 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
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1.977 |
56.444 |
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Sundry Debtors |
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281.718 |
166.329 |
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Cash & Bank Balances |
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9.113 |
67.758 |
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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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52.442 |
48.597 |
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Total
Current Assets |
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345.25 |
339.128 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
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286.252 |
193.392 |
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Provisions |
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19.017 |
7.703 |
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Total
Current Liabilities |
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305.269 |
201.095 |
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Net Current Assets |
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39.981 |
138.033 |
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MISCELLANEOUS EXPENSES |
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TOTAL |
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115.300 |
236.382 |
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KEY RATIOS
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PARTICULARS |
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31.03.2006 |
31.03.2005 |
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Debt Equity Ratio (Total Liability/Networth) |
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5.67 |
1.25 |
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Current Ratio (Current Asset/Current Liability) |
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1.13 |
1.68 |
LOCAL AGENCY
FURTHER INFORMATION
To acquire and take over business carried on by the Partnership Firm
under the names and style of “Stenco Engineering Company” with all the assets and
liabilities and such take over the firm shall stand dissolved.
To carry on the business of manufacturers, importers, exporters,
sellers, buyers and dealers whether as wholesalers or retailers of all kind fire protection and detection
equipment and provide Asset Protection solution using Gas extinguishing
Systems, Automatic Sprinklers Systems water Spray/ Mist Systems, developed with
technological advancement from time to time and t provide, design install
integrated building management system which amongst other facilities includes
fire protection systems, security solution and building management systems for
any type of risk in commercial buildings, data centers industrial complexes,
petrochemicals or offshore establishments with 24/7 state-of-the-art contact
centers, intrusion Alarm System, Access Control, CCTV, Electronic Article
Surveillance, Vehicle Tracking, Nurse call/ Medical Systems, Residential and
small business Systems, Event
Monitoring and to carry on the business of electrical engineers, mechanical
engineers and to manufacture, buy, sell or otherwise deal in electrical
apparatus, instruments and appliances, required for or capable of being used in
connection with providing, integrated Property capable of being used in
connection with providing, integrated Property capable of being used in
connection with providing. Integrated Property Management Services to
multi-storied complexes, buildings, large commercial
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.43.13 |
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UK Pound |
1 |
Rs.85.36 |
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Euro |
1 |
Rs.57.64 |
SCORE & RATING
EXPLANATIONS
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SCORE FACTORS |
RANGE |
POINTS |
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HISTORY |
1~10 |
5 |
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PAID-UP CAPITAL |
1~10 |
3 |
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OPERATING SCALE |
1~10 |
- |
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FINANCIAL CONDITION |
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--BUSINESS SCALE |
1~10 |
5 |
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--PROFITABILIRY |
1~10 |
- |
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--LIQUIDITY |
1~10 |
3 |
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--LEVERAGE |
1~10 |
3 |
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--RESERVES |
1~10 |
2 |
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--CREDIT LINES |
1~10 |
2 |
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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 |
NO |
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--AFFILIATION |
YES/NO |
NO |
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--LISTED |
YES/NO |
NO |
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--OTHER MERIT FACTORS |
YES/NO |
YES |
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TOTAL |
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23 |
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
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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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