MIRA
INFORM REPORT
|
Report Date : |
03.06.2008 |
IDENTIFICATION
DETAILS
|
Name : |
DEVON MACHINES PRIVATE LIMITED |
|
|
|
|
Registered Office : |
Empire Infantry, 29, Infantry Road, Bangalore – 560001,
Karnataka |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as on) : |
31.03.2007 |
|
|
|
|
Date of Incorporation : |
24.05.1972 |
|
|
|
|
Com. Reg. No.: |
08-2201 |
|
|
|
|
CIN No.: [Company
Identification No.] |
U29222KA1972PTC002201 |
|
|
|
|
TAN No.: [Tax
Deduction & Collection Account No.] |
CHED04208B |
|
|
|
|
Legal Form : |
Private Limited Liability Company |
|
|
|
|
Line of Business : |
Manufacturer and Exporter of all types Tyre and rubber products making machines etc. |
RATING &
COMMENTS
|
MIRA’s Rating : |
Ba |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 650000 |
|
|
|
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
Regular |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is an established company having steady business. Trade relations are fair. General financial position is satisfactory. Payments are usually correct and as per commitments. The company can be considered normal for business dealings at usual trade terms and conditions. |
INFORMATION PARTED
BY
|
Name : |
Mr. R M Krishnan |
|
Designation : |
Account Manager |
|
Date : |
03.06.2008 |
LOCATIONS
|
Registered Office : |
Empire Infantry, 29, Infantry Road, Bangalore – 560001, Karnataka, India |
|
Tel. No.: |
91-80-22867065 / 91-44-26258347 / 26253036 |
|
E-Mail : |
|
|
|
|
|
Corporate Office : |
10 Infantry Road, Bangalore – 560 001, Karnataka, India |
|
E-Mail : |
|
|
|
|
|
Factory : |
63/B, Northern Phase, Industrial Estate, Ambattur, Chennai-600098, Tamil Nadu, India |
|
Tel. No.: |
91-44-26253036/8347 |
|
Fax No.: |
91-44-26257032 |
DIRECTORS
|
Name : |
Mr. Jacob Mammen |
|
Designation : |
Director |
|
Address : |
12, Waltan Road, Chennai-600031, Tamil Nadu, India |
|
Date of Birth/Age : |
15-11-1952 |
|
Qualification: |
Graduate |
|
Date of Appointment : |
11-02-1986 |
|
|
|
|
Name : |
Mrs. Ambika Mammen |
|
Designation : |
Director |
|
Address : |
17, Harrington Road, Chennai –600031, Tamil Nadu, India, |
|
Date of Birth/Age : |
04-12-1957 |
|
Qualification: |
Graduate |
|
Date of Appointment : |
28-04-1987 |
|
|
|
|
Name : |
Mr. K. K. Mathew |
|
Designation : |
Director |
|
Address : |
6/18, Wheatcrafts Road, Chennai –600034, Tamil Nadu, India |
|
Date of Birth/Age : |
18-08-1930 |
|
Date of Appointment : |
28-04-1990 |
|
|
|
|
Name : |
Mr. Cibi Mammen |
|
Designation : |
Director |
|
Address : |
28, G N Chetty Road, Chennai –600017, Tamil Nadu, India |
|
Date of Birth/Age : |
05-06-1971 |
|
Qualification: |
Graduate |
|
Date of Appointment : |
16-08-1994 |
|
|
|
|
Name : |
Mr. Kunjamma Mammen Mapillai |
|
Designation : |
Director |
|
Address : |
No. 28, G N Chetty Road, T Nagar, Chennai – 600 017, Tamil Nadu, India
|
|
Date of Birth/Age : |
14-03-1925 |
|
Qualification: |
Graduate |
|
Date of Appointment : |
12-07-2003 |
KEY EXECUTIVES
|
Name : |
S Srinivasan and Company |
|
Designation : |
Company Secretary |
|
Address : |
50 old No. 19, Bagirathammal Street, T Nagar, Chennai – 600 017, Tamil
Nadu, India |
|
Tel No.: |
91-44-28343435 / 28343558 |
SHAREHOLDING
PATTERN
Equity Shares Breakup (Percentage of Total Equity): as on 31.03.2007:-
|
Sr No. |
Category |
Percentage |
|
1 |
Bodies Corporate |
0.02 |
|
2 |
Directors or relative of directors |
41.95 |
|
3 |
Other top fifty (50) shareholders |
58.03 |
|
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer and Exporter of all types Tyre and rubber products making machines etc. |
|
|
|
|
Brand Names : |
“MRF” |
|
|
|
|
Exports : |
|
|
Countries : |
Finland, Malaysia, USA, South Africa , Srilanka |
|
|
|
|
Imports : |
|
|
Countries : |
Germany, Korea, USA |
|
|
|
|
Terms : |
|
|
Purchasing : |
Credit , Cash |
PRODUCTION STATUS :-
|
Particulars |
|
|
Unit |
Actual Production |
|
Moulds |
|
|
Nos. |
31 |
|
Machines |
|
|
Nos. |
20 |
|
Tyre Building Machines |
|
|
Nos. |
58 |
|
Treading |
|
|
Nos. |
152 |
GENERAL
INFORMATION
|
No. of Employees : |
180 (80 in Factory and 100 in Office) |
|
|
|
|
Bankers : |
Indian Overseas Bank, 807, Mount Road, Chennai – 600 002, Tamil Nadu,
India |
|
|
|
|
Facilities: |
CC, L/C, Hypothecation |
|
|
|
|
Banking
Relations : |
----- |
|
|
|
|
Auditors : |
|
|
Name : |
Brahamayya and Company Chartered Accountants |
|
Address : |
48, Masilamani Road, Balaji Nagar, Royapettah, Chennai – 600 014, Tamil Nadu, India |
|
Tel. No.: |
91-44-25341743 |
|
|
|
|
Associates/Subsidiaries : |
Nil |
CAPITAL STRUCTURE
(As on 31.03.2007)
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
250000 |
Equity Shares |
Rs. 10/- each |
Rs. 2.500 millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
101562 |
Equity shares |
Rs. 10/-
each |
Rs. 1.015
millions |
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2007 |
31.03.2006 |
31.03.2005 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
1.015 |
1.015 |
1.015 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
127.078 |
125.847 |
123.767 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
128.093 |
126.862 |
124.782 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
5.291 |
4.754 |
1.342 |
|
|
2] Unsecured Loans |
0.000 |
0.000 |
0.000 |
|
|
TOTAL BORROWING |
5.291 |
4.754 |
1.342 |
|
|
DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.050 |
|
|
|
|
|
|
|
|
TOTAL |
133.384 |
131.616 |
126.174 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
4.699 |
4.811 |
4.855 |
|
|
Capital work-in-progress |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
INVESTMENT |
0.099 |
0.098 |
0.098 |
|
|
DEFERREX TAX ASSETS |
0.108 |
0.024 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
23.048
|
21.328 |
22.556 |
|
|
Sundry Debtors |
76.465
|
64.853 |
62.895 |
|
|
Cash & Bank Balances |
5.498
|
1.448 |
2.132 |
|
|
Other Current Assets |
0.000
|
0.000 |
0.790 |
|
|
Loans & Advances |
64.408
|
70.801 |
76.551 |
|
Total
Current Assets |
169.419
|
158.430 |
164.924 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Current Liabilities |
29.249
|
15.237 |
29.524 |
|
|
Provisions |
11.692
|
16.510 |
14.179 |
|
Total
Current Liabilities |
40.941
|
31.747 |
43.703 |
|
|
Net Current Assets |
128.478
|
126.683 |
121.221 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
133.384 |
131.616 |
126.174 |
|
PROFIT & LOSS
ACCOUNT
|
PARTICULARS |
|
31.03.2007 |
31.03.2006 |
|
Sales Turnover |
|
129.562 |
126.545 |
|
Other Income |
|
0.000 |
0.000 |
|
Total Income |
|
129.562 |
126.545 |
|
|
|
|
|
|
`Profit/(Loss) Before Tax |
|
3.167 |
4.844 |
|
Provision for Taxation |
|
1.342 |
2.185 |
|
Profit/(Loss) After Tax |
|
1.825 |
2.659 |
|
|
|
|
|
|
Export Value |
|
10.380 |
4.437 |
|
|
|
|
|
|
Import Value |
|
4.356 |
2.513 |
|
|
|
|
|
|
Total Expenditure |
|
126.395 |
121.701 |
KEY RATIOS
|
PARTICULARS |
|
31.03.2007 |
31.03.2006 |
31.03.2005 |
|
PAT / Total Income |
(%) |
1.41
|
2.10 |
NA |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
2.44
|
3.83 |
NA |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
1.81
|
2.97 |
NA |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.02
|
0.04 |
NA |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
0.36
|
0.29 |
0.36 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
4.14
|
4.99 |
3.77 |
LOCAL AGENCY
FURTHER INFORMATION
FORM 8:-
|
Corporation identity number or foreign company registrations number of
the company |
U29222KA1972PTC002201 |
|
Name of the company |
DEVON MACHINES PRIVATE LIMITED |
|
Address |
10, Infantry Road, Bangalore- 560 001, Karnataka, India |
|
This Form is for |
Modification of charges |
|
Type of Charges |
· Book Debts · Movable Property |
|
Particular of the charge holder
|
Indian Overseas Bank Address: 807, Mount Road, Chennai – 600
002, Tamil Nadu, India E-Mail: mntrdbr@chemrc01.iobnet.co.in
|
|
Nature or description of the instrument creating charge |
Letter of hypothecation (F 110-E) dated
07.11.2006 |
|
Date of the instrument creating charge |
07.11.2006 |
|
Amount Secure by the charge |
Rs. 1.500 millions |
|
Brief of the principal terms and conditions and extent and operation
of the charge |
Rate of Interest : 11.75% Terms of Repayment: Guarantee for 12 Months Margin: 25% Commission - As per Bank circular in force Extent ad Operation of the charge: Stocks of raw materials, WIP, FG, Receivables and Machineries Additional KLG Limit of Rs. 1.500 millions sanctioned by the bank. Now
the Old LG limit of Rs. 3.500 millions is enhanced to Rs. 5.000 millions. It
aggregates the existing overall limit of Rs. 12.500 millions to Rs. 14.000
millions. |
|
Short Particulars of the Property charged |
Charges on the stocks of raw materials,
WIP, FG, Receivables and Company plant and machinery present and future. |
|
Particulars of the present modification |
Additional LG limit of Rs. 1.500 millions sanctioned by the bank, Now
the old LG limit of Rs. 3.500 millions is enhanced to Rs. 5.000 millions. It
aggregate the existing overall limit of Rs. 12.500 millions to Rs. 14.000
millions Charges on the stocks of raw materials, WIP, FG, Receivables and
Company Plant and Machinery present and future. |
TRADE REFERENCE
Ø P C Engineering
Ø P S Precision Industries
Ø Vinay Enterprises
Ø Insap Engineers Private Limited
Ø Prabal Electrical Private Limited
Ø Appollo Tyres
Ø Birla
Ø J K Tyres
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.42.24 |
|
UK Pound |
1 |
Rs.83.26 |
|
Euro |
1 |
Rs.65.58 |
SCORE & RATING
EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
5 |
|
--CREDIT LINES |
1~10 |
5 |
|
--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 |
|
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 |
|