MIRA
INFORM REPORT
|
Report Date : |
25.02.2008 |
IDENTIFICATION
DETAILS
|
Name : |
KJK POLYDIAMONDS INTERNATIONAL PRIVATE LIMITED |
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Registered Office : |
2D Eldorado 2nd
Floor, 112, Nungambakkam, high Road, Chennai – 600034, Tamilnadu |
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Country : |
India |
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Financials (as on) : |
31.03.2006 |
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Date of Incorporation : |
18.08.2005 |
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Com. Reg. No.: |
18-57219 |
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CIN No.: [Company
Identification No.] |
U28939TN2005PTC057219 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
CHEK07874G |
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PAN No.: [Permanent
Account No.] |
AACCK6327P |
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Legal Form : |
Private Limited
Liability Company |
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Line of Business : |
Manufactures and
Exports of Diamond Tools |
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 384 |
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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 new
company and took over the running business of the erstwhile partnership
concern. 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
|
Registered Office : |
2D Eldorado 2nd
Floor, 112, Nungambakkam, high Road, Chennai – 600034, Tamil Nadu, India |
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Tel. No.: |
91-44-28253337/28206845/28206085 |
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Fax No.: |
91-44-282725687/28241411 |
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E-Mail : |
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Website : |
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Factory 1 : |
133 Old Mahabalipuram Road, Kandanchavadi, Chennai – 600096, India |
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Corporate Office : |
3 E Eldorado
Building, 112 N H Road, Chennai – 600034, Tamilnadu, India |
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Branches : |
Ø Delhi Ø Gaziabad Ø Noida Ø Jaipur Ø Ahmedabad Ø Aurangabad Ø Mumbai Ø Calcutta Ø Coimbatore Ø Indore Ø Jamshedpur Ø Hosur Ø Bangloare Ø Hyderabad Ø Pune |
DIRECTORS
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Name : |
Mr Kannan
Jayakumar Geetha |
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Designation : |
Director |
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Address : |
No. 40, New 16, 1st
Avenue, Shastri Nagar, Adyar, Chennai 600 020, Tamilnadu, India |
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Date of Birth : |
12.06.1951 |
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Date of Appointment : |
18.08.2005 |
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Name : |
Mr Kannan
Jayakumar Hiro Kumar |
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Designation : |
Director |
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Address : |
No. 40, New 16, 1st
Avenue, Shastri Nagar, Adyar, Chennai 600 020, Tamilnadu, India |
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Date of Birth : |
02.12.1978 |
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Date of Appointment : |
18.08.2005 |
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Name : |
Mr Kannan
Jayakumar Sudar Kumar |
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Designation : |
Managing Director |
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Address : |
No. 40, New 16, 1st
Avenue, Shastri Nagar, Adyar, Chennai 600 020, Tamilnadu, India |
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Date of Birth : |
15.01.1980 |
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Date of Appointment : |
18.08.2005 |
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Name : |
Mr. Kannan
Jayakumar Arumugam Kannan |
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Designation : |
Chairman |
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Address : |
No. 40, New 16, 1st
Avenue, Shastri Nagar, Adyar, Chennai 600 020, Tamilnadu, India |
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Date of Birth : |
01.04.1944 |
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Date of Appointment : |
18.08.2005 |
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Name : |
Mr. K J Santosh
Kumar |
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Designation : |
Director |
KEY EXECUTIVES
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Name : |
Mr. N. Murli |
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Designation : |
General Manager |
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Name : |
Mr. Thomas Vargies |
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Designation : |
Marketing Manager |
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Name : |
Mr. Satish |
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Designation : |
Purchasing Manager |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
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Names of Shareholders |
No. of Shares |
Percentage of
Holding |
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Mr K J Kumar |
3300 |
33.00 |
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Mr K J Sudar Kumar |
3400 |
34.00 |
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Mr K J Hiro Kumar |
3300 |
33.00 |
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Total |
10000 |
100.00 |
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Names of Shareholders |
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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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Total |
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100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufactures and
Exports of Diamond Tools |
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Products : |
* Reamers * Insert Tools *
Shank Tools *
Cartridges * Holders * Diamond
Tools * Diamond
Paste * Gun
Drills * Boring
Tools * Fine
Boring Tools * Shaving
Cutters * Honing
* Lapping
and Polishing Tools |
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Exports : |
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Products : |
All Products |
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Countries : |
Singapore, Malaysia and Germany |
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Imports : |
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Products : |
Machine Cutting Tools |
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Countries : |
USA, Germany, Japan, Korea, Singapore, Malaysia, Europe
and UK |
GENERAL
INFORMATION
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No. of Employees : |
Total 43 : In office 13 + in factory 30 |
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Bankers : |
* State
Bank of India, 110/1, Uthamar Gandhi Salai, Nungambakkam, Chennai 600 034,
Tamilnadu, India |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
K. Ramadurai Chartered Accountants |
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Address : |
No. 5/3, Cart Track Road, T Nagar, Chennai 600 017, Tamilnadu, India |
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Associates : |
* KJK-AK Global
Softec Private Limited * Diamond Boart
International Private Limited * KJK Meister
Honet Private Limited * Osten Enzyme
India Private Limited |
CAPITAL STRUCTURE
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
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500,000 |
Equity Shares |
Rs 10/- each |
Rs 5.000 Millions |
Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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10,000 |
Equity Shares |
Rs 10/- each |
Rs 0.100 Million |
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 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
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0.100 |
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2] Share Application Money |
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0.000 |
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3] Reserves & Surplus |
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0.000 |
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4] (Accumulated Losses) |
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(0.004) |
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NETWORTH |
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0.096 |
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LOAN FUNDS |
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1] Secured Loans |
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0.013 |
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2] Unsecured Loans |
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1.593 |
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TOTAL BORROWING |
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1.606 |
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DEFERRED TAX LIABILITIES |
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0.000 |
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TOTAL |
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1.702 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
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0.000 |
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Capital work-in-progress |
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0.000 |
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INVESTMENT |
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0.000 |
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DEFERREX TAX ASSETS |
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0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
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0.000 |
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Sundry Debtors |
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0.000 |
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Cash & Bank Balances |
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0.041 |
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Other Current Assets |
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0.000 |
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Loans & Advances |
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1.502 |
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Total
Current Assets |
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1.543 |
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Less : CURRENT LIABILITIES & PROVISIONS |
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Current Liabilities |
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0.000 |
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Provisions |
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0.000 |
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Total
Current Liabilities |
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0.000 |
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Net Current Assets |
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1.543 |
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MISCELLANEOUS EXPENSES |
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0.160 |
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TOTAL |
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1.702 |
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KEY RATIOS
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PARTICULARS |
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31.03.2006 |
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Debt Equity Ratio (Total Liability/Networth) |
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17.73 |
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LOCAL AGENCY
FURTHER INFORMATION
FORM 8
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This form is for |
Creation of
charge |
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Corporation identity number (CIN) or foreign company registrations number of the company |
U28939TN2005PTC057219 |
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Name of the company |
KJK POLYDIAMONDS
INTERNATIONAL PRIVATE LIMITED |
|
Address |
2D Eldorado 2nd
Floor, 112, Nungambakkam, high Road, Chennai – 600034, Tamil Nadu, India |
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Type of Charges |
Immovable
Property, Book Debts, Movable Property |
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Whether consortium finance is involved |
No |
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Whether joint charge involved |
No |
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Number of charge holder(s) |
1 |
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Particular of the charge holder |
State Bank of India 110/1, Uthamar Gandhi Salai, Nungambakkam, Chennai 600 034, Tamilnadu, India |
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Nature or description of the instrument creating or modifying the charge |
Agreement of Loan-cum-hypothecation dated 28.06.2007 Sanctioned of credit facilities dated 27.06.2007 |
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Date of the instrument creating charge |
28.06.2007 |
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Whether charge created or modified outside India |
No |
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Amount Secure by the charge |
Rs.
45.600 millions |
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Brief particulars of the principal terms and conditions and extent and operation of the charge |
Rate of Interest: Working Capital – State Bank Advance Rate (SBAR) with a minimum of 12.75% p.a. monthly rests. Term Loan – SBAR with a minimum of 12.75% p.a. with monthly rests. Terms of repayment: details attached Margin: Working Capital – Raw Material (imported) – 25%, raw material (indigenous) – 25%, semi finished goods – 25%, finished goods – 25%, domestic receivables (cover period 90 days) – 40%, letter of credit – 25% term loan – one time letter of credit – 20.75%, others – 20.75% Extent and operation of the charge: hypothecation of current assets namely raw materials, stocks-in-progress, finished goods, consumables, stores, spares, receivables and other current assets. Hypothecation of plant and machinery purchased with the term loan at a project cost of Rs. 16.900 millions. Hypothecation of plant and machinery purchased with the proposed term loan at a project of Rs. 26.500 millions Bills, documents, machinery, goods covered by L/C Others: collateral security of immovable property given by Mrs. K J Geetha, Mr. K J Kumar, Managing Director and Mr. K J Sundar Kumar and Mr. K J Hiro Kumar, Directors of KJK Polydiamonds International Private Limtied and Mrs. K J Geetha are to provide personal guarantees to the bank. Corporate guarantee given by Osten Enzyme India Private Limited and Diamond Boart International Private Limited Extension of equitable mortgage over land belonging to Diamond Boart Private Limited and Osten Enzyme India Private Limited |
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Short particulars of the Property charged |
Undivided share of land measuring 434.57 sq. ft. and commercial flat measuring 988 sq. ft. located at Eldorado Complex, 3E, 3rd Floor, Door No. 112/11 and Old No. 18, N H Road, Chennai 600 034, Tamilnadu, India Land measuring 6390 sq. ft. and house property thereat at Door No. 40, Plot No. S-35, Shastri Nagar, 1st Avenue, Adyar, Chennai 600 020, Tamilnadu, India Factory land measuring 10230 sq. ft. and factory building thereat Plot No. 24 and 29, Door No. 133, OMR, Kandanchavadi, Chennai 600 096, Tamilnadu, India |
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Whether any of the property or interest therein under reference is not registered in the name of the company |
Yes |
AS PER WEB:
Profile
Subject is a company from the ‘House of Kumars' with a vibrant environment and a wealth of professional human, plays an important role as a global knowledge based organization, recognized in many countries for its innovative capabilities and technologies. It offers many compelling advantages, including its highly skilled work force, production, R&D facilities, high standard of tooling and proximity to leaders in technology makes as a prime partner for its clients worldwide.
Company is right now engaged in the import of various type of tools for the Indian market. Company is very very optimistic about the future. Company has got partners in USA, Japan and Germany. Company is an associate of a German company whose products, company sells in India.
Company is trying to get association with a Korean company. The idea is for the mutual benefit of the company and the foreign partner. Company feels that others will benefit more from India and Indians will from foreign participation in the near future. Company welcomes all types of queries for the expansion of the company.
Company is a member of the KJP group of companies actively involved in supplying advance technology products for the automobile, aerospace, electronics and machine tools manufacturing. Company is actively pursuing globalization in partnership with reliable companies around the world to cope up effectively with the many changes in the industry.
The international connections of the Company has helped to secured a great number of valuable customers around the world and to obtain a reputation as a reliable supplier of quality PCD and PCBN tools. International exchange in the cutting tools industry is gaining more speed with the discovery of new technique. Company is playing an active role in promoting international co-operation in the industry.
Since 1982, Company has been actively involved in manufacturing poly crystalline diamond and poly crystalline boron nitride cutting tools for machining operation in automobiles, aviation, electronics and mechanical engineering sectors.
The company’s aim is to remain as one of the world class leaders in PCD and PCBN tool manufacturing and total tooling solutions provider with quality assurance and reliable on the dot delivery, to their customers around the world.
Subject is ISO 9001 – 2001 certified company.
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 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.39.73 |
|
UK Pound |
1 |
Rs.78.96 |
|
Euro |
1 |
Rs.59.60 |
SCORE & RATING
EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
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 |
|
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 |
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