MIRA
INFORM REPORT
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Report Date : |
15.05.2007 |
IDENTIFICATION DETAILS
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Name : |
DIE TECH INDIA PRIVATE LIMITED |
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Registered Office : |
348/1&2, |
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Country : |
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Financials (as on) : |
31.03.2006 |
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Date of Incorporation : |
10.03.2004 |
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Com. Reg. No.: |
18-52712 |
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CIN No.: [Company
Identification No.] |
U27310TN2004PTC052712 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
CHED05078D |
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PAN No.: [Permanent
Account No.] |
AABCD9363K |
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Legal Form : |
Private Limited Liability Company. |
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Line of Business : |
Manufacturer and Exporters of Dies and Moulds Die Castings. |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Maximum Credit Limit : |
USD 50000 |
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Status : |
Satisfactory |
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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 : |
348/1&2, |
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Tel. No.: |
91-44-22521802 / 22521253 / 22520673 |
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Fax No.: |
91-44-22522254 |
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E-Mail : |
DIRECTORS
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Name : |
Mr. Prabakaran N. |
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Designation : |
Managing Director |
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Address : |
1193, |
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Date of Birth/Age : |
03.07.1956 |
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Date of Appointment : |
10.03.2004 |
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Name : |
Ms. Sasikala P. |
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Designation : |
Director |
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Address : |
1193, |
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Date of Birth/Age : |
03.12.1964 |
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Date of Appointment : |
10.03.2004 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
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Names of Shareholders |
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No. of Shares |
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Mr. Prabakaran N. |
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405000 |
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Ms. Sasikala P. |
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55000 |
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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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100.00 % |
BUSINESS DETAILS
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Line of Business : |
Manufacturer and Exporters of Dies and Moulds Die Castings. |
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Products : |
Dies and Moulds Die Castings |
GENERAL INFORMATION
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Bankers : |
Bank of 456, Sir R K
Shanmugam Salai, Kalaignar Karunanidhi Nagar, Chennai – 600078 Citi Bank NA ELC Division, Ground Floor, No. 2, |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
T N Rajendran and Company Chartered Accountants |
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Address : |
2/25, Chengalvarayan Stret, Shenoy Nagar, Aminjikarai, Chennai –
600030, |
CAPITAL STRUCTURE
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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1100000 |
Equity Shares |
Rs. 10/- each |
Rs. 11.000 Millions |
Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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1100000 |
Equity Shares |
Rs. 10/- each |
Rs. 11.000 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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11.000 |
4.600 |
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2] Share Application Money |
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0.000 |
0.021 |
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3] Reserves & Surplus |
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2.568 |
2.622 |
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4] (Accumulated Losses) |
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0.000 |
0.000 |
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NETWORTH |
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13.568 |
7.243 |
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LOAN FUNDS |
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1] Secured Loans |
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25.100 |
10.224 |
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2] Unsecured Loans |
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15.465 |
12.859 |
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TOTAL BORROWING |
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40.565 |
23.083 |
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DEFERRED TAX LIABILITIES |
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TOTAL |
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54.133 |
30.326 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
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46.140 |
23.692 |
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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 |
0.000 |
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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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17.692 |
5.158 |
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Sundry Debtors |
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12.972 |
14.530 |
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Cash & Bank Balances |
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0.060 |
0.195 |
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Other Current Assets |
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0.091 |
3.185 |
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Loans & Advances |
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0.859 |
2.486 |
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Total
Current Assets |
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31.674 |
25.554 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
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22.648 |
17.551 |
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Provisions |
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1.127 |
1.475 |
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Total
Current Liabilities |
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23.775 |
19.026 |
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Net Current Assets |
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7.899 |
6.528 |
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MISCELLANEOUS EXPENSES |
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0.094 |
0.106 |
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TOTAL |
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54.133 |
30.326 |
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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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4.74 |
5.81 |
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Current Ratio (Current Asset/Current Liability) |
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1.33 |
1.34 |
LOCAL AGENCY FURTHER INFORMATION
Dietech
Bankers Charges
Report as per Registry
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Name of the company |
DIE TECH INDIA
PRIVATE LIMITED |
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Presented By |
BANK OF |
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1) Date and description of instrument creating the change |
11.01.2005 Hypothecation agreement
executed by the company. Charge
hypothecation of book debts Both dated
11.01.2005 and relate to single charge. |
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2) Amount secured by the charge/amount owing on the securities of charge |
Rs. 2.500
Millions Facility : Cash
Credit Together with
interest, costs, charges and all other expenses which may be debited to the
said account from time to time. |
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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 |
Hypothecation by
way of first charge on company’s present and future goods such as Alloy steel
bar, EN 8, MS etc, dies moulds, spare parts, housing, hydraulic cylinder
ejector pin, core pin, fasteners fixtures, fittings etc, whatsoever situate. |
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4) Gist of the terms and conditions and extent and operation of the charge. |
Interest at the
rate of 3.25 % over BPLR with a minimum of 14 % p.a. or at such other rates
as may be decided by the Bank from time to time. |
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5) Name and Address and description of the person entitled to the charge. |
Bank of 456, Sir R K
Shanmugam Salai Kalaignar
Karunanidhi Nagar Chennai – 600078 |
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6) Date and brief description of instrument modifying the charge |
23.12.2005 Ceding of second
charge over the fixed assets of the company in favour of Bank of India, K. K.
Nagar Branch dated 23.12.2005 |
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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. |
By the present
Modification The existing
limit of Rs. 6.000 Millions has been secured by the second charge over the
fixed assets of the company as the first charge held be The Tamilnadu
Industrial Investment Corporation Limited. First charge over
the existing current assets of the company i.e. all present and future goods
such as Alloy steel bar, EN 8, MS etc, dies moulds, spare parts, housing,
hydraulic cylinder ejector pin, core pin, fasteners fixtures, fittings etc,
continue to secure the existing limit of Rs. 6.000 Millions and the second
charge over the current assets held by The Tamilnadu Industrial Investment
Corporation Limited. All other terms
and conditions remains the same. |
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This form is for |
Creation of
charge |
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Corporate
identity number of the company |
U27310TN2004PTC052712 |
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Name of the
company |
DIE TECH INDIA PRIVATE LIMITED |
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Address of the
registered office or of the principal place of business in |
348, |
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Type of charge |
Book debts Movable property Floating charge Others |
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Particular of
charge holder |
Citi Bank NA ELC Division, Ground Floor, No. 2, Chennai – 600002, |
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Nature of
description of the instrument creating or modifying the charge |
Term Loan Agreement |
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Date of instrument
Creating the charge |
30.11.2006 |
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Amount secured by
the charge |
Rs. 5.000
Millions |
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Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest 12 % per annum Terms of
repayment Repayable over a
period of 5 years in equated monthly installments. Margin 10 % a new
machinery Extent and
operation of the charge First charge on
all machinery to be funded out of the proceeds of the Term Loan. Second charge
on fixed assets including existing plant and machinery funded by The
Tamilnadu Industrial Investment Corporation Limited. First charge on current
assets including inventories and book dents of the borrower. Others Company to keep
the assets in good condition. |
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Short particulars
of the property charged |
All present and
future current assets fixed assets including plant and machinery existing and
to be funded out of the proceeds of the Term Loan located anywhere owned by
the company. |
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.40.87 |
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1 |
Rs.80.99 |
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Euro |
1 |
Rs.55.39 |
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 |
5 |
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OPERATING SCALE |
1~10 |
5 |
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FINANCIAL CONDITION |
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--BUSINESS SCALE |
1~10 |
6 |
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--PROFITABILIRY |
1~10 |
4 |
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--LIQUIDITY |
1~10 |
5 |
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--LEVERAGE |
1~10 |
5 |
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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 |
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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45 |
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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