MIRA
INFORM REPORT
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Report Date : |
31.12.2007 |
IDENTIFICATION
DETAILS
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Name : |
D M WALL SYSTEM COMPANY PRIVATE LIMITED |
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Registered Office : |
No. 1/A, Defence Officers Colony, Opposite to Military Hospital, Nandambakkam,
Chennai – 600097, Tamilnadu |
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Country : |
India |
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Financials (as on) : |
31.03.2006 |
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Date of Incorporation : |
07.06.1999 |
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Com. Reg. No.: |
18-42611 |
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CIN No.: [Company
Identification No.] |
U28112TN1999PTC042611 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
CHED02227B |
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PAN No.: [Permanent
Account No.] |
AABCD0590L |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Manufacturers of Aluminum Windows, Doors and Composite Panel Wall
Claddings |
RATING &
COMMENTS
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MIRA’s Rating : |
A |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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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Maximum Credit Limit : |
USD 130000 |
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Status : |
Good |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject is a 100% subsidiary of Dae Myung Wall System Company Limited,
Korea. Available information indicates high financial responsibility of the company.
Trade relations are fair. Business is active. Fundamentals are strong and
healthy. Payments are reported as usually correct and as per commitments. The company can be considered normal for business dealings at usual
trade terms and conditions. |
LOCATIONS
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Registered Office : |
No. 1/A, Defence Officers Colony, Opposite to Military Hospital,
Nandambakkam, Chennai – 600097, Tamilnadu, India |
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Tel. No.: |
91-44-47100281 |
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Fax No.: |
91-44-47101010 |
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E-Mail : |
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Website: |
DIRECTORS
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Name : |
Mr. K H Shin |
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Designation : |
Managing Director |
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Address : |
Plot No. 3A, Malavika Apartment, No. 11, Seethmma Cly, 1st
Cross Alwarpet, Chennai – 600018, Tamilnadu |
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Date of Birth/Age : |
14.09.1959 |
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Date of Appointment : |
05.07.1999 |
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Name : |
Mr. Ravi P |
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Designation : |
Director |
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Address : |
No. 955, Lakshmana Sami Road, K.K. Nagar, Chennai – 600078, Tamilnadu |
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Date of Birth/Age : |
20.06.1958 |
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Date of Appointment : |
05.08.1999 |
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Name : |
Mr. John Sebastian Lal |
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Designation : |
Director |
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Name : |
Mr. Rolland Joseph |
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Designation : |
Director |
KEY EXECUTIVES
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Name : |
Mr. R Thamizhvanan |
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Designation : |
Company Secretary |
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Address : |
#22, Old #27, Flat No. C4, Vaidyram Street, T Nagar, Chennai – 600
017, Tamil Nadu |
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Tel. No.: |
91-44-24326484 |
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Mobile No.: |
91-9841183025 |
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E-Mail : |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
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Names of Shareholders |
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No. of Shares |
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Dae Myung Wall System |
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228683 |
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Mr. Ravi P. |
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20 |
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Total
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228703 |
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Category |
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Percentage of
Holding |
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Foreign Holdings (FIIs, FCs, FFIs, NRIs or OCB or other |
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100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturers of Aluminum Windows, Doors and Composite Panel Wall
Claddings |
GENERAL
INFORMATION
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Bankers : |
· Indian Overseas Bank Muthialpet Branch, 230, Thambu Chetty Street, Chennai – 600001, Tamilnadu E-Mail: abc1224@gmail.com · Centurian Bank · HDFC Bank ·
ICICI Bank |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
Amul and Prakash Chartered Accountants |
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Address : |
Plot No. 2207, AF Block, 11th Main Road, 7th
Street, Anna Nagar West, Chennai – 600040, Tamilnadu |
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Holding Company : |
Daemyung Wall System Company Limited, Korea |
CAPITAL STRUCTURE
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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700000 |
Equity Shares |
Rs.10/- each |
Rs.7.000 millions |
Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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228700 |
Equity Shares |
Rs.10/- each |
Rs.2.287
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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2.287 |
2.287 |
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2] Share Application Money |
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3.217 |
0.000 |
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3] Reserves & Surplus |
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26.815 |
14.853 |
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4] (Accumulated Losses) |
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0.000 |
0.000 |
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NETWORTH |
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32.319 |
17.140 |
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LOAN FUNDS |
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1] Secured Loans |
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40.662 |
48.093 |
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2] Unsecured Loans |
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28.223 |
31.735 |
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TOTAL BORROWING |
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68.885 |
79.828 |
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DEFERRED TAX LIABILITIES |
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0.000 |
0.000 |
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TOTAL |
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101.204 |
96.968 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
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64.180 |
77.639 |
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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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0.000 |
0.137 |
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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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17.928 |
19.222 |
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Sundry Debtors |
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28.149 |
8.345 |
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Cash & Bank Balances |
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0.080 |
0.251 |
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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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14.978 |
11.624 |
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Total
Current Assets |
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61.135 |
39.442 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
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23.415 |
20.250 |
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Provisions |
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0.696 |
0.00 |
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Total
Current Liabilities |
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24.111 |
20.250 |
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Net Current Assets |
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37.024 |
19.192 |
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MISCELLANEOUS EXPENSES |
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0.000 |
0.000 |
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TOTAL |
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101.204 |
96.968 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
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31.03.2006 |
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Sales Turnover |
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119.918 |
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Other Income |
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0.000 |
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Total Income |
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119.918 |
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Profit/(Loss) Before Tax |
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11.809 |
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Provision for Taxation |
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0.696 |
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Profit/(Loss) After Tax |
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11.113 |
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Expenditures : |
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Financial Charges |
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0.078 |
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Depreciation |
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7.604 |
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Other Expenditure |
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92.745 |
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Total Expenditure |
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100.427 |
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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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PAT / Total Income |
(%) |
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9.26 |
NA |
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Net Profit Margin (PBT/Sales) |
(%) |
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9.84 |
NA |
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Return on Total Assets (PBT/Total Assets} |
(%) |
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9.42 |
NA |
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Return on Investment (ROI) (PBT/Networth) |
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0.36 |
NA |
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Debt Equity Ratio (Total Liability/Networth) |
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2.87 |
5.83 |
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Current Ratio (Current Asset/Current Liability) |
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2.53 |
1.94 |
LOCAL AGENCY
FURTHER INFORMATION
Changed of
Address:
Subject Registered has been changed from –
F3 F5 Sipcot Industrial Park Irungatukotai, Sirperumbadur Taluka,
Kanchepuram – 602 105, Tamil Nadu, India
To
No. 1/A, Defence Officers Colony, Opposite to Military Hospital,
Nandambakkam, Chennai – 600097, Tamilnadu, India, From 02.04.2007
Form 8:
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Name of the company |
D M WALL SYSTEM COMPANY PRIVATE LIMITED |
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Presented
By |
Mr. KH Shin |
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1) Date and description of instrument creating the change |
Letter confirming deposit of title deed of lease hold land on 23.09.2003 |
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2) Amount secured by the charge/amount owing on the securities of charge |
Term loam Rs.23.000 millions letter of Credit Rs.9.800 millions |
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3) Short particular of the property charged. If the property acquired is subject to charge, date of the acquired of the property should be given |
3 acres lease holds land of the company at Plot F3-F5, SIPCOT Industrial Park, Irunkattu Kottai, Pennalr PO, Sriperumputhur, Kancheepuram – 602105, Tamilnadu |
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4) Gist of the terms and conditions and extent and operation of the charge. |
Interest rate: Minimum of 14.25% loan is repayable in 16 Quarterly installments commencing from October 2004 |
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5) Name and Address and description of the person entitled to the charge. |
Indian Overseas Bank Muthialpet Branch, No. 230, Thambu Chetty Street, Chennai – 600001 |
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6) Date and brief description of instrument modifying the charge |
29.12.2005 1. Deed of hypothecation of Book Debts 2. Letter of hypothecation (for securing machineries/ goods/ book debts) 3. Letter of hypothecation (in case of open advances only) 4. Confirmation letter evidencing creation of supplemental mortgage. 5. Supplemental deed of hypothecation |
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7) Particulars of modifications specifying the terms and conditions or the extent of operations of the charge in which modification is made and the details of the modification. |
The total credit limits are revised as follows Rs. In millions
Thus the total credit limit is enhanced from Rs.53.000 to Rs.56.00 millions |
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Corporate identity number (CIN) Foreign company registration number |
U28112TN1999PTC042611 |
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Name of the Company |
D M WALL SYSTEM COMPANY PRIVATE LIMITED |
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Address |
No. 1/A, Defence Officers Colony, Opposite to Military Hospital, Nandambakkam, Chennai – 600097, Tamilnadu |
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This form is for |
Modification of charge |
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Type of Charge |
Immovable property, Book Debts, Movable property (not being pledge) and Floating charge |
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Particulars of the charge holder |
Indian Overseas Bank Muthialpet Branch, 230, Thambu Chetty Street, Chennai – 600001, Tamilnadu E-Mail: abc1224@gmail.com |
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Amount secured by the charge |
Rs.51.422 millions |
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Brief of the principal terms and conditions |
Rate of interest: Cash Credit: BPLR+0.25% Term of Repayment Cash credit repayable of demand Margin: Cash Credit: 25% on stock and 50% on book debts Letter of credit: 25% Letter of Guarantee: 25% One time letter of guarantee: 25% Others Cash Credit: 20.000 millions Letter of Credit:6.000 millions Letter of Guarantee: Rs.15.000 millions Letter of Guarantee (Adhoc): Rs.10.422 millions |
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Date of Instrument modifying the charge |
19.09.2007 |
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Date of latest modification prior to the present modification |
15.07.2006 |
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.39.44 |
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UK Pound |
1 |
Rs.78.73 |
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Euro |
1 |
Rs.57.69 |
SCORE & RATING
EXPLANATIONS
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SCORE FACTORS |
RANGE |
POINTS |
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HISTORY |
1~10 |
7 |
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PAID-UP CAPITAL |
1~10 |
7 |
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OPERATING SCALE |
1~10 |
7 |
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FINANCIAL CONDITION |
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--BUSINESS SCALE |
1~10 |
8 |
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--PROFITABILIRY |
1~10 |
6 |
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--LIQUIDITY |
1~10 |
7 |
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--LEVERAGE |
1~10 |
7 |
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--RESERVES |
1~10 |
7 |
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--CREDIT LINES |
1~10 |
7 |
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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 |
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63 |
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 |
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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 |
|
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 |
|
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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