MIRA
INFORM REPORT
|
Report Date : |
15.01.2008 |
IDENTIFICATION
DETAILS
|
Name : |
DIAMOND BOART INTERNATIONAL PRIVATE LIMITED |
|
|
|
|
Registered Office : |
2 D, Eldorado, 112 Nungambakkam High Road, Chennai – 600034, Tamilnadu |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as on) : |
31.03.2006 |
|
|
|
|
Date of Incorporation : |
17.03.1982 |
|
|
|
|
Com. Reg. No.: |
18-9282 |
|
|
|
|
CIN No.: [Company
Identification No.] |
U65991TN1982PTC009282 |
|
|
|
|
TAN No.: [Tax
Deduction & Collection Account No.] |
CHED00516F |
|
|
|
|
PAN No.: [Permanent
Account No.] |
AAACD1296N |
|
|
|
|
Legal Form : |
Private Limited Liability Company |
|
|
|
|
Line of Business : |
Manufacturer of Diamond / CBN Wheels and Tools, Honing Sticks, Saws, Core
Drills, Diamond Dressers, Pellets, Powder, Specials and Compounds |
RATING &
COMMENTS
|
MIRA’s Rating : |
B |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Unfavourable & favourable factors carry similar weight in credit
consideration. Capability to overcome financial difficulties seems
comparatively below average. |
Small |
|
Maximum Credit Limit : |
USD 14000 |
|
|
|
|
Status : |
Small Company |
|
|
|
|
Payment Behaviour : |
Slow but correct |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is a relatively small company in its field. However, it had
been successful in obtaining good amount of facilities from its banker. Trade
relations are fair. Payments are reported as slow but correct. The company can be considered for small to mediocre business dealings
at usual trade terms and conditions. |
LOCATIONS
|
Registered Office : |
2 D, Eldorado, 112 Nungambakkam High Road, Chennai – 600034,
Tamilnadu, India |
|
Tel. No.: |
91-44-28253337 / 28227998 / 28241411 / 28206845 / 28206085 |
|
Fax No.: |
91-44-28241411 / 28275687 / 24913182 |
|
E-Mail : |
|
|
Website : |
DIRECTORS
|
Name : |
Mr. Kannan Jayakumar Kumar |
|
Designation : |
Managing Director |
|
PAN No.: |
AHYPK8410D |
|
Address : |
40, I Avenue, Sastri Nagar Adyar, Chennai – 600020, Tamilnadu, India |
|
Date of Birth/Age : |
01.04.1944 |
|
Date of Appointment : |
17.03.1982 |
|
|
|
|
Name : |
Mrs. Kannan Jayakumar Geetha |
|
Designation : |
Director |
|
PAN No.: |
AAAPG6248C |
|
Address : |
40, I Avenue, Sastri Nagar Adyar, Chennai – 600020, Tamilnadu, India |
|
Date of Birth/Age : |
12.06.1951 |
|
Date of Appointment : |
17.03.1982 |
|
|
|
|
Name : |
Mr. K. J. Hiro Kumar |
|
Designation : |
Director |
|
PAN No.: |
AAFPH5166D |
|
Address : |
40, I Avenue, Sastri Nagar Adyar, Chennai – 600020, Tamilnadu, India |
|
Date of Birth/Age : |
02.12.1978 |
|
Date of Appointment : |
01.06.2004 |
|
|
|
|
Name : |
Mr. Kannan Jayakumar Santhosh |
|
Designation : |
Managing Director |
|
Address : |
# 40, New No. 16, I Avenue, Sastri Nagar Adyar, Chennai – 600020,
Tamilnadu, India |
|
Date of Birth/Age : |
09.06.1975 |
|
Date of Appointment : |
13.09.2007 |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
|
Names of Shareholders |
|
No. of Shares |
|
K. J. Kumar |
|
5000 |
|
K. J. Geetha |
|
3500 |
|
K. J. Santhosh |
|
500 |
|
K. J. Sudar Kumar |
|
500 |
|
K. J. Hiro Kumar |
|
500 |
|
|
|
|
|
Equity Share
Breakup |
|
Percentage of
Holding |
|
Category |
|
|
|
Directors or relatives of directors |
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer of Diamond / CBN Wheels and Tools, Honing Sticks, Saws, Core
Drills, Diamond Dressers, Pellets, Powder, Specials and Compounds |
GENERAL
INFORMATION
|
Bankers : |
|
|
|
|
|
Banking
Relations : |
Satisfactory |
|
|
|
|
Auditors : |
|
|
Name : |
K. Ramadorai Chartered Accountants |
|
Address : |
G – 2, Padmaja Apartment, 5/3, Cart Track Road, T. Nagar, Chennai –
600017, Tamilnadu, India |
|
|
|
|
Associates/Subsidiaries : |
Nil |
CAPITAL STRUCTURE
As on 29.09.2006
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
1,000,000 |
Equity Shares |
Rs. 10/- each |
Rs. 10.000 Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
33,000 |
Equity Shares |
Rs. 100/- each |
Rs. 3.300
Millions |
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
|
31.03.2006 |
31.03.2005 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
|
3.300 |
1.000 |
|
|
2] Share Application Money |
|
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
|
0.093 |
0.093 |
|
|
4] (Accumulated Losses) |
|
0.000 |
0.000 |
|
|
NETWORTH |
|
3.393 |
1.093 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans0 |
|
0.137 |
0.329 |
|
|
2] Unsecured Loans |
|
7.412 |
7.926 |
|
|
TOTAL BORROWING |
|
7.549 |
8.255 |
|
|
DEFERRED TAX LIABILITIES |
|
4.797 |
4.433 |
|
|
|
|
|
|
|
|
TOTAL |
|
15.739 |
13.781 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
|
7.444 |
7.518 |
|
|
Capital work-in-progress |
|
0.855 |
0.000 |
|
|
|
|
|
|
|
|
INVESTMENT |
|
2.437 |
2.437 |
|
|
DEFERREX TAX ASSETS |
|
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
|
0.000 |
0.000 |
|
|
Sundry Debtors |
|
2.626 |
2.999 |
|
|
Cash & Bank Balances |
|
2.377 |
0.827 |
|
|
Other Current Assets |
|
0.000 |
0.000 |
|
|
Loans & Advances |
|
0.000 |
0.000 |
|
Total
Current Assets |
|
5.003 |
3.826 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Current Liabilities |
|
0.000 |
0.000 |
|
|
Provisions |
|
0.000 |
0.000 |
|
Total
Current Liabilities |
|
0.000 |
0.000 |
|
|
Net Current Assets |
|
5.003 |
3.826 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
|
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
|
15.739 |
13.781 |
|
KEY RATIOS
|
PARTICULARS |
|
|
31.03.2006 |
31.03.2005 |
|
Debt Equity Ratio (Total Liability/Networth) |
|
|
2.22 |
7.55 |
LOCAL AGENCY
FURTHER INFORMATION
Bankers Charges
Report as per Registry
|
Name of the company |
DIAMOND BOART
INTERNATIONAL PRIVATE LIMITED Regd. Off. 2 D,
Eldorado, 112 N H Road, Chennai – 600034, Tamilnadu, India |
|
Presented By |
Mr. K. J. Kumar,
Managing Director |
|
1) Date and description of instrument creating the change |
7th January 2006 No Instrument. Title deeds to be deposited with the bank. Guarantee Agreement
for working capital finance and term loan in respect of borrow KJK
Polydiamonds, Chennai. |
|
2) Amount secured by the charge/amount owing on the securities of charge |
Cash credit Rs.
7.000 Millions Term Loan Rs.
12.600 Million Letter of Credit
Rs. 1.000 Million No instrument
title deeds to be deposited with the bank. |
|
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 |
Prime Security Deposit of title
deeds in respect of company owned Independent House located at New No. 16
[Old No. 40] Sastri Nagar, 1st Avenue, Adyar, Chennai – 600020
Valued at Rs. 12.300 Millions |
|
4) Gist of the terms and conditions and extent and operation of the charge. |
Deposit of title
deeds in respect of company owned Independent House located at New No. 16
[Old No. 40] Sastri Nagar, 1st Avenue, Adyar, Chennai – 600020
Valued at Rs. 12.300 Millions Photocopy of
Guarantee Agreement dated 07.01.06 enclosed. |
|
5) Name and Address and description of the person entitled to the charge. |
State Bank of India, Nungambakkam Branch, 110/1, Uthamar Gandhi Salai,
Chennai – 600034, Tamilnadu, India |
|
6) Date and brief description of instrument modifying the charge |
NA |
|
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. |
NA |
|
This form is for |
Creation of
charge |
|
Corporate identity
number of the company |
U65991TN1982PTC009282 |
|
Name of the
company |
DIAMOND BOART INTERNATIONAL PRIVATE LIMITED |
|
Address of the
registered office or of the principal place of business in India of the company |
2 D, Eldorado, 112 N H Road, Chennai – 600034, Tamilnadu, India |
|
Particular of
charge holder |
Canara Bank, 5, Greams Road, Thousand Lights, Chennai – 600006,
Tamilnadu, India |
|
Nature of
description of the instrument creating or modifying the charge |
|
|
Date of
instrument Creating the charge |
26.07.2007 |
|
Amount secured by
the charge |
Rs. 2.500
Millions |
|
Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest : The Total
liability ultimately enforceable against the guarantors / under this agreement
shall not exceed a sum of Rs. 2.500 Millions + interest thereon 0.50 % p.a.
above the on going Bench mark PLR with a minimum of 13.75 % p.a. Terms of repayment : The borrowers
shall repay the entire loan amount in yearly / half – yearly / monthly /
equated monthly of 60 installments each of Rs. 0.055 Million. The first of
such installment commence on August 2007. Margin : Difference
between the value of vehicle Rs. 3.282 Millions and the loan amount Rs. 2.500
Millions. Extent and operation of the charge : Hypothecation
against Board New Mercedes W 203 Model Benz Car valued at Rs. 3.282 Millions |
|
Short particulars
of the property charged |
Brand New
Mercedes Benz Car [W203 Model] |
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.39.29 |
|
UK Pound |
1 |
Rs.77.17 |
|
Euro |
1 |
Rs.57.60 |
SCORE & RATING
EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
3 |
|
OPERATING SCALE |
1~10 |
2 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
4 |
|
--PROFITABILIRY |
1~10 |
1 |
|
--LIQUIDITY |
1~10 |
4 |
|
--LEVERAGE |
1~10 |
4 |
|
--RESERVES |
1~10 |
2 |
|
--CREDIT LINES |
1~10 |
2 |
|
--MARGINS |
-5~5 |
- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--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 |
|
27 |
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 |
|