MIRA
INFORM REPORT
|
Report Date : |
28.03.2008 |
IDENTIFICATION
DETAILS
|
Name : |
CIM TOOLS PRIVATE LIMITED |
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Registered Office : |
Plot No.467/469, Site No.1D, 12th Cross, IV Phase, Peenya
Industrial Area, Bangalore – 560058, Karnataka |
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Country : |
India |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
28.02.1997 |
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Com. Reg. No.: |
08-21886 |
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CIN No.: [Company
Identification No.] |
U29199KA1997PTC021886 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
BLRC01546G |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
To carry on the business of design and manufacturer of components and equipments
in the field of mechanical, electrical and electronic engineering. |
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 145792 |
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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 well established and reputed company having satisfactory
track. Trade relations are fair. Business is active. Payments are reported as
usually correct and as per commitments. The company can be considered normal for business dealings at usual
trade terms and conditions. |
LOCATIONS
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Registered Office : |
Plot No.467/469, Site No.1D, 12th Cross, IV Phase, Peenya
Industrial Area, Bangalore – 560058, Karnataka, India |
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Tel. No.: |
91-80-41171382/ 41171383 |
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Fax No.: |
91-80-41171381 |
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E-Mail : |
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Corporate Office : |
485/ 9 A 14th Cross, 4th Phase, Peenya
Industrial Area, Bangalore – 560058, Karnataka, India |
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Tel No.: |
91-80-51171382 |
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Factory : |
288, 4th Main, IV Phase, Peenya Industrial Area, Bangalore
– 560058, Karnataka, India |
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Tel. No.: |
91-80-5584985 |
DIRECTORS
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Name : |
Mr. G S Srikanth |
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Designation : |
Director |
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Address : |
1988 I Floor, 8th Main, E Block, II Stage, Rajajinagar,
Bangalore – 560010, Karnataka, India |
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Date of Birth/Age : |
03.07.1968 |
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Date of Appointment : |
27.02.1997 |
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Name : |
Mr. A S Umesh |
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Designation : |
Director |
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Address : |
202, 10th Cross, NGEF Layout Nagar Bhavi, Bangalore –
560072, Karnataka, India |
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Date of Birth/Age : |
16.07.1968 |
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Date of Appointment : |
27.02.1997 |
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Name : |
Mr. V P Deshpande |
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Designation : |
Director |
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Address : |
141 Chaitanya UAS Layout RMV Extn. II Stage, Bangalore – 560094,
Karnataka, India |
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Date of Birth/Age : |
04.06.1968 |
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Date of Appointment : |
27.02.1997 |
KEY EXECUTIVES
|
Name : |
Mr. B. Mahesh Shenoy |
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Designation : |
Company Secretary |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
(As on 31.03.2005)
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Names of Shareholders |
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No. of Shares |
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Mr. G S Srikanth |
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1830 |
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Mr. A S Umesh |
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1830 |
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Mr. V P Deshpande |
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1830 |
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Mr. Girish Deshpande |
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100 |
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Mrs. Susheela Bai Deshpande |
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100 |
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Mrs. Vidya Deshpande |
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87 |
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Mrs. Jayashree Srikanth |
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87 |
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Mrs. Sridevi Umesh |
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86 |
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Total |
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5950 |
(As on 31.03.2007)
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Category |
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Percentage |
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Directors 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 design and manufacturer of components and equipments
in the field of mechanical, electrical and electronic engineering. |
GENERAL
INFORMATION
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Bankers : |
M G Road Branch, 114 M G Road, Bangalore – 560001, Karnataka, India |
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Banking
Relations : |
Satisfactory |
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Auditors : |
Not Available |
CAPITAL STRUCTURE
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
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10000 |
Equity Shares |
Rs.1000/- each |
Rs.10.000 Millions |
Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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9950 |
Equity Shares |
Rs.1000/- each |
Rs.9.950 Millions |
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
|
31.03.2007 |
31.03.2006 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
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9.950 |
7.950 |
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2] Share Application Money |
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6.138 |
2.076 |
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3] Reserves & Surplus |
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20.360 |
14.417 |
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4] (Accumulated Losses) |
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0.000 |
0.000 |
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NETWORTH |
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36.448 |
24.443 |
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LOAN FUNDS |
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1] Secured Loans |
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97.108 |
39.486 |
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2] Unsecured Loans |
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0.558 |
1.882 |
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TOTAL BORROWING |
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97.666 |
41.368 |
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DEFERRED TAX LIABILITIES |
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5.648 |
4.824 |
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TOTAL |
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139.762 |
70.635 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
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108.800 |
55.739 |
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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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0.007 |
0.007 |
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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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9.610 |
1.261 |
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Sundry Debtors |
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20.913 |
11.103 |
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Cash & Bank Balances |
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3.498 |
2.077 |
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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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7.961 |
3.920 |
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Total
Current Assets |
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41.982 |
18.361 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
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6.998 |
1.265 |
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Provisions |
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4.029 |
2.209 |
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Total
Current Liabilities |
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11.027 |
3.474 |
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Net Current Assets |
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30.955 |
14.887 |
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MISCELLANEOUS EXPENSES |
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0.000 |
0.002 |
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TOTAL |
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139.762 |
70.635 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
|
31.03.2007 |
31.03.2006 |
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Sales Turnover |
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56.567 |
33.083 |
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Other Income |
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0.000 |
0.000 |
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Total Income |
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56.567 |
33.083 |
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Profit/(Loss) Before Tax |
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6.054 |
5.927 |
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Provision for Taxation |
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0.000 |
0.000 |
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Profit/(Loss) After Tax |
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6.054 |
5.927 |
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Expenditures : |
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Depreciation |
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9.106 |
4.765 |
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Other Expenditure |
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41.407 |
22.391 |
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Total Expenditure |
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50.513 |
27.156 |
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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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10.70 |
17.91 |
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Net Profit Margin (PBT/Sales) |
(%) |
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10.70 |
17.91 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
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4.01 |
7.99 |
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Return on Investment (ROI) (PBT/Networth) |
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0.17 |
0.24 |
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Debt Equity Ratio (Total Liability/Networth) |
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2.98 |
1.83 |
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Current Ratio (Current Asset/Current Liability) |
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3.81 |
5.28 |
LOCAL AGENCY
FURTHER INFORMATION
Form 8:
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Corporate
identity number (CIN) Foreign company registration number |
U29199KA1997PTC021886 |
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Name of the
Company |
CIM TOOLS PRIVATE LIMITED |
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Address |
12th Cross, 4th Phase, Peenya Industrial Area,
Bangalore – 560058, Karnataka, India |
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This form is for |
Modification of charge |
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Type of Charge |
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Particulars of
the charge holder |
Corporation Bank M G Road Branch, 114 M G Road, Bangalore – 560001, Karnataka, India |
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Nature or
description of the instrument(s) creating or modifying the charge |
Common Deed
Hypothecation Agreement Letter of
Extension re: Equitable Mortgage (Both the above
pertain to same charge) |
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Date of the
instrument creating or modifying the charge |
25.10.2007 |
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Amount secured by
the charge |
Rs.144.400
Millions |
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Brief particulars
of the principal terms and conditions and extent and operation of the charge |
Rate of
Interests: CC-12% p.a.
subject to revision from time to time PCL/FDBN/FDBD
upto 90 days – 8.5% p.a. for OCLs upto 180 days 11.5% p.a. for PCLs beyond
180 days FDBN/FDBD beyond 90 days – 10.5% p.a. TL Rs.0.457
Million – 12.5% p.a. subject to revision from time to time. Term of
Repayment: CC- Running
account repayable on demand subject to annual renewal PC-Each PC loan
opened will have to be liquidated within a period not excesing 180 days by
Negotiation/ Purchases/ discount of export bills, TL Rs.45.700
Millions Not to exceed 63 months including initial moratorium period of 6
months in 57 monthly installments. Monthly interests to be. Margin: CC- Stock – 25%,
Book Debts- 40% PC- 25% on stock
meant for export Extent and
operation of the charge: The charge shall
operate to the extent of Rs.144.400 Millions plus interests, commission,
costs, expenses and other charges thereon. Other: The said of
Rs.144.400 Millions Comprises CC Rs.10.000 Millions, PCL Rs.10.000 Millions,
TLVI Rs.5.400 Millions, TLVII Rs.45.700 Millions, BG Rs.20.000 Millions, TL-
I Rs.0.400 Millions. TL- II Rs.0.200 Millions, TL- III Rs.9.700 Millions, TL-
IV Rs.5.300 Millions, TL- V Rs.37.700 Millions |
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Short particulars
of the property charged (including location of the property) |
Hypothecation by
way of first charge present and future stocks book debts and vertical CNC machineries,
milling machineries and big boring machineries / fixed assets stored/
installed at Plot No.485/9A, 14th Cross, IV Phase, Peenya
Industrial Area, Bangalore – 58, Or any where else and equitable mortgage of
land and building to be constructed at 467,468 and 469, IV Phase, Sy No.46 at
Peenya Industrial Area, Bangalore extent about 22816 sq. ft. |
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Particular of the
present modification |
By the above
security by charge stands enhanced from Rs.74.100 Millions to Rs.144.400
Millions (All the terms
and conditions remain unchanged) |
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Name of the company |
CIM TOOLS PRIVATE LIMITED |
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Presented By |
Corporation Bank,
No.114. M G Road,
Bangalore – 560001, Karnataka, India |
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1) Date and description of instrument creating the change |
27.08.2003 -
Registered On Common Deed of Hypothecation of Movable / Assets/
Debts |
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2) Amount secured by the charge/amount owing on the securities of charge |
Rs.45.920
Millions (Cash Credit Rs.2.000
Millions, TL-I Rs.2.620 Millions TL-II Rs.2.000 Millions, TL-III Rs.12.500
Millions, BG – Rs.9.300 Millions, Import LC Rs.17.500 Millions) |
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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 |
Movable Present
and Future as detailed in schedule A of the common Deed viz. Stocks, Book
Debts Comprising of Stored and Spares Parts and machined components, other
fixed assets comprising Present and Future, Computer and other movable stored
at Plot No.288, IV Main, IV Phase, Peenya Industrial Estate, Bangalore or
wherever else. |
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4) Gist of the terms and conditions and extent and operation of the charge. |
Rate of Interests
– CC 11.5% p.a. TL I, II and III
- @12.25% p.a. |
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5) Name and Address and description of the person entitled to the charge. |
Corporation Bank No.114, M G Road,
Bangalore – 560001, Karnataka, India |
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6) Date and brief description of instrument modifying the charge |
14.8.2004 Common Deed of
Hypothecation of Movables/ Assets/ Debts (Both the above
pertain to same charge) |
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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. |
By the above, the
amount secured by charge stands revised from Rs.45.920 Millions to Rs.31.764
Millions as under:- (Rs. In Millions)
Rate of
Interests: CC @ 12 % p.a. TL @ 12.5%
p.a. BG – Commission
at Bank Prescribed Rates. (All other terms
and conditions remain unchanged |
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.40.15 |
|
UK Pound |
1 |
Rs.80.54 |
|
Euro |
1 |
Rs.63.41 |
SCORE & RATING
EXPLANATIONS
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SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
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 |
|
--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 |
|
--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 |
|
--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 |
|