MIRA
INFORM REPORT
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Report Date : |
12.10.2007 |
IDENTIFICATION DETAILS
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Name : |
SPECTRUM CNC MACHINES PRIVATE LIMITED |
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Registered Office : |
108, Dr, |
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Country : |
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Financials (as on) : |
31.03.2006 |
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Date of Incorporation : |
01.10.2001 |
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Com. Reg. No.: |
009905 |
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CIN No.: [Company
Identification No.] |
U29199TZ2001PTC009905 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
CMBS06313G |
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PAN No.: [Permanent
Account No.] |
AAGCS0637Q |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
To carry on the business of Machining of automobile parts, agricultural
implements of all kinds and descriptions, engineering and other related items
for motors cars, motors trucks, buses, tractors, vans, jeeps, lorries, motors
launches, motors cycles and vehicle and conveyances of all kinds |
RATING & COMMENTS
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MIRA’s Rating : |
B |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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26-40 |
B |
Unfavourable & favourable factors carry similar weight in credit
consideration. Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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Maximum Credit Limit : |
USD 11560 |
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Status : |
Moderate |
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Payment Behaviour : |
Slow |
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Litigation : |
Clear |
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Comments : |
Subject is an old established company having moderate track. Company’s
profitability is under severe pressure. It has some accumulated losses.
Payments are reported as slow but correct. The company can be considered normal for small business dealings at usual
trade terms and conditions with slight caution initially. |
LOCATIONS
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Registered Office : |
108, Dr, |
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Tel. No.: |
91-422-2490704 |
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Corporate Office : |
E – 3, SIDCO Industrial Estate, Kurichi, |
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Tel. No.: |
91-422-2673993 |
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Fax No.: |
91-422-5531282 |
DIRECTORS
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Name : |
Mr. S. Amudham |
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Designation : |
Director |
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Address : |
209, |
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Date of Appointment : |
01.10.2002 |
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Name : |
Mr. S Raju |
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Designation : |
Director |
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Address : |
108, Dr, |
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Date of Birth/Age : |
29.01.1972 |
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Date of Appointment : |
01.10.2001 |
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Name : |
Mr. R. Vaideeswaran |
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Designation : |
Director |
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Address : |
135A, 2 Street, p m Samy Colony, |
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Date of Birth/Age : |
14.06.1973 |
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Date of Appointment : |
12.01.2002 |
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Name : |
Mr. S. Padmapriya |
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Designation : |
Director |
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Address : |
108, Dr, |
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Date of Birth/Age : |
26.05.1980 |
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Date of Appointment : |
01.10.2001 |
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MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
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Names of Shareholders |
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No. of Shares |
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Mr. R. Vaideeswaran |
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4800 |
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Mr. S. Amudham |
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1600 |
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Mr. S. Padmapriya |
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1600 |
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Mr. S Raju |
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4800 |
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Mr. Kalyani |
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1600 |
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Mr. R. Rajasri |
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1600 |
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Category |
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Percentage of
Holding |
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Director or Relatives of directors |
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100.00 |
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BUSINESS DETAILS
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Line of Business : |
To carry on the business of Machining of automobile parts, agricultural
implements of all kinds and descriptions, engineering and other related items
for motors cars, motors trucks, buses, tractors, vans, jeeps, lorries, motors
launches, motors cycles and vehicle and conveyances of all kinds |
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GENERAL INFORMATION
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Bankers : |
Not Available |
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Financial Institutions : |
The Tamilnadu
Industrial Investment Corporation
Limited, |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
M. Alagiriswamy and Company Chartered Accountants |
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Address : |
No.16, |
CAPITAL STRUCTURE
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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160000 |
Equity Shares |
Rs.10/- each |
Rs.1.600 millions |
Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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300000 |
Equity Shares |
Rs.10/-each |
Rs.3.000
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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3.000 |
1.600 |
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2] Share Application Money |
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0.000 |
0.000 |
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3] Reserves & Surplus |
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0.000 |
0.056 |
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4] (Accumulated Losses) |
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(0.110) |
0.000 |
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NETWORTH |
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2.890 |
1.656 |
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LOAN FUNDS |
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1] Secured Loans |
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2.610 |
3.590 |
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2] Unsecured Loans |
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3.695 |
1.406 |
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TOTAL BORROWING |
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6.305 |
4.996 |
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DEFERRED TAX LIABILITIES |
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0.000 |
0.103 |
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TOTAL |
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9.195 |
6.755 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
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12.755 |
7.531 |
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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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1.136 |
0.152 |
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DEFERREX TAX ASSETS |
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0.155 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
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0.000 |
0.000 |
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Sundry Debtors |
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1.277 |
0.710 |
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Cash & Bank Balances |
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0.079 |
0.034 |
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Other Current Assets |
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0.00 |
0.000 |
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Loans & Advances |
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0.718 |
0.331 |
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Total
Current Assets |
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2.074 |
1.075 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
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6.595 |
1.599 |
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Provisions |
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0.341 |
0.427 |
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Total
Current Liabilities |
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6.936 |
2.026 |
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Net Current Assets |
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(4.862) |
(0.951) |
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MISCELLANEOUS EXPENSES |
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0.011 |
0.023 |
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TOTAL |
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9.195 |
6.755 |
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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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2.40 |
1.22 |
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Current Ratio (Current Asset/Current Liability) |
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0.29 |
0.53 |
LOCAL AGENCY FURTHER INFORMATION
Form 8:
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Name of the company |
SPECTRUM CNC
MACHINES PRIVATE LIMITED |
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Presented
By |
Thiru .A. Mohan,
Branch Manager |
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1) Date and description of instrument creating the change |
Unattested
hypothecation deed dt.18.10.2002. For term loan of Rs.1.700 millions and
subsidy bridge loan of Rs.0.541 millions engrossed on Rs.20/- non judicial
stamp paper |
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2) Amount secured by the charge/amount owing on the securities of charge |
Rs.1.7000
millions as term loan and Rs.0.541 millions a subsidy bridge loan |
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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. Plant and
Machinery both present and future situated at Ts 29, SIDCO, industrial
Estate, Kurichi, 2. Floating
charge on all the remaining movable assets of the company including books
debts subject to prior changes of the company’s bankers for working capita;
finance requirements. |
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4) Gist of the terms and conditions and extent and operation of the charge. |
Under
hypothecation for term loan of Rs.1.700 millions and subsidy bridge loan of
Rs.0.541 millions. The term loan of Rs.1.700 millions is repayable in 24
quarterly installments a under – First 4
installments of Rs.0.050 million each next 10 installments of Rs.0.070
million each and last 10 installments of Rs.0.080 million each The first
installments of principal will begin immediately on the 1st day of
the succeeding months after of the expiry of one year form the date of first
disbursement or as will be applicable besides the quarterly interest and the
subsequent installments of principal every quarter thereafter and interest on
the said principal some or balance thereof remaining unpaid for the time
being at the rate specified in clause (b) below, computed from the dated=
there of and payable by quarterly payments on or before 28th Feb /
31st May / 31st Aug / 30th Nov, as will be applicable taking into
considered the first of such payments to be made on before 28th
Feb / 31st May / 31st Aug / 30th Nov, first succeeding after the initial
disbursement of loan (b) The rate of
interest for the term loan will be 15.00%pa The subsidy
bridge loan is also repayable under the following circumstance – i. In case the
subsidy is not sanctioned for whatsoever reasons ii. In case the funds
are not made available by the State Government even after sanction of subsidy
for any reasons whatsoever iii. In case of
violation of any of the term and conditions of sanction of subsidy and
subsidy bridge loan The subsidy
bridge loan will carry in interest of 15%paa However in case
of default, an additional interest of 2.5% pa will be charged on the
defaulted amount for the defaulted period. No credit in
interest will be paid for the amount of principal or interest paid earlier
except in those case where the loans have been fully repaid or the full
payment of installment or principal or interest is made more than sixty days
before the due date Premium shall be
collected for the enclosure of term loan by the unit / borrower on the
preclosed amount for the expired period. The premium so collected shall be
the different in interest rate between the current rate in interest at the
time of preclusive and the documented rate of interest subject to maximum
of1% pa on the per closed amount for unexpired period excluding rebate for
prompt repayment if any |
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5) Name and Address and description of the person entitled to the charge. |
The Tamilnadu
Industrial Investment Corporation
Limited, |
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.39.31 |
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1 |
Rs.80.12 |
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Euro |
1 |
Rs.55.76 |
SCORE & RATING EXPLANATIONS
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SCORE FACTORS |
RANGE |
POINTS |
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HISTORY |
1~10 |
4 |
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PAID-UP CAPITAL |
1~10 |
4 |
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OPERATING SCALE |
1~10 |
2 |
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FINANCIAL CONDITION |
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--BUSINESS SCALE |
1~10 |
4 |
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--PROFITABILIRY |
1~10 |
-- |
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--LIQUIDITY |
1~10 |
3 |
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--LEVERAGE |
1~10 |
3 |
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--RESERVES |
1~10 |
3 |
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--CREDIT LINES |
1~10 |
3 |
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--MARGINS |
-5~5 |
-- |
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DEMERIT POINTS |
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--BANK CHARGES |
YES/NO |
YES |
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--LITIGATION |
YES/NO |
NO |
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--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
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MERIT POINTS |
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--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
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--EXPORT ACTIVITIES |
YES/NO |
NO |
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--AFFILIATION |
YES/NO |
NO |
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--LISTED |
YES/NO |
NO |
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--OTHER MERIT FACTORS |
YES/NO |
YES |
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TOTAL |
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26 |
This score serves as a reference to assess SC’s credit risk
and to set the amount of credit to be extended. It is calculated from a composite
of weighted scores obtained from each of the major sections of this report. The
assessed factors and their relative weights (as indicated through %) are as
follows:
Financial
condition (40%) Ownership
background (20%) Payment
record (10%)
Credit history
(10%) Market trend
(10%) Operational
size (10%)
RATING EXPLANATIONS
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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>86 |
Aaa |
Possesses an extremely sound financial base with the strongest capability
for timely payment of interest and principal sums |
Unlimited |
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71-85 |
Aa |
Possesses adequate working capital. No caution needed for credit
transaction. It has above average (strong) capability for payment of interest
and principal sums |
Large |
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56-70 |
A |
Financial & operational base are regarded healthy. General
unfavourable factors will not cause fatal effect. Satisfactory capability for
payment of interest and principal sums |
Fairly Large |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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26-40 |
B |
Unfavourable & favourable factors carry similar weight in credit
consideration. Capability to overcome financial difficulties seems
comparatively below average. |
Small |
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11-25 |
Ca |
Adverse factors are apparent. Repayment of interest and principal sums
in default or expected to be in default upon maturity |
Limited with
full security |
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<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
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NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
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