MIRA
INFORM REPORT
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Report Date : |
07.06.2007 |
IDENTIFICATION DETAILS
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Name : |
INDO
US MIM TEC PRIVATE LIMITED |
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Formerly Known As : |
AF TECHNOLOGIES ( |
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Registered Office : |
3-6-539/A, Street No. 7, Himayat Nagar, |
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Country : |
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Financials (as on) : |
31.03.2006 |
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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 |
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 : |
USD
1134888 |
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Status : |
Moderate |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject
is a well-established and reputed company having satisfactory track. Directors
are reported as experienced and respectable businessmen. Trade relations are
reported as fair. Business is active. Payments are 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 : |
3-6-539/A, Street No. 7, Himayat Nagar, |
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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, |
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Factory
1 : |
45 (P), KIADB Industrial Area, Hoskote, Bangalore-562114, Karnataka |
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Mobile No.: |
91-80-7971418
/ 91-80-7971416 |
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Fax
No.: |
91-80-7971624 |
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E-Mail
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Website
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Overseas
Office: |
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Overseas
Office: |
315, |
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Tel
No.: |
1-734-327-9842,
1-734-327-9872 |
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Fax
No.: |
1-734-327-9873 |
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E-Mail
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Website
: |
DIRECTORS
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Name
: |
Mr.
Krishna Chivukulla |
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Designation
: |
Chairman and Managing Director |
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Address
: |
3-6-539/A,
Himayatnagar, |
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Date
of Appointment : |
12.04.1996 |
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Name
: |
Mrs.
C. L. Sastry |
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Designation
: |
Director |
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Address
: |
3-6-539/A,
Himayatnagar, |
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Date
of Appointment : |
12.04.1996 |
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Name
: |
Mr. Gaurav
Swarup |
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Designation
: |
Director |
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Address
: |
2B, |
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Date
of Appointment : |
02.06.1996 |
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Name
: |
Mr.
Ajeet Khare |
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Designation
: |
Managing Director |
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Address
: |
141, First
Main, Second Stage, West of |
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Date
of Appointment : |
01.09.2001 |
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Name
: |
Mr.
Ajeet Khare |
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Designation
: |
Managing
Director |
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Address
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141,
First Main, Second Stage, West of |
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Date
of Appointment : |
01.09.2001 |
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Name
: |
Mr.
Schmid Peter |
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Designation
: |
Director |
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Address
: |
S/o,
Wilhelm, 7, Villa Delmar, Ambalipura, |
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Date
of Appointment : |
02.06.2003 |
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Name
: |
Chivukula
Jr. |
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Designation
: |
Director |
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Address
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Foreign
: 8026, Indian
: 30, |
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Date
of Appointment : |
30.09.2004 |
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Name
: |
Chivukula
Raj |
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Designation
: |
Director |
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Address
: |
Foreign
: 8026, Indian
: 30, |
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Date
of Appointment : |
30.09.2004 |
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Name
: |
Mrs.
Jagadamba Chanrasekhar |
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Designation
: |
Director |
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Address
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Foreign
: 6260, Indian
: 30, |
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Date
of Appointment : |
30.09.2004 |
MAJOR
SHAREHOLDERS / SHAREHOLDING PATTERN
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Names
of Shareholders |
No. of Equity Shares |
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Mr.
Krishna Chivukula |
100 |
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Mrs.
C. Lalitha Sastri |
100 |
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Total |
200 |
Equity
share breakup (percentage of total equity)
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S.
No. |
Category |
Percentage |
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1 |
Directors or
relatives of director |
100.00 |
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Total |
100.00 |
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 |
GENERAL INFORMATION
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No. of Employees : |
350 |
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Bankers : |
Bank
of IDBI
Bank, State
Bank of Industrial Development Bank of India Limited IDBI Towerwtc Complex, Cuffe Parade, Mumabi – 400 005, |
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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
Mohan Rao Chartered
Accountant |
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Address: |
6-3-655/2/3,
Somajiguda, |
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Associates/Subsidiaries : |
Shiva
Analyticals ( 3-6-539/A,
Street No. 7, Himayat Nagar, Shiva
Chemicals Technologies ( 3-6-539/A,
Street No. 7, Himayat Nagar, |
CAPITAL STRUCTURE
Authorised
Capital :
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No.
of Shares |
Type |
Value |
Amount |
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1,20,00,000 |
Equity Shares |
Rs. 10/- each |
Rs. 120.000 millions |
Issued,
Subscribed & Paid-up Capital :
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No.
of Shares |
Type |
Value |
Amount |
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1,10,30,331 |
Equity Shares |
Rs. 10/- each |
Rs. 110.303 millions |
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED
BALANCE SHEET
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SOURCES OF FUNDS |
31.03.2006 |
31.03.2005 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
100.002 |
100.002 |
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2] Share Application Money |
8.936 |
8.937 |
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3] Reserves & Surplus |
174.784 |
81.767 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
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NETWORTH |
283.722 |
190.706 |
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LOAN FUNDS |
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1] Secured Loans |
450.275 |
266.660 |
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2] Unsecured Loans |
0.400 |
1.207 |
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TOTAL BORROWING |
450.675 |
267.867 |
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DEFERRED TAX LIABILITIES |
46.286 |
38.811 |
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TOTAL |
780.683 |
497.384 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
540.575 |
293.631 |
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Capital work-in-progress |
0.000 |
0.000 |
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INVESTMENT |
0.000 |
0.000 |
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DEFERREX TAX ASSETS |
0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
69.929 |
47.798 |
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Sundry Debtors |
250.683 |
130.739 |
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Cash & Bank Balances |
22.383 |
28.957 |
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Other Current Assets |
0.000
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0.000 |
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Loans & Advances |
91.596
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56.312 |
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Total Current Assets |
434.591
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263.806 |
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Less : CURRENT LIABILITIES & PROVISIONS |
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Current Liabilities |
155.395 |
41.680 |
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Provisions |
39.190 |
18.526 |
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Total Current Liabilities |
194.585
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60.206 |
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Net Current Assets |
240.006
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203.600 |
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MISCELLANEOUS EXPENSES |
0.102 |
0.153 |
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TOTAL |
780.683 |
497.384 |
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PROFIT
& LOSS ACCOUNT
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PARTICULARS |
31.03.2006 |
31.03.2005 |
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Sales Turnover [Estimated] |
900.000 |
750.000 |
KEY
RATIOS
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PARTICULARS |
31.03.2006 |
31.03.2005 |
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Debt
Equity Ratio (Total
Liability/Networth) |
2.27
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1.72 |
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Current
Ratio (Current
Asset/Current Liability) |
2.23
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1.29 |
LOCAL AGENCY FURTHER INFORMATION
Form
8 Particular for creation or modification of charges
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Name of the company |
INDO US MIM TEC PRIVATE LIMITED |
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Presented By |
P. BALASUBRAMANIAN – GENERAL MANAGER FINANCE |
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1) Date and description of instrument creating the change |
23.12.2004 1) Agreement of Hypothecation of Goods and Assets 2) Agreement of Loan Over Limit |
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2) Amount secured by the charge/amount owing on the securities of charge |
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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 |
1. First charge on the current assets of
the company on paripassu basis with IngVysya Bank and State Bank of |
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4) Gist of the terms and conditions and extent and operation of the charge. |
Sanction Letter Enclosed Dated 21.11.2004 Ref. No. OSB/RM-11/65 Dated 02.11.2004 And No. OSB/CPC/RM-2/149 Dated 19.07.2005 |
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5) Name and Address and description of the person entitled to the charge. |
State Bank of Over Seas Branch, No. 66, St. Mark’s Road, |
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6) Date and brief description of instrument modifying the charge |
21.07.2005 1) Agreement of Hypothecation of Goods and Assets 2) Agreement of Loan Over Limit |
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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. |
EXISTING LIMITS
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Corporation identity number or foreign company registrations number of the company |
U28110AP1996PTC023794 |
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Name of the company |
INDO-US MIM TEC PRIVATE LIMITED |
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Address |
Street No. 73-6-539/A,
Himayatnagar, |
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This Form is for |
Creation on charge |
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Type of Charges |
Immovable property, Movable property (not being pledge) |
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Particular of the charge holder |
L65190MH2004GOI148838 Industrial Development Bank of India Limited IDBI Towerwtc Complex, Cuffe Parade, Mumabi – 400 005, |
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Nature or description of the instrument creating charge |
Deed of Hypothecation dated 17.11.2006 executed by the Company in favaour of IDBI Ltd. |
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Date of the instrument creating charge |
17.11.2006 |
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Amount Secure by the charge |
Rs. 200.000 Millions |
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Brief of the principal terms and conditions and extent and operation of the charge |
a) Rate of Interest : Foreign currency loan USD 3.0925 million (14.000 millions) interest rate @ libor+3% and Indian currency loan Rs. 600.000 millions crores interest rate @ 11.50% b) Terms of repayment : 20 quarterly instalment form 01.07.2007 c) Margin : 23% of the project cost c) Extent and operation ot the charte : The Whole of Movable properties present and future of the company including plant and machinery, spares, tools, etc. (excluding book debts) held by the company or at the disposition of the company. |
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Particulars of the Property charged |
Fixed asstes located at a) 45 (p) KAIDB Industrial Area, Hoskote, |
profile
Subject
is in
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
It is in
collaboration and buyback with Advanced Forming Technologies Inc.,
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,
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
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Indian Rupees |
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US
Dollar |
1 |
Rs.40.47 |
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|
1 |
Rs.80.28 |
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Euro |
1 |
Rs.54.43 |
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 |
6 |
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OPERATING
SCALE |
1~10 |
6 |
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FINANCIAL
CONDITION |
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--BUSINESS
SCALE |
1~10 |
9 |
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--PROFITABILIRY |
1~10 |
5 |
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--LIQUIDITY |
1~10 |
6 |
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--LEVERAGE |
1~10 |
6 |
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--RESERVES |
1~10 |
5 |
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--CREDIT
LINES |
1~10 |
5 |
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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 |
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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53 |
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 |
|
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 |
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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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