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MIRA
INFORM REPORT
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Report Date : |
06.08.2007 |
IDENTIFICATION DETAILS
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Name : |
IDEAL FASTENER ( |
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Registered Office : |
C-5, Phase II, 3rd |
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Country : |
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Financials (as on) : |
31.03.2006 |
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Date of Incorporation : |
12.12.2005 |
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Com. Reg. No.: |
18-58282 |
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CIN No.: [Company
Identification No.] |
U36992TN2005PTC058282 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
CHEI05412B |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Manufacturers of Zip Fasteners. |
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. |
Small |
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Maximum Credit Limit : |
USD 400 |
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Status : |
New Company |
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Payment Behaviour : |
Unknown |
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Litigation : |
Clear |
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Comments : |
Subject is a new company and in it’s initial stage of operation. Trade
relations are fair. No payment are available. Financial position can be
regarded as moderate. Initially, the company can be considered for small to mediocre
business dealings at usual trade terms and conditions. |
LOCATIONS
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Registered Office : |
C5, Phase II, 3rd |
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Tel. No.: |
91-44-22622050 / 22622051 / 22622052 |
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Mobile No.: |
91-9840076086 |
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Fax No.: |
91-44-42034747 / 28276437 |
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E-Mail : |
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Website : |
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Area : |
4710 sq. mtrs. [Leased] |
DIRECTORS
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Name : |
Mr. Baljapalli Suryanarain Sastry |
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Designation : |
Director |
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Address : |
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Date of Birth/Age : |
25.09.1952 |
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Date of Appointment : |
12.12.2005 |
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Name : |
Mr. M Vijaya Shekar |
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Designation : |
Director |
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Address : |
88/89, |
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Date of Birth/Age : |
12.01.1954 |
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Date of Appointment : |
12.12.2005 |
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Name : |
Mr. Gut Jules Feffrey |
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Designation : |
Director |
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Address : |
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Date of Birth/Age : |
16.06.1979 |
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Date of Appointment : |
12.12.2005 |
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Name : |
Mr. Ralph Leon Gut |
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Designation : |
Director |
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Address : |
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Date of Birth/Age : |
27.10.1949 |
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Date of Appointment : |
12.12.2005 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
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Names of Shareholders |
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No. of Shares |
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Mr. Baljapalli Suryanarain Sastry |
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500 |
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Mr. M Vijaya Shekar |
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500 |
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Equity Share
Breakup |
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Category |
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Percentage of
Holding |
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Directors or relatives of directors |
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94.00 |
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Other top fifty shareholders |
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6.00 |
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Total |
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100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturers of Zip Fasteners. |
GENERAL INFORMATION
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Bankers : |
Bank of 1090, |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
Vepa and Company Chartered Accountants |
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Address : |
“Rudra Prasada”, Old No. 93, |
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Tel. No.: |
91-44-24987789 / 24987735 |
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Associates/Subsidiaries : |
Nil |
CAPITAL STRUCTURE
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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200,000 |
Equity Shares |
Rs. 100/- each |
Rs. 20.000 Millions |
Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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1,000 |
Equity Shares |
Rs. 100/- each |
Rs. 0.100
Million |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
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SOURCES OF FUNDS |
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12.12.2005 to 31.03.2006 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
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0.100 |
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2] Share Application Money |
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0.000 |
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3] Reserves & Surplus |
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0.000 |
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4] (Accumulated Losses) |
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0.000 |
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NETWORTH |
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0.100 |
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LOAN FUNDS |
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1] Secured Loans |
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46.111 |
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2] Unsecured Loans |
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8.820 |
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TOTAL BORROWING |
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54.931 |
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DEFERRED TAX LIABILITIES |
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TOTAL |
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55.031 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
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29.322 |
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Capital work-in-progress |
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26.535 |
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Expenditure During Construction |
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0.765 |
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DEFERREX TAX ASSETS |
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0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
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0.000 |
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Sundry Debtors |
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0.000 |
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Cash & Bank Balances |
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0.935 |
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Other Current Assets |
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0.000 |
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Loans & Advances |
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2.780 |
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Total
Current Assets |
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3.715 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
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5.544 |
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Provisions |
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Total
Current Liabilities |
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5.544 |
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Net Current Assets |
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[1.829] |
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MISCELLANEOUS EXPENSES |
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0.238 |
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TOTAL |
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55.031 |
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Expenditure
to be Capitalised pending Allocation
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PARTICULARS |
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12.12.2005 to 31.03.2006 [Unit : INR] |
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Personnel Expenditure |
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100,465 |
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Auditor Remuneration |
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11,224 |
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Printing and Stationery |
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2,625 |
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Advertisement |
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13,500 |
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Travelling Expenses |
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123,023 |
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Bank Charges |
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87,806 |
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Postage, Telegram and Telephone Expenses |
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1,938 |
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Office Maintenance |
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20,446 |
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Depreciation |
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258,925 |
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Repair and Maintenance |
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5,230 |
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Insurance |
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1,892 |
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Purchases |
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120,186 |
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Rent |
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17,663 |
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Total |
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764,923 |
Note :
The subject company was incorporated on December
12, 2005 and has taken over a factory premises at MEPZ has installed all the
plant and machinery and started trial production on April 2, 2006 and the
commercial production was commenced on June 24, 2006. Since the commercial
production was commenced after March 31, 2006, no Profit and Loss A/c was made
for the period ending 12th December 2005 to 31st March
2006.
KEY RATIOS
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PARTICULARS |
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12.12.2005 to 31.03.2006 |
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Debt Equity Ratio (Total Liability/Networth) |
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604.75 |
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Current Ratio (Current Asset/Current Liability) |
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0.67 |
LOCAL AGENCY FURTHER INFORMATION
Company Performance
The company after
incorporating on 12th December, 2005 has taken over a factory premises
at MEPZ has installed all the plant and machinery and started trial production
on 2nd April 2006 an the commercial production was commenced on 24th
June 2006. Since the commercial production was commenced after 31st
March, 2006, no profit and loss account was prepared for the financial year
ended 31st March 2006. the directors have been earnestly striving to
tap the potential export market to achieve good performance in the first year
of operations.
Fixed Assets
- Air Conditioner
- Computer
- Factory Shed
- Furniture and Fixture
- Office Equipments
Bankers Charges
Report as per Registry
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Corporate
identity number of the company |
U36992TN2005PTC058282 |
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Name of the
company |
IDEAL FASTENER ( |
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Address of the registered
office or of the principal place of
business in |
C5, Phase II, 3rd |
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This form is for |
Creation of Charge |
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Type of charge |
Equitable mortgage
or mortgage of property by deposition the title deeds |
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Particular of
charge holder |
Bank of 1090, |
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Nature of
instrument creating charge |
Deposit of Title
Deeds |
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Date of instrument
Creating the charge |
03.05.2006 |
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Amount secured by
the charge |
Rs. 65.000
Millions |
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Brief of the
principal terms an conditions and extent and operation of the charge |
Terms loan for
Rs. 50.000 Millions minimum interest @ 11.5 % p.a. Cash credit for
Rs. 15.000 Millions minimum interest @ 11.3 % p.a. |
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Description of
the property charged indicating whether it is a charged on |
Immovable
properties Plant and
Machinery |
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Particulars of
the property charged |
Mortgage of
property at Plot No. C, 5, Phase II in MEPZ Chennai 45 |
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 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.40.67 |
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1 |
Rs.82.12 |
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Euro |
1 |
Rs.55.60 |
SCORE & RATING EXPLANATIONS
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SCORE FACTORS |
RANGE |
POINTS |
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HISTORY |
1~10 |
3 |
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PAID-UP CAPITAL |
1~10 |
3 |
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OPERATING SCALE |
1~10 |
3 |
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FINANCIAL CONDITION |
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--BUSINESS SCALE |
1~10 |
3 |
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--PROFITABILIRY |
1~10 |
3 |
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--LIQUIDITY |
1~10 |
3 |
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--LEVERAGE |
1~10 |
3 |
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--RESERVES |
1~10 |
3 |
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--CREDIT LINES |
1~10 |
3 |
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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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27 |
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. |
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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