MIRA
INFORM REPORT
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Report Date : |
29.07.2008 |
IDENTIFICATION
DETAILS
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Name : |
TECHNOLOGY DIAMOND WIRE PRIVATE LIMITED |
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Registered Office : |
No. 86, Gangadhar Nagar, I Cross, J P Nagar, Bangalore – 560 078,
Karnataka |
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Country : |
India |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
09.05.2005 |
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Com. Reg. No.: |
036264 |
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CIN No.: [Company
Identification No.] |
U02720KA2005PTC036264 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
BLRT04190E |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Manufacturers , Dealers, Merchants, Traders and Contractors of Diamond
Wire |
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 44820 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Slow but correct |
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Litigation : |
Clear |
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Comments : |
Subject is a well established company having satisfactory track. Trade
relations are fair. Payments are reported as slow but correct. The company can be considered normal for business dealings at usual
trade terms and conditions. Management remained non-cooperative during current investigation. |
LOCATIONS
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Registered Office : |
No. 86, Gangadhar Nagar, I Cross, J P Nagar, Bangalore – 560 078,
Karnataka, India. |
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E-Mail : |
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Factory : |
D.P. No. 50, SIDCO Industrial Estate, Thirumazhisai,Chennai – 602 107,
Tamilnadu, India. |
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Tel. No.: |
91-44-26810133/ 26810134 |
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Fax No.: |
91-44-26810134 |
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E-Mail : |
DIRECTORS
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Name : |
Mr. R. Varadarajan |
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Designation : |
Director |
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Address : |
No.105, B Block, Aishwarya A Gate, J P Nagar, I Phase, Bangalore – 560
078, Karnataka, India. |
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Date of Appointment : |
09.05.2005 |
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Name : |
Mr. R. Swaminathan |
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Designation : |
Director |
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Address : |
No. 1, 1st Main Road, 10th Cross, Mangala Nagar,
Porur, Chennai- 600 016, Tamilnadu, India. |
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Date of Appointment : |
09.05.2005 |
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Name : |
Mr. Madhavan C |
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Designation : |
Director |
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Address : |
No. 40, II nd Street,
Ellaiamman Nagar, Muthapudupet, Avadi IAF (PO), Chennai – 600 055, Taminadu,
India. |
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Date of Birth/Age : |
12.06.1964 |
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Date of Appointment : |
01.07.2006 |
KEY EXECUTIVES
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Name : |
R C Venkatesh Rao |
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Designation : |
Company Secretary |
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Address : |
51/4, Dr DVG Road Cross, Near Nettakallppa Circle, Basavanagudi,
Bangalore – 560 004, Karnataka, India. |
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Tel. No. : |
91-80-26616554 |
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Fax No. : |
91-80-26621379 |
SHAREHOLDING
PATTERN
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Equity Share
Break-up (As on 29.09.2007) |
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Percentage
of Holding |
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Directors or Relatives Of Directors |
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100 |
BUSINESS DETAILS
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Line of Business : |
Manufacturers , Dealers, Merchants, Traders and Contractors of Diamond
Wire |
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GENERAL
INFORMATION
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No. of Employees : |
50 |
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Bankers : |
· Indian Overseas
Bank SME Guindy Branch, 10 G S T Road, Chennai – 602 032, Tamilnadu, India. · Allahabad Bank |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
Badari Madhusudhan and Srinivasan Chartered Accountants |
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Address : |
2 E, Alsa Glenridge, 32 Langford Road, Shanthinagar, Bangalore – 560 025,
Karnataka, India. |
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Tel. No.: |
91-80-41237101/ 41237102 |
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Associates/Subsidiaries : |
NIL |
CAPITAL STRUCTURE
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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1000000 |
Equity Shares |
Rs.10/- Each |
Rs.10.000 millions |
Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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618000 |
Equity Shares |
Rs.10/- Each |
Rs.6.180
millions |
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
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SOURCES OF FUNDS |
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31.03.2007 |
31.03.2006 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
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6.180 |
0.100 |
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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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2.784 |
0.000 |
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4] (Accumulated Losses) |
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0.000 |
(0.160) |
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NETWORTH |
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8.964 |
(0.060) |
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LOAN FUNDS |
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1] Secured Loans |
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5.473 |
0.000 |
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2] Unsecured Loans |
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0.162 |
5.546 |
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TOTAL BORROWING |
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5.635 |
5.546 |
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DEFERRED TAX LIABILITIES |
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0.518 |
0.052 |
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TOTAL |
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15.117 |
5.538 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
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12.449 |
0.511 |
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Capital work-in-progress |
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0.000 |
3.919 |
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INVESTMENT |
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0.000 |
0.000 |
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DEFERREX TAX ASSETS |
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0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
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16.171 |
0.000 |
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Sundry Debtors |
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15.726 |
0.000 |
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Cash & Bank Balances |
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4.336 |
1.094 |
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Other Current Assets |
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0.000 |
0.000 |
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Loans & Advances |
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3.658 |
0.027 |
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Total
Current Assets |
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39.891 |
1.121 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
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36.466 |
0.168 |
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Provisions |
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0.872 |
0.000 |
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Total
Current Liabilities |
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37.338 |
0.168 |
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Net Current Assets |
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2.553 |
0.953 |
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MISCELLANEOUS EXPENSES |
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0.115 |
0.155 |
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TOTAL |
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15.117 |
5.538 |
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Particulars |
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31.03.2007
(Estimated) |
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Sales Turnover |
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90.000 |
PROFIT & LOSS
ACCOUNT
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PARTICULARS |
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31.03.2007 |
31.03.2006 |
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Sales Turnover |
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36.120 |
0.000 |
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Other Income |
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0.938 |
0.000 |
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Total Income |
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37.058 |
0.000 |
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Profit/(Loss) Before Tax |
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4.362 |
(0.108) |
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Provision for Taxation |
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1.056 |
0.052 |
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Profit/(Loss) After Tax |
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3.306 |
(0.160) |
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Expenditures : |
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Depreciation & Amortization |
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1.197 |
0.000 |
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Other Expenditure |
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31.499 |
0.000 |
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Total Expenditure |
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32.696 |
0.108 |
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KEY RATIOS
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PARTICULARS |
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31.03.2007 |
31.03.2006 |
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PAT / Total Income |
(%) |
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8.92 |
NA |
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Net Profit Margin (PBT/Sales) |
(%) |
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12.08 |
NA |
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Return on Total Assets (PBT/Total Assets} |
(%) |
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8.33 |
(6.62) |
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Return on Investment (ROI) (PBT/Networth) |
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0.49 |
1.80 |
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Debt Equity Ratio (Total Liability/Networth) |
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4.79 |
95.23 |
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Current Ratio (Current Asset/Current Liability) |
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1.07 |
6.67 |
LOCAL AGENCY
FURTHER INFORMATION
Note: The address of the registered office of company has been shifted
from No.187, 37th Cross, 18th Main, Jayanagar, 4th
Block, Bangalore – 560 041, Karnataka, India to No. 86, Gangadhar Nagar, I
Cross, J P Nagar, Bangalore – 560 078, Karnataka, India w.e.f. 18.05.2007.
FORM 8
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This form is for |
Creation of
charge Modification of
charge |
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Corporate
identity number of the company |
U02720KA2005PTC036264 |
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Name of the
company |
TECHNOLOGY DIAMOND WIRE PRIVATE LIMITED |
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Address of the registered
office or of the principal place of
business in India of the company |
No.187, 37th Cross, 18th Main, Jayanagar, 4th
Block, Bangalore – 560 041, Karnataka, India |
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Type of charge |
Equitable mortgage
or mortgage of property by depositing the title deeds |
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Particular of
charge holder |
Indian Overseas Bank SME Guindy Branch, 10 G S T Road, Chennai – 602 032, Tamilnadu, India. E-Mail: sslgybr@chensco.10bnel.co.in |
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Nature of
description of the instrument creating or modifying the charge |
Letter of
Hypothecation Charge on all
Fixed and Current Assets of the company Dt. 14.06.2006 Memorandom of deposit
of title deed Dt. 22.06.2006- Mortgage of Land and Building at 50, SIDCO
Industrial Estate, Thirumazhisai |
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Date of
instrument Creating the charge |
14.06.2006 |
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Amount secured by
the charge |
Rs. 4.334
millions |
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Brief particulars
of the principal terms and conditions and extent and operation of the charge |
Term Loan for
Land and Building – Rs.2.000 millions Facility of Cash
Credit for – Rs.2.000 millions Letter of
Guarantee (Inland) – Rs.0.334 million Rate of Interest:
10.5% (will be changed as per BPLR) Repayable on
demand |
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Description of
the property charged indicating whether it is a charge on |
Immovable
properties Stock in trade Plant and
machinery Book debts Others Furniture and
fixtures |
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Others |
Miscellaneous
Fixed and Current Assets |
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Particulars of
the property charged |
Equitable
mortgage of land measuring 0.25 acres and Factory Building thereon at Shed
No.50, SIDCO Industrial Estate, Thirumazhisai All Fixed and
Current Assets – Present and Future |
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Whether the
property is registered in the name of the company |
YES |
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.42.30 |
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UK Pound |
1 |
Rs.84.03 |
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Euro |
1 |
Rs.66.42 |
SCORE & RATING
EXPLANATIONS
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SCORE FACTORS |
RANGE |
POINTS |
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HISTORY |
1~10 |
5 |
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PAID-UP CAPITAL |
1~10 |
5 |
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OPERATING SCALE |
1~10 |
5 |
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FINANCIAL CONDITION |
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--BUSINESS SCALE |
1~10 |
5 |
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--PROFITABILIRY |
1~10 |
5 |
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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 |
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 |
|
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 |
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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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