MIRA
INFORM REPORT
|
Report Date : |
08.11.2007 |
IDENTIFICATION
DETAILS
|
Name : |
SEAROCK PRECISION PRODUCTS PRIVATE LIMITED |
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Registered Office : |
SB – 57, 2nd Cross, 1st Stage, Peenya Industrial
Estate, Bangalore – 560058, Karnataka |
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Country : |
India |
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Financials (as on) : |
31.03.2006 |
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Date of Incorporation : |
12.02.1996 |
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Com. Reg. No.: |
08-19812 |
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CIN No.: [Company
Identification No.] |
U34107KA1996PTC019812 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
BLRS03546E |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Manufacturers of Precision Auto Turned parts and Components. |
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 48000 |
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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. 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 : |
SB – 57, 2nd Cross, 1st Stage, Peenya Industrial
Estate, Bangalore – 560058, Karnataka, India |
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Tel. No.: |
91-80-28396162 / 28437998 |
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Fax No.: |
91-80-28378189 / 25437083 |
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E-Mail : |
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Factory : |
B – 44, [B] Industrial Estate, Kumbalodu, Bangalore – 560074,
Karnataka, India |
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Tel. No.: |
91-80-28437988 |
DIRECTORS
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Name : |
Mr. K S Hari Doss |
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Designation : |
Director |
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Address : |
28, Shruthi, Income Tax Layout, Vijaya Nagar, Bangalore – 560040,
Karnataka, India |
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Date of Birth/Age : |
26.06.1966 |
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Date of Appointment : |
06.08.1996 |
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Name : |
Mr. K S Kishan Doss |
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Designation : |
Director |
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Address : |
28, Shruthi, Income Tax Layout, Vijaya Nagar, Bangalore – 560040,
Karnataka, India |
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Date of Birth/Age : |
03.07.1971 |
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Date of Appointment : |
12.02.1996 |
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Name : |
Mr. C Arvind |
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Designation : |
Director |
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Address : |
108, 43rd Main, Ideal Home Township, Rajarajeshwari Nagar,
Bangalore – 560039, Karnataka, India |
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Date of Birth/Age : |
14.06.1968 |
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Date of Appointment : |
12.02.1996 |
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Name : |
Dr. K. Lakshman |
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Designation : |
Director |
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Address : |
58, 1st Main, 1 Block, T. R. Nagar, Bangalore – 560028,
Karnataka, India |
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Date of Birth/Age : |
22.01.1954 |
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Date of Appointment : |
28.06.1997 |
KEY EXECUTIVES
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Name : |
Mr. Parameshwar G. Hegde |
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Designation : |
Company Secretary |
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Address : |
“Ganesha Krupa”, 34, 1st Main Road, Gandhi Nagar, Bangalore
– 560009, Karnataka, India |
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Tel. No.: |
91-80-22267041 [Res.] 26589597 |
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Fax No.: |
91-80-22204068 |
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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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K S Seetharama Doss |
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3850 |
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K S Kishan Doss |
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10250 |
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C Pravind |
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87500 |
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K S Hari Doss |
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73400 |
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K S Sarvottam Doss |
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87500 |
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Radha |
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47500 |
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K Lakshman |
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40000 |
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Total |
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350000 |
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Equity Share
Breakup |
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Percentage of
Holding |
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Category |
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Directors or relatives of directors |
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100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturers of Precision Auto Turned parts and Components. |
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Products : |
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GENERAL
INFORMATION
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Bankers : |
SIDBI Tower, 15,
Ashoka Marg, Lacknow – 226001, Uttar Pradesh, India
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
K G Acharya and Company Chartered Accountants |
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Address : |
No. 14, Girls School, Street, Kumar Park West, Sesharipuram, Bangalore
– 560020, Karnataka, India |
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Associates/Subsidiaries : |
Nil |
CAPITAL STRUCTURE
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
400000 |
Equity Shares |
Rs. 10/- each |
Rs. 4.000 Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
350000 |
Equity Shares |
Rs. 10/- each |
Rs. 3.500
Millions |
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
|
31.03.2006 |
31.03.2005 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
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3.500 |
3.500 |
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2] Share Application Money |
|
1.200 |
0.000 |
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3] Reserves & Surplus |
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7.211 |
5.983 |
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4] (Accumulated Losses) |
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0.000 |
0.000 |
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NETWORTH |
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11.911 |
9.483 |
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LOAN FUNDS |
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1] Secured Loans |
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12.125 |
9.853 |
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2] Unsecured Loans |
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4.984 |
3.333 |
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TOTAL BORROWING |
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17.109 |
13.186 |
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DEFERRED TAX LIABILITIES |
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2.628 |
2.004 |
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TOTAL |
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31.648 |
24.673 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
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22.175 |
18.398 |
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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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0.135 |
0.086 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
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6.523 |
4.821 |
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Sundry Debtors |
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5.979 |
4.242 |
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Cash & Bank Balances |
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0.666 |
0.589 |
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Loans & Advances |
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2.467 |
1.053 |
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Total
Current Assets |
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15.635 |
10.705 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
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6.297 |
4.517 |
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Provisions |
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0.000 |
0.000 |
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Total
Current Liabilities |
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6.297 |
4.517 |
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Net Current Assets |
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9.338 |
6.188 |
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MISCELLANEOUS EXPENSES |
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0.000 |
0.001 |
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TOTAL |
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31.648 |
24.673 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
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31.03.2006 |
31.03.2005 |
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Sales Turnover |
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45.266 |
37.017 |
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Other Income |
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4.235 |
1.586 |
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Total Income |
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49.501 |
38.603 |
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Profit/(Loss) Before Tax |
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1.378 |
0.885 |
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Provision for Taxation |
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0.658 |
0.235 |
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Profit/(Loss) After Tax |
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0.720 |
0.650 |
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Expenditures : |
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Interest |
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1.627 |
1.790 |
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Depreciation & Amortization |
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1.305 |
1.226 |
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Other Expenditure |
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45.191 |
34.702 |
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Total Expenditure |
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48.123 |
37.718 |
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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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1.45 |
1.68 |
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Net Profit Margin (PBT/Sales) |
(%) |
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3.04 |
2.39 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
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3.64 |
3.04 |
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Return on Investment (ROI) (PBT/Networth) |
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0.12 |
0.09 |
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Debt Equity Ratio (Total Liability/Networth) |
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1.97 |
1.87 |
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Current Ratio (Current Asset/Current Liability) |
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2.48 |
2.37 |
LOCAL AGENCY
FURTHER INFORMATION
Bankers Charges
Report as per Registry
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Name of the company |
SEAROCK PRECISION
PRODUCTS PRIVATE LIMITED |
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Presented By |
STATE BANK OF
INDIA, Commercial Branch, Rajajinagar, Bangalore – 560044 AND SEAROCK
PRECISION PRODUCTS PRIVATE LIMITED |
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1) Date and description of instrument creating the change |
Dated 25.01.2003
[25th day of January, 2003] General Agreement
for the grant of MTA to SSI and Hypothecation of Movables, Book Debts and
Other Assets. Extension of
Equitable Mortgage by Deposit of Title Deeds – Letter confirming Deposit of
Title Deeds |
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2) Amount secured by the charge/amount owing on the securities of charge |
Rs. 3.300
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 |
All present and future
goods, book debts, movables and other assets of the borrow including
documents of title to goods and other assets such as outstanding moneys,
receivable, claims, bills, invoices, documents and securities, contracts,
engagements, investments, rights and the existing machinery and all future
machinery lying stored and kept and whether in possession of the borrower or
of the bank or of any third party whether in India or elsewhere throughout
world [Including all such goods, machineries, movables and other assets as
may be in course of shipment, transit or delivery] by way of First Charge.
Plant and Machineries purchased or to be purchased. Equitable
mortgage of Company’s Lease Hold Immovable Properties situated at Plot No. B
– 44, Industrial Estate, Kumbalgodu, Mysore Road, Bangalore already obtained
other limits is now extended to this limit. |
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4) Gist of the terms and conditions and extent and operation of the charge. |
Rate of Interest
: At 2.1 % above SBMTLR with a minimum of 13.35 % p.a. with periodical rests
or at such rate and at periodical rests as the Bank may specify from time to
time : Margin 26.09 % Repayment : In 22
Quarterly Instalments. First 18 Installment of Rs. 12 Millions each and last
4 installment of Rs. 28.500 Millions each commencing from June 2003. |
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5) Name and Address and description of the person entitled to the charge. |
State Bank of India, Commercial Branch, Rajajinagar, Bangalore –
560044 |
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6) Date and brief description of instrument modifying the charge |
Date : 17.01.2006 Agreement of Loan
cum Hypothecation. SME 02. Letter of Arrangement SME 01, Link Letter. SME
12, Extension of Equitable Mortgage by Deposit of Title Deeds – Letter
confirming Deposit of Title Deeds. |
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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 above the
amount secured by the charge stands Modified / Revised from Rs. 3.300
Millions to Rs. 2.174 Millions – Term Loan Outstanding. Rate of Interest and
other terms and conditions as applicable and as advised by the Bank from time
to time. Security of
Stocks, Goods, Book Debts, receivables other movable assets, plant and
machinery etc. and the security of company’s movable Properties situated at
Plot No. B – 44 [B], Industrial Estate, Kumbalgodu, Mysore Road, Bangalore
already obtained and now obtained both present and future are available fro
the entire revised limit of Rs. 2.174 Millions by way of First Charge. All other terms
and conditions remain unchanged. |
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This form is for |
Modification of
charge |
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Charge
identification number of the charge to be modified |
80024332 |
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Corporate
identity number of the company |
U34107KA1996PTC019812 |
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Name of the
company |
SEAROCK PRECISION PRODUCTS PRIVATE LIMITED |
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Address of the
registered office or of the principal place of business in India of the company |
SB – 57, 2nd Cross, 1st Stage, Peenya Industrial
Estate, Bangalore – 560058, Karnataka, India |
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Type of charge |
Immovable Property |
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Particular of
charge holder |
Small Industrial Development Bank of India SIDBI Tower, 15, Ashoka Marg, Lacknow – 226001, Uttar Pradesh, India |
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Nature of
description of the instrument creating or modifying the charge |
Memorandum of
mortgage by deposit of title deed |
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Date of
instrument Creating the charge |
12.01.2007 |
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Amount secured by
the charge |
Rs. 8.700
Millions |
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Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest 9.5 % p.a. on the
principal amount of the loan outstanding from time to time. Terms of
repayment The loan shall be
re-paid in 64 monthly installments, comprising first 18 monthly installments
of Rs. 0.100 Million each followed by 46 installments of Rs. 0.150 Million
commencing after 8 months from the date of disbursement of the loan. Margin 36 % Approx. Extent operation
of the charge The charge
operates as second charge of immovable viz. factory land and building at B –
44 [B], Industrial Estate, Kumbalgodu, Mysore Road, Bangalore – 560074, till
discharge by SIDBI |
|
Short particulars
of the property charged |
Second charge on
immovable viz. factory land and building at B – 44 [B], Industrial Estate,
Kumbalgodu, Mysore Road, Bangalore – 560074, till discharge by SIDBI |
|
Particulars of
the present modification |
Providing additional
security of second charge on the company’s land property [Immovable] by
creation of equitable mortgage by deposit of title deed executed through
memorandum for recording extension of mortgage executed on 12.01.2007 as per
copy attached. All other terms and conditions of charge remain unchanged. |
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.39.33 |
|
UK Pound |
1 |
Rs.81.70 |
|
Euro |
1 |
Rs.57.67 |
SCORE & RATING
EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
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 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
5 |
|
--CREDIT LINES |
1~10 |
5 |
|
--MARGINS |
-5~5 |
- |
|
DEMERIT POINTS |
|
|
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--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
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--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
NO |
|
--AFFILIATION |
YES/NO |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
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
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
|
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 |
|
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. |
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 |
|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
|
NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
|